Bank of England deputy governor Charlie Bean played the sympathy card when explaining to an audience of industrialists last week the difficulty in setting interest rates when the credit crunch is pushing the economy one way and oil prices shoving it the other.

"The great Danish physicist Niels Bohr is supposed to have observed that Prediction is very difficult, especially about the future'. But I don't think he realised just how tough economic forecasting is."

Bean repeated the adage that controlling the economy is like driving down a long a winding road looking only in the rear-view mirror.

"Indeed, it's worse than that as we don't even have that good a view of where it has been in the past either. It is as if the rear window is also misted up a bit."

He then ad-libbed: "At the current juncture, the steering wheel also feels a bit wobbly too."

No reason to be worried, then.

Looking after the pennies looks mad WHEN the economic climate is tough and public opinion favours increasing environmental awareness, businesses have to ensure they don't throw away money and resources on trivial matters.

Except if you are an Inverness-based newspaper publisher it appears.

Chris Pleasance, who runs Stirlingshire-based Allander Record Fairs was rather bemused to receive a final warning before proceedings letter from the credit control department of Highland News Group for the mighty sum of a penny.

"Failure to comply with this request for payment will result in legal proceedings being commenced forthwith for the full balance."

Now that would be money well spent.

Without it, business might go to the dogs DAVID Lipsey, the new head of the Financial Services Authority's consumer panel, seems to have got the hang of this investment business.

He told the regulator's annual meeting last week he had little to report as he had only just started his job. "I spent most of last year running greyhound races," he said, raising a question only answered by subsequent research showing that he chairs the British Greyhound Racing Board.

The Labour peer went on: "The 8.34 at Romford would not be the worst investment anyone has made in the past year."

It's Graceland or bust for Roman SPEAKING of hound dogs, an 1800-year-old marble bust going on auction at Bonham's in London in October has attracted attention for its uncanny resemblance to Elvis Presley.

But this may be overlooking an even more unsettling comparison.

A Business Diary corre- spondent has pointed out the Roman rock's similarity to, um, Roman Rock, managing director of Bedlam Paintball, which operates out of Glasgow, Edinburgh, Aberdeen and Dundee.

Business Diary, for one, is all shook up.