Last week the Economist reported that the telecom mogul's Digicel is a target for Mexico-based America Movil, the world's fifth-largest mobile operator, owned by Carlos Slim, the world's richest man.

"Digicel's easy ride is over, " Jose Otero, an analyst at Signals Telecom Consulting, said. "This is the first time they are going to face someone who is used to competing in the global market with better financial strength and government relations."

The Economist continued: "America Movil's move looks like retaliation after Digicel began operations in El Salvador. Digicel has also acquired a licence in Guatemala, and says it is looking next at Honduras, Nicaragua and Panama. A price war in Jamaica could be bad for Cable & Wireless, a British firm that operates several networks in the Caribbean. It is hoping that its ability to offer both fixed and wireless services will prove to be an advantage. Whether or not that turns out to be so, consumers will benefit from the increased competition."

GARRETT KELLEHER, the Chicagobased real estate baron and Shelbourne Development boss, launched the much-ballyhooed Chicago Spire . . . a $1.5bn, 150-storey building that would be the world's tallest residential building . . . last Wednesday before international media.

Normally a publicity-glutton, Kelleher reportedly got tight-lipped after Chicago Tribune reporter Susan Diesenhouse aired doubts about whether the project would ever be built.

The global credit crunch, it seems, is no respecter of Kelleher's entrepreneurial drive, which makes Donald Trump sound like the guy too lazy to join the dole queue. Even with the backing of Anglo Irish Bank, there are questions over whether Kelleher can raise all the necessary finance in the current climate.

On the upside, Kelleher say s he has 4,000 names on a list of interested buyers. An entry level condo will go for around $750,000, the top floor for around $40m.

THE ECONOMY sent out more mixed signals than the Fianna Fail whip operation before a big vote on Shannon. Housing construction continued its slow-motion collapse and mortgage lending slowed to a 10year low in growth. But exports, consumer spending and manufacturing output were all still chugging along nicely in the first half of 2007, we learned.

Economic growth will be lower than had been forecast next year, perhaps under 3% if the evercheerful ESRI has it right.

ALPHYRA, the Irish payments company, agreed a merger with British cash machine outfit Cardpoint, in a deal reportedly worth around 800m.

The new company, called Payzone, will have its headquarters in Ireland but will be listed on London's AIM.

HUAWEI, the Chinese electronics firm that makes the 3G Broadband USB modem resold by all the Irish mobile operators, surprised world markets that had thought big deals to be on hold while the credit crunch continues to work its misery into the world system. It teamed up with Bain Capital to make a $2.2bn offer for Boston equipment maker 3Com, after Canada's Nortel decided against a bid.

Other than Ireland, China seems to be the only place in the world where news of the credit crunch hasn't reached the investment bankers.