U2 news: Silicon Valley + Glastonbury '05

Bono will doubtless be hoping to become the acceptable face of capitalism as he joins a Silicon Valley venture capital firm that plans to invest in media and entertainment projects.

According to a report in the Wall Street Journal, the 44-year-old singer has joined up with technology investor Roger McNamee and the former president of videogame maker Electronic Arts, John Riccitiello, in a Menlo Park-based concern called Elevation Partners.

Elevation's attempts to raise $1 billion are going well with Apple Computer's recently retired finance chief, Fred Anderson, the latest heavy hitter to come on board.

Bono's day job also appears to be going well with producer Steve Lillywhite telling fans gathered outside Hanover Studios on June 16 that "we finished the single yesterday."

According to the people at u2log.com, "a song which had no vocals but was very upbeat and rocking in a similar vein to 'Beautiful Day' and 'Electrical Storm'" could be heard through an open window.

Finally, Michael Eavis has revealed that U2 are top of his Glastonbury 2005 shopping-list. "I'd like to get them headlining for next year and I'll be making a phone call to them," he reveals.

"I know they like to do their own thing but, then again, so does Paul McCartney (who's playing Glasto this weekend), and they don't come much bigger than him. I might also try Prince again. We approached him for this year and he seemed interested but in the end he couldn't make it."