AND NOW HERE’S THE NEWS: There are...

AND NOW HERE’S THE NEWS: There are still about 175 shopping days till Christmas, but here’s a tip: Save room in your stockings for what could be one of the holiday albums of the decade. It’s a collection of newly recorded Christmas carols overseen by crack rock producer Jimmy Iovine, who’s arranged that all proceeds from the album will go to the Special Olympics. So far, contributors include Bruce Springsteen, Sting, U2, Eurythmics and the Pointer Sisters, with at least several more mega-celebrity popsters to come (no, we’re not naming names, but if you want a good clue, just check out this summer’s sound tracks for likely candidates). . . . And everyone is jumping on the New Age bandwagon. I.R.S. Records is debuting No Speak, a new series of mood-rock instrumental albums due out this fall. The first batch of records will include offerings from Torch Song leader William Orbit, ex-Climax Blues Band guitarist Peter Haycock, Wishbone Ash and ex-Police drummer Stewart Copeland. (Surely it’s just a coincidence, but everyone but Orbit has at one time or another been managed by I.R.S. owner Miles Copeland.)