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Here Is The City 'Wally of the Year' - Nominations

We're now taking nominations for the Here Is The City 'Wally of the Year' 2007. We're on the look out for those who should know better - individuals in the public eye who have done something or said something rather silly in the last 12 months or so.

Citigroup Bigs It Up In Japan, HSBC Pay Row

The Wall Street Journal reports that Citigroup launched a $10.78bn bid Tuesday to take control of Nikko Cordial, Japan's third-largest brokerage firm. Nikko is currently mired in an accounting scandal, and Citigroup looks likely to be the answer to its problems. Shares in Nikko surged 14% on the news.

What The H.ll Is The 'Yen Carry Trade' ?

We've been hearing a lot about the 'yen carry trade' recently, and how it might result in further turmoil in the financial markets. Something to do with low-cost borrowing in Japan and using the funds to invest long in high risk areas elsewhere (apparently).