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.
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).
Absolute Return magazine released details this week of a survey on US hedge funds and their assets.
Reuters reports that Citigroup is opening an office in Singapore which will focus on providing prime brokerage services to hedge funds. According to industry research group Eurekahedge, hedge fund assets under management in Asia rose to $140bn last year.
A new survey of over 3,400 office workers undertaken by Euroffice.co.uk , the UK's leading online office supplier for small businesses, has revealed that 70% of workers don't like the idea of flirting at work.
Here's the final league table in the 2007 Here Is The City 'Best Search Firm' category, as voted by our readers:
Ian Brown joins to move HereIsTheCity portal forward.
The New York Post reports that a 'chic' art gallery close to New York's financial district has been busted by Manhattan Vice Squad and the owner has been charged with doubling the gallery up as a brothel which provided one-stop sex for lunch-hour banker 'lotharios' and other clients.
The press in Vietnam is reporting on a strange story involving Goldman Sachs.