Page 2694 


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).

Stress For Bankers As 'Massage Parlour' Busted

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.