Citigroup succeeds in tender offer for Nikko

Citigroup succeeds in tender offer for Nikko

TOKYO, Japan - Shoji Kuwashima (L), president of Nikko Cordial Corp., and Douglas Peterson, chief executive officer of the Japanese branch of Citibank N.A., shake hands after their joint news conference at a hotel in Tokyo on April 27. Citigroup Inc. said it has successfully completed its tender offer for Nikko Cordial Corp., raising its stake in Japan's third-biggest brokerage to 61.1 percent from 4.9 percent in a $7.7 billion cash bid.

Turkish households rely heavily on credit cards as prices surge

STORY: Turkish households rely heavily on credit cards as prices surge DATELINE: April 28, 2022 LENGTH: 00:03:03 LOCATION: Ankara CATEGORY: ECONOMY SHOTLIST: 1. various of people on the streets, at the cash points and shopping in Turkey 2. various of people at a fresh vegetable bazaar in Turkey 3. SOUNDBITE 1 (Turkish): BAYKAN CELILOGLU, Former cruise ship worker 4. SOUNDBITE 2 (Turkish): EMRECAN SIYAH, Mechanical engineer from the Northern city of Samsun STORYLINE: Galloping inflation and skyrocketing prices have pushed many struggling households in Turkey to rely heavily on their credit cards, spending often beyond their means at risk of default. Turkey is experiencing financial woes not seen in decades as the Turkish lira lost half its value last year amid an economic crisis inflamed by the COVID-19 pandemic before the annual inflation hit a two-decade high of 61.1 percent in March. Meanwhile, average wages and pensions are no longer enough to cover basic household expenses, forcing people to

Citigroup succeeds in tender offer for Nikko

Citigroup succeeds in tender offer for Nikko

TOKYO, Japan - Shoji Kuwashima (L), president of Nikko Cordial Corp., and Douglas Peterson, chief executive officer of the Japanese branch of Citibank N.A., shake hands after their joint news conference at a hotel in Tokyo on April 27. Citigroup Inc. said it has successfully completed its tender offer for Nikko Cordial Corp., raising its stake in Japan's third-biggest brokerage to 61.1 percent from 4.9 percent in a $7.7 billion cash bid. (Kyodo)