Web of intrigue: The latest money-making enthusiasm at Euromoney, the vanity financial publishing house part-owned by the Daily Mail group, is the World Wide Web. An enterprising salesman has apparently persuaded Belarussian banks to hand over pounds 70,000 for a website. Euromoney's price is based on links from its own pages (euromoney.com) going straight to the Belarussian site, the theory being that fund managers browsing the Euromoney site will click that Belarus is the place to invest next. More enterprising yet is the scheme to target the odd Serbian bank account. Euromoney is apparently planning a "Reconstructing Serbia" supplement. Next, possibly a guide to the real estate potential of Chinese embassy sites?
Junk is good: Europe's first dedicated high-yield investment firm, New Flag Asset Management, is hiring. Joining as chairman is Robin Monro- Davies,former head of Fitch IBCA, the credit rating agency. Anton Simon, chief investment officer, comes from Alfa Bank, one of the few Russian financial institutions to survive the August crash. Financiers in Moscow say that Russian corporate bonds will be all the rage this summer. Could they be the ultimate junk bond?