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An old Japanese proverb says: “After you have won a victory, fasten the strap on your helmet even tighter.” A victorious mood pervades the financial markets at the moment. Everywhere stockmarkets are up, interest rates stable, and banks are making record profits. Goldman Sachs, for example, reported profits of $1.9 billion for the nine months to the end of August double the figure in the same period last year. HSBC is on course to make $6 billion during 1996 more than twice as much as any bank before. |
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