Jay-Z on a mission to throw the most extravagant New Year's Eve party

Rap mogul Jay-Z is on a mission to throw the most extravagant New Year's Eve party ever. Beyone's boyfriend has spent $2million on fireworks for a midnight display at the Palms Hotel in Las Vegas.

He told pals he wants to compete against Paris and Nicky Hilton, who are hosting a bash in Vegas's LAX nightclub, and Pamela Anderson, who has been paid to turn up to a bash at the Pure lounge in Caesar's Palace.

A friend says: "Jay-Z has had lots of ups and downs in 2007, most recently quitting his record company, and he wants to start 2008 with a bang."

Meanwhile, Jay-Z - real name Shawn Corey Carter, has retired as the president of Def Jam Records, with the aim of concentrating more on his own music and personal business deals. "It's time for me to take on new challenges," he said in a written statement.

"I am pleased to have had the opportunity to build upon the Def Jam legacy, helping to move the company into a new era of artistic success."More...

He exits Def Jam after developing two of the biggest releases of the year - Kanye West's "Graduation" and Rihanna's "Good Girl Gone Bad."

Def Jam artists have been nominated for a total of 26 Grammys at February's ceremonies. "While he will continue to be one of our signature artists, he will nonetheless be missed in this executive capacity," Island Def Jam Chairman/CEO Antonio "L.A." Reid said.