News

Istanbul aggressively increased its overnight lending rate to 12% from 7.75%

Omega receives Barbican proposal

The privately owned insurance firm Barbican has become the third company declare an interest in Omega, the Lloyd's of London insurer which unveiled a proposal from rival group Novae last month .

MWB 'holding gun to head' of rival investors

The spat between MWB Business Exchange and one of its investors escalated into open warfare yesterday over claims the management was "holding a gun" to minority shareholders' heads. This comes as a rival bidder last night walked away.

'Beetle Queen Conquers Tokyo' zooms in on Japan's obsession with insects

Whilst insects are often greeted with a shudder in the Western world, in Japan, these tiny creatures are a source of admiration and enthralment. It's this intriguing cultural difference that forms the basis of a documentary by Jessica Oreck, who spent six weeks in Japan filming the country's fascination with insects. "They couldn't get it into their heads that the same culture didn't exist in America," says the young director. "Every time I started oohing and aahing over a beetle, the entomologist would be like, 'What, they don't sell these in your grocery stores?'"

Shareholders call for clarity as MWB bid 'defies logic'

Angry shareholders yesterday demanded answers from MWB Business Exchange's independent board, saying it had "defied logic" by rejecting a £60m bid on valuation grounds in favour of an offer of barely half that sum.

Japan workers ditch their suits to save power

In a country synonymous with the buttoned-down corporate army that keeps its huge economy humming, getting Japan to ditch its suits is an uphill task. A summer power crunch in Tokyo exacerbated by the crisis at the Fukushima nuclear plant, however, is forcing the government to ask the impossible.

Nuclear plant moves radioactive water

The Japanese utility battling to bring its radiation-spewing nuclear reactor under control said today that 1,500 more tons of radioactive water are being moved into temporary storage — the latest attempt to prevent a massive spill of contaminated water into the environment.

Inside travel: Japan

Foreigners are more welcome than ever in a city coming to terms with tragedy, says Adrian Hamilton

Japan staff exceed radiation limit

The operator of Japan's crippled nuclear power plant said two workers have exceeded a radiation exposure limit for men.

David Prosser: The case against fat cat pay has to be accurate

Outlook It is fair to say the short statement made yesterday by MM&K, the pay consultants, has produced fewer column inches than its pronouncement on Monday – a report on executive pay that received blanket coverage because it exposed fat cat directors ashaving received huge salary hikes last year, while their staff got almost nothing. Yesterday's statement revealed it had cocked up the figures on the pay of the manfingered as one of the biggest earners of 2010. It turns out Icap boss Michael Spencer actually saw his pay fall by 40 per cent last year.

David Prosser: Is the official economic data built on straw?

Outlook After the dismal manufacturing figures on Wednesday, yesterday's construction data from the Chartered Institute of Purchasing and Supply, which showed a pick-up in the sector in May, was very welcome. That construction is recovering from the sharp downturn in the first quarter is good news in itself, of course, but the improving data also helps the case of those in the industry who say the Office of National Statistics painted a picture of their performance in the first three months of the year that was far too pessimistic. That's to be welcomed: not out of any desire to see the ONS embarrassed, but because it may mean the economy is not performing as badly as thought.

Kroenke deal gets approval

Arsenal say the Premier League have given approval to the takeover of the club by American Stan Kroenke.

Shareholders vote down Robert Walters pay awards

Robert Walters faced a stinging shareholder revolt at its annual meeting yesterday, with investors rejecting pay policies at the recruitment group.

Lennon ends season on Hampden high

Neil Lennon ended a troubled season on a high at Hampden Park on Saturday as Celtic lifted the Scottish Cup with victory over Motherwell. It gave Lennon his first piece of silverware as Celtic manager after they lost out to Rangers in the league. It is also likely to result in a new long-term contract. "He's got a good future," said Dermot Desmond, Celtic's majority shareholder "He'll get a new contract; for a very long time." Lennon said of the 3-0 victory: "We love the game, we try to entertain and we try to win with a bit of style."

Directors in loss-making Gulf Keystone earn over $1.1m each

The six executive and non-executive directors of Gulf Keystone Petroleum, the junior AIM-listed oil & gas explorer, all took home at least $1.1m last year.

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