More business news in brief.
EU criticises Japan over investment
Europe's trade chief rounded on Japan yesterday for exploiting the openness of other economies while erecting barriers to trade and investment at home.
In a combative speech to the EU-Japan Centre of Industrial Co-operation, Peter Mandelson, the European trade commissioner, said Japan was "the most closed investment market in the developed world". Referring to the country's commitment to increase in-bound foreign direct investment, he said: "This is not being translated into reality."
Mr Mandelson's stern words came after Tokyo rejected, on national security grounds, a proposal by The Children's Investment Fund, a UK activist fund, to double its stake in J-Power, an electric power wholesaler, to 20 per cent. That decision prompted a call by Chris Hohn, managing partner of the fund firm, to avoid investing in Japan until its corporate governance had improved. - (Financial Times service)
Belfast seminar generates interest
The special US investment conference planned for Belfast next month is attracting encouraging levels of interest despite the global credit crunch, the Stormont industry minister has claimed.
Nigel Dodds said the May 7-9th conference, while tightly focused on key sectors, would still be the biggest of its kind.
"We started off by trying to attract 30 to 40 senior executives from US corporations operating in those markets we are particularly targeting for investment - business services, financial services. I'm pleased to say that we have over 70 companies saying it's their intention to be here. Over 40 of those companies are visiting for the first time."
With more than 90 senior business figures now hoping to attend, the conference organisers were "well over the numbers we targeted", Mr Dodds said.
Magnet in deal to buy Glantel
Broadband and telecoms firm Magnet Business has purchased Irish internet phone provider Glantel for an undisclosed sum.
Magnet is seeking to create 10 new jobs following the deal, due to expected growth in demand for its suite of voice and data services.
The acquisition of Glantel is part of Magnet's strategy to offer a broad range of services to its customers.
Donal Hanrahan, Magnet corporate development director, said the deal complemented Magnet's plans in the telephony area.
The deal will see Glantel's customers migrating to Magnet's high-speed network with immediate effect and Glantel staff will also transfer to the Magnet team.
Glantel was founded by telecom executives Declan Murphy and Darren O'Donohoe less than two years ago.
Magnet Business is the business division of Magnet Networks, and is part of Columbia Ventures Corporation (CVC), owned by entrepreneur Ken Peterson. CVC also owns Dublin-based transatlantic fibre-optic cable operator Hibernia Atlantic.
FBD names interim chief executive
Insurance company FBD has appointed Andrew Langford as interim chief executive following the sudden death of Philip Fitzsimons at the weekend.
Mr Langford joined FBD as group financial accountant in 1996. In July 2003, he was appointed executive director - finance in FBD Insurance.
In December 2004 he was appointed to the board of FBD.
