He bought shares in the Japanese brewer, Sapporo, because of his father's preference for that brand of beer.. The head of the world's aviation industry launched a savage attack on oil companies yesterday, blaming them for the fact that global airline losses this year are set to reach $3bn (£1.6bn). Giovanni Bisignani, the chief executive of the International Air Transport Association, said rising fuel prices had outstripped gains in efficiency and were set to cost the industry $112bn this year - $21bn more than 2005. Addressing the IATA's annual conference in Paris, Mr Bisignani criticised the oil industry for failing to invest in new refinery capacity, contrasting this with the $250bn they plan to return to shareholders over the next two years. He also said there needed to be more research into alternative fuels with a view to the airline industry replacing 10 per cent of its fuel sources by 2025. "Oil remains the wild card," he said. If found guilty, Mr Horie faces up to five years in prison.Last year, Japanese prosecutors pushed for a three-year jail term for Yoshiaki Tsutsumi, the former chairman of Seibu Railway and one of the world's richest men, for insider trading and falsifying shareholder records. He received a 30-month suspended sentence and a ¥5m fine.Mr Murakami started his MAC Asset Management fund in 1999, and used his investments to force change at companies such as Hanshin Electric Railway, Tokyo Style and the operator of the Osaka stock exchange.The fund, which has headquarters in Singapore, draws about 60 per cent of its investments from American university endowments.

They won praise for putting shareholders' interests above managers' and became emblematic of a more entrepreneurial style of capitalism.Mr Murakami faces up to three years in prison or a maximum fine of 3 million yen (about £14,300). I hope Japan will one day become a country that accepts people who challenge the status quo."Mr Murakami said Mr Horie and another Livedoor official told him late in 2004 that they hoped to bid for NBS, a radio broadcaster in which his fund held shares.In the months before the bid, Mr Murakami's fund picked up more NBS shares before selling the stake to Livedoor and other investors for a profit.Both Mr Murakami and Mr Horie, 33, were at the forefront of a new group of dynamic young executives challenging the status quo within conservative corporate Japan. Mr Horie denies any wrongdoing.Mr Murakami, a former trade bureaucrat, resigned yesterday from his $3.6bn (£1.9bn) investment fund and vowed never to return to the world of trading.He told a press conference: "This time I got a red card It's my fault, I broke the law I am going to leave the pitch once and reflect. Yoshiaki Murakami, one of Japan's star fund managers and the country's leading activist shareholder, was under arrest last night after admitting insider trading. Prosecutors in Tokyo are investigating whether the 46-year-old traded in Nippon Broadcasting System shares last year, knowing that Livedoor was planning a hostile bid. His arrest comes four months after Livedoor's flamboyant founder and chief executive, Takafumi Horie, and other executives at the internet company were arrested in an unrelated fraud case. In fact, Sir Tom and his partners bought Birthdays for themselves..

At the time, Mr Wood, who reputedly earns £20m a year from his job with UBS, was criticised by Mr Justice Warren as being an "unreliable witness", "evasive" and a "very hard and calculating man".Mr Wood had sought compensation after claiming that Sir Tom and his business partners reneged on an agreement to buy the Birthdays greetings card shops through The Gadget Shop, a retailer co-owned with Mr Wood and his business partner, Peter Wilkinson. A quarter of all profits will go to SRM.While at UBS, Mr Wood earned a reputation as a fierce and ruthless operator. As an activist shareholder, he headed a shareholder revolt at Lazard and pressured companies such as Fiat and Olivetti to change share structures to boost prices.Mr Wood was thrust into the spotlight last year when he lost a £100m action in the High Court against Sir Tom Hunter and Chris Gorman, two of the country's best-known retail entrepreneurs. Those locked in for three years will be charged 1.5 per cent of assets under management each year; longer-term investors will pay 0.5 per cent less. The hedge fund will be based in Monaco, and will be the first to be regulated in the principality.Institutions or the very rich can invest in SRM, and can choose to commit funds for three or five years.

UBS, where Mr Wood has worked for the past 17 years, is investing $500m. Under Mr Wood, UBS's strategic risk management team has delivered an average annual return of more than 50 per cent over the past five years, earning $2.4bn in revenue for the bank.The two other members of the team - Ian Barclay and Adrian Marsh - plus three support staff are also leaving UBS to start SRM. In his new role, Jon Wood will be set free from potential client conflict at UBS, the Swiss investment bank where he heads proprietary trading. Backers have already committed $3bn to his SRM global fund, which will be capped at $5bn and launched on 1 September. One of the City's most aggressive traders will soon be snapping even more ferociously at the heels of management as the head of a $5bn (£2.7bn) hedge fund. Only 75,000 new jobs - far fewer than had been expected - were created in May, government figures have shown, while growth in the service sector last month, according to a closely watched index yesterday..