BREAKING NEWS

Japan's Tepco compensation plan gets cabinet OK

By REUTERS

JUNE 14, 2011 05:52

TOKYO - Japan's cabinet approved a scheme on Tuesday to help Tokyo Electric Power Co compensate those affected by the radiation crisis at its stricken nuclear plant, a step forward in a slow-moving process that has frustrated not only the victims but also investors.

The news sent shares in the utility, known as Tepco, higher in early trading, with a glut of buying seen just after the announcement. Other Japanese utilities' shares also rose.

It remains uncertain when, or even if, the scheme will be enacted into law, given the shaky political landscape under lame-duck Prime Minister Naoto Kan, who has been unable to push through several disaster-related bills in a divided parliament.

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