Evening wrap-up: today's late breaking business stories

Top stories from around the web.

New Statesman

Buffett pays $2bn for control of Israeli group (FT)

Berkshire Hathaway, the $262bn conglomerate controlled by Warren Buffett, will pay $2bn to acquire the remaining 20 per cent outside stake in the Israel-based International Metalworking Cos.

The purchase comes ahead of Berkshire’s annual meeting in Omaha on Saturday, a grand festival of capitalism attended by tens of thousands of shareholders who will gather to hear Mr Buffett’s thoughts on his company, investing and the economy

Goldman Sachs under criticism over $3bn Malaysia bond deal (FT)

Goldman Sachs is facing sharp criticism over profits it is expected to earn for arranging a $3bn bond deal for a Malaysian government fund ahead of Sunday’s national elections.

In March, a Malaysian government-controlled fund called 1MDB raised capital in a deal that involved Goldman buying $3bn of bonds for $2.71bn, roughly 90 per cent of their face value, according to documents obtained by the Financial Times.

Google faces fresh grilling by MPs over tax (Telegraph)

Google faces a fresh grilling by MPs over its tax affairs, after alleged inconsistencies emerged in how the web giant claims its London staff do not sell advertising to British clients.

Ofgem to investigate missed energy efficiency targets (BBC)

The energy regulator said companies had met 99% of targets by the end of 2012, but it would be investigating the missed 1%.

The six companies are British Gas, Drax, GDF Suez/IPM, Intergen, Scottish Power and SSE

UK trudges towards recovery as manufacturing improves (Reuters)

British manufacturing almost returned to growth in April and house prices showed their biggest annual rise in more than a year, suggesting that a slow economic recovery is on its way.

A senior central banker made a similar assessment of the economy, saying it was starting to mend.

"If we can just sustain it for a few more quarters, we really can begin to turn the corner again," Bank of England deputy governor Paul Tucker said in a newspaper article published on Wednesday.