Germany moves on insider dealing
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Your support makes all the difference.THE GERMAN cabinet yesterday approved draft legislation to outlaw insider trading and establish a securities watchdog similar to those already in leading international exchanges. Convicted insider traders could face up to five years in jail .
Theo Waigel, the Finance Minister, said the law would improve investor confidence and boost German trading. 'It represents a quantum leap for Germany as a financial centre and for its position in international competition,' he added.
The law is not expected to receive parliamentary approval before next summer, two years after the deadline imposed by the European Community. Frankfurt, boosted by last week's decision to site the European Central Bank in the city, is anxious to end its reputation as a lax trading centre after numerous insider scandals in recent years.
The Economics Ministry reported yesterday that western German industrial orders rose a price and seasonally adjusted 1 per cent in September from August, but were down 6.8 per cent year on the year.
In August and September combined, industrial orders fell 0.5 per cent compared with the previous two months, and 5.4 per cent year on year.
The Federal Statistics Office said Germany had a current account deficit of DM7.4bn ( pounds 2.94bn) in August compared with a deficit of DM8.5bn in July, according to provisional figures.
Germany's trade surplus was unchanged at DM3bn in August from July. In the eight months to August Germany had a current account deficit of DM32bn and a trade surplus of DM28bn.
The German Federation of Chambers of Commerce said it expected the overall economy to stagnate in 1994, with western German GDP shrinking by 0.5 per cent.
In marked contrast to the leading research institutes and the government, which see GDP growing by 1 per cent, Franz Schoser, the federation's managing director, said: 'The way out of recession will be laborious and drawn out.'
Daimler-Benz, Germany's biggest industrial conglomerate, said it expected to report a nine-month loss of DM2bn under US accounting rules. The company said it expected a better performance in the fourth quarter after having loaded most of the restructuring costs on the third.
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