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Federal cabinet agrees to greater investor protection law to

2010-09-01_Kabinett_Brüderle_ddp BERLIN (Dow Jones) – The Federal Cabinet has approved at its meeting on Wednesday the bill to " strengthen investor protection and to improve the functioning of the capital market , "as a government spokesman confirmed Dow Jones Newswires on Wednesday. ( Reuters photo 🙂

The Act provides for measures in order to prevent a " creeping up "of companies . It also introduces a minimum holding of open real estate funds and tightening the rules for investment advice . The law wants the Federal Government resolve existing " deficiencies in financial markets ".
The article law includes mainly changes in the Securities Act and the Investment Act . Among other things, " wertpapierhandelsrechtliche , new reporting requirements are introduced in terms of derivatives with cash settlement and return of claims arising from securities lending and repo transactions "to avoid a " sneaking "to corporations .
" To avoid , that can be further developed in less transparent ways large voting positions, without either the BaFin are still the market or issuer of the set soon informed to the wertpapierhandelsrechtlichen reporting requirements are expanded , " says the bill in the Dow Jones Newswires had insights .
It is planned to also introduce a minimum holding for two years and a Halteanreizes for the subsequent two years for shares in open real estate funds. Excluded are the amounts to be of up to 5,000 EUR per month, and investors , so retail investors can continue to return the shares until the amount. In addition to the frequency of increased property valuations and reported to be an improved process for the orderly liquidation of real estate funds are established for the case that the withdrawal will be suspended and there is no prospect of a sustainable reopening.
In addition , the bill setting up a at the Federal Financial Supervisory Authority ( BaFin ) guided non-public database, register with the Institute their investment advisors, sales managers and so called compliance officers to confirm the proper qualifications should . For serious breaches of investor protection provisions to institutions affected employees up to two years may no longer use in their positions.
Furthermore, " to brief leaves " are introduced by the institutes need to educate their customers investment advice short and simple form of the essential characteristics of a financial instrument. Regulations for the so called gray capital , contrary to original plans are not in the bill , after debate between Finance and Economy were. These arrangements will now be presented in a separate bill under the leadership of both houses in the fourth quarter.
Both ministries have since agreed , according to the Treasury, that active at the market, sellers of financial products should remain under the Labour and not the BaFin, there should be , however, continue strict requirements on the intermediaries who sell such shares in closed-end funds . Federal Minister Rainer Brüderle (FDP had ) has previously defended against plans by Federal Finance Minister Wolfgang Schäuble ( CDU ), to assume the consultants on terror capital of financial supervision.
– By Andreas Kissler , Dow Jones Newswires , +49 ( 0) 30-2888 4118, @ dowjones.com berlin.de
(Beate Preuschoff contributed to this report)
DJG / bep / ank / / apo / voi

Euro zone orders fall unexpectedly strong in July

Copy of 2010-09-22_Industrieproduktion_ddpLUXEMBOURG (Dow Jones) – New orders in industry in the euro area has disappointed in July, which was recorded in a single month particularly in capital goods, a significant decrease. In total manufacturing working on orders received 2.4% less than last month , as the European statistics agency Eurostat said on Wednesday . ( Reuters photo 🙂

This is the biggest drop since December 2008. Economists had expected a fall of only 1.6%. In June, the order input was revised in a single month by 2.4 % (preliminary : plus 2.5%) increased. In May , an increase was recorded at 4.2 %.
Compared to the same month last year , new orders rose in the euro area in July by 11.2 % following a revised 22.7 % (preliminary : in the plus 22.6%) in June . Economists had forecast a rise of 16.3%.
Across the EU , new orders fell in July in a single month by 2.3 % after a revised rise of 2.5% ( provisional: plus 2.4%) in June. Compared to last year they rose by 12.5 % after a revised gain of 22.7 % ( provisional: the plus 22.5% ) Of June.
Compared to the previous month fell , new orders for capital goods by 5.1 % in the euro area and EU -27 by 5.7 %. Durable consumer goods fell by 3.2% and 1.7%. Intermediate goods fell in the euro area by 0.1 % but increased in the EU -27 by 0.5 %. The orders for durable consumer goods rose by 0.5 % and 0.3 %.
Compared with July 2009, orders increased intermediate goods by 18.2 % in the euro zone and EU -27 by 18.9 %. Capital goods showed an increase of 8.3 % and 10.9%. Durable consumer goods rose in the euro area by 1.9 % and EU27 GDP by 1.1 %. The orders for durable goods were in the euro area fell by 1.0% , but increased in the EU at 3.5%.

Website: www.epp.eurostat.ec.europa.eu
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Karstadt write operationally in the black – Capital

2010-09-22_gebäude mit schriftzug_ddp HAMBURG ( Dow Jones) – The business of the department store chain Karstadt has , according to the chief of the Essen trade company, Fox , Thomas , during the bankruptcy " developed surprisingly good ". ( Reuters photo 🙂

The result had " improved dramatically, much more than expected , "said Fox of the magazine "Capital ". Over the past two years , EBITDA was continuously increased by 200 million EUR. "We will now again operating profit before tax , "said Fox.
Therefore, Karstadt had no liquidity problem. In order to complete the insolvency proceedings , it had Karstadt guarantee of being able to pay for all goods ordered . That was 65 million EUR were used by Karstadt -investor Nicolas Berggruen as collateral. "This money is already in our account , "said Fox.
Now it was all about , Karstadt to prepare for the future. " As of January 2011 just after the Christmas season , we take out the first 20 stores to modernize , "announced Fox. So it will be new in the textile industry exclusive brands and the centralized collection " flexibly adapted to local needs. "
Fox made it equally clear that there would be no sale at Karstadt or a spin-off of assets. It is trying, in the core areas of more entrepreneurship and less administration: "This is why we are manageable units .

Website: www.capital.de

DJG / nas / brb / sh

Merkel wants EU to help coal after 2014

Copy of 2010-08-31_Merkel_ddpBERLIN ( AFX) – Chancellor Angela Merkel ( CDU ) continues unchanged in 2007, set in Germany agreement of an exit from the coal subsidies in 2018 and works at the European level to amend the EU Commission plans for phasing out of operating aid for Coal mines in the autumn 2014th ( Reuters photo 🙂

This is true regardless of the Federal Minister Rainer Brüderle ( FDP) expressed sympathy for the European proposal , government spokesman Steffen Seibert said Wednesday in Berlin.
It is known that the FDP represent a different attitude from the Chancellor on this issue , "said Seibert. "But it is the coalition agreement, we have agreed to phase out the subsidized coal mining and coal are sticking to the political agreement of 7 February 2007, "said Seibert. At this level nothing has changed.
The Federal government will be working at European level to amend the EU Commission plans. " We must try to take on a European level influence , "said government spokesman. The Belgian presidency would make the decision on the expiration date on the political level. The decision should be either on the 10th December at the Competitiveness Council , or where appropriate at the European Council on 16-17 . be taken in December , said Seibert.
In Brussels the day before the EU Member States discussed at the working level on a possible way out of the coal dispute between Berlin and Brussels.
The EU Commission proposed in July officially to ban subsidies to unprofitable mines by October 2014 across Europe. In Germany, since 2007 a law providing for a withdrawal to 2018. The Government looks forward to reaching a compromise with Brussels.

Website: www.bmwi.de
– By Beate Preuschoff , Dow Jones Newswires , +49 ( 0) 30-2888 4122 ,
beate.preuschoff @ dowjones.com
DJG / bep / kth / sh

Piëch transfers Porsche shares to foundations – Focus

2010-09-19_vw_Ferdinand Piëch_ddp MUNICH (Dow Jones) – Volkswagen ‘s supervisory board chairman Ferdinand Piëch has his Porsche ‘s shares after a magazine report Two Austrian private foundations transferred to his heirs later simply can not sell all the company ‘s assets. ( Reuters photo 🙂

The 73- year-old confirmed to the magazine "Focus ":" I have received the secure future for our company at heart. Therefore, and in the sense Sustainability I – like Bosch , it has done – for The Foundation decided. " close control in automotive supplier Bosch The Robert Bosch Stiftung GmbH 92 % of the shares.
Piëch looks at the construction found by him "the Majority of my heirs after me . " But consider for Focus Information some of his twelve children, the Piëch fathered with four women,  legal action.
As long as Piëch lives , has in the private foundations Ferdinand Karl  Ferdinand Karl Alpha and Beta for documents that the magazine Available only he has the say. The foundation documents regulate how with just under 7 percent stake Ferdinand Piëch at Stuttgart Sports car maker Porsche , and with its 10 percent stake  at the Salzburg Porsche Holding, Europe’s biggest car dealer, should be handled .
Above all a sale of shares by the Porsche Foundation Staff made nearly impossible. Only if the Executive Board and Advisory Board the Foundation and at least nine of the twelve children Piëch agree the estate may be sold. The Foundation will also have the Children do not have the same rights: the marriage will be loud Deed better off.

Piëch foundation model also has implications for the future of Volkswagen. Until 2011, Porsche and the VW group also formally be merged.

Website: www.focus.de

DJG / rio / sh