Fresh appeal against insider trading ruling
NEW YORK • Rajat Gupta, a former director of Goldman Sachs Group, has persuaded a US appeals court to take a fresh look at overturning his 2012 insider trading conviction.
Gupta, 67, was convicted for passing tips to a co-founder of the Galleon Group, Raj Rajaratnam, about Berkshire Hathaway's investment and Goldman's finances.
Gupta's attorney argued that the denial of his bid to throw out his conviction should be reviewed in the light of the Supreme Court's decision last month to hear an appeal of a man found guilty for trading on information provided by a relative who did not get anything in return.
German industrial orders fall 0.7%
FRANKFURT • German industrial orders declined in December, weighed down by falling domestic and euro zone demand, the economy ministry said yesterday.
Provisional official data showed a decrease in orders of 0.7 per cent month-on-month in December, following an increase of 1.5 per cent in November. The drop was attributable to weaker domestic and euro zone demand for German-made goods, with euro zone orders falling by 6.9 per cent and domestic orders down 2.5 per cent. Orders from outside the euro zone increased by 5.5 per cent and foreign orders overall were up 0.6 per cent.