A day after protesting his “absolute innocence,” former Enron chief executive officer Jeffrey Skilling returned to the stand, telling the jury that he was smart but not smart enough to engineer the massive accounting fraud scandal, as prosecutors allege.
When former Enron Corp. president Jeffrey Skilling learned that news of the failing company’s impending doom had broken, he “went to pieces,” according to testimony he gave today in his much-anticipated first appearance on the stand.
The European Commission has reacted with indignation after a British official lambasted the E.C.’s efforts at tackling alleged anti-competitive behavior among many of the European body’s member states.
The oil industry is firing back at a proposed bill introduced to Congress last week that aims to lower energy prices for consumers by increasing competition in oil and gas markets, saying the legislation would have a negative impact on refining industry operations and could potentially impact export markets.
European Union regulators today announced they would consider Mittal Steel Co. NV’s hostile takeover bid for competitor Arcelor SA, and approve, reject or designate the deal for further review by May 19.
Angered by steel maker Arcelor SA’s approach to deflecting a possible hostile takeover, shareholders have demanded an emergency meeting to reverse a poison pill strategy adopted by the company last week.
The unauthorized actions of a rogue trader may finally stop haunting Swiss investment bank UBS AG, which agreed Friday to pay a Japanese trading company $85 million to end a contentious lawsuit.
Embattled Estonian steel maker Galvex Holdings Ltd. has won judicial approval to auction off all its assets to its lender Silver Point Capital, or a higher bidder, on May 2.
The European Commission this week gave its top antitrust regulator, Competition Commissioner Neelie Kroes, the authority to intervene if Spain tries to thwart German energy giant E.On AG's €29.1 billion bid to acquire Spanish rival Endesa SA.
When attorney Daniel Petrocelli spontaneously broke into The Mamas and the Papas' song “Monday, Monday” in the halls of Houston’s district court, onlookers took it as a sign that the highly anticipated testimony of former Enron executive Jeff Skilling would not begin until next week.
In a much-needed boost to Congoleum Corp., a federal bankruptcy judge has approved the company’s $1.4-million settlement with Harper Insurance Ltd., aiding the floor manufacturer’s efforts to pay off thousands of claims over cancer-causing asbestos.
Legislation has been proposed on Capitol Hill that would dramatically change U.S. antitrust laws by giving the government greater power to sue foreign oil producers and prevent mergers and acquisitions between domestic oil and gas companies.
The European Commission has launched an investigation into €16 million in state aid granted to Italian utility AEM Torino SpA as part of an effort to help the company withstand the liberalization of the Italian energy sector.
The European Commission has taken formal disciplinary action against seventeen European Union member states after an investigation revealed the states were not in compliance with the country’s energy laws.
In a move that reflects a growing concern over alleged Paris-backed protectionism, the European Commission has taken formal action against France for its national decree designed to impede foreign investment in strategic areas of industry.
Looking to slim down before it emerges from bankruptcy protection, power producer Calpine Corp. announced Tuesday that it plans to sell 20 power plants and close three of its offices as part of its restructuring objective to trim its annual costs by $150 million.
In a spectacular kickoff, the Enron defense launched its counterattack on federal prosecutors this week by calling its first four witnesses—all former Enron employees—as the trial continues to approach its boiling point, with former Enron executives Jeff Skilling and Ken Lay expected to take the stand within the next few weeks.
An investigation into whether European Union member states are in compliance with the country’s energy laws has prompted regulators to charge several states for failing to follow the rules, marking the European Commission’s latest move in its shake-up of the gas and electricity markets.
A reorganization plan has been finalized for the Swiss/Swedish technology group ABB Ltd. and its U.S. unit Combustion Engineering, Inc., concluding years of legal wrangling involving asbestos-related charges.
Beleaguered power producer Calpine Corp. has asked the bankruptcy court to authorize a $35-million payment to CPN Insurance Corp., fearing that its internal insurance company will slip into insolvency without the financial boost.