The European Commission said Thursday that it has charged a number of makers of heavy electrical equipment for price-fixing and working in an alleged cartel.
Just one week after clearing German utility E.On’s bid for Spanish energy company Endesa, the European Commission has launched an investigation into an effort by the Spanish government to extend the powers of its electricity and gas regulator.
European regulators warned Russia in a letter this week that OAO Gazprom’s export monopoly could hinder competition clearance in the European Union, but said the gas giant would be subject to the same competition rules as any other company investing in its 25 member states.
Plagued by financial concerns stemming from possible criminal indictments of several of its executives, chemical company Stolt-Nielsen fears it may become the next Arthur Anderson.
Unsatisfied by last summer’s hung jury, federal prosecutors will renew their charge on Tuesday against a pair of former broadband executives at Enron Corp. in proceedings held next door to the ongoing fraud and conspiracy trial of the energy giant’s former chief executives, Jeffrey Skilling and Kenneth Lay.
The former chief financial officer of Patterson-UTI Energy Inc., who was accused of embezzling $77 million, has pled guilty in federal court, joining the litany of energy company executives that have been indicted for fraud.
A bankruptcy judge has extended an order to prevent OAO Yukos management from selling the company’s stake in a Lithuanian oil refinery.
Bankrupt Kaiser Aluminum will be able to protect up to $85 million in tax write-offs, after a bankruptcy court judge ruled that the company has some say over the sale of claims in its case.
Signaling a growing interest in revamping antitrust laws to tackle Big Oil, the U.S. Senate Judiciary Committee has given the green light to a recently proposed bill that would empower the U.S. Justice Department to target a Middle East oil cartel.
Solutia Inc., a maker of glass products, nylon and other specialty products, was granted a six-month extension of its exclusive right to file a Chapter 11 plan on Thursday. The decision will help the company stave off the threat of a group of noteholders filing a rival plan.
Tightened bankruptcy regulations may be preventing troubled U.S. manufacturing industries from attracting turnaround executives and retaining key players on management teams.
Fresh off President George W. Bush’s request for a probe into possible price-gouging by oil companies, the U.S. Attorney General’s office and the Federal Trade Commission are seeking help from the state attorneys general in mobilizing the effort.
A tense second day on the stand saw Enron Corp.’s former chairman and chief executive Kenneth Lay lash out at the media, predatory short-sellers, and former chief financial officer Andrew Fastow, saying they were responsible for the company’s colossal demise.
The controversial takeover of Spanish energy company Endesa by German utility E.On has been approved by the European Commission, despite the efforts of the Spanish government.
In a move to streamline and stabilize European gas markets, European regulators announced Tuesday that they would divide Europe’s gas consumers into four regions.
Integrated Electrical Services Inc. has emerged from Chapter 11 bankruptcy, according to George F. McElreath, the Assistant U.S. Trustee for the Northern District of Texas.
With summer fast approaching and oil prices continuing to skyrocket, President George W. Bush has caved into pressure from consumers and lawmakers alike and ordered an investigation into possible price-gouging by oil companies.
The biggest mistake former Enron chief Kenneth Lay ever made was hiring Andrew Fastow, and the second-biggest mistake he ever made was promoting him to chief financial officer, Lay said in his testimony yesterday.
Bankrupt power and communications provider Integrated Electrical Services is in federal regulators’ crosshairs, a recent filing with the Securities and Exchange Commission reveals.
Joining the growing ranks of consumers and politicians seeking an explanation for recent skyrocketing gasoline prices, House Speaker J. Dennis Hastert (R-Ill.) and Senate Majority Leader Bill Frist (R-Tenn.) are taking the burgeoning debate to the top, asking President George W. Bush to order investigations into possible price-gouging by oil companies.