Jobs to go in Allianz restructuring
Allianz, the German insurer, is expected to cut several thousand jobs as part of its restructuring programme, according to the Frankfurter Allgemeine Sonntagszeitung. It is understood that a decision will be taken at a board meeting today. It is also expected that two to six of the company’s regional headquarters will be cut. Allianz did not comment.
Enron chiefs’ sentencing put on hold
A federal judge is to delay the sentencing of the former Enron chief executives Ken Lay and Jeffrey Skilling, who were convicted last month of fraud and conspiracy in the company’s collapse.
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US District Judge Sim Lake has agreed to delay sentencing to October 23 from September 11. Lay and Skilling were found guilty in Houston, Texas, of concealing the financial problems at Enron.
Eni rejects proposal to sell stake
Eni, the Italian oil and gas producer, has rejected a proposal by the country’s watchdog that it sell its stake in Snam Rete Gas, or Stogit, saying that it would risk losing its leadership in the European gas market. Italy’s energy regulator believes that the sale of Snam Rete Gas, which operates the country’s gas network, would improve competition.
Fenosa to double its capacity in Egypt
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Union Fenosa, of Spain, has signed an agreement with Egyptian authorities to build a second gas liquefaction train at its Damietta plant in Egypt, requiring an investment of $1.3 billion. Fenosa officials said that the train would double the plant’s liquefaction capacity to 14 billion cubic metres, about half what Spain consumes in one year.