Business briefs for May 8, 2002
Wednesday, May 8, 2002 | 11:02 a.m.
Energy trader faces SEC probe
HOUSTON -- Dynegy Inc., one of the largest U.S. energy traders, said the Securities and Exchange Commission will request a formal investigation into the accounting of a natural-gas transaction.
Dynegy is cooperating with the investigation, the company said in a statement.
Last month, Dynegy said the SEC inquired about an agreement by one of the company's partnerships to buy gas over five years from ABG Gas Supply LLC. Dynegy had recorded $300 million in cash from the transaction, "Project Alpha," in its financial statements, along with $80 million in tax benefits.
Dynegy said it's reclassifying $300 million in cash as coming from financing rather than operations. The company's accounts had been audited by Arthur Andersen LLC, which it has since fired. Andersen is on trial over shredding documents of Enron Corp., once the biggest energy trader.
Eleven more sued over alleged cable piracy in Vegas
Las Vegas cable television operator Cox Communications Inc., which accused 39 Las Vegas Valley residents last March of cable theft, has stepped up its anti-cable piracy campaign with a second lawsuit that targets 11 more alleged cable pirates in the Las Vegas area.
Cox, in a U.S. District Court lawsuit Tuesday, accused the 11 defendants of violating the federal Communications Act -- which prohibits the unauthorized reception of cable television programming -- when they allegedly used bootleg "pirate" converter-decoder devices to steal its services.
Meanwhile, a federal judge denied a request to dismiss Cox's earlier lawsuit by Jesse Gomez, one of the 39 sued earlier. Gomez challenged Cox's cable theft claims, saying the company failed to specify the specific dates of the alleged theft.
But U.S. District Judge Kent Dawson, in a ruling Tuesday, said Gomez's request was "premature" because discovery hasn't been conducted.
"Gomez's request for dismissal based on a failure to articulate actual damages must fail as such is not required by the Communications Act," Dawson wrote.
Interest rates unchanged
WASHINGTON -- With new data suggesting that inflation will remain under control, the Federal Reserve voted unanimously Tuesday to hold its benchmark interest rate unchanged at a 40-year low, saying the durability of the economic recovery remains uncertain.
On a day when the Labor Department reported a bigger-than-expected surge in the growth rate of productivity -- evidence that companies might be able to restore their depressed profit margins without having to jack up prices -- the central bank reiterated that it is not in any rush to raise interest rates despite a sharp upturn in economic growth in the first quarter.
archive
- Most Read
- Discussed
- Most E-mailed
- Trainers scuffle at Manny Pacquiao, Miguel Cotto weigh-in
- Hooters reports loss, says Chapter 11 possible
- Live Blog: Pacquiao wins by TKO in round twelve
- Clubs want to be ‘good citizen,’ so stripper-mobile ends its run
- Police seek man who stole $2,000 worth of clothing
- Las Vegas club agrees to halt promotion featuring live dancers on truck
- Nuclear plant in Ely could complicate radioactive waste, water issues
- Manny Pacquiao says he feels stronger than ever
- Las Vegas Hilton reports wider loss in quarter
- Now we can all see Islamic extremism for what it truly is
Blogs
The Kats Report
New face of Monte Carlo includes all the faces of Caliendo
The Greene Room
Predicting this weekend's Mountain West football slate (1 Comment)
Top Chef: Las Vegas
Top Chef Episode 11: Child's play
Miech Again
UNLV prez Smatresk is ready for some basketball (9 Comments)
Politics: The Early Line
Harry Reid's fourth TV ad begins running today
The Greene Room
Chad Ochocinco vs. Anderson Silva? That would be a sight ... (5 Comments)
Top Chef: Las Vegas
The Jet Stream: The three stages of chefdom
Calendar »
- 15 Sun
- 16 Mon
- 17 Tue
- 18 Wed
- 19 Thu
-
Actor's Expo at Rave Motion Pictures
Rave Motion Pictures Town Square 18 | 3 p.m. to 5 p.m.
-
Lily Tomlin at the Hollywood Theatre
Hollywood Theatre at MGM Grand
-
Neil Sedaka at the Orleans
Orleans Hotel-Casino
-
Supernatural Santana – A Trip Through the Hits at The Joint
The Joint
The Sun
Locally owned and independent for more than 50 years.
Technorati





