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Thursday, 20 June, 2002, 05:50 GMT 06:50 UK
Jolt for energy trader Dynegy
The troubled US-based energy trader Dynegy has sacked 340 staff - or 6% of its workforce - and lost its chief financial officer.

The company has been hurt by the collapse of its rival Enron , with investors and investigators wondering whether the firm engaged in accounting and trading practices similar to that of its failed competitor.

In May, Dynegy's chairman and chief executive Chuck Watson was forced to resign, after the US stock market watchdog, the Securities and Exchange Commission, began to investigate the company's business practices.

The Houston-based firm has seen its share price plummet in recent months.

Energy giant ChevronTexaco, which owns a 26.5% stake in the company, is now pondering what to do with its investment.

After Mr Watson's resignation, ChevronTexaco vice chairman Glenn Tilton took over the running of Dynegy.

But at a conference for analysts, Chevron executives declined to speculate what their next move might be.


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28 May 02 | Business
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