WEEK IN REVIEW
Monday Ponzischemealleged
A former CEO of Houstonbased Black Elk—long embroiled in legal cases over a 2012 oil rig explosion—wasindictedwith seven executives of the Platinum Partners hedge fund on charges that theyengaged inaPonzi scheme, federal authorities said.
Gasolinepricesontherise
Theaverage price of a gallon of regular, unleaded gasoline hit $2.01 in theHoustonarea. The national average also rose 3 cents over the weekto$2.25.
Encouragingwords
Janet Yellen, Federal Reserve chair, told graduates at the University of Baltimore at their midyear commencement: “After years of a sloweconomic recovery, you are entering the
strongest job market in nearly a decade.” Tuesday AbetonLNG exporting
French energy giant Total said it would spend more than $200million to buyasignificant stake in the liquefied natural gas company founded by Char if Souki, combining one of the world’ s biggest energy companies with a pioneer of U.S. LNG exports.
Drilling ban announced
President Ba rack O ba ma announced what he called a permanent ban on offshore oil andgasdrilling along wide areas of the Arctic andthe Atlantic Sea board as he tried to nail down an environmental legacy that cannot quickly be reversed by Donald Trump.
Earthquakeforecast
Oklahoma regulators said the number of induced earthquakes could increase as oil andgaspro- ductionexpandsinabroadareaof the state.
Wednesday ACAenrollmentisup
Though there are fewer providers to choose from, over 775,650 people have enrolled onthe Affordable Care Act’s federal exchange across Texas, up 7 percent from this time last year, figures from the Department of Health and Human Services show.
New BB VA Compass CEO
BB VA Compass chose On ur Genç, currently deputy CEO of Turkey’s Garanti Bank, for its next CEO.Hewilltake overinthefirst quarterof2017, andcurrentCEO Ma no loSánchez will become nonexecutive chairman.
GoldmanSachssettlement
Federal regulators orderedGoldmanSachstopay $120 million to settle charges that it deliberately manipulated a global benchmarkfor interest-rate swapsto its advantage.
Thursday Growthrateclimbs
TheU.S.economygrewata 3.5 percent annual rate in the JulySeptember quarter, the fastest pace in twoyears.
Friday ChinafinesGM
China slapped a $29 million fine on General Motors Co ., accusing it of setting minimum prices on some models in its S AI C General Motors joint venture. Staff and wire reports