Halliburton to Restructure KBR Unit
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Halliburton Co. HAL.N on Thursday  said it would restructure its embattled KBR unit and may shed  the business if the oil services company's stock performance  keeps lagging its peers.
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DALLAS (CBS.MW) -- Halliburton&#39;s shares closed higher Wednesday after the Army Materiel Command reversed its decision to withhold 15 percent of its future payments to the company under a contract to supply and support US troops in Iraq.
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Halliburton said it would save between $80 million and $100 million each year by restructuring KBR.
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The U.S. Army is laying the groundwork  to let Halliburton Co. keep several billion dollars paid for  work in Iraq that Pentagon auditors say is questionable or  unsupported by proper documentation, the Wall Street Journal  reported on Friday.
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Federal investigators have uncovered what they describe as a sweeping network of kickbacks, bribes and fraud involving employees and subcontractors of KBR, the former Halliburton subsidiary.
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The U.S. Army on Tuesday appeared to  reverse a decision to stop paying a portion of Halliburton  Co.'s HAL.N bills in Iraq and gave the company more time to  resolve a billing dispute.
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HOUSTON, Texas, Oct 26  - Halliburton, the oil services giant once run by US Vice President Dick Cheney, Tuesday reported a quarterly loss and only meagre pickings from its vast operations in Iraq.
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Following questions about performance of Halliburton subsidiary, the U.S. Army plans to rebid portions of a giant logistical contract with the company for food, housing and other troop support in Iraq.
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The Pentagon is to end the contract Halliburton has to service US troops in Iraq, the Wall Street Journal reports.
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Oshkosh and Northrop Grumman to collaborate on HMMWV replacement project.
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Portal will reorganize into three new units; COO to leave.
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Halliburton, beset by controversy over its work in Iraq, said Thursday that it would sell its KBR engineering and construction unit if the oilfield services company&#39;s share performance did not measure up to sector rivals.
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Halliburton unit Kellogg Brown and  Root, the U.S. military's biggest contractor in Iraq, could not  account for over a third of the items it handled in Kuwait  under a work order for the U.S. occupation authority in Iraq,  said an audit released on Thursday.
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MANAMA/HOUSTON  - U.S. oil services firm Halliburton Co.  is moving its headquarters and chief executive to Dubai in a move that immediately sparked criticism from some U.S. politicians.
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The Bush administration is set to announce an overhaul of the nation's emergency response blueprint Tuesday, streamlining a chain of command that failed after Hurricane Katrina in 2005, sources familiar with the plan said yesterday.
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The U.S. Army is laying the groundwork to let Halliburton Co. keep several billion dollars paid for work in Iraq that Pentagon auditors say is questionable or unsupported by proper documentation, the Wall Street Journal reported on Friday.
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Geoff Hoon announces a major restructuring of the Army, which will see four battalions cut and regiments merged.