Halliburton faces &#39;payment cut&#39;
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A US government auditor has backed a Pentagon recommendation to withhold payments to controversial US giant Halliburton over its work in Iraq.
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Halliburton Co. HAL.N, the world's  No. 2 oil field services company, on Tuesday posted a quarterly  loss as gains in its energy business were outweighed by $230  million in charges to fund its asbestos settlement.
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WASHINGTON - The US army said it had suspended its decision to partially withhold payments to Halliburton, the biggest US contractor in Iraq.
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Pentagon auditors "strongly" urged  the Army last week to withhold paying 15 percent of  Halliburton's bills in Iraq for over $4 billion of logistical  work, said a military document released on Tuesday.
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Halliburton&#39;s row with the US Army intensified yesterday when the military said it would withhold 15pc of future invoices due to an ongoing dispute over billing practices.
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Houston&#39;s Halliburton is considering selling its KBR unit, the object of numerous investigations, persistent losses and ongoing bankruptcy.
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Halliburton Co. on Tuesday said the  U.S. Army will withhold payments of 15 percent of future bills,  apparently backtracking on an earlier deal.
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The Pentagon backed off its threat to withold its monthly payment of about $60 million a month from a Halliburton subsidiary, which provides services for troops.
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The US 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
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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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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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HOUSTON - Oilfield services giant Halliburton Co. on Tuesday swung to a loss in the third quarter ended Sept. 30, hurt by hefty charges from discontinued operations related to the settlement of asbestos and silica claims.
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The Army will rebid the multibillion-dollar contract under which a Halliburton Co. subsidiary has been providing services to troops around the world after years of complaints over how the deal has worked in Iraq.
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The Pentagon is to withhold a proportion of payments to US firm Halliburton which supplies meals to US troops in Iraq.
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News Item: &quot;The US Army has threatened to partially withhold payments to Halliburton due to allegations of overcharges for food, shelter and services.&quot; ...
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Halliburton said Tuesday that the US Army had decided not to grant it additional time to substantiate its costs for feeding and housing American troops in Iraq and Kuwait, a decision that could cost the company 15 percent of its payment.
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Halliburton Co. may decide not to submit new bids for the logistics contracts it holds in Iraq if the U.S. military divides up the work too deeply, Chief Executive Officer Dave Lesar said on Tuesday.