IRAQ: Halliburton, the oil services company formerly run by the US vice president, Mr Dick Cheney, has reported soaring revenues from its contracts to help rebuild Iraq.
Iraq-related work transformed the prospects of its Kellogg Brown & Root subsidiary. The division's total revenues rose by 80 per cent to $2.3 billion, of which $900 million came from Iraq, and profits grew fourfold to $49 million, of which $34 million was Iraq business.
Boeing, the world's largest plane-maker, raised its revenue guidance for the year as military systems and aircraft offset the weakness in commercial jets. Northrop, maker of the B-2 stealth bomber, turned a $59 million loss a year ago into a $184 million profit.
Halliburton, at the centre of a storm over post-war contracts, was given a contract in Iraq without a competitive pitch, drawing close scrutiny of its links to the Bush administration. Mr Cheney received $33 million when he left in 2000 to join President Bush's campaign. He is getting $180,000 a year in deferred income.