Halliburton faces 15 percent hold on Iraq work payments
After a week of payment disputes, Halliburton expects a government decision on withholding 15 percent of payments to its KBR unit for Iraq contracts. The move could cost about 60 million dollars amid investigations into Kuwaiti subcontractors and alleged improper charges.
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Oil prices threaten US growth and spark recession fears
High oil prices, linked to past recessions, threaten the 2004 US expansion. Economists warn surging energy costs could slow GDP, raise inflation risk, and trigger stagflation as Iraq supply concerns loom. Dow gains momentarily amid retreat from record oil highs.
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Treasury yields steady as firming data spurs cautious tone
U S Treasuries held firm after reports showed the economy was firming and inflation tame. Factory output rose and July housing starts near record highs. Treasury plans sales of three and six month bills totaling 36 billion and a four week bill auction and a 25 billion two year note sale set for midweek.
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