Things are Looking Up in Iraq
Among the folks who are in complete agreement with the O’Hanlon and Pollack upbeat reports – which followed their Pentagon organized, funded and … chaperoned tour of Iraq:
Halliburton Co.’s former Kellogg, Brown & Root unit, the largest contractor in Iraq by work orders, earned little more than half the bonus available under its $2.5 billion no-bid contract to rebuild Iraq’s oil infrastructure, a government audit said.
The $57 million bonus paid was about 52 percent of the amount available and at the low end of bonuses paid on 11 other major Iraq reconstruction contracts awarded through June 2006, according to the Government Accountability Office. Those payments ranged from 100 percent to 20 percent of their potential, GAO said.
Iraq, Afghan wars boost BAE profits
Source ::: AFP
LONDON • British defence firm BAE Systems said yesterday that net profit rose by almost a third during the first half, boosted by strong US and British orders amid the wars in Iraq and Afghanistan.
BAE Systems said that net profit climbed by 27.2 per cent to £515m in the six months ended June 30, compared with the first half of 2006.
“The high tempo of military operations continues to generate growth in requirements for land systems in support of US and UK armed forces deployed on overseas operations,” the company said in its earnings statement.
BAE Systems added that it was “successfully identifying and accessing the higher growth sectors of the US defence market.”
In the first half of 2007, BAE Systems’ US-derived businesses achieved growth of 12 per cent.
BAE Systems is alleged to have set up a £60m “slush fund” for members of the Saudi royal family to secure business, and made illegal payments to those involved in its deals. BAE strenuously denies the charges.
But the investigation was shelved by the British government last December in a move supported by former prime minister Tony Blair amid concerns over Britain’s national interests.