The Halliburton Co, which has come under scrutiny from Pent-agon auditors for the high price of fuel it imported from Kuwait to Iraq, said this week that it has saved the government money by using multiple suppliers of fuel for Iraq. \nPentagon auditors issued a draft report last week saying that Halliburton's Kellogg Brown & Root subsidiary overcharged the US government by as much as US$61 million for fuel supplies in Iraq. \nThe Houston-based oil services company has a contract with the Army Corps of Engineers to restore Iraq's oil infrastructure. Part of that contract involves importing gasoline and other fuels to Iraq. \nHalliburton officials noted that the government required it to import some relatively expensive Kuwaiti fuel into Iraq, but that it saved taxpayers US$164 million by importing most of the fuel from Turkey. \nHalliburton posted a response to the Pentagon audit on its corporate Web site, saying that the Army Corps of Engineers required KBR to use a Kuwaiti supplier and had approved the deal KBR struck with that supplier, the Altanmia Commercial Marketing Co. \nHalliburton said that three other potential Kuwaiti suppliers it had considered failed to meet government specifications. In addition, the company said that it originally suggested that the government use Turkish suppliers. \nA Pentagon spokeswoman said on Friday that the agency had received and was evaluating Halliburton's response to its auditors' queries. She declined to comment further. \nHalliburton said about one-third of the fuel KBR imports to Iraq comes from Kuwait while the remainder comes from Turkey. The company said the average cost for fuel from Turkey and Kuwait is US$1.60 per gallon, which it said was inside Pentagon auditors' guidelines. \nBut Pentagon auditors' documents say that the government pays KBR an average of US$2.64 per gallon for Kuwaiti fuel, twice as much as other importers pay. \nA spokeswoman for Halliburton, Wendy Hall, said Turkish fuel costs about US$1.18 a gallon, and since it represents the majority of the fuel KBR imports, it brings the average fuel cost down to US$1.60 per gallon.
Gogoro Inc (睿能創意) yesterday launched its first electric bicycle, the Gogoro Eeyo 1, in Taiwan, after unveiling the bike in New York in late May and in France on Tuesday. The company said it would also introduce the series in other European countries such as Germany and the Netherlands. The “Eeyo project” is the fourth of Gogoro’s eight projects that concentrate on smart transportation, which includes Gogoro’s electric scooter, battery swap system and electric scooter sharing service, company founder and chief executive officer Horace Luke (陸學森) told a media briefing in Taipei. “There are various types of city commuters. We will not
With the US dollar expected to weaken in the next 12 months due to near-zero interest rates, investors should consider purchasing US corporate bonds, Standard Chartered Bank Taiwan Ltd (渣打台灣銀行) said on Thursday. The bank said that the US Federal Reserve since last month has been buying bonds issued by US companies to curb default rates. The US dollar is forecast to be weaker against the pound, the euro and the yen, as well as the Canadian dollar, the Swedish krona and the Swiss franc, as the greenback lacks high investment returns after the Fed in March slashed the benchmark interest rate
BAD RAP: The exchange said Tatung had seriously breached shareholders’ rights and failed to give a satisfactory explanation of its board election dispute Tatung Co (大同) shares yesterday plunged by the maximum daily limit of 10 percent to NT$18.90, the lowest in three months, after the Taiwan Stock Exchange (TWSE) on Tuesday evening changed the company’s classification to a full-delivery stock effective tomorrow. The TWSE’s move follows the company’s failure to give a clear and satisfactory explanation of why it deprived dozens of shareholders of their voting rights during a board election at the annual shareholders’ meeting on Tuesday morning. Under the exchange’s regulations, investors are not allowed to engage in margin trading of a full-delivery stock, TWSE spokeswoman Rebecca Chen (陳麗卿) told
SIZE MATTERS: Medium-sized hotels that do not have the support of parent groups are more vulnerable and are forced to take action, a REPro Knight Frank researcher said About 50 hotels across Taiwan are seeking to exit the market as they succumb to the bleak business outlook amid international travel restrictions imposed to combat the COVID-19 pandemic. Yomi Hotel (優美飯店) on Minsheng E Road, Sec 1, in Taipei is seeking to transfer ownership with an asking price of NT$950 million (US$32.15 million) and a pledge for a lease contract that guarantees a 3 percent return. The budget hotel, with room rates that start from NT$1,400 per night, maintains normal operations, but has been struggling since March, when the government placed restrictions on inbound and outbound travel. Occupancy rates for hotels in