Halliburton's New Digs
Sunday, March 18, 2007; Page F02
Halliburton's New Digs
Halliburton said its chief executive would move to a new headquarters in Dubai. The oil field services company denied that the move was to avoid U.S. taxes or anti-bribery laws -- the company will still be chartered in Delaware -- saying it was merely to be closer to key Middle East customers for its core oil-services business. But critics, recalling the controversial no-bid contracts Halliburton won for work in Iraq, called the move unpatriotic. Halliburton is in the process of spinning off its government-contracting arm, KBR.
Prices on the Rise
Inflation worries returned after the government reported big jumps in both consumer and producer prices. Some of the increase reflected higher energy costs now that oil prices have returned to about $60 a barrel and gasoline prices have surged 15 percent in a month, to an average $2.50 per gallon locally. The inflation reports reduced the prospect that the Federal Reserve would lower interest rates later this year, sending stock prices lower. The Fed could highlight its inflation concerns following a rate-setting meeting this week.
Word on Reform: Modest
The Treasury and the U.S. Chamber of Commerce held high-powered forums in Washington last week to build consensus for a lighter touch to business regulation. While there was consensus on some modest reforms, including doing something about excessive litigation and the focus on quarterly earnings, a number of top business leaders, regulators and members of Congress rejected claims that the competitiveness of U.S. companies and financial markets had been undermined by excessive regulation.
Chinese Property Rights
China severed another tie to its communist past when it enacted its first law protecting private property. The step was delayed a year ago following protests from leftist intellectuals, critics of official corruption and the old guard of the ruling Communist Party. The party has since banned public discussion of the issue, and even the full wording of the new law was not released. The move appeals to China's burgeoning new urban middle class that aspires to own homes, cars and businesses.
Viacom v. YouTube
Viacom sued Google and its YouTube subsidiary, saying the thousands of clips from MTV, Nickelodeon and Comedy Central that have been uploaded to the popular site constitute a "massive copyright infringement." The media giant asked for $1 billion in damages and an injunction prohibiting further violations. Google says that it cannot be responsible for customers who upload material and that it has removed Viacom clips when requested. The case could set a key precedent on copyright law and the Internet.
