Reported by Star-Bulletin staff & wire
Tuesday, December 29, 1998
Halliburton plans additional job cuts
DALLAS -- Halliburton Co. plans to lay off another 2,750 employees from its energy services group, in part because of slumping oil prices.Dallas-based Halliburton already had announced 8,100 layoffs days after regulators approved its merger with Dresser Industries.
The company said the job cuts will slice $35 million from its 1998 fourth-quarter pretax earnings. Most of the layoffs will happen early next year.
IRS delays drop in mileage rate
WASHINGTON -- The Internal Revenue Service has delayed its planned reduction in the reimbursement rate for business driving following objections from several companies that wanted more time to convert computer software.The reduction from the current rate of 32.5 cents per mile to 31 cents per mile for employees who drive personal cars for work was scheduled to take effect beginning Friday.
But the IRS decided earlier this month to postpone the effective date to April 1 to give businesses time to reprogram computers and change employee manuals.
Victoria's Secret gets online boost
NEW YORK -- Limited Inc.'s Victoria's Secret stores expects record fourth-quarter catalog sales boosted by online purchases at its new Web site, the Wall Street Journal Interactive Edition said today.
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