WASHINGTON, Feb 11 (Reuters) – Top U.S. arms maker Lockheed
Martin Corp on Tuesday said it had signed an agreement
with a unit of Ocean Power Technologies Inc to harness
the motion of ocean waves to generate electricity off the coast
of Victoria, Australia.
The A$230 million ($205.68 million) deal will produce the
world’s largest wave energy project using power buoys designed
by Ocean Power Technologies that tap energy from the surface
motion of waves.
WASHINGTON (Reuters) – The U.S. Defense Department plans to ask Congress for $4.5 billion in extra missile defense funding over the next five years as part of the fiscal 2015 budget request, say congressional sources and an expert.
Nearly $1 billion of that sum will pay for a new homeland defense radar to be placed in Alaska, with an additional $560 million to fund work on a new interceptor after several failed flight tests, said Riki Ellison, founder of the nonprofit Missile Defense Advocacy Alliance, and two of the congressional sources, who were not authorized to speak publicly.
WASHINGTON, Feb 6 (Reuters) – U.S. lawmakers need to drop
parochial interests and make tough decisions about U.S. military
bases, personnel costs and arms programs given continued
pressure to reduce federal deficits, the top Democrat on the
House Armed Services Committee said Thursday.
“There is going to be a sustained period of pressure on the
budget of the federal government, and I don’t see that letting
up soon,” said Representative Adam Smith from Washington state,
but added many lawmakers had not yet accepted that fact.
WASHINGTON, Feb 4 (Reuters) – The U.S. government is making
“great strides” in its drive to reform unwieldy export rules,
and expects to unveil proposed changes covering exports of
satellites, electronics and chemicals this year, a senior White
House official said Tuesday.
Caroline Atkinson, deputy national security adviser for
international economics, said an inter-agency working group had
already modified regulations for 13 of 21 categories on the U.S.
Munitions list, which together account for about $80 billion in
U.S. exports and support about 450,000 U.S. jobs.
WASHINGTON, Feb 3 (Reuters) – Lockheed Martin Corp
on Monday launched the civil variant of its C-130J Super
Hercules military transport plane, the LM-100J, saying it
expected to sell about 75 of the planes to mining and energy
companies, and other commercial and government customers in
Lockheed said it had asked the U.S. Federal Aviation
Administration (FAA) to certify the LM-100J, which will mirror
the four-engine C-130J military workhorse, but without military
avionics and communications equipment.
WASHINGTON, Jan 31 (Reuters) – The U.S. Defense Department
said on Friday it would conduct environmental impact studies for
four possible missile defense sites in the eastern United States
but stressed it had not yet decided to proceed with
Congress, worried about Iran’s efforts to develop
intercontinental ballistic missiles, is urging the Pentagon to
commit to an East Coast site. Defense officials say current
interceptors on the West Coast can defend the country against
possible missile attacks, and an extra interceptor site would
add enormous costs to a military budget already under pressure.
WASHINGTON (Reuters) – As Arctic ice melts away, opening the way for greater oil development and mining, the White House outlined a plan on Thursday to promote safety and security in the region by building ports, improving forecasts of sea ice, and developing shipping rules.
With warmer temperatures leaving Arctic sea passages open for longer periods of the year, billions of barrels of oil could be tapped beyond what is already being produced in the region. A loss of seasonal ice could also allow greater exploitation of precious minerals considered abundant in the Arctic.
WASHINGTON (Reuters) – Northrop Grumman Corp (NOC.N: Quote, Profile, Research, Stock Buzz), maker of surveillance drones and other military equipment, on Thursday reported higher-than-expected quarterly earnings despite a drop in revenues and said share buybacks would drive earnings per share higher in 2014.
Chief Executive Wes Bush told analysts that a two-year budget agreement reached by Congress last year reduced some of the uncertainty that had been hanging over the aerospace and defense sector, and could stave off worse spending cuts in 2014.
WASHINGTON (Reuters) – U.S. arms maker Raytheon Co (RTN.N: Quote, Profile, Research, Stock Buzz) reported higher-than-expected earnings in the fourth quarter on Thursday, although revenues fell short of estimates with U.S. military spending in decline.
The company expected sales to drop further in 2014, but it said operating margins, international sales and profits would remain strong, buoyed partly by a sharp rise in pension income.
WASHINGTON, Jan 30 (Reuters) – U.S. arms maker Raytheon Co
on Thursday reported higher-than-expected earnings in
the fourth quarter, although revenues fell short of estimates
with U.S. military spending in decline.
The company expected sales to drop further in 2014, but it
said operating margins, international sales and profits would
remain strong, buoyed partly by a sharp rise in pension income.