Pentagon races to save air tanker contest

The Pentagon was scrambling to save a multibillion dollar contest to replace the US Air Force’s ageing fleet of air refuelling tankers after Northrop Grumman and EADS in effect withdrew their joint bid

• US Air Force fight still up in the air
• Pentagon faces fresh flak over tanker deal

Bid nears for AIG aviation business

A consortium of private-equity investors and the head of International Lease Finance Corp are close to making a bid for about half of the aviation-leasing business of American International Group, ILFC’s troubled parent

EADS insider trading defendants await verdict

The sanctions committee of the French stock market regulator, the Financial Markets Authority (AMF), wraps up the final hearings in one of the biggest insider dealing cases it has been called to rule on, with potential fines running close to €12m

BAE to cut 642 jobs

Defence contractor to cut nearly a fifth of jobs at Insyte business in response to falling demand, with sites in Cowes and Portsmouth likely to be worst affected

Qinetiq warns profits will fall short

Defence research group blames delays by the UK and US governments for a profits warning as it reports a severe drop in pre-tax profits

Turner to testify at EADS inquiry

Mike Turner has turned up as a key witness in France’s largest insider dealing case as the country’s Financial Markets Authority launched the final phase of its investigation

Inmarsat buys Segovia of US for $110m

The satellite-based phone network operator agrees to acquire Segovia – the mixed satellite and terrestrial networks group – in order to provide more services to the US government

Chemring raises $280m to help fund deals

The military decoy and pyrotechnic device group has placed $280m of loan notes with institutional investors, giving it renewed firepower for further acquisitions