Rapid Fire April 24, 2013: Contractors Starting to Face Sequestration Fallout

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* BAE Systems and its suppliers are lobbying the US Congress to sustain Bradley orders from the US Army and keep their production line open. * Lockheed Martin’s Q1 2013 revenue was down 2% Y/Y to $11.1B, dragged down by the Aeronautics segment because of fewer F-16 and C-130 deliveries. They estimate sequestration could lower net sales for the year by $825M. Boeing’s sales for Q1 were down by 3% to $18.9B, with BDS at $8.1B. * The US and South Korea have renewed their civilian nuclear agreement for 2 years, with language that prohibits South Korea from enriching uranium or reprocessing spent fuel. At stake are both South Korea’s commercial goals in the nuclear plant market, and nonproliferation considerations, as some in South Korea think they should develop their own nuclear deterrent. * In the ongoing investigation of alleged corruption in a helicopter purchase from AgustaWestland, India’s Central Bureau of Investigation has frozen the bank accounts of former Air Force chief S.P. Tyagi, 3 of his cousins, and 8 other people. Tyagi denies the accusation. The Hindu | CNN-IBN. * Chinese and Indian troops often patrol across the Line of Actual Control (LAC) separating them in the Himalaya. Most […]

* BAE Systems and its suppliers are lobbying the US Congress to sustain Bradley orders from the US Army and keep their production line open.

* Lockheed Martin’s Q1 2013 revenue was down 2% Y/Y to $11.1B, dragged down by the Aeronautics segment because of fewer F-16 and C-130 deliveries. They estimate sequestration could lower net sales for the year by $825M. Boeing’s sales for Q1 were down by 3% to $18.9B, with BDS at $8.1B.

* The US and South Korea have renewed their civilian nuclear agreement for 2 years, with language that prohibits South Korea from enriching uranium or reprocessing spent fuel. At stake are both South Korea’s commercial goals in the nuclear plant market, and nonproliferation considerations, as some in South Korea think they should develop their own nuclear deterrent.

* In the ongoing investigation of alleged corruption in a helicopter purchase from AgustaWestland, India’s Central Bureau of Investigation has frozen the bank accounts of former Air Force chief S.P. Tyagi, 3 of his cousins, and 8 other people. Tyagi denies the accusation. The Hindu | CNN-IBN.

* Chinese and Indian troops often patrol across the Line of Actual Control (LAC) separating them in the Himalaya. Most of the time they don’t stay in the other country for long, so India is not happy that a Chinese platoon has set camp a week ago in what each country says is their side of the LAC. Press Trust of India | Indian Defence Review | FT.

* Sweden found it hard to react in a timely fashion to a recent flight from 2 Russian bombers and 4 fighters near its airspace, according to Svenska Dagbladet (via The Local).

* The two chambers of the French parliament voted without any dissent in favor of authorizing longer operations in Mali. France is now eyeing a gradual withdrawal, possibly down by half to 2,000 troops in July and 1,000 at the end of 2013. Zone Militaire [in French].

* Like in many countries these days, Israel’s defense ministry may soon be the latest victim of budget cuts because of ongoing public deficits.

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