The Pentagon will seek $9.16 billion in the 2014 fiscal budget for missile defense programs, which represents around a $550 million drop in funding from the 2013 fiscal budget. "These repeated cuts are even more troubling given the advances in nuclear weapons and missile technology by the unstable regime in North Korea," said Rep. Mike Rogers, R-Ala.
Alcoa reported quarterly net income of $149 million, compared with net income of $94 million for the same period last year. However, analysts say a drop in aluminum prices signals plentiful supply and low demand. "Aluminum prices are now down around $1,900 a ton," said Bridget Freas, an analyst at Morningstar. "It's very difficult for the company to make any meaningful improvement in their earnings around that level."
Budget cuts from sequestration could force furloughs at intelligence agencies, although a decision has not officially been made. "We're cutting real capability and accepting greater risk," said James Clapper, the director of national intelligence.
The first flight of the Legacy 500 from Embraer could slip into the fourth quarter. The aircraft manufacturer faces delays on the fly-by-wire system supplied by Parker Aerospace. However, Ernest Edwards, president of Embraer Executive Jets, says the delay will not affect the business jet's entry-into-service date.
Ernie Edwards, president of Embraer Executive Jets, said 2012 could turn out to be "a pivotal year to recover market growth" for business jets. Edwards made the comments at the EAA AirVenture on Wednesday. He also announced that the first flight of the Embraer Legacy 500 jet is expected to take place in September.