The company said it expected a pretax gain of $60 millionto $70 million in the second
The company said it expected a pretax gain of $60 millionto $70 million in the second quarter tied to a legal settlementwith the U.S government to help results Defense companies have been aided by U.S. spending in therecession, but investors are concerned how the sector will faregiven recent government proposals that would scale back keyprograms. Boeing Co (BA.N) said on Wednesday first-quarter revenuerose 2 percent for its integrated defense systems businesswhile operating earnings at the unit fell 18 percent. Boeingreported a drop in overall quarterly net earnings as commercialcustomers deferred plane orders. On Tuesday, industry leader Lockheed Martin Corp (LMT.N)reported better-than-expected profit and raised its full-yearforecast, citing a lower share count because of stockrepurchases.
Northrop Grumman shares were up 31 cents to $48.19 inmorning New York Stock Exchange trading, while Lockheed eased10 cents to $75.94 Boeing was up 73 cents, or 2 percent, to$37.38. So far this year, Northrop shares have risen about 7percent, while Lockheed is down about 9 percent and Boeing isoff 12 percent. (Reporting by Karen Jacobs; Editing by Lisa Von Ahn, editingby Dave Zimmerman) Stocks. GAZA (Reuters) – The first Hamas-licensed bank in the Gaza Strip has opened for business, a move that could help Palestinians in the territory bypass a financial blockade imposed by Israel and its Western allies. RAMALLAH, West Bank (Reuters) – Firms run by sons of President Mahmoud Abbas won U.S.
government aid contracts to repair roads — and America’s image — in the Palestinian territories, previously undisclosed documents show WorldA review by Reuters of internal U.S. government records about aid programs in the West Bank and Gaza Strip found that construction and public relations firms managed by Tarek Abbas and Yasser Mahmoud Abbas received over $2 million in contracts and subcontracts since 2005, when their father became president.Other ventures backed by President Abbas’s allies have received loan guarantees, grants and agricultural assistance, the review showed But U.S. agencies would not disclose the identities of all of the Palestinian firms which have been awarded contracts, grants or guarantees.The U.S. Agency for International Development (USAID) said Yasser Abbas’s Falcon Electro Mechanical Contracting Company and Sky Advertising Company, where Tarek Abbas is general manager, won the contracts through “full and open” competitive bidding.Family ties were not a consideration, the U.S. agency said.Likewise, Kareem Shehadeh, a lawyer for Abbas’s sons, told Reuters their ties to the president were not a factor, calling any suggestion of favoritism “unethical and baseless.”U.S.