China Luxury Jet Sales Set to Surge Amid Xi’s Austerity Drive (Bloomberg)
President Xi Jinping’s austerity drive is not dissuading Chinese private jet buyers. Customers may buy about 40 private jets this year in China, compared with 27 ordered in 2012, amid a surge in wealth, said Richard Koe, managing director at Hamburg, Germany-based Wingx Advance Gmbh, a business-aviation data company. General Dynamics Corporation (NYSE:GD)’s Gulfstream is among companies expanding in the country, home to 336 private planes already. The number of billionaires in China may overtake Germany within the next year, and climb to No. 2 in the world, according to Wealth-X, a Singapore-based company, which collects data on high net worth individuals. Surging demand for planes that could cost about $65 million apiece contrasts with Xi’s vow to rein in on extravagant spending.
Army’s Tactical Network Faces Fiscal, Political Hurdles (NationalDefenseMagazine)
Pentagon contractors cheered the Army’s proposed budget for next fiscal year, which requests more than $2.3 billion for tactical radios, wireless communications and information systems. But manufactures worry that the Army’s plan to equip soldiers with modern information technology faces high fiscal and political hurdles. No company has more at stake in this effort than General Dynamics Corporation (NYSE:GD), which supplies the “backbone” of the Army’s network, known as the “war fighter information network-tactical,” or WIN-T. General Dynamics also received a contract to produce handheld and backpack-size digital radios under the joint tactical radio system, or JTRS, program.
GD Makes Notable Cross Below Critical Moving Average (Forbes)
In trading on Wednesday, shares of General Dynamics Corporation (NYSE:GD) crossed below their 200 day moving average of $66.94, changing hands as low as $66.41 per share. General Dynamics Corporation (NYSE:GD) shares are currently trading down about 2.7% on the day. The chart below shows the one year performance of GD shares, versus its 200 day moving average: Looking at the chart above, GD’s low point in its 52 week range is $61.09 per share, with $72.01 as the 52 week high point — that compares with a last trade of $66.52.
General Dynamics to provide spare parts for Abrams battle tanks (BizJournals)
General Dynamics Corporation (NYSE:GD) has been awarded a three-year contract from the Defense Logistics Agency worth a potential $9.5 million to provide spare parts for the Abrams tank, GovCon Wire reports. The company will manufacture M1A2 system enhancement packages for versions one and two of the Abrams. The Defense Logistics Agency wants to reduce costs by $10 billion in five years, said Graz Graziano, vice president of combat support and wustainment for General Dynamics’ land systems unit.
Raytheon delivers first training programme under contract with GM Korea Company (InformationWeek)
Raytheon Professional Services LLC (RPS), a subsidiary of Raytheon Company (NYSE:RTN), has delivered the launch training programme for the Chevrolet Trax Urban Life Vehicle, the first training event conducted under a multimillion dollar contract to manage dealer training for General Motors Korea Company (GMKC). As part of the contract, RPS will manage content development and training administration services for GMKC’s sales, non-technical after sales and technical dealer personnel. The contract also includes the delivery of sales and non-technical training for GMKC’s Chevrolet dealer training programme in the Republic of Korea.
