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Daily News

July 05, 2001

July 5, 2001 -- The Air Force has inaccurately disclosed about $1.75 billion worth of munitions and equipment assets in its financial statements, the Defense Department's inspector general has found.

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July 5, 2001 -- Boeing announced today that it delivered 22 military aircraft in the second quarter of 2001, down from 29 in the same quarter of last year.

The company delivered four C-17 Globemaster cargo airplanes; nine F/A-18E/F Super Hornet fighter-bombers; one AH-64D Apache helicopter, four CH-47 Chinook helicopters; and four T-45TS trainer airplanes, according to a Boeing statement.

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July 5, 2001 -- The European Aeronautic Defence and Space Company has signed teaming agreements with three companies to bid on a re-engining program for NATO's E-3A Airborne Warning and Control System aircraft, EADS announced today.

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July 5, 2001 -- The Bush administration has withdrawn from consideration the expected nominee for the Army's top civilian acquisition position, sources said today.

According to industry and Army officials, the Defense Department has dropped George Williams as a candidate for assistant secretary of the Army for acquisition, logistics and technology. Williams is a retired Army civilian who last served as program executive officer for tactical missiles.

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July 5, 2001 -- The Defense Department plans to release a study on DOD financial management at some point next week, Pentagon spokesman Rear Adm. Craig Quigley said today.

As Inside the Army first reported in May, the strategic review panel tasked with examining the Defense Department's financial management practices concluded the Pentagon is grossly out of step with standard business procedures and needs substantial internal reform.

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July 03, 2001

July 3, 2001 -- A number of environmental groups are circulating a sign-on letter to the Interior Department secretary in an effort to coalesce opposition to the Army's plans to expand a top training center in California, which they say will threaten endangered species, deteriorate already poor air quality, and eliminate the possibility of designating protected wilderness in the Avawatz Mountains.

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July 3, 2001 -- Senate Budget Committee Chairman Kent Conrad (D-ND) said today that the government must not tap Medicare funds to help pay for the Bush administration's requested $18 billion increase in fiscal year 2002 defense spending.

"The money, this surplus, this vast surplus that has been talked about so much, we now see is not only fully committed, it's over-committed," Conrad said at a press conference.

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July 3, 2001 -- Fitch Inc., a debt rating agency, said yesterday it would not change its ratings on Raytheon's debt in the wake of the defense contractor's announcement of higher cost estimates for the completion of projects abandoned by a construction business it sold last year.

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July 3, 2001 -- The Coast Guard yesterday released its request for proposals for the final phase of its multibillion dollar effort to completely overhaul and replace the majority of its aging fleet of cutters, aircraft and electronic equipment.

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July 3, 2001 -- In a unanimous vote, the European Commission today formally rejected General Electric's $40 billion bid to merge with Honeywell.

The expected decision was the result of GE's unwillingness to divest Honeywell's aerospace business.

"What the Commission is seeking cuts the heart out of the strategic rationale of our deal," GE Chairman and Chief Executive Officer Jack Welch wrote to Honeywell Chairman and CEO Michael Bonsignore in a June 29 letter.

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July 3, 2001 -- General Dynamics Land Systems today was awarded a $714 million contract for the systems development and demonstration phase of the Marine Corps' Advanced Amphibious Assault Vehicle program, the Defense Department announced.

The AAAV is described by the service as a versatile, water-to-land platform that will be the primary means for landing Marines on beaches.

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July 02, 2001


July 2, 2001 -- The Pentagon wants Congress to repeal legislation requiring the Defense Department to submit an annual report on its reimbursement of environmental response action costs for the top 20 defense contractors, according to documents obtained by Inside the Pentagon. DOD is also required to report on the amount and status of any pending requests for such reimbursement by those same firms.

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July 2, 2001 -- The Bush administration will send to Congress this week proposed legislation that allows service members to keep certain promotional items they receive from private companies when traveling on official business, such as airline frequent flier miles.

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July 2, 2001 -- Rockwell Collins began its first day of trading on the New York Stock Exchange today under the ticker symbol "COL," following its spin-off from parent company Rockwell International, according to a company statement.

Rockwell International is now called Rockwell Automation and will trade under its original symbol "ROK," the statement reads.

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June 29, 2001

June 29, 2001 -- Newport News Shipbuilding last week redelivered the aircraft carrier Nimitz to the Navy after a three-year refueling and overhaul effort, the company announced yesterday.

The ship left the Newport News shipyard on June 25 for three days of sea trials before returning to Norfolk, VA, where she will stay until departing for its homeport in San Diego, according to an NNS statement.

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June 29, 2001 -- A State Department official today acknowledged reports that Russia's opposition to changing the 1972 Anti-Ballistic Missile Treaty is softening.

Russian news agencies this week quoted a senior Russian general as saying his country was open to changes to the ABM Treaty. The general's comments "underscore (Russian) President (Vladimir) Putin's offer of cooperation and the evolving Russian recognition that U.S. missile defenses will not undermine Russia's national security," State Department spokesman Philip Reeker said.

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June 28, 2001

June 28, 2001 -- The Bush administration should work with Russia to take as many strategic nuclear weapons off "launch-on-warning" status as feasible, House and Senate lawmakers declared yesterday.

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June 28, 2001 -- Rep. John Spratt (D-SC) today voiced doubts about what he said is the Bush administration's plan to funnel billions of dollars into missile defense programs during fiscal year 2002, money that could pay for other conventional weapons such as ships and aircraft. Spratt called the plan "lopsided and disproportionate."

Yesterday, a Defense Department official said the missile defense-funding boost for FY-02 totals $2.5 billion.

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June 27, 2001

June 27, 2001 -- The Pentagon informed Congress yesterday of competing proposals for South Korea's attack helicopter competition, expected to be decided in November.

South Korea will choose between the AH-64D Apache, the AH-1Z Super Cobra and the Russian Ka-52 Hokum B helicopter, according to the Defense Security Cooperation Agency.

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June 27, 2001 -- Raytheon Chief Executive Officer Dan Burnham today assured investment analysts that despite the company's ongoing problems with the construction business it sold last year, its core defense businesses were performing well.

"We really look forward to the day . . . when this is all we need to focus on and talk to you about," Burnham told analysts during a conference call this morning.

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