Daily Archives: June 22, 2012

Embraer, AVIC forge joint venture to build business jets in China

Brazil-based Embraer and the Aviation Industry Corp. of China have signed an agreement to build Embraer’s Legacy 600/650 executive jets in China.

Embraer said it will use the infrastructure, financial resources and work force of its joint venture, Harbin Embraer Aircraft Industry Co., which began in 2002.

The deal was signed during a visit to Brazil by China Prime Minister Wen Jiabao.

Embraer also announced an order for 10 Legacy 650 jets with ICBC Leasing, including five firm orders and five options.

The order makes ICBC Leasing the launch customer of HEAI’s Legacy 600/650 program, the company said.

With the deal, Embraer has 159 firm orders from China for commercial and executive jets.

Report: Pentagon budget cuts could eliminate almost 1 million jobs

About $100 billion in automatic budget cuts set to hit the Pentagon in January would eliminate about 1 million jobs by 2014, the National Association of Manufacturers warns.

The losses would include about 750,000 private-sector positions, including abut 100,000 jobs in manufacturing, said the report by the Seattle Times.

Defense contractors and smaller suppliers are concerned about the cuts.

By law, defense contractors must notify employees in advance if they are going to lose their jobs. In many states, including Kansas. the requirement is 60 days.

With sequestration scheduled to take effect Jan. 2, unless action is taken, “You’re going to see pink slips flying in October from contractors across the country,” Rep. Randy Forbes, R-Va., told the Seattle Times.