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Northrop Grumman Corp. said it will drop its joint bid with the European Aeronautic Defence & Space Co. to win a $40 billion contract to supply the US Air Force with refueling tankers. Boeing Co. is left as the sole bidder. The bidding process had been cancelled twice over concerns of a US military contract being awarded to a foreign company.

Byline: PETER SANDERS AVIATION Boeing Co. BA-N, attempting to manoeuvre its 787 Dreamliner through the turbulence it has encountered so far, is expected to conduct the plane's maiden flight in [...]

Walt Disney Co. reports a 46% second-quarter net profit drop to $613 million, and a 7% drop in revenue to $8.07 billion. Operating income at Disney's parks and resorts division dropped 50% to $171 million, while operating income at the company's film division fell 97% to $13 million. Disney's cable division posted an increase in revenue of 4% to $2.2 billion, and a 5% rise in operating income to $1.14 billion.

Bogged down by a downturn in consumer spending, Walt Disney Co. reports a 13% fourth-quarter net profit drop to $760 million while revenue rose 6% to $9.45 billion. The company has no plans to cut capital expenditures in the near future. On Thursday, Disney's stocks dropped 3.6% to $22.81 in after-hours trading.

Real estate developer Geoffrey H. Palmer is criticized for his luxury development projects in Los Angeles because some say that he is not respectful of the integrity of low-income neighborhoods and city zoning laws.

The barrier between casinos and sports facilities seems to be weakening, as evidenced by the National Hockey League's support of a proposed joint venture between the Pittsburgh Penguins and Isle of Capri Casinos Inc. to build a new arena.

Rising materials and construction costs are interfering with several Las Vegas casino complexes' development plans.

Maj. Nidal Malik Hasan, the U.S. army psychiatrist who shot and killed 13 fellow soldiers and wounded 30 others, most likely operated alone, according to Army investigators, who are looking into where Hasan obtained his guns and a large amount of ammunition.

California legislators, seeking to handle a huge budget deficit, are considering giving tax breaks of up to 25% to attracts the movie industry back to the state. There has been a mass exodus of movie and television productions over the last few years to states with more favorable tax policies.

In the wake of Universal Studios Inc.'s withdrawal from a potential movie distribution deal with Steven Spielberg's DreamWorks Animation SKG Inc., Dreamworks is negotiating a deal with Walt Disney Co. to distribute four to six pictures planned annually.

Walt Disney Co.'s Toon Disney unit is rebranding as it seeks to focus on the target market of teenage boys, crafting television programs to appeal to them. The unit will be renamed Disney XD.

Film and television producers are planning to go ahead with filming, despite unresolved labor contract negotiations with the Screen Actors Guild. A contract with the American Federation of Television and Radio Artists was ratified last Tuesday.

Time Warner Inc. has decided to combine its New Line Cinema Corp. unit with Warner Bros., in a restructuring that will result in the loss of numerous jobs, including that of chairmen and co-chief executive officers Robert Shaye and Michael Lynne.

Movie and television screenwriters who are members of Writers Guild of America are threatening strike action if their contract demands aren't met. The last such strike lasted several months and cost the movie and television industry many millions of dollars.

The Blackstone Group will acquire the Hilton Hotels Corp. for $20 billion in cash, or $47.50 a share, and will assume a debt of $6 billion. The deal give rise to speculation that Marriott International Inc. or Starwood Hotels & Resorts Worldwide might also be acquisition targets.

Billionaire investor Kirk Kerkorian has thrown out his original plan for MGM Mirage Inc. and is now looking at joint ventures with casinos, such as one with Kerzner International.

Marriott International Inc. has entered into a partnership with hotelier Ian Schraeger to develop a boutique chain of hotels.

Station Casinos Inc. has received a $4.7 billion offer from a consortium led by CEO Frank Fertitta III, his brother Lorenzo, and Colony Capital L.L.C.

Aztar Corp. has received an unsolicited bid of $47 a share, or almost $1.68 billion from Columbia Sussex Corp.

Kimpton Hotel and Restaurant Group Inc. is expanding to fill the market for mid-sized hotels.

Kerzner International Ltd. agrees to be acquired by a consortia of private equity companies for over $3 billion.

Pinnacle Entertainment Inc.'s plan to acquire Aztar Corp. for $1 billion is nearing completion.