Business news for Mon, 24 Dec 2007 & with word defense. 5 news.

$450M bid would give British defense firm a U.S. aircraft modernizer.

Dayton's largest defense contractor, spearheaded by one of Dayton's most prominent businessmen, will be sold to BAE Systems Inc.

BAE Systems, Britains biggest defence contractor, has confirmed its plan to increase its presence in the lucrative US market with the acquisition of an American technology company which is a key supplier of logistics to the Department of Defense ('DoD).

Gilbert biofuel innovator Diversified Energy landed a major deal, earning a U.S. Department of Defense contract for renewable fuel production. The deal partners Diversified with Ohio-based Velocys Inc., which specializes in processing systems.

SAN FRANCISCO (MarketWatch) -- Japan's Cabinet on Monday approved a 83 trillion yen ($728 billion) budget for the 2008 fiscal year, according to a published report. The Associated Press said the draft budget is 0.2% higher than fiscal 2007 -- a second consecutive year of increases. The budget increase is due in part to higher social security payments, which are offsetting declines in defense spending, overseas aid and public works projects, the AP said.