Transportation

LE BOURGET, France, June 20 (Reuters) - Airbus faced the unexpected and daunting task on Monday of delivering a marketing blow to rival Boeing and maintaining momentum for a revamped jet with its two flagship planes grounded at the Paris Air Show.

Delta Air Lines is the world's largest carrier by traffic, according to new industry rankings for 2010 released Tuesday.

ATLANTA (Reuters) - Lockheed Martin's aeronautics unit said on Thursday that it plans to cut about 1,500 jobs to reduce costs.

By Matthias Williams

By Karen Jacobs

* Rolls-Royce says total engine issue cost within GBP56 mln guidance

By Karen Jacobs and Kyle Peterson

PARIS (Reuters) - Passenger jet sales will reach $4 trillion over the next 20 years, Boeing predicted on Thursday as it hiked demand forecasts on the eve of the Paris Air Show.

(Updates with start of court case, adds details from court, comment from John Engler, updates shares)

By Raju Gopalakrishnan and Harry Suhartono

SYDNEY (Reuters) - Australia's Qantas Airways said it expects to cut around 350 of its cabin crew jobs, or 5 percent of total, under a voluntary redundancy program as the airline seeks to reduce costs to offset higher fuel prices.

BOSTON (Reuters) - Boeing Co said its new, larger 747-8 freighter jet won the approval of U.S. and European safety regulators, clearing the way for the new aircraft to go into service.

By Tim Hepher and Kyle Peterson

By Tim Hepher and Kyle Peterson

The revamped plane will be powered by engines from CFM International, a joint venture between General Electric Co and France's Safran . Deliveries are scheduled to start in 2017, Boeing said in a statement on Tuesday.

BRATTLEBORO, Vt. (Reuters) - Vermont residents battled epic flooding Monday after the remnants of Hurricane Irene set off the state's worst deluge in more than 80 years, washing out roads, knocking out power and forcing hundreds into shelters.

DETROIT (Reuters) - United Auto Workers President Bob King said on Monday that he was "upbeat" about reaching a contract deal with U.S. automakers that would keep them competitive against Asian and European rivals.

WASHINGTON (Reuters) - U.S. retail gasoline prices fell 7 cents over the last week to $3.60 a gallon as of Monday, the second consecutive drop this month, the U.S. Energy Department said.

NEW YORK (Reuters) -Southwest Airlines' pilots union has reached an agreement in principal with the pilots union for AirTran Airways, the low-cost airline it bought in May.

By Scott Malone