Economic turbulence has shrunk the market for business jets, and it's causing an especially bumpy ride for Hawker Beechcraft.

The Wichita, Kan.-based aircraft maker filed for bankruptcy protection this week, seeking approval for a plan that would write an estimated $2.5 billion in debt off its books and eliminate almost $125 million in annual cash interest expenses.

Shell announced Friday a significant cut in its Nigerian oil production due to pipeline damage caused by theft, and warned that it might not meet contractual obligations as a result.

"The Shell Petroleum Development Company of Nigeria Ltd (SPDC) declared force majeure on outstanding cargoes of Bonny Light with effect from noon (1100 GMT) today, 4th May 2012," a statement said.

British aircraft engine maker Rolls-Royce said on Friday it expected "good growth" in sales and profits this year.

"Trading since the start of the year is consistent with the guidance provided in February," the group said in a short trading update.

Air France-KLM posted a net loss of €368 million ($483 million) in the first quarter of the year, saying Friday that high fuel costs and a continued drop in cargo cut into its profits.

The Franco-Dutch airline said revenue grew 6 percent to €5.6 billion, but that was not enough to offset the continued slide in the income column. The group made a net loss of €367 million in the first quarter of last year.

Renault and its Japanese subsidiary Nissan announced a big step in the Russian market on Thursday, heading for control of the Lada brand to become the third-biggest auto force in the world.

The move by Renault Nissan to control Russian auto group Avtovaz, costing 750 million dollars, highlights the importance of the Russian market, the third biggest for the three manufacturers, after China and the United States.

Embattled carrier Qantas said Friday it will delay the delivery of two A380 superjumbos as part of a further Aus$400 million (U.S.$410 million) in spending cuts as it works to turn its business around.

The Australian airline had already announced Aus$500 million in cuts in February, which included job losses for cabin crew and pilots as well as in catering, engineering and ground operations.

Booming sales in China and new versions of key models pushed automaker BMW AG's earnings higher by 18 percent in the first quarter to €1.35 billion ($1.77 billion).

Sales were flat in Europe where the economy is slack, but the Munich-based maker of luxury cars and SUVs saw a 36 percent jump in deliveries in China, where it now sells more vehicles than it does in the United States.

Dubai is splashing into the business of underwater hotels again.

The Gulf emirate's state shipbuilding division Drydocks World said in a statement on Thursday that it has signed on with a Swiss company to become the sole Middle East construction contractor of the futuristic hotels.

Germany's top airline Lufthansa said on Thursday that it intended to shed 3,500 administrative jobs in the next few years as part of a radical cost-cutting program.

The unprecedently steep cuts were intended to reduce administrative costs by a quarter, the airline said in a statement.

U.S. Treasury Secretary Timothy Geithner Thursday urged China to allow its currency to strengthen further and push forward economic reforms, which he said were crucial to the global recovery.

But his comments at the start of two-day talks between the world's two biggest economies were overshadowed by a human rights row that has threatened already strained relations.