Obviously the big defence story of the last few days has been surrounding the SDSR, which I'll get into in a post shortly. But another interesting story is that of the Argentine presidential election, won by Mauricio Macri. Mauricio's victory could mark a new era in British/Argentine relations, in particular over the issue of the Falklands Islands. Macri will still - as any Argentine president will - claim the Falklands belong to Argentina. But it seems that for Macri this issue will drop well down the priority list.
Argentina's finances are in a state and the only way out of that particular hole is to strengthen economic ties with the wider world, basically doing a complete 180 degree turn to the policies of his predecessor Cristina Kirchner. In particular building ties with Mexico, Brazil and the US will be top priorities, but warming relations with the UK won't hurt either and it seems Macri will do just that, putting the old issues aside in favour of more pressing matters.
This doesn't remove the threat to the Falklands Islands, but at least in the short term it reduces it somewhat. Argentina is in no position to start throwing its meagre weight around and it seems Macri is aware of this. Good news on the whole, at least until Argentina hits its next bump in the road.