UPDATE 3-Gulfstream unveils new flagship G700 business jet in challenge to rival Bombardier

U.S. planemaker Gulfstream on Monday unveiled its widely-expected G700 long-range jet, in a challenge to Bombardier Inc’s flagship Global 7500 aircraft. Gulfstream Aerospace, a unit of General Dynamics Corp , said the new plane would be powered by Rolls-Royce Holdings PLC Pearl 700 engines and anticipates customer deliveries in 2022. The announcement came on the eve of the National Business Aviation Association’s (NBAA) annual corporate aircraft show in Las Vegas, the biggest business jet show in the world.