Business briefs for Jan. 16, 2013

Business briefs for Jan. 16, 2013
By The Associated Press Published: January 16, 2013
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Pratt & Whitney

to cut 350 workers

Jet engine maker Pratt & Whitney says it's cutting 350 salaried workers, about 200 of those jobs are in Connecticut. The subsidiary of United Technologies Corp. said Tuesday that it's responding to “business and economic conditions.” The company, based in East Hartford, Conn., said the cuts are necessary to remain competitive. Pratt & Whitney announced in December it will lay off 80 hourly employees and eliminate 20 other jobs through buyouts. The company employs about 36,000 workers worldwide. Company President David Hess said in May that sales are expected to double, to $24 billion, by the end of the decade. But he said Pratt & Whitney must navigate a few transitional years of high fuel costs and a weak economic recovery that are pressuring airline customers.

World

Platinum producer

to close some operations

The world's largest platinum producer said Tuesday that it will close some operations, sell one mine in South Africa and cut 14,000 jobs, just months after mining strikes turned violent, killing dozens of people. Anglo American Platinum said a nearly yearlong review found that four mine shafts needed to be closed and one mine sold because of unprofitable operations. The government's minister of mines and the National Union of Mineworkers, NUM, expressed surprise and shock at the announcement. The news of the mine closures and the prospect of more strikes sent platinum prices higher. Platinum for April delivery rose $31.70 to settle at $1,689.90 an ounce, the highest price since October. That jump put platinum prices above gold prices for the first time since September 2011, according to the CPM Group. Gold for February delivery rose $14.50 to $1,683.90 an ounce.

From Wire Reports



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