News In Brief

In "an explosion of e-commerce," consumers are likely to triple their online shopping for the year-end holidays over 1998's figures, forecasters said. Dataquest, a Los Angeles research firm, projected that buying over the Internet would reach $12.2 billion from Oct. 1 through December. Last year's volume was $4.5 billion. Dataquest also said online retailers had significantly increased hiring and had beefed up their infrastructure to eliminate the logistical breakdowns experienced by many consumers during the last holiday-shopping rush.

United Technologies Corp. (UTC) announced a new round of payroll cuts and plant closings. The Hartford, Conn.-based conglomerate, which has been restructuring, said it would eliminate 14,500 jobs - 10 percent of its workforce - by 2003. Most of the cutbacks are expected to come overseas. Among its divisions: Pratt & Whitney, which makes jet engines; Sikorsky helicopters; Carrier air conditioners; and Otis Elevator. Earlier, another UTC division, Hamilton Sunstrand, said it was cutting 1,500 jobs.

Negotiations for an electric-utility merger that will be the US's largest were completed successfully, Unicom Corp. and PECO Energy Co. announced. The combined company, to be based in Chicago, will have a capitalization of $15.2 billion. But the partners said the merger would result in the loss of 1,125 jobs.

(c) Copyright 1999. The Christian Science Publishing Society

About these ads
Sponsored Content by LockerDome

We want to hear, did we miss an angle we should have covered? Should we come back to this topic? Or just give us a rating for this story. We want to hear from you.

Loading...

Loading...

Loading...

Save for later

Save
Cancel

Saved ( of items)

This item has been saved to read later from any device.
Access saved items through your user name at the top of the page.

View Saved Items

OK

Failed to save

You reached the limit of 20 saved items.
Please visit following link to manage you saved items.

View Saved Items

OK

Failed to save

You have already saved this item.

View Saved Items

OK