Business Briefs: United Technologies to Produce F-35 Engines
February 5, 2013
United Technologies to produce F-35 engines.
United Technologies and the Pentagon have reached an "agreement in principle" for the company to produce the next batch of engines for the F-35 fighter, the Defense Department's largest weapons program. The company's Pratt & Whitney unit will supply 32 engines, spare parts and engineering support for the fifth lot of the Joint Strike Fighter made by Lockheed Martin, according to the Pentagon, which didn't announce a value for the deal. -- Bloomberg News
U.S. seeks $5 billionfrom Standard & Poor's.
The U.S. government says Standard & Poor's knowingly inflated its ratings on risky mortgage investments that helped trigger the 2008 financial crisis. The credit rating agency gave high marks to mortgage-backed securities because it wanted to earn more business from the banks that issued the investments, the Justice Department alleges in civil charges filed in federal court in Los Angeles. The government is demanding that S&P pay at least $5 billion in penalties.