Word: 747s
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Every day scores of planes, from 747s to vintage C-46s, haul television sets, machinery and other U.S.-manufactured goods to the Caribbean and Latin America, returning with clothing, fresh flowers and food. In Coral Gables alone, 80 international firms have opened offices. Exxon, Du Pont and General Electric have their Latin American headquarters there. International trade now accounts for $4 billion in state income and has created 167,000 jobs, some of which have been filled by other Latin American nationals who have been drawn to the booming area...
...sought, ones that neatly dovetail with its international runs. National's routes, mainly in the East and along the country's southern rim, would feed Pan Am's foreign hops from New York, San Francisco and Miami. In turn, National could draw on Pan Am's big fleet of 747s for its growing transatlantic business, which now includes service between Miami, Tampa, New Orleans and four European cities. Indeed, a prime reason why Pan Am is interested in National is that it wanted to react to the competition posed by the U.S. newcomers to the transatlantic trade, including Braniff...
Champagne and new 747s on Singapore Airlines...
...Last month Pan Am signed a $500 million contract with Lockheed for twelve wide-bodied TriStar L-1011s, and last week small, state-owned Singapore Airlines (SIA) stole Pan Am's headlines. It placed with Boeing the richest order in commercial aviation history: $900 million for 13 jumbo 747s and six medium-range 727s. Gleefully grabbing the record claimed weeks earlier by Lockheed executives, Boeing insisted: "This is the 'order of the century...
...quarter of the $900 million will come from the sale of older and thirstier 707s, 737s and 747s, and SIA will wind up with a fleet of no more than 32 jets. A further quarter will be provided by internal cash flow generated by its policy of using speedy six-year plane depreciation (vs. about 15 years for most U.S. airlines). The rest, or about $450 million, will be financed externally. Says Pillay: "We shall approach the Export-Import Bank for about $360 million and get the rest from commercial U.S., European and Asian banks." If any part...