Word: breakups
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...taxes paid in previous years. The largest of them went to American Telephone and Telegraph. The company earned profits of $1.9 billion last year. But thanks to a combination of investment tax credits and tax deferrals adding up to $1 billion, plus other unusual expenses involved in the breakup of the phone company, AT&T's tax liability was wiped out. In fact, the company got a tax refund of $241.6 million...
...problem was that Atis lumbered into the postdivestiture period with far more employees than it would ever need. Under terms of the breakup, tens of thousands of Bell workers in maintenance, repair and installation were attached to the new division after January 1984. Thousands more were later added to the payroll: 17,000 manufacturing employees and 10,000 warehouse workers...
Since the breakup of the Bell System 1 1/2 years ago freed it to compete in computers, AT&T (1984 sales: $33.2 billion) has had only tepid success in stealing computer business from IBM ($46 billion). But now AT&T is winning big orders through discounts and making its machines compatible with IBM's. At the same time, IBM is treading on AT&T's territory. The computer giant made another move into the $50 billion U.S. market for long-distance service when it announced plans to buy up to 30% of MCI Communications of Washington, whose $2 billion...
...partnership with MCI should intensify the competition in telecommunications that the Bell System breakup was intended to bring about. Despite MCI's rapid growth during the past decade, the company still accounts for only about 6% of U.S. long-distance calls. AT&T remains the leader, with nearly 90% of the business. Now that it has IBM behind it, MCI should have far more of the muscle and corporate prestige needed to stand...
...fate of Air India Flight 182 that raised the most questions. While theories about the cause of the jet's breakup abounded, investigators from India, the U.S., Canada and Ireland had nothing conclusive to report by week's end about the third-worst airline disaster in history.* Bits and pieces of the wreckage plucked from the sea were sometimes heartbreaking: a red slipper, a limp rag doll, a waterlogged Teddy bear. Irish and British naval vessels and helicopters fanned out over a 5-sq.-mi. area. They retrieved 131 bodies, and by week's end the bulk of the wreckage...