Word: carriere
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...dramatic as the Eastern deal was, it was only the first installment of the one-two punch that rocked the airline business in a single week. Four days later TWA Chairman Carl Icahn said the carrier would buy St. Louis-based Ozark Air Lines for $225 million. That union would increase TWA's annual traffic by 30%, to some 27 million passengers, and strengthen its position as the fourth- largest U.S. airline. The merger would be a coup for Icahn, a New York financier who gained control of TWA only seven months ago. Though a TWA-Ozark deal was already...
...successful Texas Air- Eastern merger. For one thing, Lorenzo, who has long been viewed as a foe of organized labor, could have trouble making peace with Eastern's unions. The airline narrowly averted threatened strikes last week by the pilots and flight attendants, but the uncertainty surrounding the carrier has made many passengers wary of flying Eastern...
...Eastern, the sellout is a rough landing after years of financial turbulence. The airline expanded too aggressively in the 1970s, taking on a crippling debt load to buy new aircraft. In the 1980s, fare wars slashed revenues while labor costs had got out of control. The carrier's pilots now , make an average of $112,535 a year, almost twice what Texas Air skippers receive. Eastern has slipped repeatedly into the red, and its comebacks never seem to last. After managing a $73 million profit for the first nine months of last year, the airline lost $67 million...
...financial crunch has depleted the once proud merchant marines of Western countries. Britain's fleet has shrunk in a decade from more than 1,600 ships to just 614. One reason is the country's high labor costs. A British crew for a bulk carrier costs an estimated $1.5 million a year, vs. only $550,000 for Korean sailors or $275,000 for Chinese...
Because of its 13 daily flights to Latin America, Eastern Air Lines has unwillingly become a carrier of choice for cocaine cowboys. Since November 1983 federal agents have discovered 26 cases of coke-smuggling aboard Eastern jets. Last week a top Drug Enforcement Administration official revealed that indictments are in the works against some 50 of Eastern's baggage handlers in Miami. The agency suspects them of smuggling billions of dollars' worth of cocaine into the U.S. in airliner cargo bellies...