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...February 1984 spin-off of its lucrative hotel and food-service divisions into a separate company. The airline posted earnings of $29.9 million in 1984, its first profit in four years, partly the result of cutbacks in its jet fleet and work force. TWA remains the No. 1 carrier on transatlantic routes, which are highly profitable. But losses on domestic flights, where cut-rate fares are common, threaten to wipe out the gains made on the overseas front...

Author: /time Magazine | Title: Hungry Raider: Icahn's antics on two fronts | 5/20/1985 | See Source »

Last week Pan Am closed the books on its pioneering role. In a startling move, the ailing carrier sold its Pacific routes to United Airlines for $750 million. The profitable Far East service accounted for more than 20% of Pan Am's 1984 operating revenues of $3.3 billion...

Author: /time Magazine | Title: A Pioneer Clips Its Wings | 5/6/1985 | See Source »

United (1984 revenues: $6.2 billion), the largest U.S. air carrier, has long sought to add the booming Far East to its flight plan. "We're ecstatic," said United Chairman Richard Ferris. "For years we've been an applicant in all Pacific route cases, with only one recent success." That was a new service linking Seattle to Seoul, Tokyo and Hong Kong, which United began in 1983 after a five-year wait for foreign agreement. The takeover of the Pan Am routes, while subject to review abroad, should encounter no such delays...

Author: /time Magazine | Title: A Pioneer Clips Its Wings | 5/6/1985 | See Source »

...Soviet armored personnel carrier, loaded with infantrymen and flying a white flag, rolled up to the Pakistani frontier post of Tor Kham from the Afghanistan side of the border. It was the climactic moment of a battle that had begun after Afghanistan's mujahedin resistance fighters attacked and briefly held three Afghan border posts on the Khyber Pass. The Soviets had reacted with lightning speed, sending in a full brigade by air to retake the outposts. In the confusion of battle, three soldiers of the Soviet-backed Afghan army fled to Pakistan, but their defection had been detected...

Author: /time Magazine | Title: Pakistan Dirty, Deadly Game | 4/22/1985 | See Source »

...Soviet captain emerged from the personnel carrier. "We want the three men back," he said, addressing Pakistani frontier policemen in English. Beside | him, an Afghan officer repeated the request in Urdu, adding, "If we don't have them back, you will be in for a lot of trouble." The Soviet vehicle then turned around and rumbled back into Afghanistan. "Not a shot was fired," a Pakistani officer recalled. "But just in case we didn't believe they meant business, they dropped 80 artillery shells on our positions that night." For the next two days, sporadic tank and artillery fire fell...

Author: /time Magazine | Title: Pakistan Dirty, Deadly Game | 4/22/1985 | See Source »

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