Word: lufthansa
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Dates: during 1970-1979
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...protégé of Hermann GÖring who helped set up the Luftwaffe; in Lüneburg, West Germany. Milch organized flying schools and glider clubs during the period in which Germany was barred by treaty from having an air force. He also became managing director of Lufthansa during the '20s. GÖring valued his talent and loyalty so highly that he arranged to have Milch's Jewish paternity officially denied (his mother was non-Jewish). During World War II, Milch was made Luftwaffe chief of staff, a cabinet member and head of aeronautics production...
...reducing the supply of available passengers. On the crowded North Atlantic run, where Pan Am and 23 other scheduled airlines are fighting it out with the aggressive charter carriers, the company lost $7,000,000 last year. Meeting the bargain-basement transatlantic fares recently announced by Germany's Lufthansa, Halaby estimates, could cost as much as $30 million in losses next year. And Pan Am's payroll is rising by an average of 16% a year. As Halaby notes: "The airlines have had the highest wage inflation of any industry -43% in the last four years...
...Summertime Blues. If Pan Am and TWA were to match Lufthansa's new fares, the companies' spokesmen said, they would stand to lose a combined total of about $60 million in revenues next year. To turn a profit on the North Atlantic (last year Pan Am lost $7 million and TWA earned $14.1 million on that route), the lines would have to fly their planes 75% full on the average. "Given the seasonal characteristics of this market," said TWA Senior Vice President Elaine Cook, "to average 75% year round, you would have to maintain something like...
...estimates of loss may be open to question, because the low fares will attract more passengers. But even officials of Lufthansa, which is 74% owned by the West German government, admitted last week that the company will lose $24 million on the North Atlantic this year; some airline men say the line may continue to lose next year, despite the new fares. Lufthansa had introduced the fares because its executives feared that the alternative, a fare package worked out by IATA members last summer, would be difficult to administer...
...Heads of most other foreign carriers do not believe that reducing fares as low as Lufthansa did can be profitable; yet to avoid losing customers to Lufthansa, Air Canada and Air France have posted comparable prices. Last week Swissair asked its government to approve a fare of as little as $180 round trip for groups of ten who buy from $70 to $149 each worth of meals, lodging and sightseeing along with their tickets. Two weeks ago Irish Aer Lingus announced a $500 first-class, 14-to-28-day fare from New York to Shannon, and an unlimited-stay economy...