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Today, a chance of a shower early, then gradual clearing, high 45 to 50. Northwest wind 10 to 20 mph. Chance of rain 30 percent. Tonight, clear and cooler, low around 35 along the coast, 25 to 30 inland. Tomorrow, partly cloudy, high...
Planning a trip? You'll be happy to know that Pan Am, American and Northwest airlines have drastically cut fares for travelers buying tickets before March 1. British Airways would like to cut transatlantic fares one-third, and TWA, USAir and Pan Am want to cut them that much or more, if the government lets them. Air carriers are offering dramatic bargains -- and not out of benevolence. They're desperate...
...ranks second only to labor in airline expenses, accounting for about 20% of operating budgets. Overleveraged carriers couldn't take the hike. After its annual fuel costs rose 33%, to $1 billion, Continental failed. Faced with a similar bill, Pan Am filed for bankruptcy a month later. Last week Northwest raised the possibility of merging with a stronger airline or selling its lucrative Pacific routes. Analyst Julius Maldutis of Salomon Brothers says, "The industry is being separated into the big eagles and the sitting ducks...
...foot dragging in approving the sale of Pan Am's and TWA's London routes. TWA said it will be forced into bankruptcy if the sale isn't approved soon. Skinner permitted Pan Am fare cuts for domestic and international flights before March 1, an offer that American and Northwest immediately matched. While consumer response has been positive, the impact on the industry will probably be negative. Says David Swierenga, airline economist at the Air Transport Association: "The fare war will only increase the bloodshed...
Even as allied planes dominate Middle East skies, a big dogfight may be developing above the U.S. The gulf conflict has sent jet-fuel prices soaring and passenger travel plunging, creating brutal competition in the airline industry. Last week the big got bigger as American, United, Delta and Northwest all picked over the carcass of Eastern Air Lines. In a bankruptcy auction they divvied up 238 landing and takeoff slots, 48 boarding gates and four of the failed carrier's routes. The biggest winner: Delta, with 16 landing and takeoff slots, 21 boarding gates and three routes serving Canada...