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...three-day closed-door meeting held at FAA headquarters in Washington last week, a 40-member panel of Government experts and airline officials groped for a plan that would ease congestion at peak periods. Observes TWA Vice President Jerry Cosley: "Our scheduling is realistic in economic terms, but unrealistic in terms of the available infrastructure." Airline executives warned that carriers will not voluntarily risk losing passengers by scheduling more flights at unpopular times. Still, in response to FAA requests, the panel recommended that the airlines seek to spread out their peak-hour schedules. Also proposed were changes in airborne routings...
...Valley's microchipped wonder companies, Atari was one of the earliest and most colorful. It gave birth to the video-game industry and churned out amusements like Pong, Asteroids and the home version of Pac-Man. It saw its sales explode from $30 million in 1976 to a peak of $2 billion in 1982. It spun off famous employee alumni, like Steven Jobs, co-founder and chairman of Apple Computer. Physically, it spread to 49 buildings around Sunnyvale, Calif. But its fall came even faster, as a fickle public cooled to its video games. Losses hit $539 million last...
Baggage-laden vacationers jammed Air Florida ticket counters at Miami International Airport early last week as the peak summer travel season got under way. But near noon on the day before the Fourth of July, flashing signs destroyed the holiday mood. Their message: Air Florida was immediately grounding its green-blue-and-white jets. The carrier (1983 revenues: $218 million) had filed for bankruptcy. The abrupt halt stunned employees and left many passengers with shattered plans, scattered luggage and tickets that other airlines refused to honor. Said Faye Holub, who had intended to visit her grandchildren in Chicago: "They gave...
...about 7% by next year. But what they cautiously predicted has already come to pass. Last week the Labor Department announced that civilian unemployment fell from 7.5% in May to 7.1% in June, its lowest level in more than four years. Since November 1982, when unemployment hit a postwar peak of 10.7%, the brisk economic recovery has created at least 6.5 million jobs. A record 105.7 million Americans are working. One of the best gains in June was for black workers, whose jobless rate dipped to 15% from 15.8%. For black teenagers, the rate fell to 34% from 44%. Among...
...banks last week raised the prime rate that they charge corporate customers from 12.5% to 13%. That helped boost the dollar to record highs against the British pound and the Canadian dollar. The U.S. currency also hit a peak for the year vs. the Japanese yen, and a seven-year high against the Swiss franc. Many economists expect further hikes in interest rates and a continued strong dollar...