Word: sia
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Dates: during 2000-2009
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...launched as an independent carrier in 1972 after separating from Malaysian-Singapore Airlines. Despite the highly regulated atmosphere of the times, it refused to play by the rules, essentially ignoring the International Air Transport Association (IATA), the governing body that ran the airline business almost as a cartel. When SIA became the first IATA carrier to serve free drinks in economy, in 1972, the group's director dismissed the Asian upstart as a "parasite...
...SIA took off with some distinct advantages. First, it is the international face of Singapore Inc., the disciplined, business-oriented country and culture that is a ferocious economic competitor. "They're the Israelis of aviation," says Mark Gerchick, a former U.S. Department of Transportation official, admiringly. "They are small and smart and aggressive in pursuing their interests...
...Singaporean government owns 57% of SIA's stock (some 20% is held by money managers). And while by no accounts does it dictate the airline's strategy, the government aids SIA in many ways. Tax breaks on the carrier's aircraft help SIA maintain one of the youngest fleets of any major airline. The government helpfully paid the multibillion-dollar construction cost of Singapore's impressive Changi Airport, the airline's hub since 1981 and one of the best airports in the world...
...lack of openness raises questions about how real SIA's profits are and how fairly it plays. "The government's share is as big as a 747," says Richard Aboulafia, an industry analyst at the Teal Group, an aviation-consulting firm based in Fairfax, Va. "And it's not transparent. Maybe they're not as efficient as they claim. There is a certain science-fiction quality to their numbers." Geoff Dixon, CEO of Australia's Qantas, says, "Singapore Airlines is a government-owned and -backed carrier that does not have to play by the same rules as other airlines." Cheong...
...sure, SIA's government backing does not translate into obvious excess. The airline's headquarters is located in a drab industrial building on Changi Airport's grounds. Its furniture looks worn enough to date to the airline's launch (and an orange color scheme reveals its 1970s sensibilities). A few years ago, data-processing operations were moved to Bombay, India, for the cost savings...