Word: telexes
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Thatcher had sent a private telex to the White House last August invoking Britain's "special relationship" with the U.S. and reminding the President that Britain supported the American defense buildup "in every way." Some observers took this to refer to Britain's endorsement of the Strategic Defense Initiative, which France has refused to back. But the French obviously believe in dollar wars: the Thomson and GTE bid was a whopping $3.1 billion less than Plessey-Rockwell's. SPYING Painful Stalemate...
...Jersey episode assumed heroic proportions when Middlesex County Prosecutor Alan Rockoff reported that the youths, in addition to carrying on other mischief, had been "changing the positions of satellites up in the blue heavens." That achievement, if true, could have disrupted telephone and telex communications on two continents. Officials from AT&T and Comsat hastily denied that anything of the sort had taken place. In fact, the computers that control the movement of their satellites cannot be reached by public phone lines. By week's end the prosecutor's office was quietly backing away from its most startling assertion...
...trend can be seen elsewhere. The Finland Post Corp. blames text messaging for the decline in the volume of postcards sent, while in Japan, there are plans to axe 80% of the country's postcard-vending machines. At this rate, postcards seem destined to go the way of the telex...
...Western Union has only one truly global competitor, which is stuck playing David to its Goliath. MoneyGram was founded in 1988, back when Western Union was spiraling toward bankruptcy. The industry leader had made a bad bet on its Telex division, which was obliterated by the sudden rise of the fax machine. But MoneyGram was dumped for antitrust reasons in 1996 after its parent company, First Data, picked up the much larger and better known Western Union, which had filed for Chapter...
...their recent successes, Western Union execs seldom forget the firm's Telex debacle, and some remember a much earlier--and bigger--mistake. In 1876 Western Union had the option to buy Alexander Graham Bell's new telephone but dismissed it in an internal memo as a device that "is inherently of no value to us." Bell sold the rights to what is now AT&T. First Data's pending purchase of ATM powerhouse Concord EFS shows that it is determined that Western Union won't get left behind this time. --With reporting by Deborah Edler Brown/Los Angeles, Paul Cuadros/Durham, Cheryl...