Word: hike
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...Congo's latest mutiny began on payday. Opening up their pay envelopes last week, Leopoldville's 3,000-man police force discovered that their demand for a 25% wage hike had not been met. At dawn the next morning, the angry cops overpowered their own officers, then raided Leopoldville's city hall, where they took some two dozen hostages, including two deputy mayors and the mayor's pregnant wife. Barricading themselves in their police barracks, the well-armed cops waited for the government to ante up more money...
...competition with no fewer than 16 foreign airlines. The foreign airlines-most of them prestigiously losing money for the governments that run them-want to make changes that will, in effect, raise fares on the North Atlantic run 5%. The U.S. is holding out against the fare hike-and would, in fact, like to see fares cut. "The Americans are being bloody-minded," snapped one foreign airline executive. But Civil Aeronautics Board Chairman Alan Boyd, aware that the majority of North Atlantic travelers are American, sees no reason why passengers should help reduce the deficits of inefficient airlines by what...
...Complaints. The trouble started six weeks ago when the CAB refused to okay a fare increase that had already been approved by the International Air Transport Association, the all-powerful airline trade group whose 90 member airlines set standard fares the world over. Since I.A.T.A. had approved the fare hike back in October and the CAB rejected it only two weeks before it was to go into effect, other members were understandably shocked and angered by the lateness of the CAB action. Foreign carriers complained bitterly that they had already printed new tickets, sent out new promotional brochures and based...
Despite its tactless tardiness, the CAB had some good reasons for turning down the fare hike. Last year 2,300,000 passengers flew across the Atlantic-but, on the average, the big jets were only 45% full. Mostly mired in huge deficits, the European airlines see higher fares as the most expedient way out of their financial difficulties. Pan Am and TWA have been making good profits on the North Atlantic run, though steadily losing a bigger share of the market to foreign carriers. They argue that lower fares are needed to attract more passengers to Europe and help...
President Kennedy had planned to set out at midweek for an Easter holiday at Palm Beach. But then came word that a small steel company had announced a price hike (see U.S. BUSINESS). Kennedy postponed his leavetaking, called in Administration officials for consultation, finally came out with a statement that, compared to his savage 1962 assault on U.S. Steel, seemed downright benign-and gave the stock market a general lift. Then the President and a few friends jetted to Florida...