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The article reports on changes facing the airline industry in the United States. Deregulation affected the airline industry in several ways. Due to lower fares resulting from deregulation, more people are flying. Service problems of airlines may have also peaked. After ten years of deregulation, the biggest carriers are gaining dominance and fares may go up again.

The article reports on top 200 merger deals among corporations in the U.S. in 1987. Factors behind the increased numbers of acquisitions and buyouts were discussed. It reported the high interest of British companies in taking over U.S. firms. Buyouts provided an advantage for British corporations.

The article focuses on turnaround specialists, managers and consultants who are tasked to save companies facing Chapter 11 or outright liquidation. Spencer Stuart and Associates president of executive recruiter, Thomas J. Neff explains that the demand for turnaround specialists has tripled since 1981. According to the article, turnaround specialists received salaries of up to $5,000 a day.

The article reports on the impact of the rise of the yen on the ability of Japanese electronics company, Sony Corp., to compete in the export markets. According to the authors, the firm is affected by the rising quality of competitors' products and the low costs of manufacture in other Asian countries. To address these problems, Sony has expanded overseas and has started sharing its technology with other firms.

The article reports on the challenges for U.S.-based General Electric Co. (GE) chairman John Francis Welch Jr. in reinventing the company for the 21st century. An analyst said that Welch's GE is a model for the promise and the problems of creating a modern industrial company. Welch wants GE to be a company that constantly renews itself, shedding the past and adapting to change.

Examines the reasons why new consumer products fail in the market. Flop products; Success rate of new products; Market barriers; Steps toward a successful product launch; Marketing strategies of companies in product launching; Correlation between a new-product success and a company's health.

Looks at Generation X, also known as busters, the 46 million Americans aged 18 to 29. Portrait; Ethnic diversity; Hardships; Spending power; Bleak economic situation; Emotional insecurity; Tastes and attitudes.

This article reports that the U.S. capital market is convinced that after 10 years of airline mergers, the surviving giants have enough cash flow, market share, and undervalued assets to qualify as takeover candidates themselves. Attractive target companies are United Airlines, American Airlines, Delta Air Lines, and USAir.

This article reports on the collapse of capitalist Peter V. Ueberroth's plan to buy Eastern from Frank Lorenzo's Texas Air Corp, as of April 1989. The deal, Ueberroth explained, had foundered on the union's insistence that Texas Air immediately hand control of Eastern over to a court-appointed trustee--a condition rejected by Lorenzo. Eastern president Philip J. Bakes vowed to press on with a new plan of rebuilding a smaller Eastern Air Lines. Sources within Ueberroth's group say they still hope of taking control of the airline someday. They suggest that Lifland might eventually appoint a trustee after Lorenzo has a chance to present his case in a court hearing on the trustee question. By that time, they suggest, the airline's situation would be that much bleaker and the carrier might be gotten that much cheaper.

This article reports on the plan of American Airlines to purchase up to 150 McDonnell-Douglas Corp. wide-body MD-11s and midsize MD-80s as of February 1989. The total estimated value of the purchase is $7 billion. At the same time, American Airlines added $650 million to its cash board of $1 billion by forging a joint venture with Delta Air Lines Inc. to merge the two airlines' computer reservation systems. With these moves, Robert L. Crandall, chairman of American Airlines parent AMR Corp., is poised to make American Airlines the world's premier airline, the globe girdling powerhouse that Pan American World Airways Inc. was supposed to be but never really was. Already American Airlines, which has reported record 1988 profits of $477 million on sales of $8.8 billion, has the biggest share of U.S. passenger traffic, beating out archrivals United Airlines Inc. and Texas Air Corp. Now, with his fleet of long-range, wide-body MD-11s, Crandall can start developing a large Asian network and expand his already considerable beachhead in Europe. And if the proposed alliance with Delta gains the government's blessing, then American's SABRE will have an even stronger chance of surviving as the world's dominant computer reservation system.

The article reports on the encouragement of James E. Burke, chairman and CEO of Johnson & Johnson company to consider risk-taking in the business. Burke stressed that is significant for companies to engage with the latest innovation and the development of products that helps them generate profits. He stated that Johnson & Johnson's failures motivated them to learn from their mistakes and developed plans to address the problems. He argued that risk taking offers positive results.

The article presents examples of the elements of Reaganism that will endure even after U.S. President Ronald Reagan retires. Reagan widened the Republican's electoral base by grabbing the economic-growth issue for the Republicans. He eliminated inflation out of the U.S. economy and set the state for one of the longest economic expansions of the postwar period. Reagan also begun an arms-control process that his successor will be obliged to carry forward.

The article focuses on the means done by several companies in the U.S. to cope with the effects of the Stock Market Crash in 1987. Many firms have continued their mergers despite the stock market turmoil and some are moving forward with capital spending plans. Mead Corp. for example, is continuing its construction of a coated-paperboard plant in Alabama.

The article presents some of the companies that remained on "Business Week's" list of the best small businesses in the U.S. The ranking was compiled by Standard & Poor's Compustat Services Inc. Some of these successful firms were software design company Autodesk Inc., Mylan Laboratories Inc. and protection devices manufacturer Napco Security Systems Inc.

The article reports on the disinvestment efforts by U.S. conglomerate ITT Corp., under its chairman Rand V. Araskog, to focus on insurance and financial services. ITT has spun off System 12 and other telecommunications units into a joint venture called Alcatel, which will be run by French firm Compagnie Generale d'Electricite. Plans for ITT's Rayonier, Sheraton, Communications Operations and Information Services, Hartford Insurance, STC PLC and its avionics business are also discussed. INSET: ED CARPENTER: ITT'S FIELD MARSHAL AND MR. FIXIT.

The article describes ITT Corp. chairman Rand Araskog's strategic plan for the turnaround of the troubled American conglomerate. The plan includes the sale of the telecommunication equipment business to the France-based government-controlled Compagnie Generale d'Electricite (CGE) and reduction of corporate debt amounting to one billion dollars.

Focuses on the difficulties experienced by three United States companies who have set up joint ventures in China. Lack of protection under the Chinese legal system for Kimberly-Clark, Borg-Warner and Asimco; Possibility that foreign investment in China will shrink if a mechanism does not exist to ensure that local and provincial officials abide by a rule of law; Necessity of resolving some problems at the highest level.

Discusses methods for effective marketing in the United States. Birth of the mass-marketing revolution in America; Pizza Hut's data base on what people like; Thinking small and acting entrepreneurial; Example of Jack Kahl, chief executive of Manco Inc.; Use of humor in marketing; Glide and Health Valley Foods.

Presents an introduction to a series of articles on executives to watch for in the U.S. for 1993. Jack Smith of General Motors Corp.; Barry Diller of QVC Network Inc.; Tom Smith of Food Lion Inc.; Richard Kovacevich of Northwest Corp.; Christopher J. Steffen of Eastman Kodak; Patricia Barron of Xerox Corp.; Phil Condit of Boeing Co.; Robert Palmer of Digital Equipment Corp.; Roy Vagelos of Merck & Co.,; Arthur Martinez of Sears Roebuck & Co.

Discusses how at too many companies, large and small, selling is now based on hustle and hype rather than customer service. However, many companies are starting to focus on the way they present themselves to that most precious of resources, the customer. Keys to better selling; How companies are winning over today's tougher customer; Which companies are leading the way; Extreme case of the problems encountered by Sears, Roebuck & Co.

The article discusses global investing. A dip in Shanghai, China's stock exchange is igniting change. Experts say Chinese stocks will remain high-risk bets and that it's a good idea for U.S. investors to pull back. Comparisons to the global market meltdowns of the 1990's are mentioned. Government elections in Argentina, Turkey and the Philippines may also affect the markets.

Profiles Pope Benedict XVI of the Catholic Church. Public response to the election of Cardinal Joseph Ratzinger as Pope Benedict XVI; Role of the Pope in the theology and doctrine of the Catholic Church; Comparison of the Pope's new role with that of a corporate CEO; Challenges faced by the Church, including child sexual abuse scandals, declining Church attendance in Europe, and other issues; Comparison of Pope Benedict XVI with the late Pope John Paul II; Projections on the Pope's long-term impact on the Catholic Church. INSET: Pope Benedict XVI.

The article discusses issues facing retailers in the United States in 1990. These are: the fate of the department store, stiff competition among middle-level retailers, the role of technology, the explosion of catalog sales and the quest for quality service.

Comments on the problems being faced by United Airlines Inc. (UAL). Information that the firm Coniston Partners will use their 9.7% stake in United as leverage in a new proxy fight for control of UAL; Opinion that some extraordinary transaction that brings labor peace, increases value for the shareholders, and still provides a capital base to allow the company to grow; Information that board can try to pull off a recapitalization of the company before Coniston does it first.

The article examines how the airline industry's present buyout boom in 1989 will shape the airlines of tomorrow in the U.S. Key issues discussed in the article include optimistic and pessimistic speculation on how the industry will evolve, as well as other growth targets and strategies for the sector.

Reports on strategic alliances between airlines in Europe and the U.S. United Airlines and British Airways; Northwest Airlines and KLM-Royal Dutch Airlines; Delta Air Lines and Swissair.

Reports on USAir Group Inc.'s merger with Piedmont Aviation. Piedmont's adoption of USAir's flight and maintenance procedures; Announcement of Piedmont's name change; Statement issued by USAir Group Chairman Edwin Colodny regarding the merger; Other merger transactions in the airline industry in the United States.

This article comments on the interest of Pan Am Corp. to proposed a merger deal to Northwest Airlines Inc. Ordinarily, Wall Street would view this plan as a transparent maneuver by Thomas Plaskett, chairman of Pan Am, to tempt Northwest to buy him out. After all, Pan Am, which has been selling off assets just to keep going, has searched for a partner since February 1989 without finding any takers. But the involvement of Prudential-Bache Securities and Airlie Group, as well as Equitable Life Assurance, has turned a far-out scheme into a respectable merger strategy. What the Prudential-Bache, Equitable and other investors in Airlie Group bring to the deal is something Pan Am has sorely lacked for years, money to invest. Estimates are that these backers provide more than $300 million in equity to a combined Pan Am and Northwest. With some real cash to anchor the deal and a generous tax shelter from Pan Am's 41 billion in tax-loss carryforwards, the merger looks terrific on paper. Pan Am and Northwest together would make the only truly global airline in the U.S., with extensive routes over the Atlantic and the Pacific. Pan Am would reenter the Asian market, where its name still has a lot of cachet. It is not clear whether Rothmeier, Plaskett, or someone else would run the new airline.

This article discusses the effort of legislators in the U.S. Congress and in more than 20 states to push for the elimination of the Collision Damage Waiver (CDW) for rental cars and compel rental agencies and insurance companies, not consumers, to cover the costs of damages. This surge in legislation has split the car rental companies into two camps. The big opponents of the separate CDW are the giants Hertz Corp. and Avis Inc. Frank A. Olson, chairman of Hertz, and Joseph V. Vittoria, head of Avis, are intense personal rivals, but they see eye to eye on the CDW issue. Both accuse some of their competitors of fattening profits by luring travelers in with low rates, then scaring them into accepting costly CDW charges. Both would simply raise the base rental rates to cover damages. Despite its action against Alamo, the Federal Trade Commission strongly supports keeping the CDW as an option. Their reasoning: About 60% of car renters don't need to take the CDW, since they are already covered by their employers, their own auto insurance, or by credit cards such as American Express. By banning the CDW and lumping the costs of protection into the rental rate, the FTC argues, most renters will end up paying for protection they don't need.

The author argues that Texas Air Corp. chairman Frank Lorenzo's war of attrition with the unions may lead to bankruptcy. He emphasizes that Lorenzo could accept a merger or sell Eastern Air Lines Inc. He states that Lorenzo can continue to strip down Eastern Air Lines Inc. to fund his battle with labor.

The article reports on the possibility that air fares will increase until the next recession in the U.S. in 1989. The authors note that the timing of increases cannot be predicted, but there will still be cuts on certain routes, especially in slow seasons. They add demand is running strong, with an increase in traffic of almost 11 percent in 1988. They also mention that in the future, when the airlines are forced to offer discounts, they will be cutting prices from higher and higher levels.

The article reports on the economic activities of several international airline companies in the U.S. Continental Airlines Corp. has generated an approval from the Transportation Department regarding on its intent to take over a Seattle-to-Tokyo route. Such move will make the company the fifth U.S. airline to acquire a non-stop cross-Pacific fray. Information regarding the economic developments of other airline companies is discussed.

The article reports on the increase in market value of Johnson & Johnson Inc. in Wall Street, New York City on January 21-22, 1988 due to the interest of investors on the acne medication, Retin-A and other promising skin products of the company. Investors drove Johnson's stock to the initial eight-point surge to below 80. Retin-A, a vitamin-A derivative, promises improvements in wrinkled, sun-aged skin. Analysts predict that Retin-A will become a billion-dollar blockbuster.

The article reports that health care company American Home Products Corp. (AHP) has bested other companies in the bidding for drug firm A.H. Robins Co. American Home will issue shareholders of the drug company about $700 million in AHP stock. It has also pledged to pay at least $2.4 billion to a trust fund for victims of Robins' Dalkon Shield intrauterine device.

The article reports on the recapitalization of Colt Industries Inc. in 1986. According to Colt's chairman David I. Margolis, the decision to recapitalize was the result of a long search for the best way to reward shareholders. The process is considered to be best way to harness the company's growing cash flow, which reached $190 million in 1985. However, to some observers, the decision could allegedly put its shareholders to a windfall.

The article reports on National Distillers and Chemical Corp.'s game plan that Chairman John Hoyt Stookey used to show the company's real identity. This company had previously been a liquor business but it has made so many acquisitions that no one knew its real strategy. In this game plan, the company expanded its commodity plastics and propane gas units by spending $760 million. Then it sold both its liquor division and Almaden Vineyards for $670 million.

The article reports on Hawley Group Ltd.'s 47 dollar a share bid for ADT Inc., manufacturers of electronic security systems in the United States. Hawley Group is owned by British entrepreneur Michael Ashcroft. ADT said it would think over the offer. ADT Inc. is valued at 635 million dollars. The offer is the latest in a wave of British offers for American companies.

The article reflects on the ACCO-American Brands merger in 1987. The section discusses the reasons for the merger of the two companies, including insights and viewpoint given by the author in relation to the merger. The section also focuses on the possible inside trading within the two companies, and it's grave implication for the U.S. government's crusade against insider trading.

The article reports on Carl C. Icahn's way to recover from his $450 million investment in Trans World Airlines Inc. (TWA). Icahn offered to buy 27 percent of TWA on July 22, 1987. This transaction will make Icahn keep the airline and pay himself a $440 million dividend. The deal's funding implies that Icahn is eager to take significantly more risk than the ordinary investors. His venerable feud with the Independent Federation of Flight Attendants (IFFA) could also expense him big money.

The article profiles Louis Fernandez, chief executive officer (CEO) of Warren, New Jersey-based biotechnology company Celgene Corp. Fernandez retired as chairman of Monsanto Co. in April 1986 but decided to go back to business by managing the start-up Celgene. As CEO of Celgene, Fernandez develops research contracts with outside corporations, decides on commercial product applications and raises money for the firm.

The article discusses on how the modular housing construction offered by Hodgson Houses Inc. became successful in the U.S. housing industry. According to president Robert B. Friedman of Hodgson, the company customizes everything from major appliances, fireplaces and floor plans which sells most of its homes particularly in New England. The high-quality materials and the ability to build houses in any season have made the company an ideal homebuilder.

The article warns investors to be cautious despite the fact that U.S. corporate profits were high for the first quarter of 1987 and have justified investors' expectations. The performance during the first quarter was based on positive basics such as higher productivity and increase in sales. However, for some companies, first-quarter earnings appeared good because 1987 results were so poor.

The article reports that Unilever PLC Chairman Michael R. Angus has agreed to acquire Chesebrough-Pond's Inc. for $3.1 billion. Unilever was able to surpass by more than $300 million, a rival bid from American Brands Inc. Chesebrough is the producer of Vaseline and other well-known brands. The deal is expected to provide Unilever with a stronger consumer franchise and enhance its U.S. earnings base.

The article reports on Campeau Corp.'s acquisition of Allied Stores Corp. Campeau terminated its tender offer for Allied Stores but followed it up immediately with the purchase of 28 million Allied Stores shares on the open market. The acquisition was engineered by the law firm Cravath Swaine and Moore and investment bankers First Boston Corp.

The article reports on tax law's incentives for acquiring and selling companies in the United States before the tax reform in 1987. Individual's capital gains are currently taxed at a maximum of 20 percent but in 1987, the limit will rise to 28 percent. The General Utilities doctrine will also be repealed for most companies in 1987.

The article discusses the strategies employed by Schering-Plough Corp.'s chief executive officer (CEO) Robert P. Luciano to revive sales earnings of the company in the U.S. The company suffered a decline in sales Garamycin went off patent and lost ground against generic equivalents. However, the company's trade shares rose to 50% in January 1986 following radical changes that included acquisition, heightened research, intense marketing, and cutting of workforce.

The article profiles Robert E. Riordan, president of Family Media Inc. Riordan is known as someone who restores magazines to health. He bought "Ladies Home Journal" from Charter Co. in 1982 for about 12 million dollars. He sold the magazine to Meredith Corp. for 92 million dollars in 1986. He buys ailing magazines cheap and then revives it.

The article offers information on the development of the Japan's economy. Prime Minister Ryutaro Hashimoto pursued a fiscal austerity program of tax increases and tighter government spending. Hence, Japan's economy was holding up. Japan's currency pushed up the Japanese trade surplus. The U.S. government was willing to believe Hashimoto's assurance that serious deregulation shall be observed in his country.

The article focuses on the issues surrounding the partnership between Deutsche Bank AG and Daimler-Benz AG in Germany. The author cites the problem between the two, wherein Deutsche Bank is getting inadequate return on its Daimler shares and did little effort to push the badly needed transition at the big company. To address the issue, Deutsche CEO Hilmar Kopper, who also chairs Daimler's supervisory board, kicked out Daimler CEO Edzard Reuter and cleared Daimler's management board.