Page 6/The Battalion/Friday, July 11, 1986
World and Nation
1 Tour de France
\ Special
People Express rejects Texas Air offer
NEWARK, N.J. (AP) — People
Express, the discount airline strug
gling for survival, rejected a $235.8
million purchase offer from Texas
Air Corp. Thursday and agreed to
sell its Frontier Airlines subsidiary to
United Airlines for $ 146 million.
The Newark-based no-frills car
rier, which has suffered because of
rapid expansion, management prob
lems and increased competition,
bought Denver-based Frontier just
eight months ago for $305 million,
and it has been a money-losing oper
ation since.
The deal with United followed
wide speculation about the fate of
People Express, which revolution
ized the air travel business with low
lares when it started operations five
years ago. People Express an
nounced in late June that it was con
sidering a sale of all or part of itself.
Earlier in the day, Houston-based
Texas Air said People Express had
rejected its proposal to buy die en
tire company for $9 a share in cash
and securities. People Express has
about 26 million shares outstanding.
Texas Air also said it had ended
negotiations with People Express.
World Briefs
Ohio residents return home after fire
MIAMISBURG, Ohio (AP) —
A chemical fire smoldering in a
ruptured railroad car could burn
for days, authorities said Thurs
day, as thousands of weary resi
dents headed home from the
largest evacuation ever resulting
from a U.S. train wreck.
At least 1 1 people remained
hospitalized, including two who
were in critical condition.
Dow Jones bounces back from losses
NEW YORK (AP) — The stock
market bounced back from some
early selling to post its second
straight gain Thursday, recov
ering slightly from its large losses
early in the week.
The Dow Jones average of 30
industrials, down about 20 points
at its lowest levels of the day,
closed with a 5.76 gain at
1,831.83.
Volume on the New York
Stock Exchange reached 146.16
million shares.
South African whites join in demands
JOHANNESBURG, South Af
rica (AP) — The two main white
employer groups and a major
black union federation issued an
unprecedented joint demand
Thursday for an end to the state
of emergency and release of
jailed labor leaders.
Their appeal came one day af
ter the government lifted a ban
on union meetings that had
prompted a court challenge by la-
bor organizations.
Reagan prods House
for lower rate in tax bill
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DOTHAN, Ala. (AP) — President
Reagan signaled House Democrats
Thursday that “somebody’s going to
have to do a lot of explaining” if
Congress adopts a top individual in
come tax rate higher than the 27
percent level approved by the Sen
ate.
Portraying himself as siding with
“the people’s interest against the
special interests,” Reagan said a
sweeping overhaul of the income tax
system would demonstrate that lob
byists’ “fancy briefing papers and ex
pense account lunches were no
match for the will of the people.”
In a two-hour visit to Dothan, a
community of 52,000 in the south
eastern corner of Alabama, Reagan
outlined the approaching closing de
bate between House and Senate ne
gotiators over the final shape of his
long-sought tax overhaul.
Taking sides on the most funda
mental of about 300 differences be
tween the separate tax bills passed by
the Senate and House, the president
formally endorsed the new, lower
tax rates contained in the Senate bill.
“Let there be any significant de
parture from the two low individual
rates, of 15 and 27 percent, and the
top corporate rate of 33 percent that
the Senate has already approved,
and somebody’s going to have to do
a lot of explaining,” Reagan said in a
speech to a luncheon sponsored by
the local Chamber of Commerce.
Reagan spoke in front of a sign
that said, “Bringing Tax Reform
Down Home.”
He promised to cut down to size
what he said are 57 feet of books in
corporating the federal income tax
code.
Reagan suggested he would ac
cept a sharp cutback in the popular
IRAs for all but taxpayers who don’t
have pension plans at work.
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