EgyptAir Flight Crashes Off the Coast of Massachusetts

Other airline industry news: American Airlines' pilots agree to sit down at bargaining table, and Danzas bids on Air Express.
Publish date:

By now, you've no doubt heard about the tragic


jetliner bound for Cairo that went down off the coast of Nantucket.

A full list of the more than 214 people feared dead has not yet been released, but the passengers on board included

Claude Masson

, assistant publisher of Montreal's

La Presse

newspaper, and his wife, the newspaper told


. You can read the latest on the crash at


The plane itself was a Boeing 767, which has been involved in two other fatal crashes since 1982,




(BA) - Get Report

, meanwhile, said a 1980 report of fuel tank problems in its military E-4B jet did not appear relevant to the aircraft's commercial cousin, the 747. A 747 was carrying the 230 people killed in the 1996 explosion of


Flight 800. The

National Transportation Safety Board

said Saturday it was dismayed that it did not get a copy of the report until this year.

The only hopeful news within the aviation industry this weekend was that

American Airlines'

pilots union had agreed to sit down at the bargaining table, ending a dispute over the airline's acquisition of West Coast carrier

Reno Air

. An arbitrator will decide the status of Reno's pilots under American's labor contract, a controversy that prompted a pilot "sickout" earlier this year. American is a unit of Texas-based






-- a unit of Germany's

Deutsche Post

-- has made a $1.4 billion bid for

Air Express International


, the U.S.-based freight forwarder,


reported Sunday. The news came two days after a report that Air Express had rejected a $1 billion takeover offer by Danzas.

In an effort to break into the U.S. asset management business, German insurer


is acquiring about 70% of

Pimco Advisors


in a deal worth $3.3 billion,


reports. Pimco, based in Newport Beach, Calif., manages about $256 billion in assets.

Pacific Life Insurance

said Sunday it planned to maintain its 30% stake in Pimco, and welcomed Allianz as a partner.

Visitors to the Middle East may soon recognize two familiar franchises:



Planet Hollywood




(C) - Get Report

plans to open a Tel Aviv branch for corporate clients next year. Meanwhile, Saudi

Prince Alwaleed bin Talal

, who's trying to save Planet Hollywood, announced he was opening a restaurant in Amman, Jordan, with more to follow in the Middle East and Europe.


Justice Department

is taking a closer look at


(MSFT) - Get Report

planned acquisition of



, which makes technical drawing software. Visio said Saturday that both companies have been asked to submit more information about the $1.3 billion proposed merger.

In the Papers

Amid an investor selloff, home builder

Kaufman & Broad

(KBH) - Get Report

is planning a partial IPO of its French division on the Paris


for the first quarter of next year,


reports. CEO Bruce Karatz tells the magazine his company would likely retain a 60% stake in the new venture.

The latest Big Money poll in


finds that more than half of the 165 money managers surveyed have either a "bullish" or "very bullish" market outlook for the next year. Some 69% also think

George W. Bush

will be the next president.

Speaking of presidential contenders ... If

The Donald

is worried about his ex-wives dishing up any marital secrets, he may find some pleasure in


latest examination of some of the shady characters associated with

Ivana Trump's


5th Avenue Channel



David Rheingold is a New York-based freelance writer. At the time of publication he had no positions in any of the securities mentioned, although holdings can change at any time.