Aerospace: Red Ink at Rolls-Royce

In the fierce competition for supremacy in the market for giant jets, even the largest players have taken jumbo losses. Boeing Co. suffered severely when engines for its 747s were delivered late. Pan Am has had to scrub some 747 flights because of persistent bugs in the engines. Financially shaky Lockheed has sunk hundreds of millions into developing its TriStar jumbo jet, which is scheduled to make its first flight this week. Lockheed has 178 orders for the TriStar, far fewer than it needs to break even.

Last week the steeply rising price of...

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