AIRLINES: A Successor to Laker Takes Off

Can British Rock Music Entrepreneur Richard Branson, 33, succeed where Freddie Laker failed? The answer began unfolding last week as Branson's new airline, Virgin Atlantic, made its maiden flight from Gatwick Airport near London to Newark Airport near New York City. It carried 465 passengers, most paying a cut-rate $138, about $230 less than current standard transatlantic fares. The price will rise to $167 on July 1. An ultra-plush first-class service is also available at $1,400, about the same that other carriers charge for first class.

Branson is new to the airline business. A...