Back of the Class

Another one bites the dust. Four year old Harmony Airways announced that it would cease operations as of April 9th, laying off 350 employees. Owner David Ho said that the move was prompted by increasing operating costs, overcapacity in the market and aggressive price competition from larger carriers.

Developed as a social networking web-site, facebook has become a phenomenon, particular amongst high school and college students.
Currently there are over 17 million members. Their traffic is only second to myspace. That’s a lot of people connecting with each other! Not a bad business idea either, created by two Harvard students, with last years revenue estimated at $50 million.