International Economic Events in 2000

Smooth roll over into year 2000 sans major Y2K glitches.

Media giant Time Warner and top Internet Service Provider America Online agree to merge, creating a multimedia company with a market capitalisation of $ 350 billion.

IBM says it won the largest number of US patents (2,756) for the seventh year in a row in 1999.

Microsoft co-founder Mr. Bill Gates announces giving up the Chief Executive position in favour of Mr. Steve Ballmer. Mr. Gates to remain Chairman and take on the role of Chief Software Architect.

Clinton Administration announces new rules relaxing curbs on encryption exports, facilitates security in e-businesses.

Birtish pharma giants, SmithKline Beecham and Glaxo Wellcome announce merger in a stock swap that would create the world's largest drug maker.

US Trade Commission votes to impose heavy anti-dumping duties from India, Japan, France, Italy, Indonesia and South Korea.

Britain's EMI Group Plc and Time Warner Inc., announce merger of their music businesses to create the world's top record company worth about $ 20 billion with a powerful foothold on the Internet.

China agrees to adopt the TRQ system for some sensitive commodities, including wheat, corn, rice and soyabean oil in its negotiations with the US on WTO entry.

Over 130 countries ink agreement under UN auspices to regulate trade in genetically-modified organisms in Montreal, Canada.

Bangkok Declaration adopted by the 10th session of UNCTAD redefines globalisation as ``a powerful and dynamic force for growth and development'' and calls for a true partnership among countries on both sides of the development divide.

WTO appeals panel strikes down as illegal export subsidy a US tax provision allowing US companies abroad to avoid paying taxes on some overseas sales by channelling them through off shore subsidiaries.

GM, Ford and Daimler Chrysler decide to establish an independent online purchase exchange.

Stock exchanges in Paris, Amsterdam and Brussels announce merger to form Euronext - the largest single stock exchange in continental Europe.

Prof. Allan Meltzer Committee set up by US Congress recommends drastic reduction in size and operations of IMF and IBRD.

Global mobile phone company, Iridium goes bankrupt. Gives up search for new backers while bankruptcy judge in New York permits the company to cut off service to 55,000 customers and destroy its satellites.

U.S. Justice Department asks Federal Court to split Microsoft into two independent companies - an applications company and an operating systems company.

London Stock Exchange and Frankfurt Stock Exchange decide to merge to create a European mega-bourse; will also tie up with NASDAQ.

For a symbolic sun of Pounds 10, BWM sells its money-losing Rover subsidiary to Phoenix consortium of Britain; also offers $ 677 million loan to enable the consortium to take over the company.

Standard Chartered Bank and ANZ Grindlays sign agreement for Stanchart to acquire the ANZ Grindlays Business in Middle East and South Asia and ANZ's international private banking business.

Cartegena Protocol on bio-safety - a UN agreement that will introduce new regulation for trade in genetically modified organisms-signed by 62 countries.

Germany to grant upto 20,000 five-year visas to specialists from outside the EU in bid to attract software talent.

U.S. Federal Reserve raises interest rates to stem inflation.

``Love Bug'' virus wrecks havoc on computer networks worldwide.

Anti-trust trial commences against Visa and MasterCard in the US.

G-7 lists 15 countries including Israel, the Philippines and Russia, as potential tax havens.

e-signatures legally valid in the U.K.

The Internet's administrative body, ICANN sued by an American firm, on grounds that ICANN violated its own bye-laws by rejecting Afternic's application to become an accredited primary registrar for Internet addresses.

14 Australian companies plan e-procurement hub.

China and India sign first ever IT MoU to strengthen bilateral co-operation in critical areas if IT and to boost strategic business partnership.

DaimlerChrysler and Mitsubishi seal partnership deal giving the former 34 per cent share in the latter.

Microsoft launches e-book software

Nokia buys U.S. telecom firm, DiscoveryCom for $ 220 million to strengthen services.

U.S. court throws out new wiretapping rules; determines that the Federal Communications Commission failed to adequately take into account consumer privacy concerns.

Former U.S Presidential candidate Mr. Ross Perot steps down as CEO of Perot Systems Corp.

OPEC meets in Vienna, decides to increase supplies by eight lakh barrels per day.

U.S. President, Mr. Bill Clinton orders release of 30 million barrels of oil from emergency stockpile over 30 days in the wake of rising crude prices.

Danes says `no' to Euro in a referendum.

Fuel protests clog roads in Europe over high fuel taxes.

IMF, World Bank meetings in Prague.

Dr. James J. Heckman (University of Chicago) and Dr Daniel L. McFadden (University of California, Berkeley) awarded the Nobel Prize for Economics.

U.S Senate passes legislation to provide six lakh new visas over the next three years for overseas workers.

`The Garage', a one-car garage from where Mr. David Hewlett and Mr. William Packard launched their electronics company, bought by Hewlett-Packard Company for $ 1.7 million.

The Internet's governing body on web site names, ICANN, approves seven new domain names.

APEC summit in Brunei calls for appropriate measures to promote stability in the crude oil market.

Nine major ocean carriers propose to launch e-com portal.

U.S. asks General Electric to dredge cancer-causing toxic waste from Hudson River.

Events 2000