> Y2K bug to catch most on the hop > Date: 22/01/99 > > By SEAN AYLMER and TONI O'LOUGHLIN > > Australian business is finally realising that the year 2000 problem, > or millennium bug, will affect their operations, but nine out of 10 > companies are not yet ready for the turn of the century. > > The National Australia Bank quarterly business survey, released > yesterday, shows that 87 per cent of companies expect that the > millennium bug will affect their business. > > The bug arises from the inability of computer software to recognise > the year 2000 (Y2K). > > According to the survey, the finance sector is the industry most > affected, with 94 per cent of participants reporting exposure to Y2K. > Property (94 per cent), personal (93 per cent), recreation (92 per > cent), services and transport and storage and communication (91 per > cent) companies are also highly exposed. Food retailers and builders > are the most casual about Y2K. > > Eleven per cent of construction companies and 14 per cent of food > retailers are yet to develop any action plan to cope with the bug, the > survey shows. > > Overall, only 3 per cent of all affected companies have still to > develop an action plan, though just 8 per cent claim to be fully > compliant. > > The Federal Government, regulators and peak bodies have all urged > companies to take steps to ensure business systems are ready for the > change of dates. > > About $10 billion will be spent on the problem during 1999, according > to an Australian Bureau of Statistics survey. > > While larger companies are taking remedial action, smaller businesses > are at most risk of experiencing disruption. > > The extent of the problem has made Y2K an economic issue. > > Warburg Dillon Read chief economist Mr Mark Ryder said the amount of > money invested in remedial action had helped boost overall capital > expenditure, a major driver of economic growth. "It translates into a > not insignificant influence on business investment. The year 2000 is > not just GST and Olympics but the millennium bug as well. > > "But when Y2K spending runs out, well, that's another thing that will > support the underlying trend of weakness in business investment," Mr > Ryder said. > > Deutsche Bank's chief economist in the US, Mr Ed Yardini, has > previously forecast a recession as a result of the millennium bug. > > While Y2K helps boost overall business investment figures, it take > money from more productive investments, said one banking analyst. > "Plenty of banks have put information technology spend on hold just so > they can cope with Y2K," he said. > > The Australian Prudential Regulation Authority has estimated that the > banking sector will spend about $1 billion on solving the problem. > > Steve Baxter > ------------------------------------------

http://www.albertaweb.com/year2000/index.html

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'nine out of 10 companies are not yet ready'

'only 3 per cent of all affected companies have still to develop an action plan'

'Mr Ed Yardini, has previously forecast a recession '

What's "AWAYS" been wrong with this picture?

And Australia is one of the countries doing THE BEST in the world.

Yet, pollyanns STILL can't figure it out. "No one really knows what will happen" This is how they 'content' themselves. It is how they sleep at night and how they INTENTIONALLY DECEIVE themselves into doing NOTHING.

No skin off my nose.

I've said it once and I'll say it again. If you were warned and did not prepare, you DESERVE exactly what you will get. No mincing words.

This is not a game. It is life and death.

Paul Milne If you live within five miles of a 7-11, you're toast.

-- Paul Milne (fedinfo@halifax.com), January 24, 1999

Answers

Hi Paul! Apparently the vast majority of people simply do not consider their death something worth paying attention to. Ashton & I know that death is the most important pinnacle moment of life. But who would ever listen?

The skin on your nose may be intact, Paul, but to ignite your inner volcano going off with red steam shooting out ears and froth billowing out nostrils, check out the NYT article pshannon just posted:

--Sunday NYTimes Magazine piece - referred to in --SNARK-- thread

xxxxxxx xxxxxxx xxxxxxx xxxxxxx xxxxxxx xxxxxxx xxxxxxx xxxxxxx x

-- Leska (allaha@earthlink.net), January 24, 1999.