Y2K Will Impact Developing Countries Mostgreenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread
Subj: Y2K Could Worsen Asian Crisis Date: 2/1/99 7:47:24 AM US Mountain Standard Time From: AOL News BCC: Lulu010101
Y2K Could Worsen Asian Crisis
SAN DIEGO--(BUSINESS WIRE)--Feb. 1, 1999--According to the Y2K report in the January 1999 edition of Business 2.0, with the exception of South Korea, 50 percent of Asian companies will suffer at least one mission critical system failure at the turn of the millennium. In most countries the number is closer to 66 percent.
In Japan two to three million person-months of labor will be required to alleviate the bug on an economy wide basis. Ninety-eight percent of the software found in China is pirated. This includes software found in most government offices and state-owned enterprises. This severely limits any technical support that might otherwise be available. Even if Asia starts pulling out of recession in 1999, Y2K is probably going send it back to square one.
The Far East Daily (located at www.fareastdaily.org) monitors publicly traded companies and advises consumers on how economic issues in Asia are affecting the financial health of these companies. This no-charge service is designed to provide the individual investor with some of the same data available to stockbrokers and major institutions. FED believes that accurate and timely information is critical as the individual consumer begins to rely more on the Internet as a vehicle for investing.
Based upon the FED survey the following companies are either unaffected or have contingencies in place to deal with the Asian flu: Parker Hannifin Corp. (NYSE:PH), Pioneer Hi Bred International (NYSE:PHB), Pier One Imports (NYSE:PIR), Rimase Corp. (Nasdaq:RIMG), Sanchez Computer Assoc. (Nasdaq:SCAI), School Specialty (Nasdaq:SCHS), Sofamor Dank Group (NYSE:SDG), Sunrise Technologies (Nasdaq:SNRS), Sundstand (NYSE:SNS), Sonat Inc. (NYSE:SNT).
Visit the Far East Daily at www.fareastdaily.org to see how other companies measure up.
This information is available free of charge at the Far East Daily (FED) Web site. FED is a consumer service that provides information to the general public free of charge. FED receives no compensation from any company discussed herein. The information presented on this site is believed to be accurate as of the date of publication; however, the FED and its employees hold no responsibility for the accuracy of statements and figures displayed.
Far East Daily
Sam Daniels, 888/610-7112
-- lulu (email@example.com), February 01, 1999
Those aren't "developing" countries. Their situations are similar to that of the U.S. -- too many people used to a relatively high standard of living to be supported when the infrastructure goes. The prepared may survive -- the rest are toast.
The euphemism "developing" really applies to countries that are already basket cases. When the present supplies of food stop, they will be instant toast because individuals don't have the resources to prepare, even if they were aware.
-- A (A@AisA.com), February 02, 1999.