Millennium bug could bring us an extended bank holiday
Monday 13 April 1998
A more drastic call, for a world-wide one-week holiday in the first week of the new millennium was made to an international conference organised by the Bank for International Settlements, in Basel, last week.
With fears growing about the consequences of Year 2000 (Y2K) computer crashes, Don Cruickshank, chairman of the Government-backed Action 2000 campaign, told The Independent that many people who think they will be celebrating the new millennium - on holiday - will, in fact, be working flat out, trying to deal with the millennium bug. The impending crisis is threatened by the fact that many computers have not been programmed to distinguish between 2000 and 1900 when their two-digit dates change to 00 from the end of next year.
The consequences of chain-link "crashes" between computers are completely unknown, and Eddie George, Governor of the Bank of England, had warned: "We face a day of judgment on that first day of the year 2000. The IT systems on which the entire business community now depends are not capable, at least in part, of recognising or responding predictably to dates beyond the end of this century." The Bank of England says the continuation of orderly markets might not be possible "if a large enough proportion of the participants are unable to trade or settle - and particularly if those still operating try to make a profit out of the situation.
"Therefore, exchanges will be planning how to manage such a crisis, including procedures for closing the market altogether." The scale of the risks involved was underlined yesterday by a report saying that foreign exchange settlement failures could quadruple in the first week of January 2000, costing the markets as much as $10bn in one week. In a speech to a Basel "Round Table on the Year 2000" last week, Edward Yardeni, chief economist with Deutsche Morgan Grenfell in New York, called for the creation of an international Y2K Alliance to deal with the threat.
At the request of Tony Blair, the Group of Eight most developed nations are due to discuss the global implications of the millennium bug at their next summit, to be held in Birmingham next month.
Leading article, page 16
filmFilm producers sue Warner Bros for $75m over Hobbit films
sportNapoli 2 Arsenal 0: Gunners must now face either Real Madrid, PSG, Bayern Munich, Atletico Madrid or Barcelona in knock-out stages
Swedish stars ask fans for £195 pledges on crowd-funding website
voicesJust when you thought you could find a man, get married, and have a baby by the age of 35... it turns out you’re too late, says Grace Dent
musicAs Mariah Carey and Noddy Holder rake in the royalties from their classics, why there hasn't been a decent festive hit for 20 years?
theatreAuthor Daniel Rosenthal recalls the mishaps that almost brought the curtain down on the likes of John Gielgud and Diana Rigg
lifeAs the Royal Mail plans to phase out deliveries on two wheels, it's no wonder posties are in a spin
musicThe 21-year-old beat Ella Eyre and Chlöe Howl to win the honour
lifeFull of the joys and want to help your fellow man? December isn't the time to do it
techLuke Blackall reports on precision engineered prams and babygros that monitor your child 24-7
Nelson Mandela memorial: ‘Bogus’ interpreter made mockery of Barack Obama’s tribute in Soweto
David Cameron explains selfie with Obama and Helle Thorning-Schmidt at Mandela Memorial
French café starts charging extra to rude customers
Krokodil in Mexico? Teenager hospitalised after 'injecting drug into her genitals'
Australia incest case: Filthy and severely deformed children found in remote farming community after generations of inbreeding
- 1 Nelson Mandela memorial: ‘Bogus’ interpreter made mockery of Barack Obama’s tribute in Soweto
- 2 John McAfee's $100 'anti-NSA' device: 'this is coming and cannot be stopped'
- 3 French café starts charging extra to rude customers
- 4 Is Facebook making us forget? Study shows that taking pictures ruin memories
- 5 Australia incest case: Filthy and severely deformed children found in remote farming community after generations of inbreeding
£77099.84 - £96375.26 per annum + Bonus + Benefits : Harrington Starr: My clie...
£45000 - £60000 per annum + Bonus and Package: Harrington Starr: Trading appli...
£35000 - £38000 per annum + Benefits: Harrington Starr: C# .NET Developer (Win...
£60000 - £70000 per annum + Benefits: Harrington Starr: Senior QA Engineer Tes...