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Business Leaders Prepare for Y2K and Strengthen Euro Ahead

Strategic Insights

— 1 min read

As the world counts down to the dawn of a new millennium, top business leaders are taking proactive steps to mitigate the potential disruptions caused by the Y2K bug. Meanwhile, the Conference Board has predicted a strengthening euro and an increase in the value of the Japanese yen in the year 2000. The erratic pattern of European growth has kept European interest rates and the euro in check, but experts anticipate a stabilization and a possible rise in the euro's value as the U.S. economy cools.

Key Takeaways:

  • The Conference Board forecasts the Japanese yen to strengthen to 90 to the U.S. dollar in 2000 and the euro to 1.14 to the dollar.
  • GPU Energy has beefed up its staff to 900 employees for the Y2K transition, with an additional 300 on-call workers, to ensure business continuity.
  • Qantas Airways has assembled a team of over 70 key staff to monitor the airline's Y2K transition at Sydney's Mascot airport.
  • SuperGen has acquired a 7.5 percent stake in AVI BioPharma and secured exclusive negotiating rights for the United States for Avicine, a proprietary cancer vaccine.
  • Clariti Telecommunications International has acquired Tekbilt World Communications, a distributor of telecom products and services, with revenues of approximately $8 million over the last twelve months.
  • Lernout & Hauspie Speech Products, N.V. has agreed to acquire Linguistic Technologies Inc. for an undisclosed amount.
  • Xerox Corp. has formed a new internet business division to accelerate its web-based business activities and leverage its portfolio of internet-related technologies.

Statistics:

  • 900: Number of employees from GPU Energy working during the Y2K transition.
  • 1.14: The predicted value of the euro to the U.S. dollar by the Conference Board.
  • $8 million: Revenues of Tekbilt World Communications over the last twelve months.
  • 7.5 percent: Stake acquired by SuperGen in AVI BioPharma.
  • 100,000: Number of shares of common stock acquired by SuperGen in AVI BioPharma.
  • 45 days: Approximate timeframe for the acquisition of Linguistic Technologies Inc. by Lernout & Hauspie Speech Products, N.V. to close pending shareholder approval.

Sources:

  • Conference Board
  • Qantas Airways Ltd.
  • GPU Energy
  • SuperGen Inc.
  • AVI BioPharma Inc.
  • Clariti Telecommunications International Ltd.
  • Tekbilt World Communications Inc.
  • Lernout & Hauspie Speech Products, N.V.
  • Linguistic Technologies Inc.
  • Xerox Corp.
  • UPI New York - News Provided by COMTEX (http://www.comtexnews.com)

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