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Technology Stocks : Discuss Year 2000 Issues -- Ignore unavailable to you. Want to Upgrade?

To: Ken who wrote (6859)	7/21/1999 1:44:00 AM
From: Ken	Read Replies (1) \| Respond to of 9818

<Asia Working Hard Toward Y2K-Compliance (Alexander's Gas and Oil Connections/Reuters) gasandoil.com Note: The pollycrackers on this site will joyfully clap in glee that this contains (in their strange view of life and nature) positive clap-trap, while those of us who are capable of using logic will see a lot of this as no more than the usual pr spin, more unsubstantiated 'he says', and more MEANINGLESS percentages! But, there are some grim statements as well. One fact is inescapable beyond all the verbiage- THEY ALL STARTED TOO LATE, YEARS TOO LATE! There are 5.5 months left! (or less). These airey-fairey percentages would have been promising in l996, NOT THIS LATE! <This article gives a good "quick and dirty", country-by-country status report on Y2K preparations underway in most Asian countries. Highlights include: "JAPAN -- A major concern is slow progress by small- and medium-sized enterprises, of which 23 % said at the end of March that they were still not Y2K ready versus 33 % last September. Government budget for Y2K preparation totals 19.3 bn yen ($ 163 mm). At the end of May, the Bank of Japan said major Japanese banks had completed technical preparations to cope with the 2000 problem. The findings were based on a survey of 50 banks. CHINA -- In April, senior government officials said Y2K remediation was hampered by lack of funds and inadequate co-ordination. The government is considering closing banks on December 31. Telecommunications and the national power grid are expected to be operable after new year, and the military has own internal Y2K compliance program. In June, China said its banks, credit co-operatives, postal savings offices and insurance firms will halt operations three times between June and September to conduct millennium tests. INDONESIA -- The worst-hit country in the crisis, Indonesia has struggled for funds to survive, let alone repair computer problems. State-owned oil giant Pertamina expects to run its refineries at 60-70 % capacity for a few days in December and boost stocks of crude and oil products from October as a precaution against any disruptions caused by Y2K. SOUTH KOREA -- If all testing of critical sector computer systems is completed successfully by August, South Korea will have finished 80 % of its preparedness program. AUSTRALIA -- Has spent nearly A$ 19 bn ($ 12.63 bn) to prevent Y2K problems. Remediation and internal testing of critical systems at banks and finance companies has been largely completed. Telecoms networks are more than 85 % compliant, with the remainder to be completed by the end of the third quarter. NEW ZEALAND -- A government report on Y2K readiness released in February says many key departments including medical, police, defence and civil aviation have not done enough to prepare. A government report on Y2K readiness released on June 4 said state-owned power, media and postal firms with a high degree of exposure to Y2K problem have reached an appropriate stage of readiness." --------------------------------------------------------------------------