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Technology Stocks : Y2K (Year 2000) Stocks: An Investment Discussion -- Ignore unavailable to you. Want to Upgrade?

To: Risky Business who wrote (8516)	12/23/1997 4:01:00 PM
From: Risky Business	Respond to of 13949

Millennium bug is Asian time bomb By Grant Butler, Bangkok Australian organisations with operations or partners in South-East Asia are expected to encounter severe difficulties as the 2000 computer bug sweeps across the poorly prepared region. The vice-president of the Thai Management Association Arporna Sribhibhadt last week was among those in the region urging businesses to do more to address the looming "Y2K" problem. Speaking at the "Year 2000 Trans-century IT Time Bomb conference" in Bangkok, Mr Sribhibhadt said that 90 per cent of all applications would be affected by year 2000 issues and that the cost of addressing the problem would double year on year until the turn of the century. Mr Sribhibhadt added that some systems would fail by January 1, 1999 and September 9, 1999. Thailand's major corporations would face bills of $50m to $100m and its medium-sized companies $3.6m to $4.8m. And Mr Phil Dodd, vice-president of Unisys' year 2000 business in Asia and the South Pacific, said: "The year 2000 problem and the domino effect that will be evidenced in supply chain breakdowns will make the currency crisis appear as a mere blip." Mr Dodd said that following talks with the Thai Government he believed that at least one of the country's "major public infrastructure" systems would fail by 2000. While not prepared to say which one, Mr Dodd said: "It's an old system that was written 15 years ago by a consortium that no longer exists." Mr Sribhibhadt's call to action comes as most Thai businesses are fully focused on the devaluation of the baht, which has fallen by more than 70 per cent against the US dollar in the past few months. "Most of the banks are focused on the currency crisis and don't want to have to discuss any more bad news," Mr Dodd said. A September survey by the PA Consulting Group found relatively high levels of awareness of the "Y2K" issue among Asian senior managers.