Y2K: Y2K Could Worsen Asian Crisis – Y2K report in the January 1999 edition of Business 2.0 – Industry Trend or Event
According to the Y2K report in the January 1999 edition of Business 2.0, with the exception of South Korea, 50% of Asian companies will suffer at least one mission critical system failure at the turn of the millenium. In most countries the number is closer to 66%. In Japan two to three million person-months of labor will be required to alleviate the bug on an economy wide basis. 98% 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. Watch 2K is a not-for-profit organization that follows the Y2K issue. A record of companies who have and have not resolved the Y2K issue is available to consumers free of charge at www.y2kalert.org. These companies are aggressively dealing with the Y2K issue and either are currently in compliance or will be compliant by the new millenium. However, other companies may not have addressed this issue. Concerned investors can visit www.y2kalert.org to access a database of over 9,000 publicly traded corporations and see where other companies stand in regard to Y2K. Watch 2K is a public information service and receives no compensation from any company discussed. The conclusions in this press release and on the site are derived from the companies in question and credible sources of information regarding these companies. The information is believed to be accurate as of the date of publication however its employees and directors hold no responsibility for the accuracy of statements and figures displayed.
COPYRIGHT 1999 EDGE Publishing
COPYRIGHT 2000 Gale Group
