Millennium bug "will slow the world economy down"

Article Abstract:

World GDP will fall by 0.3% a year given the expense of contending with the millennium bug and the likelihood of computer networks crashing in 2000. This view is put forward in a report by Oxford Economic Forecasting (OEF) which also predicts that the cumulative cost of the year 2000 issue in current figures in 6% of global GDP. Computer conversion costs are put at around US$ 450bn but only 30% is useful spending. Money spent on conversion will not be available for more productive uses and his will have an adverse impact on the economy, making it more susceptible to inflation and overheating. OEF also speculates that companies may decide to shut down for a week after the New Year and that infrastructure breakdown would be extremely expensive.

Comment:

World: GDP will fall by 0.3% a year given expense of contending w/ millennium bug & likelihood of computer network crash in 2000

Economic Views, Economic policy, Article

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MP3

Article Abstract:

There has been a significant rise in awareness of the MP3 format, which compresses audio files to allow them to be distributed over the Internet, since 1997. Those who are attracted to MP3 emphasize that it allows any performer with a website to distribute music across the world. In contrast, those who oppose MP3 claim that it stops artists benefiting financially from their works. MP3 is rapidly becoming the single standard for distributing musical files on an increasing number of websites.

Product standards, safety, & recalls, Standards, Computer software industry, Software industry, Internet, Internet software, Sound recording industry, Recording industry, Audio software

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WORLD: IEA CONCERN OVER CRUDE OIL PRICE

Article Abstract:

Fears over low levels of oil stocks were expressed by the International Energy Agency (IEA) which claimed on 9 November 2000 that crude prices remained on a hair trigger. The Paris-based research body noted that although OPEC is beginning to raise supply, refineries in the Western World may be unable to process the additional crude at the required rate. The IEA projected that worldwide demand in 2001 would be 77.6mn barrels per day on average, 2.6% more than this year.

Oil Products, Petroleum Refineries, Petroleum refining, Fuel oil industry, Petroleum products, International Energy Agency

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