1960 Economy & Business Events — Verified Historical Highlights
1960 Economy & Business Events — Verified Historical Highlights | TakeMeBack.to
- 01 Jan Bank of France Issues New Franc: The Bank of France introduced a new franc currency, valued at 100 times the previous franc, as part of monetary reforms to stabilize the economy.
- 04 Jan European Free Trade Association established: The European Free Trade Association (EFTA) was established on January 4, 1960, as an intergovernmental organization to promote free trade and economic integration between European countries. source: en.wikipedia.org
- 14 Jan Establishment of Reserve Bank of Australia: On January 14, 1960, the Reserve Bank of Australia was established, taking over the role of central bank from the Commonwealth Bank of Australia. source: rba.gov.au
- 29 Jan Establishment of the Reserve Bank of Australia: The Reserve Bank of Australia was established on January 29, 1960, as the country's central bank. It plays a crucial role in monetary policy and financial stability in Australia. source: rba.gov.au
- 13 Feb Soviet-Cuban economic agreement: On February 13, 1960, the Soviet Union and Cuba signed a significant economic agreement, strengthening their ties during the Cold War. This agreement facilitated Soviet support for Cuba's economy and military. source: britannica.com
- 02 Apr Cuba purchases oil from Soviet Union: On April 2, 1960, Cuba finalized an agreement to purchase oil from the Soviet Union, marking a significant shift in its economic relations. This deal was part of Cuba's broader alignment with the Soviet bloc during the Cold War. source: reuters.com
- 27 Apr European Free Trade Association Established: The European Free Trade Association (EFTA) was founded on April 27, 1960, promoting economic cooperation and trade liberalization among European nations outside the European Economic Community.
- 04 May US-India grain agreement signed: On May 4, 1960, the United States and India signed a grain agreement to facilitate food aid and agricultural cooperation. This agreement was part of broader efforts to strengthen bilateral relations during the Cold War. source: state.gov
- 19 May Belgian Labor Rights Legislation: The Belgian parliament passed legislation mandating a mandatory rest day for self-employed workers, representing a significant step in labor rights and worker protection for independent professionals.
- 09 Jun BC Ferries Inaugural Service Begins: The BC Ferries company launched its first service between Tsawwassen and Swartz Bay in British Columbia, Canada. This marked the beginning of what would become the second-largest ferry operator in the world, significantly improving transportation infrastructure in the region.
- 27 Jun Rotterdam-Ruhrgebied Oil Pipeline Opens: A major oil pipeline connecting Rotterdam and the Ruhrgebied (Ruhr region) in Germany was inaugurated, enhancing energy infrastructure and facilitating more efficient petroleum transportation between these key industrial zones.
- 30 Jun US stops sugar import from Cuba: On June 30, 1960, the United States announced a halt to sugar imports from Cuba, a significant economic measure amid rising tensions between the two nations. This decision was part of a series of actions taken by the U.S. government in response to Cuba's nationalization of American-owned properties. source: britannica.com
- 16 Jul Denmark introduces value added tax: On July 16, 1960, Denmark implemented a value-added tax (VAT) system, becoming one of the first countries to do so. This tax reform aimed to modernize the tax system and improve revenue collection. source: britannica.com
- 22 Jul Cuba nationalizes US sugar factories: On July 22, 1960, Cuba announced the nationalization of all U.S. sugar factories, escalating tensions between the U.S. and Cuba. This move was part of a broader strategy by Fidel Castro's government to assert control over the economy and reduce foreign influence. The nationalization led to significant economic repercussions and contributed to the deterioration of U.S.-Cuba relations. source: britannica.com
- 25 Jul Federal Reserve adjusts margin requirements: On July 25, 1960, the Federal Reserve announced adjustments to margin requirements for securities transactions. This decision aimed to stabilize the financial markets and control speculative trading. The changes reflected the Fed's ongoing efforts to manage economic conditions and maintain market integrity. source: federalreserve.gov
- 28 Jul German Volkswagen Act enacted: The Volkswagen Act was enacted on July 28, 1960, in Germany, aimed at restructuring the Volkswagen company and ensuring its financial stability. This legislation was part of broader economic reforms in post-war Germany to support the automotive industry. source: britannica.com
- 06 Aug Cuba nationalizes foreign properties: On August 6, 1960, the Cuban government, led by Fidel Castro, announced the nationalization of all foreign-owned properties in Cuba. This move was part of a broader effort to consolidate power and implement socialist reforms. source: en.wikipedia.org
- 29 Aug Pennsylvania Railroad Workers' Strike: Disgruntled railroad workers initiated a historic shutdown of the Pennsylvania Railroad, marking the first complete operational halt in the company's history. The strike lasted two days and highlighted labor tensions in the transportation industry.
- 08 Sep Formation of OPEC: On September 8, 1960, the Organization of the Petroleum Exporting Countries (OPEC) was founded in Baghdad, Iraq. This organization aimed to coordinate and unify petroleum policies among member countries to secure fair and stable prices for petroleum producers. source: britannica.com
- 10 Sep OPEC Foundation Conference in Baghdad: The Organization of the Petroleum Exporting Countries (OPEC) was founded on September 10, 1960, in Baghdad, Iraq. This conference marked the establishment of a coalition of oil-producing nations aimed at coordinating and unifying petroleum policies. source: britannica.com
- 15 Sep Cuba nationalizes tobacco industry: On September 15, 1960, the Cuban government announced the nationalization of the tobacco industry, a significant move in the context of the country's broader economic reforms following the revolution. source: bbc.com
- 17 Sep Cuba Nationalizes American Banks: On September 17, 1960, the Cuban government announced the nationalization of all American-owned banks operating in the country. This move was part of a series of actions that led to the deterioration of U.S.-Cuba relations.
- 24 Sep International Development Association established: The International Development Association (IDA) was established on September 24, 1960, as part of the World Bank Group. Its primary goal is to provide interest-free loans and grants to the world's poorest countries, aiming to reduce poverty and promote sustainable development. source: britannica.com
- 30 Sep West Germany-East Germany trade agreement: On September 30, 1960, West Germany and East Germany signed a trade agreement aimed at facilitating economic exchanges between the two states. This agreement was part of broader efforts to stabilize relations during the Cold War. source: britannica.com
- 14 Oct Discovery of Groningen Gas Field: On October 14, 1960, the Groningen gas field was discovered in the Netherlands, marking one of the largest natural gas fields in the world. This discovery significantly impacted the global energy market and the Dutch economy. source: rijksoverheid.nl
- 20 Oct Gold market volatility: On October 20, 1960, the gold market experienced significant volatility, influenced by various economic factors including inflation and currency fluctuations. This period marked a time of uncertainty in global financial markets, impacting gold prices and investor confidence. The fluctuations were closely monitored by economists and investors alike. source: reuters.com
- 25 Oct Cuba nationalizes US businesses: On October 25, 1960, the Cuban government, led by Fidel Castro, announced the nationalization of all U.S.-owned businesses in Cuba. This move was part of a series of actions taken by the Cuban government to assert its sovereignty and reduce foreign influence on the island. source: britannica.com
- 01 Nov Benelux Economic Treaty Activated: The Benelux Economic Union, comprising Belgium, the Netherlands, and Luxembourg, was established to promote economic integration among the three countries. The treaty was activated on November 1, 1960, aiming to create a common market and customs union to enhance economic cooperation. source: en.wikipedia.org
- 09 Nov Robert McNamara becomes first non-Ford president: On November 9, 1960, Robert McNamara was appointed president of the Ford Motor Company, becoming the first individual outside the Ford family to hold this position. His leadership was instrumental in modernizing the company's operations and expanding its market presence. source: encyclopedia.com
- 14 Nov Formation of OPEC: On November 14, 1960, the Organization of the Petroleum Exporting Countries (OPEC) was founded in Baghdad, Iraq, by five oil-producing countries: Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. The organization aimed to coordinate and unify petroleum policies among member countries to secure fair and stable prices for petroleum producers. source: en.wikipedia.org
- 28 Nov African and Malagasy Organisation for Economic Cooperation Established: In December 1960, the African and Malagasy Organisation for Economic Cooperation (OAMCE) was founded, aiming to promote economic collaboration and development among African nations in the post-colonial era.
- 30 Nov DeSoto automobile brand discontinued: Chrysler Corporation announced the discontinuation of the DeSoto brand on November 18, 1960, with production ceasing on November 30, 1960. This decision was influenced by declining sales and internal market competition. The last DeSoto vehicle produced was a turquoise and white two-door hardtop. source: autonews.com
- 12 Dec Central American Common Market Established: On December 12, 1960, the Central American Common Market (CACM) was established by Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua. The CACM aimed to promote economic integration and development among the member countries by reducing trade barriers and fostering regional cooperation. source: en.wikipedia.org
- 14 Dec OECD formation: On December 14, 1960, the Convention on the Organisation for Economic Co-operation and Development (OECD) was signed in Paris, transforming the Organisation for European Economic Co-operation (OEEC) into the OECD. source: oecd.org
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