1991 Economy & Business Events — Verified Historical Highlights
1991 Economy & Business Events — Verified Historical Highlights | TakeMeBack.to
- 18 Jan Eastern Airlines Ceases Operations: Eastern Airlines, a historic American carrier, went out of business after 62 years of operation due to severe financial difficulties, marking the end of a significant era in U.S. commercial aviation.
- 23 Jan Soviet Currency Withdrawal: High-denomination banknotes were officially withdrawn from circulation in the Soviet Union, marking a significant economic transition during the country's final years.
- 02 Feb United States postal rate increase: On February 2, 1991, the United States Postal Service implemented a significant increase in postal rates. This change affected mailing costs for letters and packages, prompting discussions about the sustainability of postal services. The increase was part of broader financial adjustments within the USPS. source: washingtonpost.com
- 04 Feb US Postal Rate Increase: The United States Postal Service raised the cost of first-class postage from 25 cents to 29 cents, reflecting ongoing inflation and operational costs.
- 09 Feb Wally Joyner Wins Record Salary Arbitration: Baseball player Wally Joyner successfully won a record $2.1 million salary arbitration, setting a significant precedent in professional sports contract negotiations.
- 04 Mar BCCI Divests First American Bank: The Bank of Credit and Commerce International (BCCI) divests itself of First American National Bank, a significant financial transaction during a tumultuous period for the international banking institution.
- 09 Mar Canadian Lottery Jackpot Win: A single lottery ticket wins the CDN$13.2 million Lotto 6/49 jackpot in Canada.
- 16 Mar New York Lotto Pays Record Jackpot: The New York Lottery awarded a massive $33.3 million jackpot to a single winner, with the winning numbers being 18-21-32-33-35-38.
- 24 Mar Mercosur trade agreement signed: On March 24, 1991, the founding countries of Argentina, Brazil, Paraguay, and Uruguay signed the Treaty of Asunción, establishing the Southern Common Market (Mercosur). This agreement aimed to promote free trade and economic integration among member states. source: mercosur.int
- 26 Mar Mercosur Treaty signing: The Mercosur Treaty was signed on March 26, 1991, establishing a regional trade bloc in South America. The agreement aimed to promote free trade and economic integration among Argentina, Brazil, Paraguay, and Uruguay. source: mercosur.int
- 01 Apr US Minimum Wage Increase: The United States federal minimum wage increased from $3.80 to $4.25 per hour, reflecting ongoing economic adjustments to support workers' living standards.
- 02 Apr Soviet economic crisis of 1991: On April 2, 1991, the Soviet Union faced a severe economic crisis characterized by shortages of goods and rising inflation. This crisis was a precursor to the eventual dissolution of the Soviet Union later that year. source: britannica.com
- 07 Apr George Washington Bridge Toll Increase: The toll for crossing the George Washington Bridge was raised from $3.00 to $4.00, reflecting ongoing infrastructure and transportation cost adjustments.
- 08 Apr MLB umpires labor agreement: On April 8, 1991, Major League Baseball (MLB) umpires ratified a new labor agreement, ending a contentious dispute that had led to the first umpire strike in MLB history. The agreement addressed issues such as salary increases, improved working conditions, and job security, ensuring the resumption of regular umpire operations for the remainder of the season. source: nytimes.com
- 14 Apr European Bank for Reconstruction and Development inauguration: The European Bank for Reconstruction and Development (EBRD) was officially inaugurated in London, aimed at fostering the transition to market economies in Eastern Europe and the former Soviet Union. This marked a significant step in European economic cooperation post-Cold War. source: ebrd.com
- 15 Apr East-Europe Bank Established in London: The East-Europe Bank was formed in London, potentially signaling new financial opportunities and economic cooperation in the post-Cold War era.
- 16 Apr Volkswagen acquires 31% stake in Škoda Auto: On April 16, 1991, Volkswagen AG acquired a 31% stake in Škoda Auto, marking the beginning of their partnership. This acquisition was part of a broader agreement signed on March 28, 1991, which outlined the integration of Škoda Auto into the Volkswagen Group. source: volkswagen-group.com
- 17 Apr Dow Jones Industrial Average surpasses 3,000 points: On April 17, 1991, the Dow Jones Industrial Average closed above the 3,000-point mark for the first time, reflecting strong investor confidence in the U.S. economy. source: wsj.com
- 15 Jun Arthur Lewis: Nobel Laureate Economist: Sir Arthur Lewis, a Saint Lucian economist renowned for his contributions to development economics, passed away on June 15, 1991. He was awarded the Nobel Prize in Economic Sciences in 1979 for his pioneering research into economic development. source: nobelprize.org
- 28 Jun Dissolution of COMECON: On June 28, 1991, the Council for Mutual Economic Assistance (COMECON) was officially dissolved, marking the end of an era of economic cooperation among Eastern Bloc countries. This event reflected the broader political changes occurring in Eastern Europe at the time. source: bbc.com
- 29 Jun Record Canadian lottery win announced: On June 29, 1991, it was reported that a Canadian lottery winner claimed a record jackpot of $1 million. This win marked a significant moment in Canadian lottery history, drawing attention to the popularity of lottery games in the country. The winner's identity was kept confidential, as is customary in many lottery systems. source: cbc.ca
- 15 Jul Chemical Banking Corp. and Manufacturers Hanover Corp. announce largest bank merger in U.S. history: Chemical Banking Corp. and Manufacturers Hanover Corp. announced a merger creating the nation's second-largest bank holding company, with combined assets of approximately $135 billion. The merger was valued at about $1.9 billion, making it the largest in U.S. banking history at that time. source: upi.com
- 24 Jul India's economic liberalization begins: On July 24, 1991, India initiated significant economic reforms, marking the beginning of its economic liberalization process. source: imf.org
- 25 Jul US Treasury introduces advanced anti-counterfeiting features: The U.S. Treasury Department unveiled a new $100 bill featuring a polyester security thread and microprinting to combat advanced counterfeiting technologies. source: latimes.com
- 29 Jul BCCI indicted on fraud charges: On July 29, 1991, the New York District Attorney indicted the Bank of Credit and Commerce International (BCCI) on charges of fraud, money laundering, and larceny. The indictment alleged that BCCI had defrauded depositors by falsely representing itself as a solvent institution, leading to losses exceeding $30 million. The bank was accused of falsifying records and engaging in a multibillion-dollar scheme to deceive depositors and financial institutions. source: washingtonpost.com
- 10 Oct Greyhound bus resolves financial crisis: On October 10, 1991, Greyhound Lines announced a resolution to its financial crisis, which had threatened the company's operations. This resolution involved restructuring efforts aimed at stabilizing the company and ensuring continued service. source: nytimes.com
- 11 Oct Rare Corvette ZL-1 Sold at Auction: At a government auction near Kennedy Space Center in Florida, Roger Judski purchases a rare 1969 Corvette with a ZL-1 engine for US$300,000. This is the only documented Corvette ZL-1 in existence, making it an extraordinary collector's item.
- 22 Oct General Motors reports significant financial loss: General Motors announced a substantial financial loss for the third quarter of 1991, reflecting the challenges faced by the automotive industry during an economic downturn. source: nytimes.com
- 24 Oct Energy Policy Act of 1992 signed into law: On October 24, 1991, the Energy Policy Act of 1992 was signed, aiming to address energy production and consumption in the United States. This legislation included provisions for energy efficiency, renewable energy, and energy conservation. source: congress.gov
- 28 Oct Russia lifts price controls: On October 28, 1991, Russia lifted price controls on most goods, marking a significant shift towards a market economy. This move was part of a broader economic reform program aimed at transitioning from a centrally planned economy to a market-oriented one. source: reuters.com
- 05 Nov Death of Media Mogul Robert Maxwell: British media tycoon Robert Maxwell was found dead off the coast of Tenerife under mysterious circumstances. His death raised numerous questions about his complex business dealings and financial practices, which would later be revealed to involve significant fraud and embezzlement.
- 15 Nov Significant stock market decline: On November 15, 1991, the Dow Jones Industrial Average experienced a sharp decline of 120.31 points, closing at 2,943.20. This marked the steepest drop in two years, attributed to concerns about the economy and the banking crisis. source: washingtonpost.com
- 24 Nov First International Flight from MacArthur Airport: Long Island's MacArthur Airport launched its first international flight to Mexico, marking an important milestone in the airport's expansion of services.
- 01 Dec Pan Am Ceases Operations: Pan American World Airways, once a pioneering and iconic global airline, ended its operations after decades of international service, symbolizing significant changes in the global aviation industry.
- 04 Dec Pan Am airline ceases operations: On December 4, 1991, Pan American World Airways, commonly known as Pan Am, ceased operations after years of financial difficulties. This marked the end of an era for one of the most iconic airlines in aviation history. source: nytimes.com
- 05 Dec Charles Keating Jr. convicted: On December 5, 1991, Charles Keating Jr., former chairman of Lincoln Savings and Loan Association, was convicted on multiple counts of fraud and conspiracy. The conviction was part of the aftermath of the savings and loan crisis, where Keating's actions led to significant financial losses for investors and taxpayers. source: nytimes.com
- 11 Dec Maastricht Treaty: Foundation of the Euro: The Maastricht Treaty was signed, laying the groundwork for the European Union and the introduction of a single currency, the Euro. This treaty aimed to enhance economic and political integration among member states. source: europarl.europa.eu
- 12 Dec Maastricht Treaty signed: The Maastricht Treaty was officially signed on December 12, 1991, marking a significant step towards European integration. It established the European Union and set the stage for the Euro as a common currency. source: europarl.europa.eu
- 18 Dec General Motors announces major plant closures: On December 18, 1991, General Motors announced significant plant closures as part of a restructuring plan. This decision was influenced by declining sales and the need to improve efficiency within the company. source: nytimes.com
- 23 Dec Leadership change at New York Daily News: On December 23, 1991, the New York Daily News announced a significant leadership change, marking a new era for the newspaper. source: nytimes.com
- 31 Dec Dow Jones Industrial Average reaches record high: On December 31, 1991, the Dow Jones Industrial Average closed at a record high of 3,168.83 points, reflecting strong investor confidence during the early 1990s economic expansion. source: en.wikipedia.org
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