1997 Economy & Business Events — Verified Historical Highlights
1997 Economy & Business Events — Verified Historical Highlights | TakeMeBack.to
- 04 Jan Death of Harry Helmsley, Real Estate Tycoon: Harry Helmsley, a prominent real estate tycoon, passed away on January 4, 1997. He was known for his significant contributions to the real estate industry.
- 16 Jan Microsoft Office 97 announced: Microsoft announced the immediate availability of Office 97, integrating intelligent applications with web capabilities. source: news.microsoft.com
- 19 Jan Record baseball contract for Ivan Rodriguez: On January 19, 1997, Major League Baseball catcher Ivan Rodriguez signed a record-breaking contract with the Texas Rangers, making him the highest-paid player in the league at that time. The deal was valued at $60 million over four years, setting a new standard for player salaries in baseball. source: baseball-reference.com
- 24 Jan PepsiCo disengages from Burma: On January 24, 1997, PepsiCo announced its decision to disengage from Burma (now Myanmar) due to concerns over human rights abuses in the country. The company ceased its operations and ended its joint venture with the Burmese government. source: nytimes.com
- 27 Jan Swiss Banks Holocaust Reparations: Switzerland's 'Big Three' banks establish a $71 million fund to support Holocaust survivors and their families, addressing historical financial accountability.
- 05 Feb Morgan Stanley and Dean Witter announce merger: On February 5, 1997, Morgan Stanley and Dean Witter announced their merger, creating one of the largest financial services firms in the world. This strategic move aimed to enhance their market position and service offerings. source: wsj.com
- 13 Feb Dow Jones Crosses 7,000 Milestone: On February 13, 1997, the Dow Jones Industrial Average closed at 7,022.44, surpassing the 7,000-point mark for the first time. This milestone was achieved amid a strong rally in technology stocks and marked the 11th new high for the Dow in 1997. source: money.cnn.com
- 24 Feb Qatar launches massive LNG export facility: On February 24, 1997, Qatar inaugurated a large liquefied natural gas (LNG) export facility, marking a significant development in the global energy market. This facility positioned Qatar as a key player in the LNG industry, enhancing its economic growth and international trade relations. The project was part of Qatar's broader strategy to diversify its economy. source: reuters.com
- 02 Mar Prince Al-Waleed bin Talal invests in Apple Computer: In March 1997, Saudi Prince Al-Waleed bin Talal purchased a 5% stake in Apple Computer Inc. for $115 million, making him the largest shareholder at that time. This investment was part of his strategy to acquire undervalued companies with strong brand recognition. source: morningstar.in
- 14 Mar Luby's Cafe CEO Tragedy: John Curtis Jr., president and CEO of Luby's Cafe, tragically dies by suicide at the age of 58, shocking the business community.
- 17 Mar Dow Jones Industrial Average major index reshuffling: On March 17, 1997, the Dow Jones Industrial Average underwent a significant reshuffling. Travelers Inc., Hewlett-Packard, Johnson & Johnson, and Walmart replaced Westinghouse Electric, Texaco, Bethlehem Steel, and F. W. Woolworth Company in the index. source: en.wikipedia.org
- 26 Mar Bre-X Gold Scandal Revelation: On March 26, 1997, it was revealed that Bre-X Minerals had falsified gold mining results in Indonesia, leading to one of the largest financial scandals in Canadian history. This revelation caused significant financial losses for investors. source: theglobeandmail.com
- 01 Apr Krupp and Thyssen Merger: On April 1, 1997, German steel companies Krupp and Thyssen merged to form ThyssenKrupp AG, creating one of the world's largest steel producers. source: en.wikipedia.org
- 02 Apr Albert Belle signs massive MLB contract: On April 2, 1997, Albert Belle signed a five-year, $55 million contract with the Chicago White Sox, making him the highest-paid player in baseball at the time. source: washingtonpost.com
- 08 Apr Record-breaking coin auction sale: On April 8, 1997, a record-breaking auction of rare coins took place, attracting significant attention from collectors and investors. The sale set new benchmarks for the value of collectible coins. source: coinworld.com
- 09 Apr NFL provides $3 million and marketing support to CFL: The National Football League (NFL) agreed to provide $3 million in cash and marketing assistance to the financially struggling Canadian Football League (CFL). This partnership aimed to bolster the CFL's financial stability and promote the sport among Canadian youth. source: washingtonpost.com
- 15 Apr AOL expands to Japan: America Online (AOL) announced its expansion into the Japanese market, marking a significant step in the globalization of internet services. This move aimed to tap into the growing demand for online connectivity in Japan. source: wsj.com
- 06 May Bank of England Gains Independence: On May 6, 1997, the Bank of England was granted operational independence from the government. This significant change allowed the Bank to set interest rates without political interference, aiming to enhance economic stability. source: theguardian.com
- 14 May Star Alliance formation: On May 14, 1997, the Star Alliance, a global airline network, was established to provide passengers with more seamless travel experiences across member airlines. source: en.wikipedia.org
- 27 May MLB Implements Revenue Sharing: Major League Baseball initiated its revenue sharing system, with the New York Yankees paying out approximately $28 million, marking a significant financial restructuring in professional sports.
- 04 Jun UN Security Council extends Iraq 'Oil-for-Food' program for 180 days: On June 4, 1997, the UN Security Council unanimously adopted Resolution 1111, extending the 'Oil-for-Food' program for an additional 180 days, beginning June 8, 1997. This program allowed Iraq to sell oil to finance humanitarian goods, aiming to alleviate the suffering of the Iraqi people under sanctions. source: press.un.org
- 12 Jun New US $50 bill introduced: On June 12, 1997, the U.S. Treasury and Federal Reserve unveiled a redesigned $50 bill featuring enhanced security measures and a large dark numeral for low-vision accessibility. The new notes were issued in the fall of 1997. source: home.treasury.gov
- 21 Jun McDonald's Protest Across North America and UK: Protesters organized simultaneous demonstrations at over 500 McDonald's locations in the United Kingdom and 30 in North America, distributing leaflets highlighting controversies surrounding the company's food practices and corporate policies.
- 02 Jul Thai Baht flotation triggers Asian Financial Crisis: On July 2, 1997, Thailand abandoned its fixed exchange rate, allowing the Thai Baht to float. This decision led to a rapid devaluation of the Baht, triggering a financial crisis that spread across Asia, causing significant economic turmoil in the region. source: bbc.com
- 10 Jul RJR Nabisco to replace Joe Camel ads: RJR Nabisco announced it would discontinue its Joe Camel advertising campaign, following criticism over targeting underage smokers. source: rferl.org
- 16 Jul Dow Jones Industrial Average crosses 8,000 milestone: On July 16, 1997, the Dow Jones Industrial Average crossed the 8,000 milestone, marking a significant achievement in the U.S. stock market. source: deseret.com
- 17 Jul F.W. Woolworth Company closes after 117 years: On July 17, 1997, Woolworth Corp. announced the closure of its 400 remaining five-and-dime stores in the United States, ending a 117-year era. This decision resulted in the layoff of approximately 9,200 employees and marked the end of the traditional five-and-dime retail format. The company cited ongoing operating losses and the inability to return to profitability as primary reasons for the closures. source: money.cnn.com
- 22 Jul Second Blue Water Bridge opens between Michigan and Ontario: The second span of the Blue Water Bridge, connecting Port Huron, Michigan, and Sarnia, Ontario, was officially opened to motor vehicle traffic on July 22, 1997. This new three-lane bridge, located just south of the original span, effectively doubled the capacity for international trade and travel across the St. Clair River. source: bluewaterbridge.com
- 23 Jul Swiss banks disclose Holocaust-era accounts: On July 23, 1997, Swiss banks announced the disclosure of accounts related to Holocaust victims, addressing long-standing concerns about the handling of such accounts during and after World War II. source: nytimes.com
- 30 Jul Boeing and McDonnell Douglas merger announced: On July 30, 1997, Boeing announced its merger with McDonnell Douglas, creating one of the largest aerospace companies in the world. This merger significantly impacted the aviation industry and market competition. source: reuters.com
- 01 Aug Steve Jobs returns to Apple after NeXT acquisition: On August 1, 1997, Apple Computer announced the acquisition of NeXT Software, founded by Steve Jobs. This acquisition led to Jobs' return to Apple, where he would eventually become the interim CEO and later the permanent CEO, marking a significant turning point for the company. source: wired.com
- 03 Aug Teamsters Union UPS strike begins: On August 3, 1997, the Teamsters Union initiated a strike against UPS, demanding better wages and working conditions. This strike became one of the largest in U.S. history, affecting package delivery nationwide. source: nytimes.com
- 29 Aug Netflix founded: Netflix was founded on August 29, 1997, by Reed Hastings and Marc Randolph in Scotts Valley, California. Initially, it started as a DVD rental service and later evolved into a leading streaming platform. source: netflix.com
- 04 Sep Last Ford Thunderbird rolls off assembly line: The last Ford Thunderbird was produced on September 4, 1997, marking the end of an era for the iconic American car. The Thunderbird had been in production since 1955 and was known for its distinctive design and performance. source: ford.com
- 08 Sep Steve Jobs returns to Apple as interim CEO: On September 8, 1997, Steve Jobs returned to Apple Computer as interim CEO, following the company's acquisition of NeXT, the company he founded after leaving Apple in 1985. source: en.wikipedia.org
- 16 Sep Steve Jobs returns to Apple as CEO: On 16 September 1997, Apple Computer announced that co-founder Steve Jobs had been named interim CEO, or 'iCEO', while the company searched for a permanent successor to Gil Amelio. Jobs had been serving as an advisor to Apple's management team for several months prior to this appointment. source: money.cnn.com
- 18 Sep Ted Turner's Massive UN Donation: On September 18, 1997, media mogul Ted Turner announced a historic $1 billion donation to the United Nations. This contribution was aimed at supporting various UN initiatives and programs. source: nytimes.com
- 06 Oct President Clinton utilizes line-item veto power: On October 6, 1997, President Bill Clinton exercised his line-item veto authority for the second time, striking 38 projects totaling $287 million from a military construction appropriations bill. This decision aimed to eliminate unnecessary expenditures and was part of the administration's efforts to reduce the federal budget deficit. source: edition.cnn.com
- 27 Oct US introduces enhanced $50 bill: On October 27, 1997, the United States introduced an enhanced $50 bill featuring new security features to deter counterfeiting. The redesigned bill included a larger portrait of Ulysses S. Grant and a security thread, marking a significant update in U.S. currency design. source: federalreserve.gov
- 08 Nov Eritrea Introduces National Currency: On November 8, 1997, Eritrea introduced its own national currency, the nakfa, replacing the Ethiopian birr. The nakfa was pegged to the US dollar at a rate of 1:1 and was named after the town of Nakfa, which was significant during Eritrea's struggle for independence. source: en.wikipedia.org
- 14 Nov Zimbabwe's Black Friday economic crisis: On November 14, 1997, Zimbabwe experienced a severe economic crisis known as Black Friday, marked by a dramatic devaluation of its currency. This event led to widespread inflation and economic instability in the country. source: theguardian.com
- 18 Nov Dow Jones Industrial Average reaches historic 7,000 milestone: The Dow Jones Industrial Average closed above 7,000 for the first time on November 18, 1997. This milestone was seen as a significant indicator of the economic boom of the late 1990s. source: wsj.com
- 29 Nov OPEC adjusts oil production ceiling: On November 29, 1997, OPEC announced a reduction in its oil production ceiling in response to falling oil prices. This decision aimed to stabilize the market and support oil prices amid increasing global supply. The adjustment reflected OPEC's ongoing efforts to manage oil production levels effectively. source: reuters.com
- 01 Dec Westinghouse Rebrands to CBS: Westinghouse Electric Corporation formally changed its corporate name to CBS, signaling a major corporate restructuring and brand transformation in the media and technology sector.
- 03 Dec South Korea Accepts International Economic Rescue Package: On December 3, 1997, South Korea and the International Monetary Fund (IMF) signed a three-year Stand-By Arrangement, marking the largest rescue package in IMF history at that time, totaling $58 billion. source: imf.org
- 23 Dec US child rearing cost estimation: On December 23, 1997, a report was released estimating the cost of raising a child in the United States. The findings highlighted the financial burden on families and sparked discussions about child welfare and economic policies. source: usda.gov
- 30 Dec Toyota Prius first hybrid vehicle launch: On December 30, 1997, Toyota launched the Prius, the world's first mass-produced hybrid vehicle. This marked a significant milestone in automotive history, promoting fuel efficiency and environmental sustainability. source: toyota-global.com
- 31 Dec Microsoft acquires Hotmail: On December 31, 1997, Microsoft announced its acquisition of Hotmail, a web-based email service. This acquisition marked a significant step in Microsoft's expansion into internet services and helped popularize webmail. source: microsoft.com
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