1999 Economy & Business Events — Verified Historical Highlights
1999 Economy & Business Events — Verified Historical Highlights | TakeMeBack.to
- 01 Jan Euro currency launch: On January 1, 1999, the euro was introduced as an accounting currency in 11 European Union countries, marking a significant step towards economic integration. Physical euro banknotes and coins were later introduced on January 1, 2002. source: consilium.europa.eu
- 15 Jan Brazil's financial crisis erupts: On January 15, 1999, Brazil faced a significant financial crisis marked by a sharp devaluation of its currency, the real. This event led to widespread economic instability and prompted the government to implement emergency measures to stabilize the economy. The crisis had lasting effects on Brazil's economic policies. source: brookings.edu
- 19 Jan British Aerospace and GEC Defence Merger: On January 19, 1999, British Aerospace announced its agreement to acquire General Electric Company's defense arm, Marconi Electronic Systems, for $12.75 billion, creating a new global aerospace and defense company. source: money.cnn.com
- 05 Feb Death of Wassily Leontief, Nobel Laureate Economist: Wassily Leontief, a Russian-born American economist renowned for his development of input-output analysis, died on February 5, 1999, in New York City at the age of 93. He was awarded the Nobel Prize in Economic Sciences in 1973 for his contributions to the field. source: washingtonpost.com
- 22 Feb Stock Market Activity: Stock market quotes and financial data were being tracked on this day, reflecting the ongoing economic activities and market trends of the late 1990s.
- 26 Feb Stock market snapshot: On February 26, 1999, the stock market experienced fluctuations influenced by various economic indicators and corporate earnings reports. Analysts noted a mixed performance across major indices, reflecting investor sentiment amid ongoing economic developments. This snapshot provided insights into market trends at the time. source: reuters.com
- 11 Mar Infosys lists on NASDAQ: On March 11, 1999, Infosys Technologies became the first Indian company to be listed on the NASDAQ stock exchange. This milestone marked a significant moment in the globalization of Indian IT companies. source: wsj.com
- 17 Mar Krupp and Thyssen merger completed: The merger between German industrial giants Krupp and Thyssen was finalized, creating one of the largest steel producers in the world. This consolidation aimed to enhance competitiveness in the global market and streamline operations. source: reuters.com
- 25 Mar Enron Energy Trading manipulation incident: On March 25, 1999, Enron's energy trading operations were implicated in manipulative practices that would later contribute to the company's infamous collapse. The incident raised significant concerns about regulatory oversight in energy markets. source: sec.gov
- 29 Mar Dow Jones crosses 10,000 mark: On March 29, 1999, the Dow Jones Industrial Average crossed the 10,000 mark for the first time. This milestone was significant in the context of the booming economy of the late 1990s. source: wsj.com
- 07 Apr WTO ruling on US-EU banana trade dispute: On April 7, 1999, the World Trade Organization authorized the United States to impose sanctions on European goods worth $191 million due to the EU's banana import regime favoring former colonies over Latin American producers. source: theguardian.com
- 08 Apr Bill Gates becomes first centibillionaire: In 1999, Bill Gates became the first person to reach a net worth exceeding $100 billion, briefly surpassing the $100 billion mark. source: en.wikipedia.org
- 03 May Dow Jones reaches 11,000 milestone: On May 3, 1999, the Dow Jones Industrial Average surpassed the 11,000-point mark, marking the fastest 1,000-point gain in its history at that time. This milestone was achieved just five weeks after the index first closed above 10,000 on March 29, 1999. source: money.cnn.com
- 07 Jul WTO Ministerial Conference collapses in Seattle: The World Trade Organization (WTO) Ministerial Conference in Seattle faced significant protests and disruptions, leading to its collapse. The event highlighted global opposition to certain trade policies and practices.
- 14 Jul Introduction of the Euro currency: On July 14, 1999, the Euro currency was introduced, marking a significant milestone in European economic integration. source: en.wikipedia.org
- 26 Jul Death of Trygve Haavelmo, renowned economist: Trygve Haavelmo, a Norwegian economist and Nobel laureate, passed away on July 26, 1999. He was known for his contributions to econometrics and the development of statistical methods in economics. His work laid the foundation for modern economic theory and analysis. source: theguardian.com
- 28 Jul Death of Trygve Haavelmo, renowned economist: Trygve Haavelmo, a distinguished economist and Nobel Prize winner, died on July 28, 1999. His work in econometrics and statistical methods has had a lasting impact on economic theory. He is remembered for his pioneering contributions to the field. source: theguardian.com
- 14 Aug Øresund Bridge completed, connecting Denmark and Sweden: The Øresund Bridge, a combined railway and motorway bridge, was completed on August 14, 1999, connecting Denmark and Sweden. It became a significant infrastructure project in the region. source: en.wikipedia.org
- 31 Aug Viacom and CBS Merger: Media giants Viacom and CBS complete a significant corporate merger, creating one of the largest media and entertainment conglomerates in the world, with substantial implications for the global media landscape.
- 07 Sep Viacom and CBS merger: On September 7, 1999, Viacom announced its merger with CBS, creating a major media conglomerate. source: nytimes.com
- 20 Sep Greek Stock Market Crash of 1999: On September 20, 1999, the Greek stock market experienced a significant crash, leading to substantial financial losses and economic instability in the country. source: reuters.com
- 07 Oct 1999 Connecticut State Quarter released: The 1999 Connecticut State Quarter, featuring the Charter Oak, was released as part of the 50 State Quarters Program by the U.S. Mint on October 7, 1999. source: en.wikipedia.org
- 02 Nov Hong Kong Disneyland Agreement Signed: On November 2, 1999, Hong Kong's Chief Executive, Tung Chee-hwa, announced an agreement with The Walt Disney Company to build a Disney theme park and resort in Hong Kong. The project aimed to boost tourism and the economy, with plans for a 1,400-room hotel and a retail, dining, and entertainment center at Penny's Bay on Lantau Island. The park was expected to open in 2005. source: info.gov.hk
- 12 Nov President Clinton's Financial Modernization Address: On November 12, 1999, President Bill Clinton delivered an address on financial modernization, discussing the administration's efforts to reform and modernize the financial sector. The speech highlighted initiatives aimed at enhancing the efficiency and competitiveness of the U.S. financial system. source: c-span.org
- 30 Nov Exxon and Mobil merger completed: On November 30, 1999, Exxon Corporation and Mobil Corporation completed their merger, creating Exxon Mobil Corporation, the world's largest publicly held oil company at the time. source: corporate.exxonmobil.com
- 02 Dec AlliedSignal Rebrands as Honeywell International: On December 2, 1999, AlliedSignal Inc. announced its rebranding as Honeywell International Inc., following its acquisition of Honeywell Inc. The merger combined two major industrial companies, creating a diversified technology and manufacturing firm. source: nytimes.com
- 03 Dec World Trade Conference Challenges: On December 3, 1999, the World Trade Organization (WTO) held its third ministerial conference in Seattle. The conference faced significant protests and challenges, highlighting global concerns over trade policies and their social impacts. source: nytimes.com
- 31 Dec Euro currency introduced in European Union: On December 31, 1998, the European Union fixed the irrevocable exchange rates for the euro, which became the official currency of 11 EU countries on January 1, 1999. This marked the beginning of a transition period, during which the euro existed only as an electronic currency for accounting purposes, with physical banknotes and coins introduced on January 1, 2002. source: ecb.europa.eu
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