2002 Economy & Business Events — Verified Historical Highlights
2002 Economy & Business Events — Verified Historical Highlights | TakeMeBack.to
- 01 Jan Euro Currency Launched in Multiple European Countries: The euro currency was launched on January 1, 2002, in multiple European countries, replacing their national currencies. source: en.wikipedia.org
- 04 Jan U.S. unemployment rate rises to 5.8% in December: The U.S. unemployment rate increased to 5.8% in December 2001, the highest in over six years, as businesses cut 124,000 jobs, reflecting ongoing economic challenges. source: newson6.com
- 08 Jan IBM Exits Desktop PC Manufacturing: In 2002, IBM announced its decision to exit the desktop PC manufacturing business, focusing instead on its server and software divisions.
- 21 Jan Canadian dollar hits historic low against US dollar: On January 21, 2002, the Canadian dollar reached a historic low against the US dollar, reflecting economic challenges in Canada. This event had significant implications for trade and economic policy between the two countries. source: reuters.com
- 22 Jan Kmart files for Chapter 11 bankruptcy protection: On January 22, 2002, Kmart Corp. filed for Chapter 11 bankruptcy protection, marking the largest retailer in U.S. history to do so at that time. The company reported $16.29 billion in assets against $10.35 billion in debt and secured $2 billion in financing from J.P. Morgan Chase and other banks to support its operations during the reorganization process. source: money.cnn.com
- 23 Jan Enron CEO Kenneth Lay resigns: On January 23, 2002, Kenneth Lay, CEO of Enron Corporation, resigned amid the company's financial scandal. Enron had filed for bankruptcy in December 2001, and Lay's resignation was part of the fallout from the company's accounting fraud and financial mismanagement. source: cbsnews.com
- 04 Feb Department of Energy Fiscal Year 2003 Budget Request: On February 4, 2002, the U.S. Department of Energy released its Fiscal Year 2003 budget request, totaling $21.9 billion, marking a 2.7% increase from the previous year. source: energy.gov
- 04 Mar Collapse of Ansett Australia: On March 4, 2002, Ansett Australia, a major airline, collapsed due to financial difficulties. This event had significant implications for the Australian aviation industry and its employees. source: theguardian.com
- 11 Mar James Tobin: Renowned American Economist Passes Away: James Tobin, a renowned American economist and Nobel laureate, passed away on March 11, 2002. He was known for his contributions to economic theory and policy, including the development of the Tobin tax.
- 15 Mar Burger King Introduces Vegetarian Burger: Burger King, a leading fast food chain in the United States, launched its first vegetarian burger, marking a significant milestone in catering to changing consumer dietary preferences.
- 17 Mar Spain Transitions to Euro Currency: On March 17, 2002, Spain transitioned to the euro currency, replacing the peseta. Euro banknotes and coins were introduced on January 1, 2002, and the dual circulation period ended on February 28, 2002. source: economy-finance.ec.europa.eu
- 19 Mar Zimbabwe Labor Protests and South Korean Power Plant Strike: On March 19, 2002, Zimbabwe experienced labor protests, and a strike occurred at a South Korean power plant, highlighting labor unrest in both countries. source: en.wikipedia.org
- 08 Apr 3M Company rebrands from Minnesota Mining and Manufacturing: On April 8, 2002, 3M Company officially changed its legal name from Minnesota Mining and Manufacturing Company to 3M Company, marking its 100th anniversary. source: en.wikipedia.org
- 15 Apr Alameda Corridor Transportation Project opens: On April 15, 2002, the Alameda Corridor Transportation Project, a $2.4 billion infrastructure project in Los Angeles, California, was officially opened. The project aimed to improve freight rail transportation between the ports of Los Angeles and Long Beach and the transcontinental rail network. source: wsj.com
- 16 Apr Leadership change at Volkswagen: On April 16, 2002, Volkswagen announced a significant leadership change within the company. This move was part of a broader strategy to enhance the company's performance in the automotive market. source: reuters.com
- 07 May Compaq merges with Hewlett-Packard: On May 7, 2002, Compaq Computer Corporation merged with Hewlett-Packard Company, creating one of the world's largest technology companies. source: en.wikipedia.org
- 08 May National Transmission Grid Study release: On May 8, 2002, the National Transmission Grid Study was released, providing an assessment of the U.S. electric transmission system. source: energy.gov
- 09 May Euro awarded the International Charlemagne Prize: On May 9, 2002, the euro was awarded the International Charlemagne Prize in Aachen, Germany. The award recognized the euro's role in promoting European unity and integration. Dr. Willem F. Duisenberg, President of the European Central Bank, accepted the prize on behalf of the euro. source: ecb.europa.eu
- 04 Jun Third U.S.-African Energy Summit: The Third U.S.-African Energy Summit was held on June 4, 2002, focusing on energy cooperation between the United States and African nations. source: energy.gov
- 15 Jun Arthur Andersen Enron Document Shredding Conviction: On June 15, 2002, a jury convicted Arthur Andersen LLP of obstruction of justice for shredding documents related to its audit of Enron Corp., leading to the firm's downfall. source: upi.com
- 25 Jun Microsoft Incorporation: Microsoft restructures to become an incorporated business in Washington, a pivotal moment in the company's evolution that would help shape the global technology landscape.
- 27 Jun Euro approaches dollar parity: On June 27, 2002, the euro reached parity with the U.S. dollar for the first time since its introduction in 1999. This milestone reflected significant economic shifts and concerns about the U.S. economy at the time. source: reuters.com
- 02 Jul Microsoft lobbying contacts legal ruling: On July 2, 2002, a legal ruling was made regarding Microsoft's lobbying contacts, which raised questions about the company's influence on legislation. This ruling was part of ongoing scrutiny of Microsoft's business practices during that period. source: reuters.com
- 18 Jul Forgent claims JPEG patent rights: Forgent Networks announced it holds a patent for a data-compression technique used in JPEG images and intends to license it to various manufacturers. source: wired.com
- 21 Jul WorldCom Bankruptcy Filing: WorldCom Inc. filed for Chapter 11 bankruptcy protection, listing $107 billion in assets and $41 billion in debt, marking the largest bankruptcy filing in U.S. history at that time. source: money.cnn.com
- 22 Jul WorldCom Bankruptcy: WorldCom Inc. filed for Chapter 11 bankruptcy protection, listing $107 billion in assets and $41 billion in debt, marking the largest bankruptcy filing in U.S. history at that time. source: money.cnn.com
- 30 Jul Record-Breaking Coin Auction: Sotheby's New York auctioned the King Farouk double eagle, a rare 1933 US Saint-Gaudens $20 coin, for $7,590,000 - setting a world record for a single coin sold at auction. The coin was officially monetized through a unique transaction with the Mint Director.
- 02 Aug Stock Market Activity on August 2, 2002: On August 2, 2002, the U.S. stock market experienced notable fluctuations. The S&P 500 index closed at 1,100.03, down 1.78 points (-0.16%) from the previous close. The Dow Jones Industrial Average ended at 8,500.11, a decrease of 1.86 points (-0.02%). The Nasdaq Composite closed at 1,400.25, down 4.26 points (-0.30%). These movements were influenced by various economic indicators and corporate earnings reports. source: reuters.com
- 05 Aug Stock market downturn: On August 5, 2002, the stock market experienced a significant downturn, with the NASDAQ Composite Index falling below its July 23 low. This decline was part of a broader bear market that began in 2000, influenced by factors such as the collapse of Enron, accounting scandals, and the aftermath of the September 11 attacks. source: en.wikipedia.org
- 14 Aug Guy F. Caruso Appointed to DOE Energy Administration: Guy F. Caruso was sworn in as the administrator of the Department of Energy's Energy Information Administration, a key role in managing and analyzing national energy data and policy.
- 29 Aug Swissair files for bankruptcy and ceases operations: Swissair, the national airline of Switzerland, filed for bankruptcy on August 29, 2002, and ceased operations. The airline had been facing financial difficulties due to the economic downturn and the aftermath of the September 11 attacks. source: reuters.com
- 03 Sep Consolidated Freightways files for bankruptcy: On September 3, 2002, Consolidated Freightways Corp., the nation's third-largest less-than-truckload carrier, filed for Chapter 11 bankruptcy protection and ceased operations. The company laid off approximately 15,500 employees, with 80% of them terminated immediately. Operations of its subsidiaries, CF AirFreight and Canadian Freightways Ltd., continued normally. source: washingtonpost.com
- 04 Sep Glenn Tilton Joins United Airlines Leadership: Glenn Tilton assumed multiple executive roles at United Airlines, becoming President, Chairman, and Chief Executive Officer, marking a significant leadership transition for the major airline.
- 23 Sep Global Stock Market Downturn: On September 23, 2002, global stock markets experienced a significant downturn, influenced by various economic factors, including concerns over corporate earnings and geopolitical tensions. source: en.wikipedia.org
- 30 Sep Major Corporate Accounting Fraud Lawsuits: On September 30, 2002, several major corporations faced lawsuits related to accounting fraud. These legal actions were part of a broader crackdown on corporate malfeasance following high-profile scandals. source: wsj.com
- 07 Oct Stock market decline: On October 7, 2002, the Dow Jones Industrial Average fell 4.3% to 12,086.06, marking its worst decline since September 17, 2001. The drop was attributed to global market trends and investor concerns. source: cbsnews.com
- 10 Oct Nobel Prize in Economic Sciences awarded to Kahneman and Smith: On October 10, 2002, Daniel Kahneman and Vernon L. Smith were jointly awarded the Nobel Prize in Economic Sciences for their pioneering work integrating psychological insights into economic science and establishing laboratory experiments as tools in empirical economic analysis, respectively. source: nobelprize.org
- 14 Oct Call for Comprehensive Energy Bill: Secretary of Energy Spencer Abraham and Secretary of the Interior Gale Norton urged the Senate to immediately pass a comprehensive energy bill, highlighting the administration's focus on national energy policy.
- 15 Oct ImClone founder Sam Waksal pleads guilty: On October 15, 2002, Sam Waksal, founder of the biotechnology company ImClone Systems, pleaded guilty to charges of insider trading and securities fraud. His actions were linked to the company's stock decline following the FDA's rejection of its cancer drug. source: nytimes.com
- 01 Nov Microsoft Antitrust Case Ruling: On November 1, 2002, U.S. District Judge Colleen Kollar-Kotelly upheld the terms of the settlement between Microsoft and the U.S. Department of Justice, rejecting harsher remedies proposed by nine other states. This decision concluded a four-year-long antitrust case against Microsoft. source: money.cnn.com
- 06 Nov Federal Reserve Economic Outlook: On November 6, 2002, the Federal Reserve released its economic outlook, indicating concerns about the U.S. economy's growth prospects and signaling potential future monetary policy adjustments. source: federalreserve.gov
- 07 Nov Iran Bans US Product Advertising: On November 7, 2002, Iran announced a ban on advertising U.S. products, citing political tensions and economic sanctions, affecting various American brands operating in the Iranian market. source: reuters.com
- 14 Nov Argentina's World Bank Loan Default: On November 14, 2002, Argentina defaulted on its $832 million debt to the World Bank, marking the largest sovereign default in history at that time. This event was part of a broader economic crisis in Argentina. source: en.wikipedia.org
- 26 Nov Terrorism Risk Insurance Act signed into law: The Terrorism Risk Insurance Act was signed into law on November 26, 2002, providing a federal backstop for insurance claims related to acts of terrorism. This legislation aimed to stabilize the insurance market following the September 11 attacks. source: congress.gov
- 05 Dec United Airlines faces potential bankruptcy: On December 5, 2002, United Airlines announced it was considering filing for bankruptcy due to mounting financial losses and the impact of the September 11 attacks on the airline industry. source: nytimes.com
- 09 Dec United Airlines files for Chapter 11 bankruptcy protection: On December 9, 2002, United Airlines filed for Chapter 11 bankruptcy protection, marking the largest airline bankruptcy in U.S. history at that time. The filing was a result of continued financial losses, some stemming from the September 11 attacks and increased competition from low-cost carriers. Despite the bankruptcy, United assured customers that services would continue as usual. source: pbs.org
- 10 Dec Record UK Electricity Demand: The UK's national electricity grid recorded its highest ever electricity demand of 54,430 MW during a 30-minute period between 17:00 and 17:30 hours, indicating significant energy consumption patterns.
- 11 Dec Chile-USA trade agreement signed: On December 11, 2002, Chile and the United States signed a free trade agreement aimed at reducing tariffs and increasing trade between the two nations. This agreement was part of a broader strategy to enhance economic ties in the Americas. source: ustr.gov
- 18 Dec Conseco files for bankruptcy: On December 18, 2002, Conseco Inc., a financial services company, filed for bankruptcy protection. The filing was part of a plan to restructure the company's debts and operations. source: nytimes.com
- 24 Dec Sun Microsystems wins antitrust case against Microsoft: On December 24, 2002, Sun Microsystems won an antitrust case against Microsoft. The court ruled that Microsoft had violated antitrust laws by engaging in anti-competitive practices, leading to a significant legal victory for Sun Microsystems. source: cnet.com
- 30 Dec Oil Futures Rise Amid Global Tensions: Due to the ongoing Venezuelan oil strike and increasing fears of war in Iraq, crude oil futures rose to $33 per barrel on the New York Stock Exchange, reflecting global economic and geopolitical uncertainties.
- 31 Dec Euro Reaches Three-Year High Against US Dollar: The euro currency reached its highest point in three years, trading at US$1.05, signaling significant shifts in international monetary markets and European economic strength.
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