2005 Economy & Business Events — Verified Historical Highlights

2005 Economy & Business Events — Verified Historical Highlights | TakeMeBack.to

01 Jan Turkey's currency reform initiated: In 2005, Turkey implemented a significant currency reform, introducing the New Turkish Lira to replace the old lira at a rate of 1 New Lira for 1,000,000 old lira. This reform aimed to stabilize the economy and reduce inflation, which had plagued Turkey for years. source: bbc.com
05 Jan US Drops in Economic Freedom Rankings: The 2005 Index of Economic Freedom revealed that the United States had fallen out of the top 10 countries for business freedom for the first time. Hong Kong maintained its top position for the 11th consecutive year, according to The Heritage Foundation and The Wall Street Journal.
07 Jan Japan's tsunami relief and G7 debt moratorium: On January 7, 2005, Japan announced a significant relief package for countries affected by the Indian Ocean tsunami, alongside a proposal for a G7 debt moratorium for affected nations. This initiative aimed to alleviate the financial burden on countries struggling to recover from the disaster. Japan's leadership in this effort was recognized globally. source: reuters.com
10 Jan DOE Awards Environmental Cleanup Contract: The Department of Energy awarded North Wind Paducah Cleanup Company LLC a $302 million contract for environmental remediation and waste management services.
12 Jan Rare Brasher Gold Doubloon Auction: Rare coin collectors Donald Kagin and Steven Contursi purchased the historic 1787 Brasher Gold Doubloon for $2,990,000, making it the third most expensive rare coin sold at auction.
13 Jan Milwaukee Brewers Sold to Mark Attanasio: The Milwaukee Brewers franchise was unanimously approved for sale to Los Angeles investor Mark Attanasio for $223 million, marking a significant ownership transition.
18 Jan Airbus A380 Unveiling: Airbus unveiled the prototype of the A380, the world's largest commercial airliner, on January 18, 2005, in Toulouse, France. The aircraft is capable of carrying up to 555 passengers and is powered by four Rolls-Royce Trent 900 engines. source: airbus.com
20 Jan Ireland Completes Metric System Conversion: The Republic of Ireland finalized its transition to the metric system, updating all national measurement standards and road signs to metric units.
21 Jan French Civil Servants Strike Against Job Cuts: Teachers and civil servants in France joined nationwide protests against government job reduction policies.
02 Feb Germany Faces High Unemployment: The German Federal Labour Agency reports an unemployment rate of 12.1% in January, with over 5 million Germans unemployed, a rate potentially comparable to historical economic challenges like the Great Depression.
09 Feb Carly Fiorina Resigns from HP: Carly Fiorina, considered one of America's most powerful women business leaders, was asked to resign as CEO and Chairman of Hewlett-Packard after failing to reduce costs and increase revenue as quickly as expected.
22 Feb Novartis announces acquisition of generic drugmakers: On February 22, 2005, Novartis AG announced plans to acquire German firm Hexal AG and U.S. company Eon Labs in a cash deal valued at over $8 billion. This acquisition aimed to position Novartis as the world's largest generic drug manufacturer. source: brecorder.com
27 Feb Transport for London Oyster Card Price Capping Introduced: Transport for London introduces pre-pay price capping on the Oyster card system, a significant innovation in urban public transportation payment methods that would help commuters manage their travel expenses more efficiently.
02 Mar Titan Corporation Admits Bribery in Benin: The US company Titan Corporation agrees to pay a $28.5 million fine after admitting to using bribery to secure a military communications contract in Benin, including a $2 million contribution to President Mathieu Kerekou's re-election campaign.
07 Mar Sony's First Non-Japanese CEO: Sony Corporation announced Howard Stringer, a British-born US executive, would become the company's first non-Japanese Chief Executive Officer and Chairman, marking a significant leadership transition.
13 Mar Disney names Robert Iger as new chief executive: On March 13, 2005, the Walt Disney Company announced that Robert Iger, the company's president and chief operating officer, would succeed Michael Eisner as CEO, effective October 1, 2005. source: history.com
17 Mar Transparency International warns about Iraq reconstruction contracts: On March 17, 2005, Transparency International issued a warning regarding the reconstruction contracts in Iraq. The organization expressed concerns about the transparency and accountability of the contracts, urging for measures to prevent corruption and ensure that reconstruction efforts benefit the Iraqi people.
19 Mar Death of John DeLorean: John DeLorean, an American automobile engineer and executive known for founding the DeLorean Motor Company and developing the DeLorean sports car, died on March 19, 2005, at the age of 80 from a stroke in Summit, New Jersey. source: en.wikipedia.org
22 Mar Lufthansa Acquires Swiss Airlines: Lufthansa, the German airline, announced its acquisition of Swiss Airlines, expanding its European market presence and consolidating its aviation industry position.
23 Mar BP Texas City Refinery Explosion: On March 23, 2005, an explosion occurred at BP's Texas City refinery in Texas, USA, resulting in 15 fatalities and numerous injuries. The incident was one of the deadliest industrial accidents in the United States. source: cbsnews.com
24 Mar Sony PlayStation Portable launch in North America: Sony Computer Entertainment America announced the North American release of the PlayStation Portable (PSP) on March 24, 2005, priced at $249.99. The launch included a value pack with accessories and a special UMD video of 'Spider-Man 2' for the first one million units sold. source: sony.mediaroom.com
27 Mar Schroder's Economic Commentary: German Chancellor Gerhard Schroder expressed hope for domestic investment and employment, criticizing the trend of outsourcing and highlighting challenges in Germany's business environment.
29 Mar E-mail Spammer Files Bankruptcy: Scott Richter, notorious e-mail spammer from 'OptInRealBig.com', files for bankruptcy protection following an expensive legal battle with Microsoft, signaling growing legal challenges for spam operations.
30 Mar India's New Tax Law Impacts Business: A new tax regulation in India has led to widespread business closures, suggesting significant economic disruption and potential challenges in the country's taxation system.
31 Mar California Sales Tax Amnesty Program Deadline: The final day to apply for the Sales Tax Amnesty Program at the California State Board of Equalization, offering businesses an opportunity to resolve outstanding tax issues.
02 Apr Wine Producers' Protest: Radical wine producers from the Comité Régional d'Action Viticole (Crav) launched a provocative protest by attacking agriculture ministry offices in Montpellier and Carcassonne using dynamite, highlighting tensions in France's agricultural sector.
07 Apr MG Rover collapses: On April 7, 2005, MG Rover, the UK's largest car manufacturer, collapsed into administration after failing to secure a buyer. This led to significant redundancies and the closure of its Longbridge plant. source: eurofound.europa.eu
10 Apr British Government Loans MG Rover: The British government provided a £6.5 million loan to struggling carmaker MG Rover to support the automotive industry.
18 Apr Adobe acquires Macromedia: Adobe Systems announced the acquisition of Macromedia, combining two leading software companies in the creative industry. source: adobe.com
19 Apr US Mint announces plans for 24-Karat Gold Bullion Coins: On April 19, 2005, the United States Mint announced plans to develop a program for 24-Karat (99.99% fineness) uncirculated gold bullion investment coins, marking the first time the Mint would produce 24-Karat gold coins. source: usmint.gov
22 Apr Medtronic Patent Settlement: Medtronic, Inc. paid US$1.35 Billion to settle patent litigation and acquire disputed patents related to spine surgery from inventor Gary K. Michelson.
24 Apr Bangladeshi Workers Protest in Kuwait: Approximately 7,000 Bangladeshi workers stormed the Embassy of Bangladesh in Kuwait City to protest against unpaid wages.
28 Apr Wynn Las Vegas Opens: The Wynn Las Vegas hotel and casino opens as the world's most expensive casino resort, with a staggering construction cost of US$2.7 billion, marking a significant milestone in luxury hospitality.
29 Apr China Considers Yuan Currency Policy Change: China Securities Journal suggests that conditions are favorable for potentially changing the country's policy of keeping the yuan tied to the U.S. Dollar, signaling potential significant economic shifts.
01 May Lenovo completes acquisition of IBM's Personal Computing Division: On May 1, 2005, Lenovo finalized its acquisition of IBM's Personal Computing Division, creating the world's third-largest PC company. The deal was valued at $1.75 billion, comprising $1.25 billion in cash and stock, and assuming $500 million in IBM's liabilities. This strategic move enabled Lenovo to expand its global presence and product offerings. source: news.lenovo.com
03 May India Bans Monsanto Cotton Seeds: The Indian government officially banned Monsanto Company's genetically modified cotton seeds, signaling a significant regulatory action in agricultural biotechnology and potentially impacting global agricultural practices.
12 May Enron-related sentencing: On May 12, 2005, sentencing took place for individuals involved in the Enron scandal, a major corporate fraud case that led to the company's bankruptcy and significant financial losses. source: en.wikipedia.org
15 May Air India Resumes Toronto-India Service: After a 20-year hiatus following the tragic Kanishka bombing, Air India resumed its service from Toronto to India, fulfilling a long-standing request from the Indian diaspora in Canada.
19 May Canadian budget bills vote: The Canadian Parliament voted on key budget bills, which were crucial for the government's financial plans. The outcome was significant for the political landscape in Canada. source: cbc.ca
23 May BBC Staff Strike Over Planned Job Cuts: BBC journalists and staff initiated a 24-hour strike to protest planned job cuts affecting approximately 4,000 employees. The strike significantly impacted TV and radio news services, with limited programming and reduced new story coverage.
25 May Death of Robert Jankel, British Coachbuilder: Robert Jankel, a prominent British automotive designer and coachbuilder, died. He was known for his innovative custom vehicle designs.
27 May Pascal Lamy Appointed WTO Director General: The 148 members of the World Trade Organization officially appointed Pascal Lamy, a former EU Trade Commissioner, as the organization's 5th Director General.
29 May Wall Street Job Movement: A London newspaper reported that Merrill Lynch was attempting to recruit 17 employees from JP Morgan's corporate derivatives team, indicating competitive talent acquisition in the financial sector.
02 Jun Rare Gold Coin Sold for $1.65 Million: At the Long Beach Coin, Stamp & Collectibles Expo, a rare US $20 gold coin from 1927, graded PCGS MS-66, was sold for $1.65 Million, highlighting the high-value collectible market.
04 Jun Italian Minister Calls for Return to Lira: Roberto Maroni, Italy's Minister of Welfare, controversially urged Italy to abandon the Euro and return to the Lira, reflecting ongoing economic debates within the European Union.
05 Jun Wal-Mart Shareholders Meeting Addresses Diversity Proposals: At its annual shareholders meeting held on the University of Arkansas campus, Wal-Mart considered significant proposals aimed at enhancing board diversity and transparency. These included initiatives to break down stock options by race and sex, signaling a growing emphasis on corporate inclusivity and representation.
07 Jun General Motors announces 25,000 job cuts: GM CEO Rick Wagoner announced plans to cut 25,000 jobs and close unspecified plants over the next 3.5 years to reduce capacity and save $2.5 billion annually. source: money.cnn.com
08 Jun HealthSouth settles SEC investigation: On June 8, 2005, HealthSouth Corporation agreed to a settlement with the U.S. Securities and Exchange Commission (SEC) over allegations of accounting fraud. The settlement included financial penalties and commitments to improve corporate governance practices. source: sec.gov
10 Jun Strategic Petroleum Reserve Fill Completion Announced: U.S. Secretary of Energy Samuel Bodman announced the planned completion of the Strategic Petroleum Reserve (SPR) fill by August, with the reserve set to reach 700 million barrels, signaling strategic energy preparedness.
11 Jun G8 debt relief for poorest countries: The G8 summit concluded with a commitment to provide debt relief for the world's poorest countries. Leaders agreed on measures to alleviate financial burdens, aiming to promote development and reduce poverty globally. source: bbc.com
13 Jun Daewoo Group Founder Plans Return to South Korea: Kim Woo Choong, former head of the collapsed Daewoo Group, prepares to return to South Korea after five years abroad to face fraud charges, signaling potential legal reckoning for corporate misconduct.
15 Jun Group of 77 South Summit: World leaders from the Group of 77 and China convened the second South Summit, emphasizing global economic inequality and calling on wealthy nations to fulfill aid commitments to developing countries.
16 Jun Japanese Tycoon Admits Financial Crimes: Yoshiaki Tutsumi, a prominent Japanese business figure, publicly admitted to financial fraud, insider trading, and other criminal activities, signaling significant corporate accountability.
17 Jun Record Trading Volume at New York Stock Exchange: The New York Stock Exchange experienced its highest first-hour trading volume ever, driven by 'quadruple-witching', futures expiration, and options trading. Between 9:30-10:30 AM, 704 million shares were traded, with a total daily volume of 1.92 billion shares.
20 Jun John Rigas Sentenced for Securities Fraud: John Rigas, founder and CEO of Adelphia Communications, was sentenced to 15 years in prison for securities fraud, highlighting corporate accountability and the legal consequences of financial misconduct.
24 Jun United Airlines pension plan dispute: On June 24, 2005, United Airlines faced a significant dispute regarding its pension plan, which was underfunded and led to legal battles with employees and unions. The airline's financial struggles prompted discussions about pension security in the airline industry. source: nytimes.com
27 Jun Death of Walmart Heir John T. Walton: John T. Walton, son of Walmart founder Sam Walton and a prominent businessman, was killed in a tragic ultralight plane crash shortly after takeoff in Jackson, Wyoming, marking a significant loss for the Walton family and Walmart corporation.
28 Jun AMD Files Antitrust Suit Against Intel: Advanced Micro Devices (AMD) filed an antitrust lawsuit against rival chipmaker Intel, alleging anti-competitive practices in the computer processor market. This legal action represented a significant moment in the ongoing technological competition between the two companies.
29 Jun US House Approves Amtrak Funding Bill: The United States House of Representatives approved a $1.17 billion funding bill for Amtrak for fiscal year 2006, which was less than the original $2 billion Amtrak requested. The funding was approved as an amendment to a transportation and treasury bill. Notably, the House removed a provision that would have required Amtrak to cease passenger train service on economically unprofitable routes. At the time of this event, the Senate had not yet approved the funding.
30 Jun CAFTA Trade Agreement Passed: The Dominican Republic-Central America Free Trade Agreement (CAFTA) is passed by the United States, potentially reshaping economic relations in the region.
01 Jul Microsoft and IBM resolve antitrust issues: On July 1, 2005, Microsoft and IBM announced a settlement to resolve antitrust claims arising from the U.S. v. Microsoft case in the mid-1990s. Microsoft agreed to pay IBM $775 million and extend $75 million in credit toward the deployment of Microsoft software at IBM. The settlement addressed claims related to discriminatory pricing and overcharges, as well as issues concerning IBM's OS/2 operating system and SmartSuite products. source: news.microsoft.com
02 Jul Sethusamudram Shipping Channel Project Unveiled: Indian Prime Minister Manmohan Singh unveiled the controversial Sethusamudram Shipping Channel Project amidst significant protests from fishermen and environmentalists. Nearly 600 people were arrested during the demonstrations.
03 Jul AMD's Legal Maneuver Against Intel: Advanced Micro Devices (AMD) successfully petitions a Delaware court to preserve potential evidence in its ongoing antitrust case against Intel, highlighting technological industry legal disputes.
06 Jul G8 Meeting and Live 8 Concert Highlight African Aid: Bob Geldof and Bono met with the G8 in Gleneagles to discuss increasing aid to Africa, followed by appearances at the Edinburgh 50,000 concert, part of the Live 8 series aimed at raising global awareness about African poverty.
07 Jul G8 leaders pledge to double aid to Africa by 2010: At the 2005 G8 Summit in Gleneagles, Scotland, leaders committed to doubling aid to Africa by 2010, aiming to increase assistance by $25 billion annually, with half allocated directly to Africa. This pledge was part of a broader effort to support the continent's development and address poverty. source: un.org
08 Jul iMesh Signs Licensing Agreement with Sony/BMG: File-sharing platform iMesh entered into a licensing agreement with Sony/BMG, strategically responding to a recent U.S. Supreme Court decision that potentially exposed file-sharing software providers to legal liability.
15 Jul President Bush discusses CAFTA-DR in North Carolina: On July 15, 2005, President George W. Bush delivered remarks in Dallas, North Carolina, promoting the Central America-Dominican Republic Free Trade Agreement (CAFTA-DR). He emphasized the agreement's potential to create jobs, level the playing field for American workers, and strengthen economic ties with democratic neighbors in the Western Hemisphere. source: georgewbush-whitehouse.archives.gov
18 Jul Canada resumes live cattle exports to the U.S.: On July 18, 2005, the Canadian government announced the resumption of live cattle exports to the United States, marking the first shipments since May 2003. This development followed a court ruling that allowed the U.S. Department of Agriculture to implement a new trade rule reopening the border to Canadian livestock. source: canada.ca
20 Jul Protests in Yemen Over Oil Prices: Demonstrations in Yemen turned deadly as several people lost their lives during protests against increasing oil prices, highlighting the economic tensions and social unrest in the country.
21 Jul China revalues the renminbi currency: China announced a revaluation of its currency, the renminbi, adjusting its exchange rate to reflect market forces more accurately, signaling a shift towards a more flexible exchange rate system. source: reuters.com
22 Jul Final Buick LeSabre Produced: The last Buick LeSabre rolled off the assembly line, marking the end of an era for this iconic American automobile model that had been in production since 1959.
26 Jul Jack Hirshleifer passes away: Jack Hirshleifer, an American economist known for his work on uncertainty and information in economics, the economic analysis of conflict, and bioeconomics, passed away on July 26, 2005. He was a long-time professor at the University of California, Los Angeles, and authored the widely used textbook 'Price Theory and Applications.' source: en.wikipedia.org
28 Jul US Approves Central America Free Trade Agreement: The United States House of Representatives narrowly approved the Dominican Republic-Central America Free Trade Agreement with a vote of 217-215, preparing to send the treaty to President George W. Bush for final ratification.
30 Jul G8 aid pledge to Africa: On July 30, 2005, the Group of Eight (G8) nations pledged to double aid to Africa by 2010, aiming to alleviate poverty and promote economic development on the continent.
31 Jul Wim Duisenberg: First president of the European Central Bank: Wim Duisenberg, the first president of the European Central Bank, passed away on July 31, 2005. He played a crucial role in the establishment of the Euro and the ECB, influencing European monetary policy during his tenure. source: ecb.europa.eu
01 Aug Global Nation Branding Survey: Anholt-GMI's survey revealed Australia as the top 'nation brand', surpassing Canada and Switzerland, with Sweden dropping to fifth and the United States falling to fourth place.
02 Aug CAFTA Trade Agreement Signed into US Law: The Dominican Republic-Central America Free Trade Agreement (CAFTA) was officially signed into law in the United States, establishing a comprehensive trade framework between the US and several Central American countries.
04 Aug Bank of England Reduces Interest Rate: The UK's Monetary Policy Committee of the Bank of England reduces its interest rate by 25 basis points to 4.5%, signaling potential economic adjustments.
07 Aug South African Miners' Strike: The National Union of Mineworkers (NUM) initiated the first national strike in South Africa's gold mines, signaling labor tensions in the mining industry.
08 Aug Bush Signs Energy Policy Act: On August 8, 2005, U.S. President George W. Bush signed the Energy Policy Act into law. This comprehensive legislation aimed to address various energy issues, including energy production, conservation, and alternative energy sources, marking a significant step in U.S. energy policy. source: nytimes.com
10 Aug Labor Dispute at Heathrow Airport: Gate Gourmet, an airline catering company, terminated 670 employees at London's Heathrow Airport, triggering a sympathy strike by British Airways staff and highlighting ongoing labor tensions.
11 Aug WorldCom Financial Scandal Testimony: Scott Sullivan, former WorldCom Chief Financial Officer, served as a key witness in the high-profile legal case against Bernie Ebbers, a significant moment in corporate fraud prosecution.
18 Aug Massive Power Blackout in Java, Indonesia: A catastrophic power outage struck the Indonesian island of Java, causing widespread disruption and affecting approximately 100 million people. This event was one of the most extensive electrical grid failures in modern history, highlighting critical infrastructure vulnerabilities. source: Wikipedia (day-month pages)
19 Aug Merck Vioxx Lawsuit: Merck & Co. lost its first wrongful-death lawsuit regarding the drug Vioxx, with a jury awarding $253 million in damages. Over 4,000 lawsuits had been filed against the pharmaceutical company.
20 Aug Northwest Airlines Mechanics Strike: On August 20, 2005, approximately 4,400 mechanics, cleaners, and custodians at Northwest Airlines initiated a strike after rejecting proposed pay cuts and layoffs. The strike led to the airline hiring replacement workers to maintain operations. source: cbsnews.com
29 Aug EU Attempts to Resolve Textile Import Dispute: The European Union initiated efforts to reach a settlement in the ongoing 'bra wars', a dispute concerning Chinese textile imports. This diplomatic and trade negotiation aimed to resolve tensions in international textile trade relations.
01 Sep Hurricane Katrina Economic Impact: By September 1, 2005, the economic impact of Hurricane Katrina was becoming evident, with significant damage to infrastructure, homes, and businesses, leading to a substantial economic downturn in the affected regions.
03 Sep Hurricane Katrina's socio-economic impact: On September 3, 2005, reports began to emerge detailing the extensive socio-economic impact of Hurricane Katrina. The storm caused widespread devastation, displacing thousands and leading to significant economic losses in affected regions, particularly in New Orleans. source: nytimes.com
05 Sep Google Expands to Chinese Market: Google strategically enters the Chinese local market by launching its fifth international Local Search Engine at Google China (http://bendi.google.com/), marking a significant step in the company's global expansion strategy.
08 Sep News Corporation Acquires IGN Entertainment: News Corporation announced the purchase of IGN Entertainment for $650 million. The acquisition includes IGN's multimedia platform, AskMen.com, and the GameSpy Network, signaling strategic expansion in digital media.
12 Sep eBay Acquires Skype: eBay announced its acquisition of Skype, the Luxembourg-based internet telephone network, for $2.6 billion. This strategic purchase represented a significant move in the digital communication and e-commerce landscape.
13 Sep UK Fuel Demand Surge: Petrol stations across the United Kingdom experienced a significant increase in fuel demand ahead of the 2005 fuel protests, reflecting economic uncertainty and public anxiety.
14 Sep Major US Airlines File for Bankruptcy: Northwest Airlines and Delta Air Lines filed for Chapter 11 bankruptcy protection. Delta had accumulated over six billion dollars in losses since 2001, reflecting the challenging economic conditions in the airline industry.
15 Sep UN Poverty Elimination Support: During the United Nations General Assembly, the majority of world leaders express support for global poverty elimination efforts.
21 Sep U.S. to Destroy British Food Rations: The U.S. government planned to incinerate 400,000 food rations shipped from Britain after the Food and Drug Administration deemed them unfit for human consumption.
27 Sep Death of Brett Kebble: Brett Kebble, a controversial South African mining magnate born in 1964, died. Known for his complex business dealings and significant influence in the mining sector, his death marked a notable moment in South African business history.
28 Sep Hurricane Rita disrupts US Strategic Petroleum Reserves: Hurricane Rita, which made landfall on September 24, 2005, caused significant damage to the Department of Energy's West Hackberry and Big Hill Strategic Petroleum Reserve sites. Both facilities experienced power outages, rendering them unable to draw down crude oil for an extended period. The West Hackberry site suffered more extensive damage, while the Big Hill site faced minor damage but remained without power for an estimated 10-14 days. source: energy.gov
30 Sep Michael Eisner Exits Disney: Michael Eisner concludes his tenure as CEO of The Walt Disney Company, stepping down from the board of directors. During his leadership from 1984-2005, Eisner dramatically transformed the company's value from US$3 billion to US$60 billion. Robert Iger succeeds him as the new CEO.
01 Oct Formation of Mitsubishi UFJ Financial Group: On October 1, 2005, Mitsubishi UFJ Financial Group was officially formed through the merger of Mitsubishi Tokyo Financial Group and UFJ Holdings. This merger created one of the largest financial institutions in Japan. source: reuters.com
08 Oct Nanjing's Third Yangtze Bridge Completion: The Third Yangtze Bridge in Nanjing, China, was completed after 26 months of construction, marking an important infrastructure achievement during China's Tenth Five-Year Plan.
10 Oct Nobel Prize in Economics awarded: On October 10, 2005, the Nobel Prize in Economics was awarded to Thomas C. Schelling and Robert J. Shiller for their contributions to the understanding of economic behavior. Their work has had a profound impact on economic theory and practice, particularly in the areas of game theory and behavioral economics. source: bbc.com
14 Oct Refco financial crisis discussions: Discussions were held regarding the financial crisis at Refco, a major commodities brokerage firm. The crisis involved significant financial irregularities, leading to investigations and concerns about the firm's stability. source: wsj.com
17 Oct Refco Files for Bankruptcy: After an 8-day financial crisis, Refco, a prominent New York-based commodity brokerage, filed for Chapter 11 bankruptcy protection, signaling significant financial instability.
20 Oct Massive Powerball Lottery Win: A single ticket sold in Oregon matched all numbers in the United States Powerball Lottery, winning a substantial jackpot of U.S. $340 million.
21 Oct Rare US Treasury Note Sold at Record Price: A rare Series 1890 $1,000 US Treasury note, nicknamed the 'Grand Watermelon' note, was sold by Lyn Knight for a record-breaking price of $1,092,500, highlighting the significant value of numismatic collectibles.
25 Oct Ericsson Acquires Marconi: Swedish telecommunications giant Ericsson purchased most of Marconi, a struggling British telecoms firm, signaling continued consolidation in the global telecommunications industry.
26 Oct Wal-Mart Considers Healthcare Cost Reduction: An internal Wal-Mart memo revealed concerns about rising benefits costs due to an aging workforce, recommending hiring more part-time associates to lower healthcare expenses.
29 Oct Delta Air Lines and Northwest Merger: Delta Air Lines completed its merger with Northwest Airlines, creating the world's largest airline at the time. The merger resulted in Delta retaining its brand name while retiring the Northwest Airlines brand.
30 Oct Italy Considers Nuclear Power Revival: Italian Minister for the Environment Altero Matteoli announced Italy's potential return to nuclear power, proposing a transition within the next 10-15 years. This marks a significant policy shift since the 1986 Chernobyl disaster, which had previously prohibited nuclear energy in the country.
31 Oct Telefonica Acquires O2: Spanish telecommunications giant Telefonica announces a major acquisition, purchasing British mobile network operator O2 plc for €18 billion, signaling significant consolidation in the European telecommunications market.
02 Nov Bush Appoints Powell for Gulf Coast Reconstruction: President George W. Bush named Donald E. Powell, former chief executive of First National Bank of Amarillo and current FDIC chairman, to coordinate the rebuilding efforts of the Gulf Coast after Hurricane Katrina.
04 Nov U.S.-Uruguay Bilateral Investment Treaty Signed: The United States and Uruguay formally signed a Bilateral Investment Treaty, establishing mutual economic cooperation and investment protections between the two nations.
11 Nov Saudi Arabia joins World Trade Organization: On November 11, 2005, Saudi Arabia officially became a member of the World Trade Organization (WTO), marking a significant step in the country's economic integration into the global market. The accession was expected to lead to economic reforms and increased foreign investment. source: aljazeera.com
12 Nov Secretary Bodman's Middle East Visit: U.S. Secretary of Energy Samuel Bodman began a four-nation diplomatic tour of the Middle East, starting with the United Arab Emirates, likely focusing on energy policy and international relations.
21 Nov SBC Communications Rebrands as AT&T: On November 21, 2005, SBC Communications announced its rebranding as AT&T, marking a significant shift in the telecommunications industry. source: wsj.com
25 Nov European Commission Legal Action Against Bank of Italy: The European Commission initiated legal proceedings against the Bank of Italy and its President Antonio Fazio, alleging favoritism towards the Italian bank Banca Popolare Italiana during the acquisition of Banca Antonveneta, which disadvantaged the Dutch bank ABN AMRO.
26 Nov Safeway Brand Disappears in UK: After 43 years of operation, the Safeway brand in the United Kingdom ceases to exist following its acquisition by Wm Morrison Supermarkets, marking the end of a long-standing retail presence.
29 Nov Carl Icahn's Time Warner Proxy Fight: Activist investor Carl Icahn announces hiring Lazard to advise him in a proxy fight to gain control of the Time Warner Media Empire.
01 Dec European Central Bank raises interest rates by 0.25 percentage points: On December 1, 2005, the European Central Bank (ECB) increased its minimum bid rate on main refinancing operations by 0.25 percentage points to 2.25%, effective December 6, 2005. The rates on the marginal lending facility and the deposit facility were also raised by 0.25 percentage points to 3.25% and 1.25%, respectively, starting December 6, 2005. source: ecb.europa.eu
02 Dec Docklands Light Railway Extension Opens: A £140 million (US$240 million) extension of the Docklands Light Railway is inaugurated, connecting Canning Town to North Woolwich and London City Airport, enhancing London's transportation infrastructure.
05 Dec Kevin "Big Kev" McQuay Passes Away: Kevin "Big Kev" McQuay, a notable Australian businessman, dies at the age of 56. While specific details of his business achievements are not provided, his nickname suggests he was a prominent figure in the Australian business community.
13 Dec WTO Ministerial Conference held in Hong Kong: The 6th WTO Ministerial Conference was held in Hong Kong from December 13 to 18, 2005, aiming to advance global trade negotiations. source: en.wikipedia.org
14 Dec Brazil to Prepay IMF Debt: Brazilian President Luiz Inacio Lula Da Silva announced that Brazil would repay $15.5 billion of International Monetary Fund debt two years ahead of schedule, demonstrating strong economic management.
15 Dec Argentina to Repay IMF Debt: Argentine President Nestor Kirchner announced plans for Argentina to fully repay its external debts to the International Monetary Fund, signaling a significant economic policy shift.
16 Dec Pfizer Wins Lipitor Patent Dispute: A US federal judge upheld Pfizer's primary patents for Lipitor, defeating a challenge from Indian generic drugmaker Ranbaxy Laboratories, following a previous UK legal defeat.
17 Dec WTO Ministerial Conference protests in Hong Kong: On December 17, 2005, protests erupted in Hong Kong during the World Trade Organization (WTO) Ministerial Conference. Demonstrators expressed opposition to trade policies and their impact on developing countries, highlighting global debates over trade liberalization.
18 Dec WTO Ministerial Conference concludes: The World Trade Organization's Sixth Ministerial Conference concluded in Hong Kong, addressing global trade issues and negotiations. The conference aimed to advance the Doha Development Round, focusing on trade liberalization and development concerns for poorer nations. source: reuters.com
19 Dec Bank of Italy Governor Resigns: Under intense pressure and an official insider trading investigation, Governor Antonio Fazio of the Bank of Italy submits his resignation.
20 Dec Major LNG Facility Contract in Qatar: Technip SA and Chiyoda Corp. secured a significant 500 billion Yen contract to construct two liquefied natural gas (LNG) facilities in Qatar, representing a major international infrastructure and energy development project.
21 Dec US Senate blocks Arctic Wildlife Refuge drilling: On December 21, 2005, the U.S. Senate voted 56-44 to block a provision that would have allowed oil and gas drilling in Alaska's Arctic National Wildlife Refuge (ANWR). The provision was attached to a defense appropriations bill, but the Senate failed to achieve the 60 votes needed to end debate and move forward with the bill, effectively removing the drilling language. This decision was seen as a victory for environmental advocates who opposed drilling in the refuge. source: markey.senate.gov
22 Dec New York City Transit Strike Ends: The 2005 New York City transit strike concluded as workers agreed to resume negotiations, temporarily resolving the labor dispute.
24 Dec US Congress rejects African Union aid: On December 24, 2005, the U.S. Congress voted to reject a proposed aid package to the African Union. The decision was influenced by concerns over the Union's effectiveness and the allocation of funds. This move had implications for U.S.-Africa relations and the support for regional organizations. source: congress.gov
26 Dec Death of Kerry Packer, Australian Media Mogul: Kerry Packer, a prominent Australian media tycoon and influential businessman, passed away at the age of 68 due to kidney failure. Known for his significant media holdings and business acumen, Packer was a major shareholder in Publishing and Broadcasting Limited (PBL).
29 Dec China eliminates agricultural tax: On December 29, 2005, China announced the elimination of agricultural taxes, a significant policy shift aimed at supporting farmers and boosting rural development. This reform was part of broader efforts to improve the agricultural sector. source: reuters.com
30 Dec Citigroup acquires stake in Chinese bank: On December 30, 2005, Citigroup announced it had acquired a significant stake in a Chinese bank, marking a notable investment in China's financial sector. This move was part of Citigroup's strategy to expand its presence in Asia. source: reuters.com
31 Dec AT&T and SBC Communications merger: On December 31, 2005, AT&T and SBC Communications completed their merger, creating one of the largest telecommunications companies in the United States. This merger was significant for the industry and consumers alike. source: reuters.com

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