Today's Media Tidbitsgreenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread |
--- Oh, it's ALL just a scam! ---Yahoo! News
Thursday January 28 7:10 PM ET
State Regulators Warn on Y2K Scams
WASHINGTON (AP) - People should watch out for investment scams exploiting fears of Year 2000 computer problems, state securities regulators warned.
Some con artists have tried to persuade people to take their money out of banks to avoid computer glitches, then turn it over to be invested with them, the North American Securities Administrators Association said Thursday.
The nation's bankers recently told Americans not to panic over the Year 2000 date change, promising that ATM machines, credit cards, checks and banking services will be functioning normally. They also warned that withdrawing massive amounts of cash could make consumers vulnerable to being robbed.
The state regulators said other promoters are sending unsolicited e-mail messages selling investment opportunities in companies or products that are touted as fixing the Year 2000 problem.
``No one knows how big of a deal the Y2K bug will be. But panic can lead people to make stupid mistakes - something that con artists know well,'' said NASAA President Peter Hildreth, who also is New Hampshire's director of securities regulation.
``There are practical, common-sense things investors can do to protect themselves short of burying their money in the backyard or hiding it under their mattress,'' Hildreth said.
--- Wasn't it just a couple of days ago that we saw a report to the effect that "Japan has fixed all its problems?" Hmmm... ---
http://www.nni.nikkei.co.jp/AC/TNKS/Nni19990128D28JFF01.htm
Friday, January 29, 1999 Top Japan Companies Drawing Up Y2K Contingency Plans
TOKYO (Nikkei)--Major Japanese companies are formulating measures to combat the operational crises that may be triggered by year 2000 computer disruption.
NEC Corp. (6701), which aims to draw up guidelines by March, plans to expand its supply and distribution options for parts and raw materials. If a part cannot be procured from multiple sources, NEC will accumulate the necessary inventory by the end of this year.
In addition, NEC plans to have a Y2K headquarters in place by the start of 2000 to oversee its divisions' contingency plans and provide an integrated response if problems occur.
Nippon Telegraph and Telephone Corp. (9432) also intends to formulate guidelines by the end of March. The company aims to draw on its existing measures against potential disasters.
Tokyo Electric Power Co. (9501) and East Japan Railway Co. (9020) are also reviewing their current disaster-preparedness guidelines. The power company hopes to draft a new plan by June.
Toyota Motor Corp. (7203), meanwhile, has begun formulating measures to minimize any damage caused by disruptions in infrastructure s uch as traffic systems, power and data communications.
For its part, Japan Airlines Co. (9201) is working out contingency plans that include setting up alternative flight paths if the safety of air-traffic control in certain regions cannot be confirmed.
--- Merger Mania Redux ---
http://www.afr.com.au/content/990129/banking/banking4.html
APRA stifles mergers with Y2K clampdown
By Emma Connors and Ian Rogers
The banking regulator has hardened its resolve against banks and insurance companies tinkering with their information systems before 2000, in a step which may upset takeover activity in the sector.
Any Australian bank planning a merger or acquisition this year will now have to get a formal go-ahead from the chief banking regulator in a bid to minimise any fall-out from the 2000 problem.
The new measure was outlined yesterday by the Australian Prudential Regulation Authority in a report on year 2000 preparations in the banking and financial sector.
The regulator used its latest report to issue a warning to any credit union, building society or friendly society that was being slow in dealing with the Y2K problem, stating it would use its powers under the Banking Act to intervene if needed.
The report said "any plans to integrate systems in the case of mergers or acquisitions prior to the year 2000 will require prior consultation with APRA".
While APRA had previously indicated it would prefer to be consulted about such plans, it has now hardened its line, according to the chief manager, policy co-ordination and application of APRA, Mr Graham Johnson.
"This makes it clear [that] consultation must take place," he said. "Otherwise they [the banks] may be disappointed when we say 'no'."
Mr Johnson said the new directive did not necessarily rule out any mergers or acquisitions in the sector but, "if there are two coming together, we may specify that IT remains separate so the year 2000 projects remain separate and are unchanged." APRA has also advised it must be informed of any plans to outsource information technology.
--- Interconnectedness ---
http://www.theage.com.au/daily/990129/bus/bus11.html
Disclosure too low: ASIC
By LEON GETTLER
A surveillance program on company accounts by the Australian Securities and Investments Commission has revealed that most publicly listed companies have failed to come clean on their progress in tackling the Year 2000 problem.
This coincides with the release of a report revealing that several banks have fallen behind in their timetables to complete their Year 2000 projects.
The accounts monitored by ASIC for the 1998 calendar year also showed that companies were failing to meet other disclosure obligations.
Glaring omissions included one case where an unidentified organisation failed to adequately disclose details of abnormal items that affected its reported profit.
ASIC also found widespread non-compliance with the new disclosure requirements for financial instruments.
It found that many companies failed to disclose the fair values of financialinstruments, in particular derivatives, or in revealing the amount of deferred gains and losses related to hedge transactions.
ASIC examined the accounts of 180 companies; 104 of them, or 58per cent, made no disclosures in relation to Year 2000 issues.
Only a handful made disclosures that the regulatory watchdog considered excellent or very good
--- We haven't heard all that much from India ---
http://www.webpage.com/hindu/daily/990129/04/0429223j.htm
'Y2K can wreck economies'
Date: 29-01-1999 :: Pg: 03 :: Col: a
By Our Special Correspondent,
Salem, Jan. 28.
Mr. H. R. Mohan, Vice President, Computer Society of India, Southern Region, has urged the nation to gear up to face the challenges posed by the impending Y2K problem, as there was only eleven months to go and "it is going to affect not only organisations but also individuals."
Speaking at the symposium, here today, on ``Y2K-the millennium bug'' organised by the local chapter of the CSI, Mr. Mohan pointed out that it was certain that the Y2K problem was going to cause ``quite a lot of disturbances'' the world over.
Quoting Mr. Peter G. Neumann, he said the Y2K problem was the result of bad software engineering practice and a lack of foresight. Though the problem had been recognised long ago, it had received little attention until recently.
Even in India, insurance companies had announced that they would not accept the liabilities due to the Y2K problem. The RBI had instructed the banks to comply with Y2K specifications by March 31 while almost 78 per cent had already complied with it. Some of the foreign banks had also announced that they would not transact business with those organisations which had not complied with Y2K specifications. Even stock exchanges had started simulating this exercise and their deadline for compliance was middle of the year.
He pointed out that some of the banks, fearing disruption of their activities, had decided to keep the manual record of the last month of this year and also to discourage those involved in the Y2K exercise from taking leave. Even major airlines had decided not to book tickets for the night of December 31.
He said even women might be affected because of the chips embedded in domestic appliances. This held good even for children as they also used chips embedded appliances.
-- pshannon (pshannon@inch.com), January 29, 1999
Great job again pshannon, thanks!"A surveillance program on company accounts by the Australian Securities and Investments Commission has revealed that most publicly listed companies have failed to come clean on their progress in tackling the Year 2000 problem. "
So what should make me think that American banks are more honest in the way they report their status?
hmmm...
-- Chris (catsy@pond.com), January 29, 1999.