Main Economic Events -- 2000

National Institute Economic Review, January 2001 | Go to article overview

Main Economic Events -- 2000


January

1. Portugal begins EU presidential term.

2. Millennium bug fails to have impact on systems worldwide.

4. FTSE-100 share index loses 3.8% -- largest fall in its 16-year history. Dow Jones Industrial Average drops by 3.17% as fears of interest rate rises spread.

4. Bill Clinton nominates Alan Greenspan to his fourth term as chairman of the Federal Reserve.

4. European Commission begins legal action against France's refusal to lift ban on British beef.

4. Train services in south east of England disrupted as unofficial strike by train drivers causes cancellation of 390 services.

5. Figures for UK house prices show 13.6% increase for 1999.

6. Trade and Industry Secretary, Stephen Byers, says inward investors are lobbying for an early referendum on UK and euro.

7. First attendance figures for Dome suggest only half projected numbers are visiting the attraction.

10. Internet provider AOL announces $160bn takeover of Time Warner.

12. European Commission to establish food watchdog by 2002 to restore consumers' faith in food safety.

13. Bill Gates announces intention to resign as chief executive of Microsoft.

13. Bank of England raises interest rates by 1/4% to 5.75%.

14. Sir Peter Davis, Chief Executive of Prudential, appointed new Chief Executive of Sainsburys. Move causes supermarket chain's shares to rise by 5%.

16. Tony Blair pledges extra [pound] 9bn to spend on NHS over next five years.

19. Tesco announces trebling of online stores to 300 by end-year.

20. German parliament suspended following apparent suicide of senior finance official of CDU implicated by growing allegations of financial irregularities of the party.

22. G7 finance ministers meet in Tokyo and stress Japan's responsibility to retain weak yen.

24. UK car production levels highest for 27 years, with exports leading the 2.2% rise despite strength of pound.

27. Euro falls below parity with $ to 99 US cents.

30. CBI to stall promotion of UK entry into EMU until after referendum, as it considers debate to be distraction for business.

31. Competition Commission report to Government states that car companies are keeping UK car prices too high by operating complex monopoly.

31. In London euro drops to closing low of $0.98.

February

2. Ford Motor Company reveals plans for plant closures and overhaul of operations in Europe, heightening fears for future of Dagenham plant.

2. US short-term interest rates rise to 5.75% -- highest level for four years.

3. Vodafone AirTouch announces [pound]113bn takeover of Mannesmann -- largest cross-border deal in history.

3. ECB raises interest rates from 3-3.25% in aim to support euro.

3. Figures show 16% rise in UK house prices over year to January.

6. Porsche complains to European Commission that BMW should not be allowed [pound]152mn state aid for Rover's Longbridge Plant.

7. Pierre-Yves Gerbeau takes over as Dome chief executive, vowing to make it "the hottest ticket in town".

7. Meeting of Gl0 Central Bankers in Basle gives upbeat message about prospects for the euro, believing that US slowdown and improved economic conditions in mainland Europe will help its rise.

9. FBI to investigate Internet hacking which has forced some of largest sites to close down.

10. UK interest rates rise by 1/4% to 6%.

10. Alun Michael, first secretary of the Welsh Assembly, resigns. Rhodri Morgan replaces him on 15th.

11. Suspension of power-sharing executive in Northern Ireland as disagreements intensify over IRA decommissioning of arms.

14. Bank of England Governor, Eddie George, expresses concern about financial markets "overshooting" in response to US and British economies which he believes are presently working to near capacity.

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