Despite the widely-held view that the world escaped unscathed by the millennium bug, research by KPMG and the British Bankers' Assocation has reported 64 Y2K-related problems in the first week of the year.
A Year 2000 Research centre founded by the two groups as reported that energy appears to have been the worst hit sector, with seven US nuclear plants and one weapons plant reportedly affected, two Japanese nuclear plants hit and less specific energy problems reported in Spain and Nigeria.
The financial sector was the next most affected with even the Bank of England’s deputy governor admitting some minor glitches. KPMG clocked a total of 10 reports of problems including some on the Canadian stock exchange, brokers in Pakistan having to write orders by hand and corporate banking problems in a Danish bank.
There were also serious failures in the medical field with Sweden reported to have seen equipment breakdowns and US authorities warning about failure of dialysis machines.
There were also some less severe problems. Slot machines in Delaware failed and Jamaica’s Gleaner newspaper reported traffic lights ‘out of service’ due to the bug.
Millennium bug problem pages on confidential internet site
Millennium bug: fact or fiction?
The numbers you crunch tell a story. Your expertis...
24yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View article61% say providing financial support for their family is of importance to them, with 77% currently doing so Read More...
View articleStartups face unique financial challenges, such as cash flow volatility and equity-based compensation complexities. Innovative strategies and technolo...
View articleThere is optimism that the IPO market will rebound in the second half of 2024, driven by pent-up demand and potential improvements in economic conditi...
View articleIn 2019, the a survey conducted by the FRC highlighted that only 17% of women held partner-level positions Read More...
View articleDains believes a corporate structure is the best way to maximise the benefits of its growth strategy Read More...
View articleBoth employer and employee will benefit from flexibility and cost-saving Read More...
View articleThere are nine key areas that accounting practices must get to grips with as client expectations and technological developments rise, while team membe...
View articleWhen employees publish opinion and statements on social and other online mediums, they may be leaving themselves open to interpretation of codes of et...
View article