Of this has already been reported, sorry.

27 September, 1999

TASKFORCE 2000 ADVISES BUSINESSES TRADING OVERSEAS TO CONSIDER DISENGAGEMENT FROM HIGH RISK COUNTRIES

...Advice To Business Launched Today...

Highly respected independent watchdog, Taskforce 2000, today published its advice to UK companies that have important overseas business interests which may be threatened by Y2K date change related problems.

The advice focuses on pre-emptive actions that organisations can take now to minimise any disruption to their business resulting from the so-called Millennium Bug.

Robin Guenier, executive director of Taskforce 2000 said: Our advice is offered as a checklist of things that ought to be thought through by all businesses and should be treated as a package. We have no way of knowing how things will turn out, but we would like to see British companies thoroughly protecting their interests abroad and therefore protecting employment prospects at home. We must stress that detailed advice is impossible: each business must make its own decisions. Those decisions may not be easy.

We are putting particular stress on making certain that companies are paid what they are owed and consider withdrawing employees from areas where uncertainty exists and disengaging altogether from vulnerable countries, Guenier continued.

If there is leadership from the top and preparations are being made on an emergency basis, British companies may still have time to avoid a damaging outcome, he concluded.

Further information is available via the Taskforce 2000 website: www.taskforce2000.co.uk - a site awarded hot site of the day by USA Today.

Y2K checklist for organisations doing business overseas With barely three months left to the final deadline, if overseas business is important to you and you have not already taken action, it may well be too late to avoid major problems. What you should do is:

Treat the matter as an emergency  driven from the top. Establish which countries are really critical to your business  dont waste any time elsewhere. Get the best picture you can about those countries Y2K readiness, especially their infrastructure. Use the Internet, Foreign Office information, BT, the airlines, your bank  but in particular, talk to local people whom you trust. Double check. Be sceptical. If you are still unsure, go there and find out for yourself. Be concerned especially about larger economies which seem to have late programmes  the less developed countries may, paradoxically, have lesser difficulties. Focus on the whole of 2000  not just the date-change weekend. Dont forget communications  airlines, shipping, telecomms. Where the above suggests serious uncertainty (regarding a country or business), take steps to protect yourself  for example: If possible, consider total immediate disengagement. If not, reschedule your activities to avoid the likely critical period  not just the date-change weekend. And / or reduce threatened dependencies  find alternative suppliers or customers. And / or buy stocks of key goods or materials now. Where the above is particularly difficult or impossible, see if it is practicable to provide urgent, emergency help. Where possible, ensure that local contingency and disaster recovery plans are in place and thoroughly tested. In any case, ensure that any money owed to you is paid  now. Where appropriate, arrange extended credit facilities. Consider any staff based overseas. Are they vulnerable  should you bring them home?

Editors note: Taskforce 2000 was set up in July 1996 by the then Minister for Science and Technology, Ian Taylor. Taskforce 2000 is a not for profit organisation, committed to minimising the impact of the Y2K problem. It acts as an independent watchdog, ensuring that business and the public have accurate information so that informed decision-making and contingency planning can be made.

-- Old Git (anon@spamproblems.com), October 10, 1999

Answers

Taskforce 2000 needs to tell them how to unwind these convoluted $1 trillion derivatives daisy chains and how the west can collect that $1.27 tillion in Cat.III & IV (higher risk country) debt before the end of the year.

-- downstreamer (downstream@bigfoot.com), October 10, 1999.