Fixing the millennium bug will cost General Electric a massive $550 million, according its quarterly report filed with the Securities and Exchange Commission.
This is the largest Y2K budget yet filed with the SEC, and arguably one of the largest estimates in the world. Other large corporations have filed far lower costs, with Coca-Cola estimating a maximum of $160 million.
GE, one of the world?s largest companies, estimates two-thirds of that expenditure will come this year, with the remainder, unsurprisingly, in 1999.
Despite its own huge expenditure, GE said it is still dependent on others? efforts, notably utilities, transport, and communications suppliers.
?In this environment there will likely be instances of failure that could cause disruptions in business processes. The likelihood and effects of failures in infrastructure systems and the supply chain cannot be estimated,? it said in the report.
Moon's dark side is mountainous, rugged and never visible from the Earth
The groundwater basins in some areas of Tehran have been damaged irreversibly
This is the first time that any spacecraft on Mars has recorded air vibrations on the planet
Arctic sea ice is thickening at a faster rate during winter, thus slowing down long-term decline: NASA
But, the seasonal ice growth could only delay the demise of the Arctic ice cap for a few more decades