This week’s trading history includes the birth of a notorious president of the United States as well as one of the founders of the World Wide Web. We also see an act of Russian revenge, the re-election of a British PM, and the arrival of a global pandemic. No, not that one...
After wild spending on welfare programmes for the unemployed during the depression, the US began a four-month period of tax reforms and increases to begin reimbursing the US treasury. The change in taxes were to bring in over $1bn back into the government. Could history repeat itself when it comes to having to reimburse our governments after the Covid-19 pandemic?
The US Supreme Court ruled that restaurants and bars in Washington D.C. were required to serve African American customers.
Tim Berners-Lee was born on this day. Tim was one of the original founders of the World Wide Web. The Web’s HTTP, HTML and URLs were created from his work while at CERN.
Nabisco Holdings Corp announced certain fiscal measures, such as a $406m restructuring charge and cutting 3,100 jobs, that suggested their earnings weren’t what was expected. Although, in an attempt to save face they focused on expanding the company’s marketing budget to try and increase their bottom line.
Russia turned Belarus’ lights out. After the country was in a debt of $54m, Russia decided to retaliate by turning off half of the country's electrical power and threatened that if their debts were not paid by 19th June, all supplies would be cut.
Nelson Mandela wrote a letter that was smuggled out of Robben Island prison, and after two years was published by the African National Congress. The letter stated, “Unite! Mobilise! Fight on! Between the anvil of the united mass action and the hammer of the armed struggle we shall crush apartheid!”.
The Mitsubishi Motor Manufacturing of America Inc. settled a huge sexual harassment lawsuit which included 300 female worker victims. The settlement called for MMMA to pay a substantial $34m to their female workers. This was the second time the MMMA had to settle a similar lawsuit on behalf of their male workers, in 1997 they paid $9.5m.
Margaret Thatcher celebrated her third general election win after another victory over Labour.
TV Guide merged with Tele-Communications Inc. in a $2bn deal set up by Rupert Murdoch’s company News Corp. In 1999 Gemstar bought TV Guide for $9.2bn in stock.
A deal was made between eight of the world's richest countries that declared that they would allow eighteen of the poorest countries to write off their debts. The total of this debt was estimated to be around $40bn.
The World Health Organization declared H1N1 influenza, or ‘swine flu’ as a global pandemic. Globally, an estimate of 151,700 to 575,400 people died in the first year of the pandemic.
David Rockefeller was born. Being the youngest child of oil baron John D. Rockefeller, David didn’t disappoint and continued his family legacy of making huge stacks of cash. After obtaining degrees from Harvard, London School of Economics and the University of Chicago, David went on to work at Chase National Bank where he helped form and run the merger between Chase and the Bank of Manhattan Company.
Interracial marriages were declared constitutional by the Supreme Court, who barred Virginia and other states from making interracial marriages a crime.
The US energy department declared that the State of Colorado was sitting on around a trillion barrels of oil in the form of oil shale reserves. However, the economic and environmental cost of extracting the oil was too great for the oil to be used at the time.
Donald Trump was born in New York City. He conquered the real estate world by following in the footsteps of his father Fred Trump, before he went onto the political world in 2017 when he became America’s 45th president. And that’s all we have to say about that…
Coca Cola returned to Burma after 60 years, after the United States had suspended investment sanctions against the country. It means there are now only two countries where the company does not trade: Cuba, and North Korea.