News In Brief

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World markets rang in the new year with no major Y2K-

related incidents. The estimated $600 billion spent internationally to safeguard computers against the millennium problem seems to have paid off. Exchanges from New York to Tokyo and Bangladesh rolled over to 2000 without a glitch. Security officials are quick to note that while all went smoothly on day one, few markets have had any financial activity yet. "We're A-OK," says Don Kittell of the US-based Securities Industry Association. "But ... we have not traded anything in the year 2000."

US West Inc. reported that it sold about 65 percent of its

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stake in Global Crossing Ltd., a $1.15 billion deal involving about 24 million shares. Denver-based US West, the smallest of the remaining "Baby Bell" local telephone companies resulting from the breakup of AT&T, had originally planned to merge with Global Crossings before opting instead for a $36 billion merger with Qwest Communications International, a fiber-optic network operator.

(c) Copyright 1999. The Christian Science Publishing Society

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