If you want to see this letter from our site, please follow this link. http://www.e-malt.com/Publications.asp?4300
E-Malt.com NewsLetter

Newsletter Summary





E-Malt is a proud endorser of World Beer Cup 2008
Publish Your Own News, Announcement and Event on E-Malt.com


Last five newsletters


Last five graphs

Note: All graphs issued with e-malt.com newsletters are published in "Graph" section of e-malt.com site.



Last five tables

All e-malt.com tables are published in e-malt.com Statistics section. The Statistics section includes Barley statistics, Malt statistics and Beer statistics. The tables related to barley are published in Barley Statistics section, the tables related to malt in Malt Statistics section and the tables related to beer in Beer Statistics section.



Last five prices evolutions


Last five scintific digests


Access to E-malt.com

User name

Password


Use the above form to have a full immediate access to E-malt.com site! Through the drop-down menu you can easily remind your username and password, change your username and password or even edit your account!




Do you know
E-malt.com?

Dear E-malt Reader!

E-malt.com Newsletters Archive could be found directly on e-malt.com site. Browsing through our Newsletters Archive you may see all the issues you have missed. To this purpose you just have to login e-malt.com and click on Newsletters link in the menu. Reading our Newsletters you will be kept informed with the latest news and events regarding malting and beer world. You may also submit your own news, events or other information to the address info@e-malt.com!

Updated figures related to USA barley and malt trade with Mexico and Canada could be seen in NAFTA section of e-malt.com menu. To this purpose please enter e-malt.com!

You may find updated malt, barley and beer statistics on e-malt.com Statistics section. Just enter e-malt.com! Here you will find all tables issued with e-malt.com newsletters.

E-malt.com Agenda gives the possibility to keep you informed about the Events planned to be held in the whole world related to the brewing and malting industries. To this purpose you just have to login e-malt.com and click on Agenda link in the menu. Reading our Event Agenda you will find out about the future symposia, conferences and festivals related to malting and beer world. You may also submit your own events to the address info@e-malt.com

E-malt.com has Trading Online system. The system is to be used for malt/barley trading. One can register a malt/barley offer or a malt/barley request. The registering person could be as a seller/buyer or as an agent for seller/buyer. The User can see information about all active malt/barley offers & requests. If needed the system allows user to buy/sell malt/barley due to reasonable offers/requests. The way to do this is to confirm reasonable transaction. Trading Online rules are available through the Internet in the Trading Online as well as Tutorial (useful for persons who starts the system usage). To visit the E-malt Trading Online first go to the E-malt.com site, then click Trading Online link in the left menu of the e-malt.com home page. For more details please contact info@e-malt.com

Thank You!


E-malt.com Links!




Note

If you have any comments, questions, suggestions or remarks, you can send a mail to: info@e-malt.com. To submit your own news to our editorial team, email to: info@e-malt.com


If you have received this newsletter from a colleague, you can obtain your own subscription here! You are not registered yet? You may register here.


You may recommend our site to your friend by clicking here.


If you do not wish to receive our newsletter, please unsubscribe your e-mail address from our mailing list by sending us an e-mail info@e-malt.com. Please take into consideration your registration data.



E-Malt.com Newsletter 12b
March 20 - March 23, 2008
Open!
Click here to get full size Newsletter


Quote of the week

"The genius of a good leader is to leave behind him a situation which common sense, without the grace of genius, can deal with successfully."
Walter Lippmann
Currency Rates
Base Currency: Euro, EUR
on 21-March-2008

1 EUR = 1.5531 USD
1 EUR = 0.7838 GBP
1 EUR = 1.5837 CAD
1 EUR = 1.7102 AUD
1 EUR = 153.976 JPY
1 EUR = 2.6977 BRL
1 EUR = 36.8978 RUB
1 EUR = 10.9678 CNY
Base Currency: US Dollar
on 21-March-2008

1 USD = 0.6439 EUR
1 USD = 0.5046 GBP
1 USD = 1.0197 CAD
1 USD = 1.1012 AUD
1 USD = 99.1633 JPY
1 USD = 1.737 BRL
1 USD = 23.7581 RUB
1 USD = 7.0621 CNY
Currency Rates Chart

Equities of the Largest Breweries

Equities of the Largest Breweries

Average Market Prices Change trend

March 21, 2008
Type Crop 2007 Crop 2008
2rs Barley €271.0-273.0 €274.0-276.0
6rw Barley €238.0-240.0 €245.0-247.0
2rs Malt €529.5-531.5 €518.0-520.0
6rw Malt €488.0-490.0 €481.0-483.0
Feed Barley €196.0-198.0 2.00% nq   

Note: Just click on the price link and you will be led to our Market Price History. Average barley market prices are French and are estimated on FOB Creil basis. Average Malt Prices are theoretical and based FOB Antwerp being estimated on French malting barley. The changes are compared to last Newsletter's prices. Arrows indicate the direction of the change.


Top Industry News

Russia: Heineken to invest $180 mln in Volga brewery in 2008-2009 ...Click here
UK: Scottish & Newcastle falls as Lehman Brothers Holdings may withdraw financing for the takeover ...Click here
Slovenia: Pivovarna Lasko takeover closed ...Click here
India: Cobra Beer to boost production in India with bottling pact ...Click here
Czech Republic: Malt output grows to record 527,000 tonnes in 2007 ...Click here
France: Malting barley market blocked due to stock-exchange crisis ...Click here
Europe: EU barley export to increase in 2008/09 ...Click here
Russia: Government to extend barley export duty to July 1, 2008 ...Click here




USA: Alabama beer drinkers fight for stronger brews as it’s illegal to drink beer with more than 6 percent alcohol ...More Info
Belarus: Olivaria Brewery to export beer to Ukraine ...More Info
Belgium: InBev nominates new Director ...More Info
UK: Shepherd Neame is named regional brewer of the year ...More Info
USA: Anheuser-Busch to launch Budweiser American Ale beer ...More Info
Luxembourg: Quilmes Industrial announces filing of amended schedule 13E-3 disclosure in AmBev tender offer ...More Info
Romania: InBev Romania appoints new General Manager ...More Info
USA: Primo beer back to Hawaii in bottles ...More Info
Austria: Upper Austrian breweries presenting new offering for Euro 2008 football championship ...More Info
USA: Miller Brewing reaches new sponsorship deal with Milwaukee Bucks ...More Info
South Africa: SABMiller changed from “sell” to “neutral” ...More Info
USA: Boston Beer vice President Robert H. Hall sells 20,200 shares of commons stock ...More Info
Go to our news database with more than 12391 articles.
Today with the possibility to be translated in 7 different languages!
DE FR SP IT PT RU CN

Brewery News

Russia: Heineken to invest $180 mln in Volga brewery in 2008-2009

Heineken, a leading global brewing company, plans to invest 117 million euros ($180 million) in Russia's Volga brewery in 2008-2009, the head of the Russian company said, according to RIA Novosti, March 20.

"During the coming two years, we plan to build new bottling shops, a brewing complex, water treatment facilities, warehouses and a boiler," Giya Meskhi, general director of the Volga brewery said.

According to Meskhi, the investment will allow Heineken to boost its production capacity from the current 2.2 million to 5.2 million hectoliters.

The Volga brewery joined Heineken group of companies in August 2004 and launched large-scale modernization in 2005.


UK: Scottish & Newcastle falls as Lehman Brothers Holdings may withdraw financing for the takeover

Scottish & Newcastle Plc, the brewer being bought by Carlsberg A/S and Heineken NV, fell in London trading on concern Lehman Brothers Holdings Inc. may withdraw financing for the takeover, Bloomberg reported March 17.

Scottish & Newcastle dropped 1.7 percent, pulling the stock down to the lowest price since the Edinburgh-based brewer agreed to be acquired on Jan. 25 for 7.8 billion pounds ($15.6 billion). Lehman, the fourth-largest U.S. securities firm, said today it has ample access to cash.

Lehman slid by more than a third in New York trading on concern about possible cash shortages at Wall Street firms. Customer withdrawals forced Bear Stearns Cos. to agree to be bought this weekend at a 90 percent discount to last week's closing price. Lehman is among banks that started seeking buyers last month for loans used by Carlsberg to fund the takeover.

``If Lehman fails, Carlsberg will have to look for another bank,'' said Gerard Rijk, an analyst at ING Wholesale Banking in Amsterdam. ``But it should not be dramatically difficult, as the Danish banks and other, bigger banks are probably very willing to do this healthy-margin deal.''

Carlsberg spokesman Jens Peter Skaarup said today by telephone that financing for the deal is still ...More Info


Slovenia: Pivovarna Lasko takeover closed

The takeover bid for beverage group Pivovarna Lasko, published on 12 February, closed on March 11th at noon. Financial firms Infond Holding and Fidina, construction company CPM and manufacturing company Koto, which already own nearly 42% of the brewery, offered EUR 88 per share, Slovene Press Agenyc reports, according to Portalino, March 20.

The bidders are after 5,087,574 shares that they do not already own, which are valued at EUR 448m. They have not set the threshold for the success of their bid. Stock marker analysts and experts find the offered sum rather low but expected, as the believe the aim of the takeover bid is merely to legalise the existing state.

Pivovarna Lasko said that the takeover would enable it to successfully realise existing interests and the development of the company's strategy. It also assured that it had not talked or made any agreements with the four companies.

The four bidders are widely believed to be affiliated with the Lasko management.


India: Cobra Beer to boost production in India with bottling pact

The UK-based Cobra Beer is expanding its India play with two fresh strategic bottling alliances, The Economic Times published March 20. Sources said that Cobra is entering into a bottling pact with Bangalore-headquartered Khoday India and Artos Brewery, located in Andhra Pradesh and jointly owned by Mohan Meakin family and associates.

This will bolster Cobra’s presence in the southern markets that account for around 50% of the overall domestic beer consumption.

In doing so, it is perhaps boosting prospects to keep date with an ambitious target of selling 15 million cases annually in India by 2012. The company has claimed volume sales of about 3 million cases (of 7.8 litre each) in FY08.

In recent months, NRI millionaire Karan Billimoria-led Cobra Beer has inked a slew of bottling tie-ups, quietly taking the cumulative available brewing capacity to about 6 million cases annually.

Cobra management, both, in the UK and in India have seen changes with Adrian McKeon from Beam Global taking over as global CEO, and Poonam Chandel, former Radico Khaitan and Shaw Wallace executive, becoming COO of domestic operations. Mr Chandel confirmed the impending tie-ups with Khoday and Artos, when contacted by ET.

She said the Indian arm, with the flagship Cobra and higher ...More Info


Malt News

Czech Republic: Malt output grows to record 527,000 tonnes in 2007

Czech malt houses produced more than 527,000 tonnes of malt in 2007, a growth of 1.2 percent year-on-year and the highest amount in history, representatives of the Czech Beer and Malt Association have told reporters, according to CTK, March 20.

Exports, which made up 40 percent of the total output, decreased on the year owing to low stocks.

Czech malt was exported to more than 20 countries, with Poland making up more than a half of Czech malt exports. Apart from European countries, Czech malt is also sold to Cuba and Vietnam, for instance.

There are 36 malt houses active in the Czech Republic. Czech malt houses associated in Sladovny Soufflet CR produce more than 61 percent of the total output. The second largest Czech malt producer is brewery Plzensky Prazdroj.

Czech beer production and exports also reached record levels last year. Total beer output grew by 0.5 percent to 19.9 million hectolitres, while exports rose by 1.6 percent to 3.6 million hectolitres.

The Czech Republic is the world's ninth largest beer exporter. Experts predict the country should become the seventh largest beer exporter in the world by 2012.

The largest Czech beer exporter is Plzensky Prazdroj, followed by Staropramen and Budejovicky Budvar. The biggest export ...More Info


Barley News

France: Malting barley market blocked due to stock-exchange crisis

The malting barley market has been blocked because of the crisis at the stock-exchange, la Depeche published March 20. The prices continue to decrease.

The feed barley market is in expectation of tender results of Syria and Jordan. The market is little animated and even abandoned by the operators. The prices go down.


Europe: EU barley export to increase in 2008/09

According to Strategie Grains’ updated data, next year barley export in EU-27 is going to increase till 14.23 mln tonnes, which is 2 mln tonnes higher than in February forecast, the media reported March 21.

On the other hand, analysts maintain their barley production forecast for EU in 2008/09 at 128.5 mln tonnes (in 2007/08 it was of 111.5 mln tonnes).

In addition, in the March forecast, feed barley consumption was reduced for the next marketing year mainly due to high prices and the change in growers’ preferences from barley to corn.

Barley final stocks in EU are forecasted at the level of 24.3 mln tonnes, or 2 mln tonnes higher than in last forecast.


Russia: Government to extend barley export duty to July 1, 2008

The government commission for protective measures in foreign trade and customs tariff policy approved the extension of export duties on barley until July 1, a source on the commission said, according to Interfax, March 21.

The export duty is now 30%, but not less than 70 euros per tonne for barley. The duties are currently in effect until April 30.

Russia has exported 13.2 million tonnes of grain since the start of the current agricultural year in July 2007, according to the Russian Grain Union.

Scientific Digest

Variation And Genetic Control Of Foam-Positive Proteins In Australian Barley Varieties.

D.E. Evans(1), M. Ratcliffe(2), B.L. Jones(3), A.R. Barr(1). (1) The University of Adelaide, Waite Campus, Dept. of Plant Science, Glen Osmond, SA 5064; (2) Victorian Institute for Dryland Agriculture, PO Box 260, Horsham, VIC 3401; (3) USD-ARS, Cereal Crops Unit, 501N Walnut St, Madison, WI 53705, USA.

Introduction
Beer foam quality is one of the critical characteristics that a consumer will use to determinethe quality of dispensed beer. Brewers are particularly interested in optimising foam quality because it will impact upon customers purchase decisions. Beer foam quality is a combination of its stability, quantity, lacing (adhesion or cling), whiteness, 'creaminess', density, viscosity and strength (Bamforth, 1985). Brewers current strategies for improving foam stability are to specify malt with relatively low Kolbach indices (KI, soluble/total protein) and supplement the beer produced with PGA (propylene glycol alginate), use foam generating "widgets" or use chemically hydrogenated hop extracts (i.e. “Tetra” hop). All these strategies are relatively costly and will impart visual or flavour effects on the beer that may not be desirable. Naturally occurring foam promotants in beer include proteins (>5kDa), isohumulone, metal cations, low levels of ethanol (<3%) and gums (presumably ß-glucans and arabinoxylans) while lipids and high levels of ethanol are foam inhibiting (Bamforth, 1985). Foam-positive proteins can be divided into two fractions based on molecular weight, 1. high molecular weight (HMW, 35-50 kDa); 2. low molecular weight (LMW, 5-17 kDa). Both fractions originate primarily from malt (Asano & Hashimoto, 1980), with the HMW fraction containing mainly protein Z (Kaersgaard, P. & Hejgaard, 1979), and the LMW fraction containing LTP1 (lipid transfer protein 1) and a mixture of hordein and glutelin fragments (Sorensen et al., 1993, Sheehan & Skerritt, 1997, Vaag et al., 1999). Protein Z may be further sub-divided into the protein Z4 and protein Z7 forms which are highly related and expressed from one or more genes on chromosomes 4H and 5H, respectively. In barley and malt, protein Z4 is the dominant isoform accounting for approximately 80 % of all protein Z. Evans et al., (1998, 1999) applied quantitative enzymelinked immunosorbent as says (ELISA) to measure the quantity of protein Z4, protein Z7 and LTP1 in malt. In small and pilot scale brewing trials, the level of protein Z4 was significantly and positively correlated to foam stability as measured by the Rudin head retention time test (Bishop et al., 1975). It follows that if foam quality could be predicted by measurement of foam-positive proteins in barley and malt it would be possible to deliver malt to both domestic and international brewers that produce beer with high quality foam heads. In this study, the quantity of protein Z4, protein Z7 and LTP1 were assessed in malt from a selection of Australian and international malting varieties. The genetic basis for the level of protein Z4 and Z7 were established by QTL analysis in two mapping populations.
... Load full article, 6 pages, 48 Kb, PDF file

Malting barley prices.

French Malting Barley Prices. Nominal prices
EURO = USD 1.5531 March 21, 2008 
 Crop year   2007   2008 
 Parity   FOB Creil   FOB Creil 
 Position   July 2007   July 2008 
Type   Variety  EURO  USD  EURO  USD 
2RS  Scarlett  274.00  425.50  277.00  430.50 
2RS  Prestige  273.00  424.00  276.00  429.00 
2RS  Cellar  272.00  422.50  275.00  427.50 
2RS  Sebastien  271.00  421.00  274.00  425.50 
2RS  Astoria  271.00  421.00  274.00  425.50 
2RS  Cork   271.00  421.00  274.00  425.50 
6RW  Esterel   239.00  371.50  246.00  382.50 
French Feed Barley Prices. Nominal prices
EURO = USD 1.5531 March 21, 2008
Crop year 2007
Parity FOB Creil
Position July 2007
Type EURO USD
Feed Barley 197.00 306.00

Prices for Danish malting barley are available
on site www.e-malt.com/MarketPrices

Theoretical malt prices

EURO = USD 1.5531 March 21, 2008
Crop year  2007 
Parity  FOB Antwerp 
Position  March 2008 - Sept 2008 
Conditioning  Bulk   In bags  Bulk containers Bags, containers
Malting barley variety  EURO  USD  EURO  USD  EURO  USD  EURO  USD 
2RS  Scarlett  533.00  828.00  556.50  864.50  548.50  852.00  562.50  874.00 
2RS  Prestige  532.00  826.00  555.50  862.50  547.50  850.00  561.50  872.00 
2RS  Cellar  530.50  824.00  554.50  860.50  546.00  848.00  560.50  870.00 
2RS  Sebastien  529.50  822.00  553.00  859.00  545.00  846.50  559.00  868.50 
2RS  Astoria  529.50  822.00  553.00  859.00  545.00  846.50  559.00  868.50 
2RS  Cork   529.50  822.00  553.00  859.00  545.00  846.50  559.00  868.50 
2RS   Average price  530.50  824.00  554.50  860.50  546.00  848.00  560.50  870.00 
6RW  Esterel   489.00  761.00  513.50  797.50  505.50  785.00  519.50  807.00 
Asia Malt 70/30  518.50  805.00  542.00  842.00  534.00  829.50  548.00  851.50 
**  Asia Malt 50/50  510.50  792.50  534.00  829.50  526.00  816.50  540.00  838.50 


EURO = USD 1.5531 March 21, 2008 
Crop year  2008 
Parity  FOB Antwerp 
Position  Oct 2008 - Sept 2009 
Conditioning  Bulk   In bags  Bulk containers Bags, containers
Malting barley variety  EURO USD EURO  USD EURO USD  EURO  USD
2RS  Scarlett  521.50  809.50  545.00  846.50  537.00  833.50  551.00  855.50 
2RS  Prestige  520.00  807.50  543.50  844.50  535.50  831.50  549.50  853.50 
2RS  Cellar  519.00  805.50  542.50  842.50  534.50  830.00  548.50  852.00 
2RS  Sebastien  517.50  804.00  541.50  840.50  533.00  828.00  547.50  850.00 
2RS  Astoria  517.50  804.00  541.50  840.50  533.00  828.00  547.50  850.00 
2RS  Cork   517.50  804.00  541.50  840.50  533.00  828.00  547.50  850.00 
2RS   Average price  519.00  805.50  542.50  842.50  534.50  830.00  548.50  852.00 
6RW  Esterel   482.00  750.50  507.00  787.00  498.50  774.50  513.00  796.50 
Asia Malt 70/30  508.00  789.00  532.00  826.00  523.50  813.50  538.00  835.50 
**  Asia Malt 50/50  501.00  778.00  524.50  814.50  516.50  802.00  530.50  824.00 

NB: Prices published are theoretical malt prices including financial cost, THC (for bulk and bags container) and all administrative costs. This prices may fluctuate according to the quantity per delivery and technical specifications.

* - 70/30 = 70% Average two Rows Spring and 30% Six Rows Winter
** - 50/50 = 50% Average two Rows Spring and 50% Six Rows Winter

Prices Evolution

Prices evolution
Source: ABARE, February 2008

Table of the week

EU 2 row Spring Malting Barley production and balance sheet.
March 2008. Estimations. Years 2007-2008 max 12% protein 2008-2009. max 11.5% protein.

  Area, Ha Yield, t/ha Gross production Malting Barley %
Countries 08/09 07/08 08/09 07/08 08/09 07/08 08/09 07/08
UK 510,000 500,000 5.50 5.50 2,805,000 2,750,000 48% 46%
France 475,000 500,000 5.60 5.50 2,660,000 2,750,000 54% 53%
Germany 520,000 501,000 4.50 4.48 2,340,000 2,244,480 44% 43%
Belgium 5,000 5,000 5.40 5.30 27,000 26,500 25% 25%
Denmark 570,000 464,000 5.20 4.97 2,964,000 2,306,080 46% 48%
Holland 45,000 44,000 5.60 5.80 252,000 255,200 45% 40%
Ireland 150,000 150,000 5.80 5.75 870,000 862,500 22% 20%
Spain 2,525,000 2,500,000 2.75 3.20 6,943,750 8,000,000 15% 10%
Portugal 0 0 0.00 0.00 0 0    
Finland 565,000 550,000 3.50 3.45 1,977,500 1,897,500 17% 15%
Greece 0 0 0.00 0.00 0 0   0%
Italy 0 0 0.00 0.00 0 0   0%
Sweden 410,000 340,000 3.80 4.50 1,558,000 1,530,000 35% 29%
Austria 140,000 120,000 4.00 3.25 560,000 390,000 30% 29%
Total EU 15 5,915,000 5,674,000 3.69 3.69 21,822,125 20,953,271    
Estonia 137,000 135,000 2.50 2.50 342,500 337,500 5% 4%
Lithuania 375,000 350,000 2.30 2.40 862,500 840,000 11% 10%
Latvia 140,000 130,000 2.40 2.50 336,000 325,000 5% 4%
Poland 1,060,000 990,000 3.20 3.10 3,392,000 3,069,000 12% 10%
Czech.Re. 350,000 370,000 3.90 3.50 1,365,000 1,295,000 20% 17%
Slovakia 175,000 190,000 3.50 3.00 612,500 570,000 33% 35%
Hungary 135,000 142,000 3.10 2.60 418,500 369,200 29% 30%
Roumania 160,000 170,000 2.00 1.50 320,000 255,000 15% 15%
Bulgaria 50,000 60,000 2.20 1.70 110,000 102,000 70% 70%
EU 9 2,582,000 2,537,000 2.79 2.53 7,759,000 6,427,067    
EU 25(27) 8,497,000 8,211,000 3.24 3.11 29,581,125 27,380,338    

  Net Malting Barley Requirements Balance Balance
Countries 08/09 07/08 08/09 07/08 08/09 07/08
UK 1,346,400 1,265,000 1,150,000 1,100,000 196,400 165,000
France 1,436,400 1,457,500 1,000,000 960,000 436,400 497,500
Germany 1,029,600 965,126 1,800,000 1,850,000 -770,400 -884,874
Belgium 6,750 6,625 600,000 575,000 -593,250 -568,375
Denmark 1,363,440 1,106,918 320,000 320,000 1,043,440 786,918
Holland 113,400 102,080 300,000 275,000 -186,600 -172,920
Ireland 191,400 172,500 135,000 130,000 56,400 42,500
Spain 1,041,563 800,000 470,000 460,000 571,563 340,000
Portugal 0 10,000 50,000 50,000 -50,000 -40,000
Finland 336,175 284,625 230,000 220,000 106,175 64,625
Greece 0 5,000 45,000 50,000 -45,000 -45,000
Italy 0 0 15,000 15,000 -15,000 -15,000
Sweden 545,300 443,700 255,000 200,000 290,300 243,700
Austria 168,000 113,100 165,000 165,000 3,000 -51,900
Total EU 15 7,578,428 6,732,175 6,535,000 6,370,000 1,043,4280 362,175
Estonia 17,125 13,500 0 0 17,125 13,500
Lithuania 94,875 84,000 110,000 110,000 -15,125 -26,000
Latvia 16,800 13,000 0 0 16,800 13,000
Poland 407,040 306,900 355,000 355,000 52,040 -48,100
Czech.Re. 273,000 220,150 645,000 630,000 -372,000 -409,850
Slovakia 202,125 199,500 325,000 325,000 -122,875 -125,500
Hungary 121,365 110,760 155,000 155,000 -33,635 -44,240
Roumania 48,000 38,250 100,000 100,000 -52,000 -61750
Bulgaria 77,000 71,400 65,000 65,000 12,000 6400
EU 9 1,257,3300 1,057,460 1,755,000 1,740,000 -497,6700 -682,540
EU 25(27) 8,835,758 7,789,635 8,290,000 8,110,000 545,758 -320,365

Source: H. Abildstrřm & Co ApS
Graph Of The Week



These Days in Business History
March 20
1886 1st AC power plant in U.S. begins commercial operation, Massachusetts
1991 U.S. forgives $2 billion in loans to Poland
2000 Shares in MicroStrategy Inc., a hot software consulting firm, fall from $246.75 to $86.75 in a single day as chairman Michael Saylor announces that the company will have to slash its reported revenues and earnings for the past two years.

March 21
1868 In London, the prospectus for the earliest known mutual fund is published as the Foreign and Colonial Government Trust offers its shares to the public for 85 pounds sterling.1986 Pittsburgh Associates buy Pittsburgh Pirates for $218 million
1906 John D Rockefeller III is born, billionaire philanthropist (oil)
1986 199.22 million shares traded in New York Stock Exchange

March 22
1895 Auguste and Louis Lumičre show their 1st movie to an invited audience
1933 Franklin D. Roosevelt makes wine and beer with up to 3.2% alcohol legal
1960 1st patent for lasers, granted to Arthur Schawlow and Charles Townes

March 23
1836 Coin Press invented by Franklin Beale
1857 Elisha Graves Otis installs the world's first safety elevator for passengers in the E.V. Haughwout and Co. store in New York City.
1861 London's 1st tramcars, designed by Mr. Train of New York, begins operating
1951 Wages in France increase 11%
Agenda