who decided to sell approximately half of the UK's gold reserves in a series of auctions. At the time, the UK's gold reserves were worth about US$6.5 billion, accounting for about half of the UK's US$13 billion foreign currency net reserves. The 2001 AOL merger with Time Warner (a deal valued at $350 billion; which was the largest merger in American business history) was 'the biggest mistake in corporate history', believes Time Warner chief Jeff Bewkes February 7, 2004 – EuroMillions transnational lottery, launched by France's Française des Jeux, Spain's Loterías y Apuestas del Estado, and the United Kingdom's Camelot. In 2007, it was reported that in the UK, one pound in every seven spent went to the Tesco grocery and general merchandise retailer. On October 9, 2007, the Dow Jones Industrial Average closed at the record level of 14,164.53. Two days later on October 11, the Dow would trade at its highest intra-day level ever, at the 14,198.10 mark. In what would normally take many years to accomplish; numerous reasons were cited for the Dow's extremely rapid rise from the 11,000 level in early 2006, to the 14,000 level in late 2007. They included future possible takeovers and mergers, healthy earnings reports particularly in the tech sector, and moderate inflationary numbers; fueling speculation the Federal Reserve would not raise interest rates. Roughly on par with the 2000 record when adjusted for inflation, this represented the final high of the cyclical bull. The index closed 2007 at 13,264.82, a level it would not surpass for nearly five years. Economic growth in the world Between 1999 and 2009, according to the World Bank statistics for GDP: The world economy by nominal GDP almost doubled in size from U.S. $30.21 trillion in 1999 to U.S. $58.23 trillion in 2009. This figure is not adjusted for inflation. By PPP, world GDP rose 78%, according to the IMF. But inflation adjusted nominal GDP rose only 42%, according to IMF constant price growth rates. The following figures are not inflation adjusted nominal GDP and should be interpreted with extreme caution: The United States (U.S. $14.26 trillion) retained its position of possessing the world's largest economy. However, the size of its contribution to the total global economy dropped from 28.8% to 24.5% by nominal price or a fall from 23.8% to 20.4% adjusted for purchasing power. Japan (U.S. $5.07 trillion) retained its position of possessing the