Home Asia Markets, work suspended as Typhoon Gaemi Moves Towards Taiwan

Markets, work suspended as Typhoon Gaemi Moves Towards Taiwan

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Financial markets will close and people will get a day off work as Typhoon Gaemi moves towards Taiwan.

Gaemi, the first typhoon of the season to affect Taiwan, is expected to make landfall on the northeast coast early evening on Wednesday, according to the island’s Central Weather Administration.

The typhoon currently categorised as medium-strength by Taiwan, is likely to move across the Taiwan Strait and then hit the southeastern Chinese province of Fujian on Friday.

Capital Taipei, and neighbouring cities of New Taipei, Keelung and Taoyuan, will close schools and give people the day off on Wednesday, with the financial markets also closed.

The annual Han Kuang war games have been curtailed and emergency equipment readied due to strong winds and torrential rain.

TSMC 2330.TW, the world’s largest contract chipmaker, however  said it expected all its factories would maintain normal production during the typhoon.

It has also activated routine preparation procedures.

The weather administration said that some mountainous central and southern Taiwan counties are expected to see total rainfall of up to 1,800 mm (70 inches) during the typhoon.

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The government put more than 1,000 rubber boats on standby for possible flooding across the island and rushed emergency food, water and communications equipment to remote areas.

Taiwan’s annual Han Kuang military drills taking place this week have been curtailed, including cancelling fighter jet exercises on the east coast, the defence ministry said.

“The impact from the typhoon at present on the east coast is rather obvious. So, we will adjust some of the air and naval elements given the typhoon situation,” ministry spokesman Sun Li-fang told reporters at the Hualien air base.

Mandarin Airlines and Daily Air cancelled all domestic flights for Wednesday, while Eva Air 2618.TW announced at least a dozen international flights were cancelled for the same day.

Gaemi passed by to the east of the Philippines but did not make landfall, though still brought heavy rain.

While typhoons can be highly destructive, Taiwan also relies on them to replenish reservoirs after the traditionally drier winter months, especially for the southern part of the island.

(With Inputs From Reuters)