Thanks for joining us. Here are the key takeaways after Taiwan was struck by the strongest earthquake in 25 years at just before 8 am local time this morning:
- The earthquake measured7.4 in magnitude and struck 18 kilometers from Hualien City, according to the US Geological Survey. That’s on the east of the island, which seems to have suffered the majority of the damage, with roads damaged and rail links disrupted
- At least four people diedthe Associated Press reported, while some 26 buildings collapsed. Rescue operations are underway for those who are trapped. Taiwan President Tsai Ing-wen announced emergency response office and said the military will provide support
- The temblor was felt strongly in the capital Taipei, where buildings swayed, and led to a brief suspension of services on the subway. But the northern city saw little disruption otherwise, despite a series of aftershocks, and the key stock index closed down 0.6%
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Taiwan SemiconductorManufacturing Co.a lynchpin in the global production of advanced chips, andUnited Microelectronics Corp.halted operations at some plants and evacuated some staff. But the island is prone to both earthquakes and typhoons, and TSMC said the evacuations were procedural
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Taiwan is of critical importance to the global economy and markets. Any damage from the quake is being closely watched for potential effects on technology output, as the island accounts for more than half of the global market for laptops, motherboards, and network devices
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