Earthquake leads to chaotic business
Earthquake leads to chaotic business
TOKYO (AFP): Japanese manufacturers halted factory operations
in western Japan yesterday while the Osaka Securities Exchange
suspended share trading after a massive earthquake devastated the
area.
Among the companies affected were Kobe Steel Ltd., one of
Japan's top steelmakers, and electronics manufacturers Matsushita
Electric Industrial Co. Ltd. and Sanyo Electric Co. Ltd., both
based in Osaka.
Kobe Steel suspended production at both its Kagowa steelworks
and its Kobe steelworks, its two main facilities in Japan, a
spokesman at the company's Tokyo office said. Further details
were unavailable.
Japan's top steelmaker Nippon Steel Corp. was also reported to
have suspended steelmaking operations in Osaka.
A spokesman for Matsushita, the world's largest consumer
electronics maker, best known for its National and Panasonic
brands, said production was halted at its Kobe plant, where it
makes personal computers, word processors and video games.
A Sanyo spokesman said a factory located at the epicenter on
Awaji island suspended production of solar cells and batteries.
Reports reaching the Japanese capital said only 10 percent of
securities company employees showed up for work in Osaka after
the pre-dawn quake measuring 7.2 on the Richter scale.
The earthquake ripped through central Japan early yesterday,
killing more than 800 people and injuring more than 1,300 as
buildings, roads and rail lines collapsed.
The Osaka exchange suspended all trading for the morning
session and, although it resumed trading in futures and options
in the afternoon, trading in stocks, bonds and country funds
remained suspended.
A spokesman for NEC Corp. said the company's semiconductor
plant in Otsu was shut down during the morning, but expected to
resume operations in the evening.
Suspension
Reports reaching Tokyo said Mitsubishi Electric Corp.
suspended operations at four factories while Sharp Corp., which
is headquartered in Osaka, halted production at one factory in
the suburbs of Osaka.
Among other companies reportedly affected were carmaker
Daihatsu Motor Co. Ltd., camera and office equipment manufacturer
Minolta Co. Ltd. and the country's biggest whisky distiller,
Suntory Ltd., all based in Osaka
A tire factory operated by Kobe-based Sumitomo Rubber
Industries Ltd. also suspended operations, reports said.
Sumitomo Bank Ltd., which is headquartered in Osaka, was
meanwhile reported to have been unable to open 90 of its 126
branches in the area. Other Japanese banks based in Osaka include
Sanwa Bank Ltd. and Daiwa Bank Ltd.
Japan's International Trade and Industry Ministry, meanwhile,
confirmed there was no damage to nuclear power plants in the
region operated by Kansai Electric Power Co. Inc., reports said.