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.