The week-long water shortage in Taoyuan County has caused damage estimated at NT$10 billion (US$285.7 million) to industrial infrastructure in the county's industrial zones -- as well as the death of one water company official due to heart failure.
As of Wednesday, estimated losses reported by some 310 firms and factories at the Kuanying Industrial Park (
PHOTO: CNA.
Worst hit were high-tech, biochemical and petrochemical companies, with daily losses estimated at between NT$700 billion and NT$800 million (US$20 million and US$22.8 million), he said.
The water cuts since Aug. 25 were not caused by drought, but by torrential rains triggered by Ty-phoon Aere, which washed tonnes of mud into the Shihmen Reservoir in Taoyuan outside Taipei.
The muddy water paralyzed almost all of the reservoir administration's purification systems, resulting in a water stoppage to most of Taoyuan, whose water supply comes mostly from the reservoir. Chiu said of the 350 firms in the park, production at 310 companies has either stopped or been reduced.
Amid firms' anger over the government's failure to restore water, technicians at the Taiwan Water Supply Corp (
After five sleepless days to help restore the water supply, Wu Chin-niu (
Wu was immediately sent to a hospital nearby but died in the evening. Minister of Economic Affairs Ho Mei-yueh (何美玥), who was asked by Taoyuan County Commissioner Chu Li-lun (朱立倫) to step down over the government's failure to restore water, was filmed by local cable television stations as she shed tears over the technician's death at the hospital in Taoyuan.
Ho reiterated yesterday that the ministry and the water company would seek to resume at least part of the normal supply for Taoyuan residents and some industrial parks tonight.
Chen Shen-hsien (陳伸賢), director of Water Resources Agency under the Ministry of Economic Affairs, said the water supply will be restored on a rotation basis in southern Taoyuan tomorrow morning. Premier Yu Shyi-kun promised on Tuesday to fully resume the system by Sept. 8.
The central government has allocated NT$150 million (US$4.2 million) in relief funds for Taoyuan residents to buy bottled drinking water.
The Taoyuan local government also lifted its ban on drilling wells to try to ease the shortage.
If normal supply is not restored soon, big firms like notebook computer maker Quanta Computer Inc (
Four nearby industrial zones with more than 400 firms have also reported combined losses of at least NT$2 billion (US$57 million), zone officials said.
A number of firms, including Acer Inc, were forced to spend at least NT$600,000 (US$17,142) a day to buy water in order to maintain their production lines, they said.
Both the Consumer Protection Commission and Fair Trade Commission called on related businesses, including water transporters and retailers selling bottled water, not to jointly force up prices of their products and services, according to statements released yesterday.
Violators can be fined up to NT$250 million.
A wave of stop-loss selling and panic selling hit Taiwan's stock market at its opening today, with the weighted index plunging 2,086 points — a drop of more than 9.7 percent — marking the largest intraday point and percentage loss on record. The index bottomed out at 19,212.02, while futures were locked limit-down, with more than 1,000 stocks hitting their daily drop limit. Three heavyweight stocks — Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), Hon Hai Precision Industry Co (Foxconn, 鴻海精密) and MediaTek (聯發科) — hit their limit-down prices as soon as the market opened, falling to NT$848 (US$25.54), NT$138.5 and NT$1,295 respectively. TSMC's
SELL-OFF: Investors expect tariff-driven volatility as the local boarse reopens today, while analysts say government support and solid fundamentals would steady sentiment Local investors are bracing for a sharp market downturn today as the nation’s financial markets resume trading following a two-day closure for national holidays before the weekend, with sentiment rattled by US President Donald Trump’s sweeping tariff announcement. Trump’s unveiling of new “reciprocal tariffs” on Wednesday triggered a sell-off in global markets, with the FTSE Taiwan Index Futures — a benchmark for Taiwanese equities traded in Singapore — tumbling 9.2 percent over the past two sessions. Meanwhile, the American depositary receipts (ADRs) of Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the most heavily weighted stock on the TAIEX, plunged 13.8 percent in
In a small town in Paraguay, a showdown is brewing between traditional producers of yerba mate, a bitter herbal tea popular across South America, and miners of a shinier treasure: gold. A rush for the precious metal is pitting mate growers and indigenous groups against the expanding operations of small-scale miners who, until recently, were their neighbors, not nemeses. “They [the miners] have destroyed everything... The canals, springs, swamps,” said Vidal Britez, president of the Yerba Mate Producers’ Association of the town of Paso Yobai, about 210km east of capital Asuncion. “You can see the pollution from the dead fish.
ASML Holding NV, the sole producer of the most advanced machines used in semiconductor manufacturing, said geopolitical tensions are harming innovation a day after US President Donald Trump levied massive tariffs that promise to disrupt trade flows across the entire world. “Our industry has been built basically on the ability of people to work together, to innovate together,” ASML chief executive officer Christophe Fouquet said in a recorded message at a Thursday industry event in the Netherlands. Export controls and increasing geopolitical tensions challenge that collaboration, he said, without specifically addressing the new US tariffs. Tech executives in the EU, which is