formosa shutdown may slow taiwan economy
Last Updated : GMT 06:41:18
Arab Today, arab today
Arab Today, arab today

Formosa shutdown may slow Taiwan economy

Arab Today, arab today

Arab Today, arab today Formosa shutdown may slow Taiwan economy

Taipei - AFP

The shutdown of several refineries operated by Formosa Plastics, one of Taiwan\'s top conglomerates, could cause the entire economy of the island to slow down, an official said Tuesday.Taiwan\'s government Sunday ordered a partial shutdown of Formosa\'s naphtha cracking complex at Mailiao on the island\'s west coast after a fire -- the seventh blaze to hit the facilities in slightly more than a year.The shutdown could deal a palpable blow to Taiwan\'s export-reliant economy, especially if the order were to be expanded to the whole complex as demanded by angry residents living nearby.\"The shutdown will have a negative impact on the economy as a whole. That we can say for sure,\" said an official at the Directorate General of Budget, Accounting and Statistics, speaking on condition of anonymity.\"But as to how big that impact will be, it\'s still not clear at the moment. It depends on how many plants will be closed, and for how long,\" said the official of the directorate, which compiles official economic data.The agency last week lowered its 2011 full year growth forecast to 5.01 percent from previously 5.06 percent amid growing uncertainty about the international economic situation.Angry residents have threatened to block Mailiao and demanded that the whole complex, comprising about 30 plants, be closed for thorough safety checks, rather than a partial shutdown.If the public in the area gets its way, it would become a nightmare for Formosa Group, analysts said.\"If the whole complex is closed for safety checks, the conglomerate\'s sales may dive by as much as 50 percent,\" said Mars Hsu of the Grand Cathay Securities.To reflect the mounting fears, panic-stricken investors have dumped the shares of companies affiliated with the conglomerate.The total market value of its four flagship enterprises -- Formosa Plastics, Nan Ya Plastics, Formosa Petrochemical and Formosa Chemicals and Fibre -- shed Tw$400 billion ($13.8 billion) Monday and Tuesday, local media said.Formosa spokespeople were not immediately available for comment.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

formosa shutdown may slow taiwan economy formosa shutdown may slow taiwan economy

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

formosa shutdown may slow taiwan economy formosa shutdown may slow taiwan economy

 



Arab Today, arab today
Arab Today, arab today Skincare PR Performance Full Year 2017

GMT 10:35 2018 Monday ,22 January

Skincare PR Performance Full Year 2017
Arab Today, arab today New hunt for flight MH370 gets under way

GMT 02:36 2018 Wednesday ,24 January

New hunt for flight MH370 gets under way
Arab Today, arab today Modern colorful bedroom renovation

GMT 11:23 2017 Thursday ,21 December

Modern colorful bedroom renovation
Arab Today, arab today France sanctions businesses linked

GMT 01:58 2018 Wednesday ,24 January

France sanctions businesses linked
Arab Today, arab today Turkey detains dozens more

GMT 02:09 2018 Wednesday ,24 January

Turkey detains dozens more
Arab Today, arab today
Arab Today, arab today

GMT 07:22 2017 Thursday ,23 November

Zimbabwe's next leader heads home after Mugabe exit

GMT 07:23 2017 Thursday ,23 November

Zimbabwe's next leader heads home after Mugabe exit

GMT 22:38 2018 Tuesday ,23 January

Bahrain Press headlines

GMT 20:34 2018 Saturday ,20 January

Bahrain press headlines

GMT 16:25 2016 Thursday ,22 December

Italian bank Monte Paschi edges closer to state bailout

GMT 09:12 2017 Friday ,17 November

Gleam Futures represents Grace Beverley

GMT 06:03 2014 Wednesday ,09 April

Please .. Let Gaza breathe!

GMT 04:18 2017 Sunday ,26 November

Bella magazine appoints celebrity writer

GMT 06:00 2017 Sunday ,29 October

Childrenswear brand Once appoints Dyelog

GMT 16:33 2014 Thursday ,13 November

Al-Ehtimam Bil Aakhareen

GMT 03:34 2017 Sunday ,05 November

Needle & Thread relocates press office

GMT 14:56 2017 Thursday ,21 December

Ryanair says formally recognises pilots' union

GMT 01:41 2017 Saturday ,12 August

Moroccan video sparks debate on sexual harassment
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday