(Bloomberg) -- Typhoon Gaemi took aim at China after tearing across the Philippines and Taiwan, knocking out power to hundreds of thousands of homes, flooding streets and leaving at least five people dead.
After passing south of densely populated Taipei, the storm’s eye headed out over the Taiwan Strait early Thursday, lumbering to the northwest. It was expected to approach China’s coast with winds of 80 miles (129 kilometers) per hour, according to the US Joint Typhoon Warning Center, down from 109 mph as it cut across Taiwan.
The Philippines’ central bank suspended currency trading for a second day in Gaemi’s wake, while offices, schools and stock trading were closed in Taiwan. Chuck Watson, a disaster modeler for Enki Research, said the storm could cause $25 billion in damages and losses in Taiwan alone.
Taiwan had braced for the impact. Well before landfall, the storm lashed the island with powerful gusts of wind and rain. At least one person was dead, more than 50 were injured, and hundreds were evacuated from disaster-prone areas, according to authorities and local media reports.
Taiwan Semiconductor Manufacturing Co., the main chipmaker for Apple Inc. and Nvidia Corp., said it was taking routine precautions for its local fabrication facilities.
In mainland China, coastal provinces near Gaemi’s path have begun taking precautionary measures, including evacuating tourists from island resorts, asking ships to take shelter and announcing suspensions of passenger train services. Heavy rain is also affecting inland areas, resulting in the suspension of open-pit mining in some coal production hubs.
In the Philippines, at least four people died in a landslide, and more than half a million people were displaced as the storm compounded monsoon rains, according to authorities. But it may be days before the full human and economic cost to the archipelago becomes clear.
--With assistance from Ditas Lopez, Dominic Lau, Dan Murtaugh, Manolo Serapio Jr., Cliff Venzon and Cecilia Yap.
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