Typhoon nears Taiwan, markets to close

TAIPEI-A typhoon in the Pacific Ocean with wind gusts of 173 kph was on course to hit Taiwan late on Sunday, prompting local governments, including Taipei, to cancel work and classes on Monday and close markets. Typhoon Fung-Wong, Chinese for phoenix, was moving northwest on Sunday evening, on course to make landfall early Monday in central Taiwan, with sustained winds of 137 kph, Taiwan's Central Weather Bureau said on its website http://www.cwb.gov.tw
the approaching storm prompted the issue of rough sea warnings as most local city and county governments announced late in the day that offices and schools would be closed on Monday. That also meant the stock and foreign exchange markets would close for the day.Fung-Wong was moving northwest at 17 kph on Monday evening, the CWB said, classifying the storm as a mid-grade one.Scattered rain was falling throughout the island as the storm approached and winds began to pick up.Tropical Storm Risk (http://www.tropicalstormrisk.com) said Fung-Wong was a category 2 storm on Sunday evening, but could strengthen to a category 3 storm over the next 24 hours. A category 3 storm is defined as one with winds of 178-210 kph.From Taiwan, the storm is expected to cross over the Taiwan Strait and arrive in south China on Tuesday, the CWB said.Fung-Wong will be the second typhoon to hit Taiwan in the last two weeks. On July 18, typhoon Kalmaegi killed at least 20 people and caused extensive flooding, landslides and crop damage in the south and central part of the island.
http://www.reuters.com/article/worldNews/idUSTP27399420080727
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