Taiwan Semiconductor Manufacturing Co (TSMC) reported that all of its workers were safe following a major earthquake that hit Taiwan. The company evacuated some personnel from certain factory lines as a precaution, but those workers have now started returning to work. While initial inspections of construction sites showed no major damage, TSMC has decided to suspend work at these sites for further evaluation. The company is still assessing the overall impact of the earthquake.
The earthquake, which registered a magnitude of 7.4 in Hualien County, was the island’s most significant quake since 1999. It caused the collapse of buildings and prompted tsunami advisories in both Japan and the Philippines. At least four people have been reported dead as a result of the earthquake. The Japan Meteorological Agency issued tsunami advisories for some of its southern islands and regions, though these were later removed. In the Philippines, a tsunami warning was raised following the earthquake.
Following the earthquake, the Taiwan Stock Exchange Corporation confirmed that its computers and network systems were operating normally. Shares of TSMC fell 1% in response to the earthquake, contributing to a 0.9% decrease in the broader Taiwan Weighted Index. TSMC is the largest company on the index by market cap, with a value of $639.65 billion. Flights schedules were disrupted in Japan, with some Japan Airlines flights being canceled. ANA Holdings also temporarily suspended flights from certain airports but has since resumed operations, though some flights have been delayed or canceled.
The impact of the earthquake on TSMC and other businesses in Taiwan is still being assessed as inspections continue. The safety of workers is a priority, and the company has protocols in place for such situations to ensure the well-being of its employees. With the earthquake being the most significant in Taiwan in over two decades, the region is now focused on recovery efforts and ensuring the safety of its residents. The earthquake serves as a reminder of the importance of preparedness and safety protocols in the face of natural disasters.
