Monday, 06 Feb 2012
Reuters reported that heavy rains shut four coal mines in eastern Australia on Friday as military helicopters evacuated stranded residents from inundated towns and authorities warned of further flash flooding.
Emergency services authorities said that more than 11,000 people in Queensland state have been isolated by the flooding and thousands had been evacuated.
Whitehaven Coal said it had shut four mines due to heavy rainfall, but the mines were not flooded and no equipment had been damaged. Other miners and liquefied natural gas producers reported their operations had so far not been affected.
The Queensland Resources Council said many of the state's mines were still carrying water from last year's wet season and it was monitoring mining areas.
A spokeswoman for Xstrata, the world's largest thermal coal exporter, which has mines in both New South Wales and Queensland, said it was not aware of any impact due to the wet weather. In the northwestern district of Queensland, Xstrata said it had resumed operations at its Ernest Henry copper mine following a short suspension last week to ensure the safety of staff.
Another coal major, Rio Tinto, said it would not comment on production.
The Bureau of Meteorology said heavy rains were likely to add to already overflowing rivers and warned of localised flash flooding. It cancelled a severe weather warning for parts of New South Wales.
The 2011 floods also damaged crops and inundated coal mines, pushing up prices for coal. Australia is the world's largest coal exporter and accounts for roughly two-thirds of global trade of coking coal, used for steel production.
(Sourced from Reuters)
Showing posts with label shut down operations. Show all posts
Showing posts with label shut down operations. Show all posts
Monday, February 6, 2012
Monday, January 30, 2012
Japan Tohoku Electric shuts coal fired unit
Monday, 30 Jan 2012
Japanese utility Tohoku Electric Power Co said on Saturday a 134 megawatt coal-fired unit at its Itoigawa plant in northwestern Japan was shut late on Friday night because of supply issues.
The utility could not yet forecast a time for restarting the unit or provide further details.
(Sourced from Thomson Reuters)
Japanese utility Tohoku Electric Power Co said on Saturday a 134 megawatt coal-fired unit at its Itoigawa plant in northwestern Japan was shut late on Friday night because of supply issues.
The utility could not yet forecast a time for restarting the unit or provide further details.
(Sourced from Thomson Reuters)
Tuesday, September 6, 2011
ArcelorMittal to shut down BF No1 at Eisenhuttenstadt
Tuesday, 06 Sep 2011
Reuters reported that ArcelorMittal will shut down a blast furnace at its plant in Eisenhüttenstadt in Germany in the next few weeks due to weaker steel demand.
It said that "Due to the current seasonal slowdown and some regional demand fluctuations in Europe, ArcelorMittal is optimizing production flows and aligning production capacities to seasonal demand. Consequently, the small BF No1 at ArcelorMittal Eisenhüttenstadt will be temporarily shut down until the demand situation supports a re start."
European steel makers produced high volumes of steel in the first half this year as a restocking cycle boosted demand, but as restocking came to an end the excess supply made steel prices fall. In order to support prices steel producers are now cutting their output.
Mr Jim Lennon head of commodities research at Macquarie said that "All leading indicators have definitely been suggesting slower growth in Europe and demand had to be cut in order to stabilize prices. We have seen pockets of weakness in Europe and steel makers have to respond by pulling supply out of the market to support prices."
According to data from the World Steel Association, steel production in Europe was at 14.579 million tonnes in July, down from 15.700 million in June.
Chinese and global steel production fell slightly from the previous month but remained near record levels in July, in what is usually a seasonally slower quarter and despite concerns that oversupply and the economic slowdown may weigh on prices.
(sourced from Reuters)
Reuters reported that ArcelorMittal will shut down a blast furnace at its plant in Eisenhüttenstadt in Germany in the next few weeks due to weaker steel demand.
It said that "Due to the current seasonal slowdown and some regional demand fluctuations in Europe, ArcelorMittal is optimizing production flows and aligning production capacities to seasonal demand. Consequently, the small BF No1 at ArcelorMittal Eisenhüttenstadt will be temporarily shut down until the demand situation supports a re start."
European steel makers produced high volumes of steel in the first half this year as a restocking cycle boosted demand, but as restocking came to an end the excess supply made steel prices fall. In order to support prices steel producers are now cutting their output.
Mr Jim Lennon head of commodities research at Macquarie said that "All leading indicators have definitely been suggesting slower growth in Europe and demand had to be cut in order to stabilize prices. We have seen pockets of weakness in Europe and steel makers have to respond by pulling supply out of the market to support prices."
According to data from the World Steel Association, steel production in Europe was at 14.579 million tonnes in July, down from 15.700 million in June.
Chinese and global steel production fell slightly from the previous month but remained near record levels in July, in what is usually a seasonally slower quarter and despite concerns that oversupply and the economic slowdown may weigh on prices.
(sourced from Reuters)
Thursday, September 1, 2011
ArcelorMittal to shut down Fontaine-L’Eveque Plant
Sept01, 2011
ArcelorMittal SA plans to close a steel-wire plant at Fontaine-L'Eveque, Belgium, at the end of this year, Belga news agency reported, citing a company announcement to the plant's workers.
ArcelorMittal intends to limit production at several sites and may offer other posts or early retirement to some of the around 60 workers employed at the plant, which makes steel wires and cables used in construction, Belga said.
Tags: wire, longs, Belgium, Europe, ArcelorMittal, production,
(sourced steelorbis)
ArcelorMittal SA plans to close a steel-wire plant at Fontaine-L'Eveque, Belgium, at the end of this year, Belga news agency reported, citing a company announcement to the plant's workers.
ArcelorMittal intends to limit production at several sites and may offer other posts or early retirement to some of the around 60 workers employed at the plant, which makes steel wires and cables used in construction, Belga said.
Tags: wire, longs, Belgium, Europe, ArcelorMittal, production,
(sourced steelorbis)
Monday, August 29, 2011
China shuts over 1000 illegal coal mines
Monday, 29 Aug 2011
It is reported that China has shut down over 1,000 illegal coal mines in a countrywide crackdown
Mr Zhao Tiechui an official said that till the end of July, authorities had closed 1,289 coal mines for illegal production.
China Daily quoted the official as saying that as many as 86 people had been arrested on charges related to mine safety.
The toll from coal mine accidents fell 31% to 1,083 in China in the first seven months of this year from a year ago.
(sourced www.smetimes.tradeindia.com)
It is reported that China has shut down over 1,000 illegal coal mines in a countrywide crackdown
Mr Zhao Tiechui an official said that till the end of July, authorities had closed 1,289 coal mines for illegal production.
China Daily quoted the official as saying that as many as 86 people had been arrested on charges related to mine safety.
The toll from coal mine accidents fell 31% to 1,083 in China in the first seven months of this year from a year ago.
(sourced www.smetimes.tradeindia.com)
Friday, April 8, 2011
Japan says economy in "severe" condition after disaster
Fri Apr 8, 2011 8:56am GMT
* Japan economy in severe condition, no quick recovery
* China says concerned over nuclear crisis
* Beijing to closely monitor Japan's actions
* No damage from aftershock reported at Fukushima plant
* Power cut in north Japan shuts factories, including at Sony
By Chizu Nomiyama and Yoko Nishikawa
TOKYO, April 8 (Reuters) - Japan's economy is in a "severe condition" with no quick recovery in sight following a triple disaster triggered by the March 11 earthquake that has sent service-sector sentiment plummeting the most on record, the government said on Friday.
While Japan confronts the economic impact of the disaster, it also faces increasing alarm from its neighbours with China expressing concern at the pumping of radioactive water into the sea from a crippled nuclear plant.
China's Foreign Ministry said it would "closely" monitor Japan's actions to end the crisis at the plant, where engineers are battling to contain radiation leaks. It demanded accurate information from Tokyo.
"As Japan's neighbour, we naturally express our concern about this," ministry spokesman Hong Lei said in a statement.
China is the first nation to publicly express its concern over a crisis that has lasted close to a month. Other countries have banned or restricted food imports from Japan over radiation fears.
"We ask that Japan reports the relevant information to the Chinese side in a swift, comprehensive and accurate way."
Power blackouts and restrictions, factory shutdowns, and a sharp drop in the number of tourists have left the world's third largest economy reeling. Many economists expect it to slip into recession this year as factory output and exports suffer.
The crippled Fukushima Daiicho nuclear power plant north of Tokyo means power shortages and supply disruptions that will leave the economy weak for some time, Japan's central bank said on Friday.
The Cabinet Office's assessment was equally bleak.
"Japan's economy is suddenly in a severe condition due to the effects of the earthquake," it said after releasing a monthly survey of hotel workers, restaurant staff and taxi drivers that showed a record fall in confidence to levels last seen during the depths of the global financial crisis.
In an obvious sign of the downturn; taxis park in long lines in central Tokyo each night, their drivers staying warm by idling the motor as they wait forlornly for a fare.
Japan is facing its worst crisis since World War Two after a 9.0 magnitude earthquake and a huge tsunami battered its northeast coast, leaving nearly 28,000 dead or missing and damaging six nuclear reactors north of Tokyo.
The Tokyo area and regions further north make up half of Japan's economy, Nomura research shows.
A strong 7.1 magnitude aftershock on Thursday night -- one of the biggest of more than 400 aftershocks above magnitude 5.0 -- shook the already ravaged northeast.
It forced two companies, including electronics giant Sony Corp , to stop production due to power cuts. At least two people were killed after the tremor.
There was a brief scare when water leaks were found on Friday at a second nuclear plant, Onagawa, in the northeast, but Japan's nuclear safety agency said it had not detected any change in radiation levels.
NO CHANGE IN RADIATION
A relieved Tokyo Electric Power Co (TEPCO) , which operates Fukushima, said Thursday's quake had not caused any more damage. It briefly evacuated workers because of a tsunami alert, although that was later withdrawn.
The U.N.'s nuclear watchdog sounded an encouraging note when one of its officials said there were signs of progress in stabilising the Fukushima plant, though the situation remained very serious.
The International Atomic Energy Agency (IAEA) said it had not detected any change in radiation levels following Thursday night's quake.
"The situation at the Fukushima Daiichi nuclear power plant remains very serious ... (but) there are early signs of recovery in some functions such as electrical power and instrumentation," the IAEA's head of nuclear safety, Denis Flory, said.
The agency said radiation in the region around the plant, as measured by gamma dose rates, had peaked in the early days of the crisis, and aside from a rise on March 22, had since fallen to "a level very close to background".
DISRUPTS BUSINESS
Japan's neighbours have grown increasingly anxious at the risk of contamination from radiation, with some schools in South Korea closing because of fears of toxic rain. Officials there said the radiation levels in the atmosphere were harmless.
China's health ministry said this week traces of radioactivity had been found in spinach in three provinces and the state news agency Xinhua reported trace levels of radioactivity detected in 22 provinces.
To cope with power shortages, Japan's government has asked major companies to cut electricity use in the peak summer months by up to a quarter and the Tokyo Stock Exchange said the power cuts meant it would have to delay plans to extend trading hours.
The impact of the quake meant both output and exports, major pillars of the economy, would remain weak, the central bank said.
"Output will hover at a low level for the time being but then start to increase as supply constraints are mitigated," the Bank of Japan said in its monthly report for April.
Companies and households will need to cut back significantly on power usage this summer when demand is at its peak, Trade Minister Banri Kaieda said after a cabinet meeting. He urged major companies to cut electricity consumption by 25 percent.
But some ministers at Friday's cabinet meeting called for an end to a campaign of "self restraint" by ordinary people that was adopted immediately after March 11 to cut fuel or electricity use and discourage stockpiling of necessities.
"Some cabinet ministers said excessive self-restraint could worsen the economy, weakening economic power for reconstruction," Chief Cabinet Secretary Yukio Edano told reporters.
PREVENTING MORE EXPLOSIONS
Utility TEPCO said it was continuing to inject nitrogen into one of its Fukushima reactors to prevent a repeat of last month's hydrogen explosions.
The plant is far from under control and engineers have been forced to pump in tonnes of water to cool down reactors, in the process making it radioactive. The water then has to be stored, though some has been released into the sea.
Officials say it could take months to bring the reactors under control and years to clear up the toxic mess left behind.
The government has set up a 20-km (12-mile) exclusion zone around the plant, banned fishing along much of the northeast coast and set up evacuation centres for the tens of thousands forced to leave their homes following the crisis. ($1=85.475 Japanese yen)
(Additional reporting by Mayumi Negishi, Chisa Fujioka, Yoko Nishikawa and Kiyoshi Takenaka in Tokyo, Ben Blanchard and Sui-lee Wee in Beijing, Jack Kim in Seoul; Writing by Jonathan Thatcher and Michael Perry; Editing by Neil Fullick, sourced Thomson Reuters)
* Japan economy in severe condition, no quick recovery
* China says concerned over nuclear crisis
* Beijing to closely monitor Japan's actions
* No damage from aftershock reported at Fukushima plant
* Power cut in north Japan shuts factories, including at Sony
By Chizu Nomiyama and Yoko Nishikawa
TOKYO, April 8 (Reuters) - Japan's economy is in a "severe condition" with no quick recovery in sight following a triple disaster triggered by the March 11 earthquake that has sent service-sector sentiment plummeting the most on record, the government said on Friday.
While Japan confronts the economic impact of the disaster, it also faces increasing alarm from its neighbours with China expressing concern at the pumping of radioactive water into the sea from a crippled nuclear plant.
China's Foreign Ministry said it would "closely" monitor Japan's actions to end the crisis at the plant, where engineers are battling to contain radiation leaks. It demanded accurate information from Tokyo.
"As Japan's neighbour, we naturally express our concern about this," ministry spokesman Hong Lei said in a statement.
China is the first nation to publicly express its concern over a crisis that has lasted close to a month. Other countries have banned or restricted food imports from Japan over radiation fears.
"We ask that Japan reports the relevant information to the Chinese side in a swift, comprehensive and accurate way."
Power blackouts and restrictions, factory shutdowns, and a sharp drop in the number of tourists have left the world's third largest economy reeling. Many economists expect it to slip into recession this year as factory output and exports suffer.
The crippled Fukushima Daiicho nuclear power plant north of Tokyo means power shortages and supply disruptions that will leave the economy weak for some time, Japan's central bank said on Friday.
The Cabinet Office's assessment was equally bleak.
"Japan's economy is suddenly in a severe condition due to the effects of the earthquake," it said after releasing a monthly survey of hotel workers, restaurant staff and taxi drivers that showed a record fall in confidence to levels last seen during the depths of the global financial crisis.
In an obvious sign of the downturn; taxis park in long lines in central Tokyo each night, their drivers staying warm by idling the motor as they wait forlornly for a fare.
Japan is facing its worst crisis since World War Two after a 9.0 magnitude earthquake and a huge tsunami battered its northeast coast, leaving nearly 28,000 dead or missing and damaging six nuclear reactors north of Tokyo.
The Tokyo area and regions further north make up half of Japan's economy, Nomura research shows.
A strong 7.1 magnitude aftershock on Thursday night -- one of the biggest of more than 400 aftershocks above magnitude 5.0 -- shook the already ravaged northeast.
It forced two companies, including electronics giant Sony Corp , to stop production due to power cuts. At least two people were killed after the tremor.
There was a brief scare when water leaks were found on Friday at a second nuclear plant, Onagawa, in the northeast, but Japan's nuclear safety agency said it had not detected any change in radiation levels.
NO CHANGE IN RADIATION
A relieved Tokyo Electric Power Co (TEPCO) , which operates Fukushima, said Thursday's quake had not caused any more damage. It briefly evacuated workers because of a tsunami alert, although that was later withdrawn.
The U.N.'s nuclear watchdog sounded an encouraging note when one of its officials said there were signs of progress in stabilising the Fukushima plant, though the situation remained very serious.
The International Atomic Energy Agency (IAEA) said it had not detected any change in radiation levels following Thursday night's quake.
"The situation at the Fukushima Daiichi nuclear power plant remains very serious ... (but) there are early signs of recovery in some functions such as electrical power and instrumentation," the IAEA's head of nuclear safety, Denis Flory, said.
The agency said radiation in the region around the plant, as measured by gamma dose rates, had peaked in the early days of the crisis, and aside from a rise on March 22, had since fallen to "a level very close to background".
DISRUPTS BUSINESS
Japan's neighbours have grown increasingly anxious at the risk of contamination from radiation, with some schools in South Korea closing because of fears of toxic rain. Officials there said the radiation levels in the atmosphere were harmless.
China's health ministry said this week traces of radioactivity had been found in spinach in three provinces and the state news agency Xinhua reported trace levels of radioactivity detected in 22 provinces.
To cope with power shortages, Japan's government has asked major companies to cut electricity use in the peak summer months by up to a quarter and the Tokyo Stock Exchange said the power cuts meant it would have to delay plans to extend trading hours.
The impact of the quake meant both output and exports, major pillars of the economy, would remain weak, the central bank said.
"Output will hover at a low level for the time being but then start to increase as supply constraints are mitigated," the Bank of Japan said in its monthly report for April.
Companies and households will need to cut back significantly on power usage this summer when demand is at its peak, Trade Minister Banri Kaieda said after a cabinet meeting. He urged major companies to cut electricity consumption by 25 percent.
But some ministers at Friday's cabinet meeting called for an end to a campaign of "self restraint" by ordinary people that was adopted immediately after March 11 to cut fuel or electricity use and discourage stockpiling of necessities.
"Some cabinet ministers said excessive self-restraint could worsen the economy, weakening economic power for reconstruction," Chief Cabinet Secretary Yukio Edano told reporters.
PREVENTING MORE EXPLOSIONS
Utility TEPCO said it was continuing to inject nitrogen into one of its Fukushima reactors to prevent a repeat of last month's hydrogen explosions.
The plant is far from under control and engineers have been forced to pump in tonnes of water to cool down reactors, in the process making it radioactive. The water then has to be stored, though some has been released into the sea.
Officials say it could take months to bring the reactors under control and years to clear up the toxic mess left behind.
The government has set up a 20-km (12-mile) exclusion zone around the plant, banned fishing along much of the northeast coast and set up evacuation centres for the tens of thousands forced to leave their homes following the crisis. ($1=85.475 Japanese yen)
(Additional reporting by Mayumi Negishi, Chisa Fujioka, Yoko Nishikawa and Kiyoshi Takenaka in Tokyo, Ben Blanchard and Sui-lee Wee in Beijing, Jack Kim in Seoul; Writing by Jonathan Thatcher and Michael Perry; Editing by Neil Fullick, sourced Thomson Reuters)
Friday, March 11, 2011
Quake shuts Japan plants, seen setting back economy, BOJ offers help
Fri Mar 11, 2011 9:41am GMT
* Nuclear power plants, refineries shut after massive quake
* Disaster fresh blow to struggling economy; BOJ pledges support
* Power outages shut factories; all ports, some airports shut
* Yen, stocks fall, bonds jump on economic fallout concerns
(Adds more details on damage, death toll, Toyota plants)
By Osamu Tsukimori and Stanley White
TOKYO, March 11 (Reuters) - Auto plants, electronics factories and oil refineries shut across large parts of Japan on Friday after a powerful earthquake rocked the country, triggering a tsunami, buckling roads and knocking out power to millions of homes and businesses.
Several airports, including Tokyo's Narita, were closed and rail services halted. All of the country's ports were closed.
Electronics giant Sony Corp , one of the country's biggest exporters, shut six factories, Kyodo news agency reported, as air force jets roared toward the most heavily affected northeast coast to assess the damage from the 8.9 magnitude quake, the biggest to hit Japan in 140 years.
The Bank of Japan, which has been struggling to boost the anaemic economy, said it would do its utmost to ensure financial market stability as the yen and Japanese shares fell.
"There are car and semiconductor factories in northern Japan, so there will be some economic impact due to damage to factories," said Yasuo Yamamoto, senior economist at Mizuho Research Institute in Tokyo.
Japanese media reported at least six deaths and many injuries, with fires breaking out from Sendai city in northern Japan to Tokyo. A tsunami 10 metres high hit Sendai port but there were no immediate reports of damage.
The Miyagi prefecture and surrounding areas include major manufacturing and industrial zones, with many chemical and electronics plants. Television showed black smoke pouring out of an industrial area in Yokohama's Isogo area.
Toyota Motor Corp said it had halted production at a parts factory and two assembly plants in the area, while Nissan Motor Co , the country's second-largest automaker, stopped operations at four factories, media reported.
Two people were reported killed by a collapsing ceiling at a Honda Motor Co factory in Tochigi Prefecture, north of Tokyo, but no other details were immediately available.
The quake occurred as the economy was showing signs of reviving from a contraction in the final quarter of last year. The disaster raised the prospect of major disruptions for many key businesses, at least in the short term.
The yen fell as much as 0.3 percent against the dollar before recouping its losses, while Nikkei stock futures plunged nearly 5 percent at one point.
The disaster also weighed on markets elsewhere, pushing shares in European insurance companies down. Large reinsurers -- Swiss Re , Hannover Re and Munich Re -- were all down more than 4 percent.
The earthquake happened just before the Tokyo stock market closed.
"Stocks will probably fall on Monday, especially of those companies, that have factories in the affected areas, but on the whole the selloff will likely be short-lived," said Mitsuhsige Akino, a fund manager at Ichiyoshi Investment Management.
Bond futures surged on worries the widespread damage would put further pressure on the already sputtering economy, while the most active gold contract on the Tokyo Commodity Exchange, February 2012 , inched higher.
"We still don't know the full scale of the damage, but considering what happened after the earthquake in Kobe, this will certainly lead the government to compile an emergency budget. We can expect consumption to fall. This could temporarily pull down gross domestic product," Yamamoto said.
With Japanese interest rates already near zero, analysts said the central bank and the government had few options but to inject more money into the economy, even if it risked swelling the already bloated deficit.
"The extent of the damage is hard to tell but it seems devastating for the northern Japan economy. The government must act quickly to announce support packages and the central bank should pump more money into the economy," said Tsutomu Yamada, a market analysts at Kabu.com Securities.
The 1995 quake that devastated Kobe caused $100 billion in damage.
"The government would have to sell more bonds, but this is an emergency, so this can't be avoided," Yamamoto said.
"Given where the Bank of Japan's benchmark interest rate is now, they can't really lower rates. The BOJ will focus on providing liquidity, possibly by expanding market operations."
POWER PLANTS, REFINERIES SHUT
Hokuriku Electric Co said on Friday all of three reactors at its Onagawa nuclear plant in northern Japan shut down automatically after the quake, but no nuclear leaks were reported.
Electric Power Development (J-Power) also halted operations of its Isogo thermal power plant in Yokohama, Jiji reported.
Television reported a major fire at Cosmo Oil Co's Chiba refinery, east of Tokyo. JX Nippon Oil & Energy Corp, Japan's top refiner, halted operations at three refineries in Sendai, Kashima and Negishi, Jiji News said.
Japanese media reported a fire at JFE Holdings Inc's steel plant in Chiba. JFE, the world's fifth-largest steelmaker, said there was no major impact.
Primearth EV Energy Co Ltd, a joint venture between Panasonic Corp and Toyota making batteries for environmentally friendly vehicles, said its Miyagi battery factory had halted production because of power cuts. The extent of any damage was not clear, but a spokesman said it did not appear to be major. (Additional reporting by TOKYO bureau; Writing by Kim Coghill; Editing by Tomasz Janowski,sourced:Thomson Reuters)
* Disaster fresh blow to struggling economy; BOJ pledges support
* Power outages shut factories; all ports, some airports shut
* Yen, stocks fall, bonds jump on economic fallout concerns
(Adds more details on damage, death toll, Toyota plants)
By Osamu Tsukimori and Stanley White
TOKYO, March 11 (Reuters) - Auto plants, electronics factories and oil refineries shut across large parts of Japan on Friday after a powerful earthquake rocked the country, triggering a tsunami, buckling roads and knocking out power to millions of homes and businesses.
Several airports, including Tokyo's Narita, were closed and rail services halted. All of the country's ports were closed.
Electronics giant Sony Corp , one of the country's biggest exporters, shut six factories, Kyodo news agency reported, as air force jets roared toward the most heavily affected northeast coast to assess the damage from the 8.9 magnitude quake, the biggest to hit Japan in 140 years.
The Bank of Japan, which has been struggling to boost the anaemic economy, said it would do its utmost to ensure financial market stability as the yen and Japanese shares fell.
"There are car and semiconductor factories in northern Japan, so there will be some economic impact due to damage to factories," said Yasuo Yamamoto, senior economist at Mizuho Research Institute in Tokyo.
Japanese media reported at least six deaths and many injuries, with fires breaking out from Sendai city in northern Japan to Tokyo. A tsunami 10 metres high hit Sendai port but there were no immediate reports of damage.
The Miyagi prefecture and surrounding areas include major manufacturing and industrial zones, with many chemical and electronics plants. Television showed black smoke pouring out of an industrial area in Yokohama's Isogo area.
Toyota Motor Corp said it had halted production at a parts factory and two assembly plants in the area, while Nissan Motor Co , the country's second-largest automaker, stopped operations at four factories, media reported.
Two people were reported killed by a collapsing ceiling at a Honda Motor Co factory in Tochigi Prefecture, north of Tokyo, but no other details were immediately available.
The quake occurred as the economy was showing signs of reviving from a contraction in the final quarter of last year. The disaster raised the prospect of major disruptions for many key businesses, at least in the short term.
The yen fell as much as 0.3 percent against the dollar before recouping its losses, while Nikkei stock futures plunged nearly 5 percent at one point.
The disaster also weighed on markets elsewhere, pushing shares in European insurance companies down. Large reinsurers -- Swiss Re , Hannover Re and Munich Re -- were all down more than 4 percent.
The earthquake happened just before the Tokyo stock market closed.
"Stocks will probably fall on Monday, especially of those companies, that have factories in the affected areas, but on the whole the selloff will likely be short-lived," said Mitsuhsige Akino, a fund manager at Ichiyoshi Investment Management.
Bond futures surged on worries the widespread damage would put further pressure on the already sputtering economy, while the most active gold contract on the Tokyo Commodity Exchange, February 2012 , inched higher.
"We still don't know the full scale of the damage, but considering what happened after the earthquake in Kobe, this will certainly lead the government to compile an emergency budget. We can expect consumption to fall. This could temporarily pull down gross domestic product," Yamamoto said.
With Japanese interest rates already near zero, analysts said the central bank and the government had few options but to inject more money into the economy, even if it risked swelling the already bloated deficit.
"The extent of the damage is hard to tell but it seems devastating for the northern Japan economy. The government must act quickly to announce support packages and the central bank should pump more money into the economy," said Tsutomu Yamada, a market analysts at Kabu.com Securities.
The 1995 quake that devastated Kobe caused $100 billion in damage.
"The government would have to sell more bonds, but this is an emergency, so this can't be avoided," Yamamoto said.
"Given where the Bank of Japan's benchmark interest rate is now, they can't really lower rates. The BOJ will focus on providing liquidity, possibly by expanding market operations."
POWER PLANTS, REFINERIES SHUT
Hokuriku Electric Co said on Friday all of three reactors at its Onagawa nuclear plant in northern Japan shut down automatically after the quake, but no nuclear leaks were reported.
Electric Power Development (J-Power) also halted operations of its Isogo thermal power plant in Yokohama, Jiji reported.
Television reported a major fire at Cosmo Oil Co's Chiba refinery, east of Tokyo. JX Nippon Oil & Energy Corp, Japan's top refiner, halted operations at three refineries in Sendai, Kashima and Negishi, Jiji News said.
Japanese media reported a fire at JFE Holdings Inc's steel plant in Chiba. JFE, the world's fifth-largest steelmaker, said there was no major impact.
Primearth EV Energy Co Ltd, a joint venture between Panasonic Corp and Toyota making batteries for environmentally friendly vehicles, said its Miyagi battery factory had halted production because of power cuts. The extent of any damage was not clear, but a spokesman said it did not appear to be major. (Additional reporting by TOKYO bureau; Writing by Kim Coghill; Editing by Tomasz Janowski,sourced:Thomson Reuters)
Sunday, January 30, 2011
Australian coal port shuts ahead of cyclone
CANBERRA Jan 30 (Reuters) -
Australia's largest coal export terminal of Dalrymple Bay shut down operations on Sunday due to an approaching cyclone, which is expected to hit the region early on Monday.
The closure is the latest disruption to coal exports from Queensland and follows devastating summer floods across eastern Australia, which killed at least 35 people, swamped 30,000 homes, forced mines to close and destroyed roads and rail lines.
Australia's weather bureau said tropical cyclone Anthony was gaining strength to a category two cyclone as it approached the northern Queensland coast, and would lead to high tides, rough seas and destructive wind gusts.
The cyclone is due to hit land between the northern Queensland towns of Townsville and Mackay, prompting the closure of the export harbour around the Dalrymple Bay terminal.
"The harbour master has locked the port down as of 10 a.m. this morning," said Dalrymple Bay spokesman Andrew Garratt.
"We would be hopeful of being in a position to be out loading again tomorrow morning, but that will be determined by just how rough the seas are," he said.
Australia's floods disaster has already piled up pressure on government finances and Prime Minister Julia Gillard, who is struggling to win public support for her recovery package, which included a new flood tax.
The Queensland state government on Friday said it estimated the floods cut up 15 million tonnes from steel-making coal exports from the financial year ending June 30, 2011.
Townsville mayor Les Tyrell said the area was well prepared for cyclone Anthony and more heavy rain.
"We are fairly fortunate at the moment. Our dams are certainly full but our rivers and streams are now empty to some extent from the rain we had," he told Australian media.
Authorities are also watching another tropical storm near Vanuatu, which could form a cyclone and hit Queensland late this week.
The prime minister on Sunday urged people in north Queensland to prepare for the cyclone and listen for weather warnings.
"We're all made of tough stuff and we'll get through this but this is another big cruel blow coming on top of what has been a summer of tragedy already," Gillard told reporters.
(Reporting by James Grubel; sourced : reuters)
Australia's largest coal export terminal of Dalrymple Bay shut down operations on Sunday due to an approaching cyclone, which is expected to hit the region early on Monday.
The closure is the latest disruption to coal exports from Queensland and follows devastating summer floods across eastern Australia, which killed at least 35 people, swamped 30,000 homes, forced mines to close and destroyed roads and rail lines.
Australia's weather bureau said tropical cyclone Anthony was gaining strength to a category two cyclone as it approached the northern Queensland coast, and would lead to high tides, rough seas and destructive wind gusts.
The cyclone is due to hit land between the northern Queensland towns of Townsville and Mackay, prompting the closure of the export harbour around the Dalrymple Bay terminal.
"The harbour master has locked the port down as of 10 a.m. this morning," said Dalrymple Bay spokesman Andrew Garratt.
"We would be hopeful of being in a position to be out loading again tomorrow morning, but that will be determined by just how rough the seas are," he said.
Australia's floods disaster has already piled up pressure on government finances and Prime Minister Julia Gillard, who is struggling to win public support for her recovery package, which included a new flood tax.
The Queensland state government on Friday said it estimated the floods cut up 15 million tonnes from steel-making coal exports from the financial year ending June 30, 2011.
Townsville mayor Les Tyrell said the area was well prepared for cyclone Anthony and more heavy rain.
"We are fairly fortunate at the moment. Our dams are certainly full but our rivers and streams are now empty to some extent from the rain we had," he told Australian media.
Authorities are also watching another tropical storm near Vanuatu, which could form a cyclone and hit Queensland late this week.
The prime minister on Sunday urged people in north Queensland to prepare for the cyclone and listen for weather warnings.
"We're all made of tough stuff and we'll get through this but this is another big cruel blow coming on top of what has been a summer of tragedy already," Gillard told reporters.
(Reporting by James Grubel; sourced : reuters)
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