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Hong Kong Shuts Stock Market, Schools as Super Typhoon Nears

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Hong Kong is bracing for what may be the strongest storm to hit the city in at least five years as Super Typhoon Saola heads straight toward the financial hub.

The local observatory issued the No. 8 storm signal, its third-highest warning, at 2:40 a.m. Friday and plans to keep it at that level for most of the day. That means Hong Kong’s $5 trillion stock market will be shut, schools won’t open and most public transportation will be grounded. Many flights will be canceled.

“This can be a very destructive typhoon,” the chief secretary said Thursday, flanked by heads of various government departments. “We hope to minimize the damage.” Cathay Pacific Airways Ltd., the city’s flag carrier, said it will halt all Hong Kong flights from 2 p.m. Friday until 10 a.m. Saturday. The airline expects significant disruptions at Hong Kong International Airport and is working to keep aircraft out of the city for a period of time, according to information seen by Bloomberg.

 

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Hong Kong Shuts Stock Market, Schools as Super Typhoon NearsHong Kong is bracing for what may be the strongest storm to hit the city in at least five years as Super Typhoon Saola heads straight toward the financial hub.
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