Markets brace for Taiwan earthquake disruption; Disney reportedly wins board battle â business live | Business
Key events
Ryanair has said that it cancelled almost 950 flights during March because of the conflict in Israel and Gaza.
The Irish airline said that it carried 1m more passengers during March 2024 compared with March 2023. That represented an 8% increase to 13.6m. The airlineâs load factor was unchanged.
Ryanair is the worldâs second most valuable by market capitalisation, behind only the USâs Delta. It flew 77,000 flights in March, and has flown 183.7m passengers during the last 12 months.
Londonâs FTSE 100 and Milanâs FTSE MIB are the biggest fallers of the main European stock market indices this morning. Both have lost 0.3%.
There are no major individual movers on the FTSE 100, however: the biggest faller is BT Group, down 1.7%.
Elsewhere in Europe it is a more mildly positive story. Here are the opening snaps via Reuters from across the rest of Europe:
EUROPEâS STOXX 600 UP 0.1%
FRANCEâS CAC 40 UP 0.2%, SPAINâS IBEX UP 0.1%
EURO STOXX INDEX UP 0.2%; EURO ZONE BLUE CHIPS UP 0.3%
GERMANYâS DAX UP 0.2%
Chipmakers evacuate Taiwan factories after earthquake
Good morning, and welcome to our live, rolling coverage of business, economics and financial markets.
The biggest earthquake in 25 years has hit Taiwan, killing at least seven people. On financial markets investors are bracing for disruption to the islandâs crucial technology companies.
Taiwan plays a central role in the global economy because of its status as a manufacturing hub for computer chips, as well as its companies in the broader technology supply chain.
The earthquakeâs epicentre was on the east coast of the island, while most of its tech manufacturing is based in the west. Nevertheless, the quake affected production at chip fabs, which rely on very sensitive machinery.
The share price of Taiwan Semiconductor Manufacturing Co, which makes most of the worldâs cutting edge chips on behalf of others, dropped by 1.3% on Wednesday. The company said it was still trying to work out the impact of the earthquake on its operations, in a statement:
TSMCâs safety systems are operating normally. Preventive measures were initiated according to procedure and some fabs were evacuated. All personnel are safe, and those evacuated are beginning to return to their workplaces.
The company is currently confirming the details of the impact. Initial inspections show that construction sites are normal.
However, the company has decided to suspend work at construction sites for today, and work will resume following further inspections.
Shares in major Apple supplier Foxconn dropped by 1.4%, while TV panel manufacturer Au Optronics fell by 1.9%.
Disney reportedly fends off Nelson Peltz
Disney has reportedly managed to fend off a bid for board seats from activist investment billionaire Nelson Peltz. That would be a victory for prominent Disney chief executive Bob Iger.
Peltzâs hedge fund, Trian Fund Management, has failed to win enough shareholder backers to install Peltz and former Disney chief financial officer Jay Rasulo on the entertainment companyâs board, Reuters reported, citing anonymous sources. Reuters said:
Enough votes had been cast as of Tuesday evening to put Disneyâs board directors safely ahead of Trianâs two challengers.
However, Iger successfully won around well known and powerful investors including Steve Jobsâs widow Laurene Powell Jobs, JP Morgan boss Jamie Dimon and Star Wars creator George Lucas
The agenda
10am BST: Euro area inflation rate flash reading (March; previous: 2.6% year-on-year; consensus: 2.6%)
10am BST: Euro area unemployment rate (February; prev.: 6.4%; cons.: 6.4%)