Taiwan markets close as typhoon looms

TAIPEI, Taiwan --Taiwan's financial markets are closed as a powerful typhoon approaches the island, after lashing Japan's Okinawa and causing widespread damage.

Typhoon Sinlaku is expected to hit Taiwan Friday afternoon and forecasters have warned it could cause serious damage.

The storm's eye is expected to pass slightly north of Taiwan -- packing winds of 170 kph (105 mph) -- before veering to the south towards China's southeast coast, The Associated Press News Agency reported the Central Weather Bureau as saying.

Schools and government offices in the island's north were closed Friday and domestic flights canceled.

Sailors missing

Slow-moving Sinlaku -- named after the Micronesian goddess of breadfruit -- was moving at 11 kph (6.8 mph), and its center was 390 kilometers (242 miles) northeast of Taiwan's capital early Friday, Taipei, the weather bureau said.

Five Filipino sailors are still missing off the coast of Okinawa as torrential rains and powerful winds swept the region.

Their cargo ship disappeared after issuing a distress call at around 4 a.m. (1900 GMT) on Thursday, a Japanese coast guard official Kiyoshi Kawamura told AP. Strong winds and high seas were hampering search and rescue efforts.

Sinlaku's eye passed over the Okinawan island chain Wednesday evening, leaving more than 89,000 homes without power.

Typhoon Rusa

Last weekend over 100 people were killed in South Korea when typhoon Rusa ravaged the peninsula. Rusa was the worst typhoon to hit South Korea since 1959 when typhoon Sarah left almost 840 dead or missing.

Sinlaku was not expected to hit South Korea, and forecasters predicted it would stick to a southern course for the Chinese coast.

Last year, Taiwan suffered one of its deadliest storms when Typhoon Toraji killed about 200 people.

Months later, Nari triggered Taipei's worst flooding and paralyzed the capital for two days, killing 100 people.