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$4.05 0.0  0.6%

Last Trade - 8:04pm

Large Cap
Market Cap £6.71bn
Enterprise Value £11.13bn
Revenue £11.82bn
Position in Universe 820th / 6393

UPDATE 1-Chief of Taiwan gas supplier CPC resigns after power blackout

Fri 18th August, 2017 8:11am
(Recasts, adds company comment) 
    TAIPEI, Aug 18 (Reuters) - The chairman of Taiwan gas 
supplier CPC Corp resigned on Friday, three days after a power 
blackout hit businesses and homes across the island, affecting 
nearly seven million households.  
    The resignation of Chairman Chen Chin-te, announced at a 
company news conference, comes after the island's minister for 
economics affairs, Chih-Kung Lee, stepped down.*:nH9N1EP015  
    Chen said the CPC Corp had investigated the blackout and 
shared findings with the government this week, pointing out 
directions for reform. Details of the findings could be made 
public later, Chen said.   
    Chen emphasised the company would need to work on ensuring 
routine protection and maintenance work was implemented 
according to plan. 
    "As so many people were impacted by this, I wanted to deeply 
express CPC Corp's apologies to the people, and of course as 
chairman, I have to accept responsibility," Chen said.   
    The power outage was caused by "structural problems" and 
human error involving the replacement of equipment, which 
ultimately affected the operations of a state-owned Taiwan Power 
Co  TAIWP.UL  power plant, state-owned gas supplier CPC Corp 
 CHIP.UL  said this week. 
    The government said on Wednesday it was investigating the 
blackout on the heavily industrialized island amid sweltering 
heat. Officials said a task force would be set up to investigate 
the cause.*:nL4N1L14HM     
    Tech companies reported little impact to operations, though 
some companies, such as ChipMOS Technologies  8150.TW , Advanced 
Semiconductor Engineering  2311.TW , and electronics 
manufacturer Foxconn, said they were affected. 
    Foxconn, formally known as Hon Hai Precision Industry Co 
 2317.TW , the world's largest contract electronics manufacturer 
and a major Apple supplier  AAPL.O , said it experienced a power 
outage at its Tucheng facilities, but had back-up generators on 
site, according to a statement sent to Reuters late on Thursday. 
 (Reporting by Jess Macy Yu; Additional reporting by Faith Hung; 
Editing by Anne Marie Roantree and Robert Birsel) 
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