Storm Trami kills seven in Philippines, currency trading shut

Seven people have died in the Philippines as storm Trami barreled across the nation’s main island, causing massive flooding and prompting closure of its currency market for a second day on Thursday. The Bankers Association of the Philippines said the dollar/peso spot and swap markets will be shut and the central bank closed monetary operations following a suspension of government work in the main Luzon island. The stock market will be open, a spokesperson for the Philippine Stock Exchange said. Trami — known locally as Kristine — has made landfall over northern Isabela province, still packing maximum sustained winds of 95 km per hour and strong gale-force winds that extend outward up to 730 km, the Philippines’ weather agency said. Apart from the deaths, seven people were missing and nearly 200,000 people were displaced by the storm, according to the nation’s disaster management agency. Local airlines have canceled more than 70 flights on Thursday, adding to dozens of cancellations earlier in the week. Schools across Luzon were also shut for a second day.<br/>