Typhoon Gaemi strengthens as it nears Taiwan, military on standby

YILAN, Taiwan (Reuters) -- Taiwan hunkered down on Wednesday for the arrival of a strengthening Typhoon Gaemi, with financial markets shut, flights cancelled and one person killed, while the military went on standby amid torrential rain.

Gaemi, expected to be the strongest storm to hit Taiwan in eight years, is set to make landfall on the northeast coast late on Wednesday evening, weather authorities said.

They upgraded its status to a strong typhoon, packing gusts of up to 227 kph (141 mph) near its center.

After crossing the Taiwan Strait, it is likely to hit the southeastern Chinese province of Fujian late on Thursday afternoon.

One person died, crushed by a falling tree, in the southern city of Kaohsiung, the fire department said. It also reported another 58 people were injured.

"The next 24 hours will present a very severe challenge," Taiwan Premier Cho Jung-tai told a televised meeting of the emergency response center.

In rural Yilan county, where the typhoon will first hit land, wind and rain gathered strength, shutting eateries as most roads emptied out.

"This could be the biggest typhoon in recent years," fishing boat captain Hung Chun told Reuters, adding that Yilan's harbor of Suao was packed with boats seeking shelter.

"It's charging directly towards the east coast and if it makes landfall here, the damage would be enormous."

Work and school were suspended across Taiwan, with streets almost deserted in the capital Taipei.

The government said more than 4,000 people had been evacuated from sparsely populated mountain areas at high risk of landslides from the "extremely torrential rain".

Almost all domestic flights had been cancelled, along with 227 international flights, the transport ministry said.

All rail operations