The US labour market showed signs of a steady slowdown in October, with job openings increasing moderately and layoffs declining, according to the latest Job Openings and Labor Turnover Survey (JOLTS) report released by the Bureau of Labor Statistics on Tuesday. Job openings, a key indicator of labour demand, rose by 372,000 to 7.744 million at the end of October. However, the September figures were revised downward to 7.372 million from the initially reported 7.443 million. Economists polled by Reuters had anticipated 7.475 million vacancies. Labour Market Dynamics While job openings increased, hires dropped by 269,000 to 5.313 million, and layoffs fell by 169,000 to 1.633 million. These figures suggest a gradual cooling of the labour market rather than a sharp contraction. Hurricanes and strikes also impacted October’s labour market data. Rebuilding efforts in storm-affected regions and the resolution of strikes at Boeing and another aerospace company are expected to contribute to a ...
Infrastructure and construction group Ekovest Bhd (KL) announced the disposal of four parcels of land along Jalan Pahang in Kuala Lumpur, measuring a total of 2,286 square meters.
Key Takeaways:
Transaction Details: The land is being sold to Airman Sdn Bhd, a wholly-owned subsidiary of Lim Seong Hai Holdings Sdn Bhd (LSHHSB), for RM9.82 million. This is considered a related party transaction as Ekovest's non-independent and non-executive director, Tan Sri Lim Keng Cheng, is a major shareholder and director of LSHHSB with a 25% stake. Other shareholders of Airman, each with a 25% stake, are Datuk Lim Keng Guan, Lim Pak Lian, and Lim Keng Hun.
Financial Impact: Ekovest expects to gain RM3.51 million from the disposal, with proceeds to be used for general working capital purposes.
Previous Transactions: On February 22, Ekovest divested 13 parcels of land totaling 12,400 square meters in the same area to LSHHSB for RM66.8 million.
Location Details: The land is situated on the left side of Jalan Pahang when traveling from Kuala Lumpur city center and Bulatan Pahang towards Gombak and Setapak localities.
Development Plans: Ekovest initially intended to integrate these land parcels into a mixed development project named EkoQuay. However, the development order expired in February 2021.
Market Response: Ekovest shares fell by two sen or 4.3% to 44.5 sen on Monday, giving the group a market valuation of RM1.32 billion.
Ekovest's continued land disposals reflect strategic adjustments in its development plans, leveraging assets to bolster working capital while navigating expired project approvals.
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