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 ...
The Penang government has launched a new incentive programme, dubbed ‘Penang Silicon Design @5km+’, aimed at drawing chip design firms and engineers to the Bayan Lepas Industrial Park and its surrounding area. The initiative offers annual subsidies worth up to RM2 million over three years for both local and foreign integrated circuit (IC) design firms based in Malaysia, according to Invest Penang.
With major global semiconductor companies like Intel and Infineon Technologies already established in Penang, the state's Chief Minister, Chow Kon Yeow, highlighted the importance of creating conducive facilities to support high-value activities. Penang is home to 28 local and foreign IC design firms, and this initiative aims to further boost the region's attractiveness to strategic investors.
To support the programme, Penang has allocated RM60 million and is seeking a matching grant from the federal government. Incentives include full subsidies for rent, utilities, and parking at state-owned properties, as well as access to equipment and tools at shared facilities. The initiative will be governed by an executive council and advised by a panel of industry experts, academics, and government agencies.
The programme's success will be underscored by the opening of GBS TechSpace, a 36,000 sq ft facility set to house IC design companies and engineers by the end of 2024. Digital Minister Gobind Singh Deo stressed the importance of semiconductor and IC design in driving Malaysia's digital economy growth.
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