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Malay Mail
14 hours ago
- Malay Mail
Chow Kon Yeow: Penang's RM296m ‘GBS By The Sea' hub fully occupied by global tech firms
GEORGE TOWN, Aug 2 — Penang continued to cement its status as a global business and technology hub with the official launch of 'GBS By The Sea', a landmark RM296 million development located in Technoplex Bayan Lepas. Penang Chief Minister Chow Kon Yeow hailed the project as a bold statement and a clear example of Penang's transition into a knowledge-based, innovation-driven economy. He said GBS By The Sea is the fourth project under the global business services (GBS) initiative, spanning 290,000 square feet (sq ft) of space. 'The GBS By The Sea facility is already fully occupied, with three global industry leaders, namely Advanced Micro Devices Global Services (AMD), Celestica Platform and Cloud Solutions Malaysia and the Microsoft Knowledge Capital Centre. 'These global companies are not only investing in Penang, but they are also creating over 1,000 quality jobs for our local talent in areas like research and development (R&D), engineering, digital services and more. These are the kind of high-value, future-ready jobs that we want for Penangites,' he said during the GBS By The Sea launching ceremony in Bayan Lepas today. Also present at the ceremony were State Infrastructure, Transport and Digital Committee chairman Zairil Khir Johari, Majlis Bandaraya Pulau Pinang (MBPP) Mayor Datuk A Rajendran and Penang Development Corporation (PDC) chief executive officer Datuk Aziz Bakar. Chow elaborated that the facility is not just a workplace but also equipped with a gym, cafeteria and a six-storey car park with 800 bays. He emphasised that GBS would play a vital role in Penang's next chapter, moving from being a manufacturing hub to becoming a knowledge-based and tech-forward economy. 'Projects like GBS By The Sea help us make that transition not just in words, but in real ways that matter to businesses and workers. 'With the announcement of 13th Malaysia Plan (13MP), which puts a strong focus on the transition to 'Made by Malaysia' and aims for higher growth and higher value creation, GBS By The Sea fits perfectly into this big picture — it's local, it's future-focused, and it brings value,' he said. Chow also announced that PDC is already working on its fifth GBS project, namely 'GBS at Technoplex', a RM500 million development offering over 400,000 sqft of space. He said that even though construction has not been completed, 16 per cent of the building has already been pre-booked by tenants, reflecting strong demand and high confidence in Penang's potential. — Bernama
The Sun
15 hours ago
- The Sun
India to keep buying Russian oil despite Trump threats
INDIAN officials have said they would keep purchasing oil from Russia despite the threat of penalties that U.S. President Donald Trump said he would impose, the New York Times reported on Saturday. Reuters could not immediately verify the report. The White House, India's Ministry of External Affairs and the Ministry of Petroleum and Natural Gas did not immediately respond to requests for comment. Trump last month indicated in a Truth Social post that India would face additional penalties for purchase of Russian arms and oil. However, he later said that he did not care what India does with Russia. On Friday, Trump told reporters that he had heard that India would no longer be buying oil from Russia. Two senior Indian officials said there had been no change in policy, according to the NYT report, which added that one official said the government had 'not given any direction to oil companies' to cut back imports from Russia. Reuters had earlier reported that Indian state refiners stopped buying Russian oil in the past week as discounts narrowed in July. On July 14, Trump threatened 100% tariffs on countries that buy Russian oil unless Moscow reaches a major peace deal with Ukraine. Russia is the top supplier to India, responsible for about 35% of India's overall supplies. - Reuters
The Star
18 hours ago
- The Star
Trump fires US labor official over data and gets earlier than expected chance to reshape Fed
WASHINGTON/NEW YORK (Reuters) -President Donald Trump on Friday fired a top Labor Department official on the heels of a market-shocking weak scorecard of the U.S. job market, accusing her without evidence of manipulating the figures and adding to already growing concerns about the quality of economic data published by the federal government. In a second surprise economic policy development, the door for Trump to make an imprint on a Federal Reserve with which he clashes almost daily for not lowering interest rates opened much earlier than anticipated when Fed Governor Adriana Kugler unexpectedly announced her resignation on Friday afternoon. The two developments further rattled a stock market already reeling from his latest barrage of tariff announcements and the weak jobs data. The benchmark S&P 500 Index sank 1.6% in its largest daily drop in more than two months. Trump accused Erika McEntarfer, appointed by former President Joe Biden, of faking the jobs numbers. There is no evidence to back Trump's claims of data manipulation by the Bureau of Labor Statistics, the statistical agency that compiles the closely watched employment report as well as consumer and producer price data. A representative for the BLS did not respond to a request for comment. Friday began with BLS reporting the U.S. economy created only 73,000 jobs in July, but more stunning were net downward revisions showing 258,000 fewer jobs had been created in May and June than previously reported. "We need accurate Jobs Numbers. I have directed my Team to fire this Biden Political Appointee, IMMEDIATELY. She will be replaced with someone much more competent and qualified," Trump said in a post on Truth Social. DATA CONCERNS A Trump administration official who requested anonymity said that while all economic data is noisy, the White House has been dissatisfied with how large the revisions have been in the recent data and issues with lower survey responses. The problem started during COVID and has not been addressed in the years since. "There are these underlying problems that have been festering here for years now that have not been rectified," the person said. "The markets and companies and the government need accurate data, and like, we just weren't getting that," the official said. The BLS has already reduced the sample collection for consumer price data as well as the producer price report, citing resource constraints. The government surveys about 121,000 businesses and government agencies, representing approximately 631,000 individual worksites for the employment report. The response rate has declined from 80.3% in October 2020 to about 67.1% in July, BLS data shows. A Reuters poll last month found 89 of 100 top policy experts had at least some worries about the quality of U.S. economic data, with most also concerned that authorities are not addressing the issue urgently enough. In addition to the concerns over job market data, headcount reductions at BLS have resulted in it scaling back the scope of data collection for the Consumer Price Index, one of the most important gauges of U.S. inflation, watched by investors and policymakers worldwide. Trump's move fed into concerns that politics may influence data collection and publication. "Politicizing economic statistics is a self-defeating act," said Michael Madowitz, principal economist at the Roosevelt Institute's Roosevelt Forward. "Credibility is far easier to lose than rebuild, and the credibility of America's economic data is the foundation on which we've built the strongest economy in the world. Blinding the public about the state of the economy has a long track record, and it never ends well." FED CHANGE SOONER THAN EXPECTED Meanwhile, Kugler's surprise decision to leave the Fed at the end of next week presents Trump an earlier-than-expected opportunity to install a potential successor to Fed Chair Jerome Powell on the central bank's Board of Governors. Trump has threatened to fire Powell repeatedly because the Fed chief has overseen a policymaking body that has not cut interest rates as Trump has demanded. Powell's term expires next May, although he could remain on the Fed board until January 31, 2028, if he chooses. Trump will now get to select a Fed governor to replace Kugler and finish out her term, which expires on January 31, 2026. A governor filling an unexpired term may then be reappointed to a full 14-year term. Some speculation has centered on the idea Trump might pick a potential future chair to fill that slot as a holding place. Leading candidates for the next Fed chair include Trump economic adviser Kevin Hassett, Treasury Secretary Scott Bessent, former Fed Governor Kevin Warsh and Fed Governor Chris Waller, a Trump appointee who this week dissented with the central bank's decision to keep rates on hold, saying he preferred to start lowering them now. Trump, as he was leaving the White House to spend the weekend at his Bedminster, New Jersey, estate, said he was happy to have the open slot to fill. "I would not read any political motivation into what [Kugler is] doing, although the consequence of what she's doing is she's calling Trump's bluff,"said Derek Tang, an analyst at LH Meyer, a research firm. "She's putting the ball in his court and saying, look, you're putting so much pressure on the Fed, and you want some control over nominees, well, here's a slot." (Additional reporting by Jasper Ward and Trevor Hunnicutt; Writing by Daniel Burns; Editing by Chris Reese and Nia Williams and Anna Driver)
