Update: My bud Andrewk's got my attention again. Our Pulau Pinang Chief Minister Lim Guan Eng denies that Intel is moving out. According to him, Intel's just relocating higher up North - to Kulim, Kedah. Meanwhile, Intel's corporate affairs manager Loo Cheng Cheng said that none of the workers will be laid off for now. For now. Instead the workers will be given similar positions in the company's other plants throughout Malaysia.
Intel is closing 5 of its manufacturing facilities worldwide and two of it are located in Pulau Pinang, Malaysia. This will affect about 6,000 people worldwide. The 90% decline in Intel's earnings last quarter probably had something to do with it though the leading chipmaker expects things go return to normal in the second half of this year.
Links: CNNMoney.com, MarketWatch
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