KUALA LUMPUR, Jan 27 (Bernama) -- Bursa Malaysia finished in the negative territory today dampened by subdued trading observed across the board ahead of the upcoming Chinese New Year (CNY) festive holidays, said an analyst. At 5 pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) slipped 14.76 points, or 0.94 per cent, to end at its intraday low of 1,558.97 compared to Friday’s close of 1,573.73. The benchmark index opened marginally lower by 0.42 of-a-point at its intraday high of 1,573.31 and moved in a downtrend path towards closing. Market breadth was negative with decliners thumping gainers 782 to 235, with 415 counters unchanged, 916 untraded and 60 suspended. Turnover narrowed to 2.76 billion units valued at RM2.38 billion compared to 3.0 billion units valued at RM3.06 billion registered last Friday. UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Mohd Sedek Jantan noted that the thin trading volume today indicated a clear retreat by investors ...
France, Greece, Italy, and Poland are set to vote on Friday in favor of tariffs as high as 45% on Chinese electric vehicle (EV) imports, according to sources. This vote, if passed, will likely escalate trade tensions between the European Union (EU) and China.
The European Commission is conducting an anti-subsidy investigation into Chinese EVs and has proposed final tariffs, which would be imposed for five years unless a qualified majority of 15 EU countries representing 65% of the population votes against the plan.
Support from France, Greece, Italy, and Poland, which represent 39% of the EU population, suggests the proposal is on track to pass. These countries have been critical of China's state subsidies for its EV industry, which EU Commission President Ursula von der Leyen argues unfairly undercut European manufacturers.
While France has been a strong advocate for tariffs, German automakers, who derive nearly a third of their sales from China, have generally opposed them. German Chancellor Olaf Scholz emphasized the need for continued dialogue with China, and Germany is expected to abstain from the vote again, as it did in July.
The commission has also indicated that it is open to negotiating alternatives to tariffs with China, such as minimum import prices or commitments to investment in the EU. Proposed tariffs range from 7.8% for Tesla to 35.3% for non-cooperative companies like SAIC, on top of the EU's standard 10% import duty for cars.
This decision follows similar actions by the US, Canada, Turkey, and Brazil against China's trade practices.
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