KUALA LUMPUR, Nov 5 (Bernama) -- Bursa Malaysia closed higher, buoyed by Bank Negara Malaysia’s (BNM) decision to maintain the Overnight Policy Rate (OPR) at 2.75 per cent, alongside positive cues from Wall Street. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 19.30 points, or 1.19 per cent, to 1,635.86 from Wednesday’s close of 1,616.56. The benchmark index opened 6.72 points higher at 1,623.28, and fluctuated between an intraday high of 1,642.44 and a low of 1,622.62 during the trading session. However, market breadth was negative, with losers outnumbering gainers 723 to 497, while 466 counters were unchanged, 1,075 untraded and 10 suspended. Turnover rose to 3.74 billion units valued at RM3.61 billion compared with yesterday’s 2.81 billion units valued at RM2.57 billion.
Europe's ambitious plan to curb global deforestation, pledged at the COP26 climate conference three years ago, was delayed on Wednesday after intense pressure from countries such as Brazil and the US. The European Union (EU), originally aiming to implement deforestation targets this year, has now pushed back the start date to 2025, symbolizing the challenges in balancing environmental goals with global trade demands.
The delay is a result of the EU’s Green Deal facing growing resistance both domestically and internationally. Businesses and emerging economies expressed concerns about the time and costs required to comply with the EU’s new deforestation regulation, which aims to eliminate the EU’s role in deforestation through its demand for commodities like coffee, cocoa, soy, and beef.
The deferral comes after over US$110 billion in trade was set to be impacted by the European Deforestation Regulation (EUDR). Calls from commodity suppliers and even EU member states led to the one-year postponement. Right-wing political movements across Europe, emphasizing competitiveness over green ideals, further influenced the decision, with farmers voicing their struggles amid inflation and overregulation.
The regulation demands that every commodity, from coffee beans to timber, be traceable, causing concerns among developing countries and smallholder farmers. Countries like Indonesia labeled the move as “regulatory imperialism,” while EU officials argued that geolocation data could be easily managed through modern technology.
Environmental groups, however, see the delay as a blow to the EU’s credibility. They worry that it may set a dangerous precedent for other climate initiatives, despite reassurances from Commission President Ursula von der Leyen that green plans remain on track. Pamela Coke-Hamilton, from the International Trade Centre, stressed the need for clear guidance and financial support for affected countries to ensure smooth compliance.
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