KUALA LUMPUR, Nov 6 (Bernama) -- Bursa Malaysia closed higher today, buoyed by supportive local economic policies, positive sentiment from strong technology stocks earnings, and a favourable United States (US) market outlook, an analyst said. Add to that, Bank Negara Malaysia’s (BNM) decision to maintain the Overnight Policy Rate (OPR) at 3.0 per cent is poised to encourage domestic spending and investment. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 13.47 points, or 0.83 per cent, to close at its intraday high of 1,634.17, compared to Tuesday’s close of 1,620.70. The benchmark index opened 3.71 points higher at 1,624.41 and subsequently hit a low of 1,623.52 in early trade before trending upwards toward the closing session. Market breadth was positive, with advancers trumping decliners 849 to 352, while 428 counters were unchanged, 765 untraded, and nine suspended. Turnover expanded to 3.39 billion units
The ongoing transformation of Germany's car industry toward electric vehicles (EVs) could result in the loss of 186,000 jobs by 2035, according to a study commissioned by the VDA auto industry association. The report revealed that 46,000 jobs have already been lost between 2019 and 2023, primarily due to the shift to EVs.
The study, conducted by research institute Prognos, points to several factors contributing to the loss of competitiveness in Germany's car industry, including the high cost of electricity, tax rates, and increasing regulatory red tape.
The job losses are further exacerbated by recent developments at Volkswagen, which is threatening to shut down at least three factories, lay off tens of thousands of employees, and reduce operations at its remaining plants, as noted by the company's works council.
The VDA emphasized the need for competitive political and economic conditions in Germany to retain as much added value and employment as possible within the country, while also creating opportunities for new jobs in the evolving industry.
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