KUALA LUMPUR, July 30 (Bernama) -- Bursa Malaysia's key index closed at an intraday high today, supported by continued buying interest even as renewed geopolitical tensions and a weaker overnight lead from Wall Street following the US Federal Reserve's (Fed) decision to stand pat on interest rates weighed on broader sentiment. The Fed has decided to hold rates steady for the fifth consecutive meeting, with the Federal Funds Rate unchanged between 3.50 per cent and 3.75 per cent. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.84 points to 1,720.40 from yesterday’s close of 1,715.56. The benchmark index, which opened 1.14 points lower at 1,714.42, hit its lowest level of 1,710.69 in early trade before gaining momentum for the rest of the day. However, the broader market was negative with losers outpacing gainers 581 to 411, while 612 counters were unchanged, 1,173 untraded, and 87 suspended. Turnover declined to 2.49 billion units valued at RM2.25 billion from ...
Switzerland's efforts to revamp its relationship with the European Union (EU) are facing significant new opposition from the three billionaire founders of Partners Group Holding AG. Alfred Gantner, Marcel Erni, and Urs Wietlisbach, who built one of Europe’s most valuable private equity firms, are leading a political campaign to limit the Swiss government’s ability to conclude a deal with the EU.
The group, named “Kompass Europa”, argues that any treaty with the EU should not only pass a national vote, a staple of Swiss direct democracy, but also win approval from a majority of regional governments (cantons). This could block any deal with the EU, particularly one that includes free movement of people, a contentious issue in Switzerland.
While business leaders typically favor closer ties with the EU, the opposition from these powerful figures challenges the assumption that Swiss businesses support the EU. The timing of their intervention could significantly influence a vote on any potential deal.
Kompass Europa contends that Switzerland’s sovereignty and direct democratic system are key to its prosperity, arguing that the country should not be subject to EU laws. Despite their personal political involvement, Partners Group clarified that the EU agreement has no direct impact on its global business operations.
The Swiss-EU relationship is governed by a patchwork of bilateral agreements that have worked to some extent but have left cross-border businesses with legal uncertainties. Previous negotiations between Switzerland and the EU collapsed in 2021 after years of talks.
While traditionalist and far-right groups in Switzerland oppose EU agreements over immigration concerns, many Swiss businesses, particularly those like Roche Holding AG, rely heavily on foreign workers. Roche CEO Thomas Schinecker emphasized that the company would simply hire talent elsewhere if Switzerland restricted immigration.
Negotiations between Switzerland and the EU are set to conclude by the end of the year, with a vote in Switzerland expected in 2026. However, whether the Partners Group billionaires’ financial influence will sway the outcome remains uncertain, as public sentiment may not align with their views.
Comments
Post a Comment