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.
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