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
Volkswagen CEO Oliver Blume stated that the automaker's new cost-cutting measures are essential to address “decades of structural problems,” especially as demand in Europe slows and profits from China drop. In an interview with Bild am Sonntag, Blume highlighted that the high operating costs in Germany are a significant barrier to competitiveness.
Last week, VW requested its workers accept a 10% pay reduction to maintain jobs and stay competitive. Reports also indicate plans to shut down at least three plants in Germany, downsize others, and potentially lay off thousands of employees, though VW has not confirmed these steps.
Blume noted that while the methods for reaching cost-cutting goals might be flexible, the goals themselves are firm. Volkswagen has allocated approximately €900 million in its budget to implement these changes.
Comments
Post a Comment