KUALA LUMPUR, July 9 (Bernama) -- Bursa Malaysia closed lower on Thursday as renewed geopolitical tensions in West Asia weighed on investor sentiment. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 5.97 points, or 0.36 per cent, to 1,677.64 from Wednesday's close of 1,683.61. The benchmark index opened 2.62 points lower at 1,680.99, and moved between 1,676.18 and 1,683.80 throughout the session. However, market breadth was slightly positive, with gainers leading losers 533 to 504, while 547 counters were unchanged, 1,112 untraded, and 12 suspended. Turnover slipped to 2.64 billion units valued at RM2.19 billion from 2.96 billion units valued at RM2.18 billion on Wednesday.
Gold Card to Replace EB-5 Visa Program
- Trump announced plans to replace the EB-5 investor visa program with a new "Gold Card" priced at US$5 million as a route to U.S. citizenship.
- The EB-5 program currently grants green cards to foreign investors who create or preserve U.S. jobs.
- The new Gold Card would offer green card privileges and a direct path to U.S. citizenship.
Trump’s Justification for the Change
- Trump called the EB-5 program "full of nonsense, make-believe, and fraud", arguing it was a cheap way to obtain U.S. residency.
- Commerce Secretary Howard Lutnick said the new plan would ensure only wealthy investors gain U.S. entry.
Potential Eligibility & Controversy
- When asked if Russian oligarchs could qualify, Trump responded, "Yeah, possibly. I know some Russian oligarchs that are very nice people."
- Critics may question whether the policy favors ultra-wealthy elites over job-creating investors.
What’s Next?
- Trump said full details of the Gold Card program will be released in two weeks.
Summary:
- Trump proposes replacing the EB-5 visa with a US$5 million "Gold Card" that grants green card privileges and a path to citizenship.
- Move aims to attract ultra-wealthy investors while eliminating alleged fraud in the EB-5 program.
- Russian oligarchs and other foreign elites may be eligible, raising potential controversy.
- More details to be announced in two weeks.
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