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Market Daily Report: Bursa Malaysia's Key Index Ends Slightly Higher On Bargain Hunting

KUALA LUMPUR, Oct 20 (Bernama) -- Bursa Malaysia’s benchmark index edged higher at the close as bargain hunting emerged following Monday’s sharp sell-off, although it narrowly failed to reclaim the 1,600 level, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 3.83 points, or 0.24 per cent, to 1,599.58 from Monday’s close of 1,595.75. The index opened 3.18 points lower at 1,592.57, marking its intraday low, and reached an intraday high of 1,602.83 in early trading. On the broader market, decliners outnumbered gainers 751 to 331, while 499 counters were unchanged, 1,259 untraded and 10 suspended. Turnover rose to 2.86 billion units worth RM2.42 billion against Monday’s 2.49 billion units worth RM2.38 billion.  
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Trump Proposes US$5 Million 'Gold Card' as New Path to U.S. Citizenship

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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