KUALA LUMPUR, June 22 (Bernama) -- Bursa Malaysia ended on a softer note today as investors engaged in profit-taking following the recent rebound in the local market, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) declined by 0.65 per cent, or 11.19 points, to 1,700.84 from last Friday's close of 1,712.03. The benchmark index opened 1.56 points lower at 1,710.47 and moved between 1,699.94 and 1,712.32 throughout the trading session. Market breadth was negative, with decliners outnumbering gainers 560 to 481. A total of 608 counters were unchanged, 1,649 untraded, and 14 suspended. Turnover slipped to 3.29 billion units worth RM2.40 billion from 3.45 billion units worth RM3.79 billion on Friday.
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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