KUALA LUMPUR, Dec 5 (Bernama) -- Bursa Malaysia closed lower on Friday amid mixed regional market performance as investors turned cautious over a possible rate hike by the Bank of Japan (BOJ) and upcoming US economic data that may influence the Federal Reserve’s (Fed) interest rate decision next week. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) pared most earlier losses to settle 4.55 points easier, or 0.28 per cent, to 1,616.52 from Thursday’s close of 1,621.07. The benchmark index, which opened 0.37 of-a-point lower at 1,620.70, moved between 1,609.67 and 1,621.25 throughout the day. The broader market was negative, with decliners outpacing advancers 604 to 439. A total of 550 counters were unchanged, 1,151 untraded, and 18 suspended. Turnover declined to 3.17 billion units worth RM2.24 billion from 4.48 billion units worth RM2.75 billion yesterday. Rakuten Trade Sdn Bhd vice-presiden...
In an interview with Reuters, Kaabi said the current version of the CSDDD, adopted in 2024, poses a major compliance risk for QatarEnergy, the state-owned oil and gas giant.
The directive requires large corporations operating within the EU to identify and address human rights and environmental issues within their supply chains—or face heavy fines.
Under the law, penalties could reach up to 5% of a company’s global revenue if its climate transition plans fail to align with the Paris Agreement’s 1.5°C target.
Kaabi warned that this could make it impossible for QatarEnergy to justify doing business in the EU, including supplying LNG and other products, due to the “overreaching nature” of the regulation.
“We have been engaging with the European Commission and every EU Member State for almost a year now on CSDDD,” he said. “But so far, there has been no response.”
EU Market Risks and LNG Supply Implications
Qatar currently provides 12%–14% of Europe’s LNG supply, a crucial contribution since Russia’s 2022 invasion of Ukraine disrupted energy flows. The country has long-term LNG contracts with Shell (UK), TotalEnergies (France), and ENI (Italy).
Kaabi cautioned that unless the EU modifies the directive to reduce compliance risks, European energy security could be jeopardized, and investment attractiveness in the bloc may decline.
“Europe must decide if it wants to continue to attract investment into the bloc or risk undermining its competitiveness,” Kaabi said.
Background: Pushback on the CSDDD
The European Parliament’s legal committee recently supported efforts to soften the CSDDD, following criticism from industries claiming the rules are impractical. However, Kaabi said those adjustments did not address Qatar’s key concerns.
The European Commission did not immediately respond to Reuters’ request for comment.
Strategic Context
Known as the “battery of Southeast Asia” for its massive hydropower and clean energy potential, Qatar plays a central role in global LNG supply chains. Any disruption to its European deliveries could further tighten the global energy market—especially amid ongoing geopolitical uncertainties and the EU’s push for cleaner energy transitions.
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