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...
The US Agriculture Department (USDA) has warned that funding for the Supplemental Nutrition Assistance Program (SNAP), or food stamps, will run out next month if the government shutdown continues, threatening aid for millions of Americans.
According to an Oct. 10 letter from the USDA viewed by Bloomberg, recipients will still receive their October benefits, but the agency said there will be “insufficient funds to pay full November SNAP benefits for approximately 42 million individuals across the nation” if the funding lapse persists.
Agriculture Secretary Brooke Rollins said on Thursday that the department will “run out of money in two weeks,” warning that millions of vulnerable families could lose access to food aid. The shutdown, now in its 16th day, has already left most federal workers without pay.
Seventeen states, including New York, Pennsylvania, New Jersey, Virginia, and Massachusetts, have also halted issuing new October benefits to applicants due to technical constraints in their payment systems.
The USDA had previously said SNAP would not be affected by a shutdown, citing contingency funds for state operations. However, those reserves—now at about US$6 billion—are short of the US$8.1 billion required for November payments.
The federal government’s September contingency plan allowed for continued SNAP operations using multi-year funds, but those resources are being depleted faster than anticipated.
President Donald Trump earlier this week ordered the Pentagon to use remaining funds to pay troops during the shutdown, a move criticized as legally questionable since the president cannot spend money without congressional approval.
Advocacy groups are urging the administration to act with equal urgency to protect food assistance. “Just as the administration has found ways to protect its other priorities during this shutdown, it must also act with the same urgency to protect SNAP,” said Crystal FitzSimons, president of the Food Research & Action Center.
A prolonged funding lapse could significantly deepen the economic impact of the shutdown, cutting off essential support for millions of low-income Americans.
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