KUALA LUMPUR, Nov 5 (Bernama) -- Bursa Malaysia closed higher, buoyed by Bank Negara Malaysia’s (BNM) decision to maintain the Overnight Policy Rate (OPR) at 2.75 per cent, alongside positive cues from Wall Street. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 19.30 points, or 1.19 per cent, to 1,635.86 from Wednesday’s close of 1,616.56. The benchmark index opened 6.72 points higher at 1,623.28, and fluctuated between an intraday high of 1,642.44 and a low of 1,622.62 during the trading session. However, market breadth was negative, with losers outnumbering gainers 723 to 497, while 466 counters were unchanged, 1,075 untraded and 10 suspended. Turnover rose to 3.74 billion units valued at RM3.61 billion compared with yesterday’s 2.81 billion units valued at RM2.57 billion.
Swedish EV battery maker Northvolt has filed for Chapter 11 bankruptcy protection in the US, delivering a major setback to Europe’s efforts to reduce reliance on Chinese battery manufacturers. Key Developments Northvolt reported it has just US$30 million in cash , enough to operate for about a week, and US$5.8 billion in debts. It has secured US$100 million in new financing for the bankruptcy process as part of a US$245 million package . Operations will continue during restructuring, which is expected to conclude by Q1 2025 . Why It Matters Northvolt, seen as Europe’s best hope for a homegrown EV battery industry , has faced mounting challenges, including production issues, loss of a major customer, and funding shortages. The crisis underscores the stiff competition from China , which controls 85% of global battery-cell production (International Energy Agency). Stakeholder Impact Volkswagen (21% shareholder): Monitoring the situation closely but has declined to comment on potential...