Israel is facing a significant risk of political and social tension because of the government’s push for judicial change, which will have damaging consequences for the economy and national security, Moody’s Investors Service says.
Governance in Israel is deteriorating as illustrated by the proposal to overhaul the judiciary, the rating agency, which changed its outlook on Israel's A1 rating to stable from positive in April, said in its latest research note.
“More specifically, we believe the wide-ranging nature of the government's proposals could materially weaken the judiciary's independence and disrupt effective checks and balances between the branches of government, which are important aspects of strong institutions,” Moody’s analysts said.
Israel has no written constitution and its institutional set-up relies to a great degree on judicial review.
However, “the executive and legislative institutions have become less predictable and more willing to create significant risks to economic and social stability”, Moody's said.
The government on Monday passed the first bill in a package that critics said could bring an end to democracy.
The far-right nationalist coalition led by Prime Minister Benjamin Netanyahu passed the legislation to limit some of the supreme court's powers, despite street protests and calls from allies such as the US to abstain.
The bill passed by the parliament stops the supreme court from using the standard of “reasonableness” in striking down government and ministerial decisions.
The government claimed that standard has allowed the Supreme Court to use powers it was never formally granted.
The bill’s passing has aggravated protests that have taken place across Israel for 29 weeks.
Dozens of demonstrators were arrested throughout Monday and early Tuesday as thousands attempted to block roads and access to the parliament in Jerusalem.
Workers across Israel are ready to strike on a what may be an unprecedented scale, Peter Lerner, a senior official in Israel's biggest labour union, Histadrut, told The National.
Mr Netanyahu has suffered a hit in the opinion polls over the judicial law as he navigates the most grave domestic crisis of his career.
Israeli currency, the shekel, slipped 0.1 per cent against the greenback, while the Tel Aviv share index recovered on Wednesday from some of the heavy losses it suffered during the rout earlier this week.
Morgan Stanley has downgraded Israel's credit score to “dislike” following the approval of the reasonability standard law in the Knesset.
“We see increased uncertainty about the economic outlook in the coming months and risks becoming skewed to our adverse scenario,” media reports quoted Morgan Stanley's analysts as saying in a research note.
The latest bill may still be “struck down or frozen by the supreme court, as advocated by opponents of judicial changes”, according to a Bloomberg report, which cited Barclays analysts.
Moody’s expects the mass protests since January to continue as the government pushes for more packages of changes.
It said the petitions against the bill have already been moved to the supreme court, which raises the risk of a “constitutional crisis between the executive and judiciary”.
A large number of military reservists, including pilots, have threatened to stop reporting for training if the bill was passed, a move army leaders feared could put Israel’s security at risk, Moody’s said.
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Specs
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Power: 218hp (Cooper and Aceman), 313hp (Countryman)
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Abandon
Sangeeta Bandyopadhyay
Translated by Arunava Sinha
Tilted Axis Press
COMPANY%20PROFILE
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The five pillars of Islam
Total eligible population
About 57.5 million people
51.1 million received a jab
6.4 million have not
Where are the unvaccinated?
England 11%
Scotland 9%
Wales 10%
Northern Ireland 14%
Three trading apps to try
Sharad Nair recommends three investment apps for UAE residents:
- For beginners or people who want to start investing with limited capital, Mr Nair suggests eToro. “The low fees and low minimum balance requirements make the platform more accessible,” he says. “The user interface is straightforward to understand and operate, while its social element may help ease beginners into the idea of investing money by looking to a virtual community.”
- If you’re an experienced investor, and have $10,000 or more to invest, consider Saxo Bank. “Saxo Bank offers a more comprehensive trading platform with advanced features and insight for more experienced users. It offers a more personalised approach to opening and operating an account on their platform,” he says.
- Finally, StashAway could work for those who want a hands-off approach to their investing. “It removes one of the biggest challenges for novice traders: picking the securities in their portfolio,” Mr Nair says. “A goal-based approach or view towards investing can help motivate residents who may usually shy away from investment platforms.”
Dr Amal Khalid Alias revealed a recent case of a woman with daughters, who specifically wanted a boy.
A semen analysis of the father showed abnormal sperm so the couple required IVF.
Out of 21 eggs collected, six were unused leaving 15 suitable for IVF.
A specific procedure was used, called intracytoplasmic sperm injection where a single sperm cell is inserted into the egg.
On day three of the process, 14 embryos were biopsied for gender selection.
The next day, a pre-implantation genetic report revealed four normal male embryos, three female and seven abnormal samples.
Day five of the treatment saw two male embryos transferred to the patient.
The woman recorded a positive pregnancy test two weeks later.
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Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
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Price: Exact regional pricing TBA
Emirates exiles
Will Wilson is not the first player to have attained high-class representative honours after first learning to play rugby on the playing fields of UAE.
Jonny Macdonald
Abu Dhabi-born and raised, the current Jebel Ali Dragons assistant coach was selected to play for Scotland at the Hong Kong Sevens in 2011.
Jordan Onojaife
Having started rugby by chance when the Jumeirah College team were short of players, he later won the World Under 20 Championship with England.
Devante Onojaife
Followed older brother Jordan into England age-group rugby, as well as the pro game at Northampton Saints, but recently switched allegiance to Scotland.
Killing of Qassem Suleimani
Tailors and retailers miss out on back-to-school rush
Tailors and retailers across the city said it was an ominous start to what is usually a busy season for sales.
With many parents opting to continue home learning for their children, the usual rush to buy school uniforms was muted this year.
“So far we have taken about 70 to 80 orders for items like shirts and trousers,” said Vikram Attrai, manager at Stallion Bespoke Tailors in Dubai.
“Last year in the same period we had about 200 orders and lots of demand.
“We custom fit uniform pieces and use materials such as cotton, wool and cashmere.
“Depending on size, a white shirt with logo is priced at about Dh100 to Dh150 and shorts, trousers, skirts and dresses cost between Dh150 to Dh250 a piece.”
A spokesman for Threads, a uniform shop based in Times Square Centre Dubai, said customer footfall had slowed down dramatically over the past few months.
“Now parents have the option to keep children doing online learning they don’t need uniforms so it has quietened down.”
The alternatives
• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.
• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.
• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.
• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.
• PayPal is probably the best-known online goods payment method - usually used for eBay purchases - but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.
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