Flights out of Israel's international airport have been grounded following strike call from the country's largest trade union group. AP
Flights out of Israel's international airport have been grounded following strike call from the country's largest trade union group. AP
Flights out of Israel's international airport have been grounded following strike call from the country's largest trade union group. AP
Flights out of Israel's international airport have been grounded following strike call from the country's largest trade union group. AP

Israel grinds to halt as 'unprecedented' strikes against judicial reforms begin


Thomas Helm
  • English
  • Arabic

Turmoil engulfed Israel on Monday as the country’s largest labour union instructed all state workers to strike in protest at government plans to drastically change the country’s judicial system.

The union, Histadrut, represents 800,000 members and declared the action “historic”.

There was widespread confusion at the country’s main airport as industrial action led to the cancellation of all departures, with the prospect of international arrivals that had not already taken off also being cancelled.

Airline bosses are particularly concerned about the effect on the industry as Israel prepares for the Jewish holiday of Passover.

The country’s two main maritime ports, Haifa and Ashdod, were shut.

“We are all worried about Israel’s fate … We have lost our way — this is not about left or right. We can no longer polarise the nation,” the union’s leader, Arnon Bar-David, said.

Industrial action is also being felt abroad, as support for it grows among Israel’s diplomatic corps. American broadcaster CNN reported an Israeli official saying that the country’s embassy in Washington would close following the union’s call for strikes.

In Jerusalem, shopping malls were silent as the retail sector heeded the call to strike in opposition to what it described as “madness”.

On Sunday, a group of universities announced they would shut their doors from Monday.

  • Israeli police disperse demonstrators blocking a road in Tel Aviv during a protest against plans by the government to overhaul the judicial system. AP
    Israeli police disperse demonstrators blocking a road in Tel Aviv during a protest against plans by the government to overhaul the judicial system. AP
  • Police arrest a protester in Tel Aviv. EPA
    Police arrest a protester in Tel Aviv. EPA
  • Demonstrators set up a bonfire on a road. AP
    Demonstrators set up a bonfire on a road. AP
  • Israeli security forces use a water cannon to disperse protesters. AFP
    Israeli security forces use a water cannon to disperse protesters. AFP
  • Thousands of protesters block the Ayalon main road. EPA
    Thousands of protesters block the Ayalon main road. EPA
  • The Tel Aviv protest swelled on Saturday to about 200,000 demonstrators, according to Israeli media estimates. AFP
    The Tel Aviv protest swelled on Saturday to about 200,000 demonstrators, according to Israeli media estimates. AFP
  • A roadblock placed by protesters on the Ayalon main road. EPA
    A roadblock placed by protesters on the Ayalon main road. EPA
  • Demonstrations erupted in January after the coalition government announced its package of changes. AFP
    Demonstrations erupted in January after the coalition government announced its package of changes. AFP
  • Israeli protesters dislodge a fence. AFP
    Israeli protesters dislodge a fence. AFP
  • Police use a water cannon to disperse protesters. AP
    Police use a water cannon to disperse protesters. AP
  • An aerial view of the protest. Reuters
    An aerial view of the protest. Reuters
  • Plans to hand more control to politicians and diminish the role of the court have been questioned by Israel’s allies including the US. AFP
    Plans to hand more control to politicians and diminish the role of the court have been questioned by Israel’s allies including the US. AFP
  • Protesters with placards of Prime Minister Netanyahu saying 'We will not forget, we will not forgive'. EPA
    Protesters with placards of Prime Minister Netanyahu saying 'We will not forget, we will not forgive'. EPA

“We, the heads of Israel’s research universities, presidents, rectors, and management, will stop studies in all of Israel’s research universities starting tomorrow morning, amid the continuation of the legislative process that undermines the foundations of Israeli democracy and endangers its continued existence,” a joint statement read.

Three local mayors and two heads of regional councils began a hunger strike outside the Jerusalem Prime Minister’s Office.

Israel’s security establishment is preparing for violent clashes outside the Knesset in Jerusalem, as right-wing counter-demonstrators, some of whom advocate violence, prepare to rally in support of the government.

In his first comments since sacking Defence Minister Yoav Gallant on Sunday over his support for pausing the judicial reforms, Prime Minister Benjamin Netanyahu asked for both sides to “show responsibility and not act violently”.

RESULT

Bayern Munich 5 Eintrracht Frankfurt 2
Bayern:
 Goretzka (17'), Müller (41'), Lewandowski (46'), Davies (61'), Hinteregger (74' og)    
Frankfurt: Hinteregger (52', 55')

SQUAD

Ali Khaseif, Fahad Al Dhanhani, Adel Al Hosani, Mohammed Al Shamsi, Bandar Al Ahbabi, Mohammed Barghash, Salem Rashid, Khalifa Al Hammadi, Shaheen Abdulrahman, Hassan Al Mahrami, Walid Abbas, Mahmoud Khamis, Yousef Jaber, Saeed Ahmed, Majed Sorour, Majed Hassan, Ali Salmeen, Abdullah Ramadan, Khalil Al Hammadi, Fabio De Lima, Khalfan Mubarak, Tahnoun Al Zaabi, Ali Saleh, Caio Canedo, Muhammed Jumah, Ali Mabkhout, Sebastian Tagliabue, Zayed Al Ameri

City's slump

L - Juventus, 2-0
D - C Palace, 2-2
W - N Forest, 3-0
L - Liverpool, 2-0
D - Feyenoord, 3-3
L - Tottenham, 4-0
L - Brighton, 2-1
L - Sporting, 4-1
L - Bournemouth, 2-1
L - Tottenham, 2-1

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

Europe’s rearming plan
  • Suspend strict budget rules to allow member countries to step up defence spending
  • Create new "instrument" providing €150 billion of loans to member countries for defence investment
  • Use the existing EU budget to direct more funds towards defence-related investment
  • Engage the bloc's European Investment Bank to drop limits on lending to defence firms
  • Create a savings and investments union to help companies access capital
Key findings of Jenkins report
  • Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
  • Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
  • Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
  • Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
Pros%20and%20cons%20of%20BNPL
%3Cp%3E%3Cstrong%3EPros%3C%2Fstrong%3E%0D%3C%2Fp%3E%0A%3Cul%3E%0A%3Cli%3EEasy%20to%20use%20and%20require%20less%20rigorous%20credit%20checks%20than%20traditional%20credit%20options%0D%3C%2Fli%3E%0A%3Cli%3EOffers%20the%20ability%20to%20spread%20the%20cost%20of%20purchases%20over%20time%2C%20often%20interest-free%0D%3C%2Fli%3E%0A%3Cli%3EConvenient%20and%20can%20be%20integrated%20directly%20into%20the%20checkout%20process%2C%20useful%20for%20online%20shopping%0D%3C%2Fli%3E%0A%3Cli%3EHelps%20facilitate%20cash%20flow%20planning%20when%20used%20wisely%0D%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3E%3Cstrong%3ECons%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cul%3E%0A%3Cli%3EThe%20ease%20of%20making%20purchases%20can%20lead%20to%20overspending%20and%20accumulation%20of%20debt%0D%3C%2Fli%3E%0A%3Cli%3EMissing%20payments%20can%20result%20in%20hefty%20fees%20and%2C%20in%20some%20cases%2C%20high%20interest%20rates%20after%20an%20initial%20interest-free%20period%0D%3C%2Fli%3E%0A%3Cli%3EFailure%20to%20make%20payments%20can%20impact%20credit%20score%20negatively%0D%3C%2Fli%3E%0A%3Cli%3ERefunds%20can%20be%20complicated%20and%20delayed%0D%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3E%3Cem%3ECourtesy%3A%20Carol%20Glynn%3C%2Fem%3E%3C%2Fp%3E%0A
COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

Updated: March 28, 2023, 5:58 AM