Israeli Prime Minister Benjamin Netanyahu has hit back against a warning not to annex parts of the West Bank. Reuters
Israeli Prime Minister Benjamin Netanyahu has hit back against a warning not to annex parts of the West Bank. Reuters
Israeli Prime Minister Benjamin Netanyahu has hit back against a warning not to annex parts of the West Bank. Reuters
Israeli Prime Minister Benjamin Netanyahu has hit back against a warning not to annex parts of the West Bank. Reuters

Benjamin Netanyahu rejects generals' warning against West Bank annexation


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Israel’s prime minister doubled down on his pledge to annex parts of the occupied West Bank this week after Israeli media reported that a group of retired generals had warned him against any such move because it would endanger the country.

“Swaths of land in Judea and Samaria are not just a guarantee of Israel’s security – they are also our patrimony,” Benjamin Netanyahu tweeted in response on Tuesday, using his preferred Biblical Hebrew names for the West Bank.

Mr Netanyahu was responding to a news report first aired by Israel’s Channel 12 that the Commanders for Israel’s Security, a nonpartisan group of about 300 retired senior military and security officers, had sent him a letter warning that extending sovereignty over parts of the West Bank would dangerously lead to the collapse of the Palestinian Authority and a violent power vacuum.

The group also urged the prime minister to hold a public referendum before moving forward with annexing any territory.

"Just as we promised to stand by you as you take steps to separate from the Palestinians while continuing to control the security [situation] until an agreement is reached, so too we pledge to stand with you, shoulder to shoulder, against advocates of annexation whose ideological fervour shadows the clarity of their view of the severity of the consequences," the letter said, according to The Jerusalem Post.

Stressing their commitment to the two-state solution, the officers said “each of us shares the view that the application of the law in Judea and Samaria – in whole or in part – outside the framework of an agreement, will trigger a chain reaction that will seriously damage Israel’s economy, its regional and international standing, but mainly the state’s security”.

Mr Netanyahu, who is facing indictment in several corruption cases, was re-elected in April in a vote seen as a referendum on his legacy. In a last minute pre-election gamble, seen as a play to pull votes away from his rivals to the right, he promised to annex parts of the West Bank if elected.

Mr Netanyahu is now in negotiations to form a coalition government. He is reportedly looking to have his coalition push through some kind of immunity to prevent his indictment while in power. Israeli analysts have speculated that a push towards annexation, supported by Mr Netanyahu’s competitors, might be part of a backroom deal.

Members of Mr Netanyahu’s Likud party have also condemned the letter as a politicised attack.

“We’re tired of hearing time and again of former senior defence officials using the ranks on their shoulders to push their political viewpoints,” Public Security Minister Gilad Erdan said in a statement. “Tell the public the truth: You are leftists who oppose our presence in Judea and Samaria. And don’t hide behind such doomsayings.”

On Monday, Likud Knesset member Sharren Haskel put forward a bill to annex the Jordan Valley in the occupied West Bank. The bill stipulates that annexation would be subject to a referendum by the area’s Israeli settler and Palestinian residents. Ms Haskel proposed the bill last year but put it on hold because of party politics. The bill was not expected to pass but this time, Ms Haskel said, she is hoping for the prime minister’s support.

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Retirement funds heavily invested in equities at a risky time

Pension funds in growing economies in Asia, Latin America and the Middle East have a sharply higher percentage of assets parked in stocks, just at a time when trade tensions threaten to derail markets.

Retirement money managers in 14 geographies now allocate 40 per cent of their assets to equities, an 8 percentage-point climb over the past five years, according to a Mercer survey released last week that canvassed government, corporate and mandatory pension funds with almost $5 trillion in assets under management. That compares with about 25 per cent for pension funds in Europe.

The escalating trade spat between the US and China has heightened fears that stocks are ripe for a downturn. With tensions mounting and outcomes driven more by politics than economics, the S&P 500 Index will be on course for a “full-scale bear market” without Federal Reserve interest-rate cuts, Citigroup’s global macro strategy team said earlier this week.

The increased allocation to equities by growth-market pension funds has come at the expense of fixed-income investments, which declined 11 percentage points over the five years, according to the survey.

Hong Kong funds have the highest exposure to equities at 66 per cent, although that’s been relatively stable over the period. Japan’s equity allocation jumped 13 percentage points while South Korea’s increased 8 percentage points.

The money managers are also directing a higher portion of their funds to assets outside of their home countries. On average, foreign stocks now account for 49 per cent of respondents’ equity investments, 4 percentage points higher than five years ago, while foreign fixed-income exposure climbed 7 percentage points to 23 per cent. Funds in Japan, South Korea, Malaysia and Taiwan are among those seeking greater diversification in stocks and fixed income.

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Ziina users can donate to relief efforts in Beirut

Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”

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Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.