Sharp decline in 'Tel Aviv' Stock Exchange over Netanyahu announcement

By Al Mayadeen English
Source: Israeli media
18 Jun 2023 20:11
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Opponents of the judicial overhaul threaten to escalate demonstrations over Netanyahu's announcement of his intention to resume the legislation process on the matter.

Israeli occupation Prime Minister Benjamin Netanyahu chairs a cabinet meeting at his office in occupied Al-Quds, on June 11, 2023 (Reuters)

Israeli media reported on Sunday that the "Tel Aviv" Stock Exchange witnessed a sharp decline after Israeli occupation Prime Minister Benjamin Netanyahu's announcement regarding plans to resume the judicial overhaul legislation.

The media indicated that the Stock Exchange continues to be affected by the political crisis in the Israeli Knesset, highlighting that the "Tel Aviv" 35 (TA-35) index decreased by 1.05%, while the "Tel Aviv" 125 (TA-125) index recorded a 0.72% decrease.

Concurrently, the Israeli newspaper Maariv reported that opponents of the judicial overhaul threatened to escalate the demonstrations over Netanyahu's announcement of his intention to resume the legislation on the matter, saying, "We are ready for another round."

Earlier on Sunday, Netanyahu confirmed that his cabinet will start unilaterally advancing sections of its judicial overhaul agenda this week, a couple of days after the Israeli opposition announced halting talks at Israeli President Isaac Herzog's residence.

"What was proven last week is that [Benny] Gantz and [Yair] Lapid have been playing a game," the occupation PM considered at the start of the cabinet meeting in occupied Al-Quds. "It was a misrepresentation of so-called negotiations."

The Israeli government "gave them a month, and then another month, and another, and their representatives did not agree to even the most minimal understanding. Their intention was just to buy time, to waste time," he added.

"The vast majority of the public understands today that we need to make changes in the judicial system," Netanyahu said.

He continued, "Therefore we will meet this week and begin the practical steps, in a measured and responsible manner, but in accordance with the mandate we received [from voters] to make corrections to the judicial system."

In response, Israeli opposition figure Benny Gantz affirmed that his so-called "National Unity" party will not take part in judicial overhaul negotiations if Netanyahu unilaterally resumes legislation on the judicial overhaul.

"If there is unilateral legislation, there will be no talks," Gantz underlined, warning that "if Netanyahu goes for unilateral legislation and again takes the same aggressive and steamrolling actions, he will harm democracy, Israeli society, the economy, and security."

He continued, "And after all this, he will also fail. He will not have a majority of the people, he will not have a majority in the Knesset."

Anti-Netanyahu government protests continue for 24th consecutive week

On Saturday, Israeli settler protests renewed against the judicial overhaul plans that the Netanyahu government seeks to approve.

The Israeli Channel 13 said the protests come in light of the freezing of talks between Netanyahu and the opposition coalition and the constant pressure on the opposition coalition to pass the legislation unilaterally.

The channel stated that the demonstrators are protesting in more than 150 locations, highlighting that the organizers of the demonstrations consider that the protest movement has entered a decisive stage.

The Israeli police also preempted the demonstrations by blocking several streets in "Tel Aviv" and occupied Haifa.

Israeli media pointed out that among the speakers and those present in the main demonstration on "Kaplan Street" were the former Israeli Foreign Minister, Tzipi Livni, the interim head of the Israeli Bar Association, Amit Bachar, hi-tech entrepreneur Ran Har Nebo and journalist Or-Lee Barlev.

Israeli internal division flares up

Israeli media cited the demonstrators as calling on the opposition coalition not to make any concessions to Netanyahu, stressing that the protests did not give a mandate to any politician to make concessions in the overhaul negotiations at Israeli President Isaac Herzog's residence.

The media indicated this week's protests follow the events in the Knesset on Wednesday during the voting for the Judicial Selection Committee, which resulted in a halt to the months-long discussions between Netanyahu's coalition and the opposition in Herzog's residence

Israeli occupation "Justice" Minister Yariv Levin also ignited the demonstrations after stating on Friday, "At the end of a difficult week, I am more determined than ever to continue and do everything to pass the necessary reforms to fix the justice system."

On Wednesday, the Israeli opposition halted discussions after Netanyahu attempted to fail a vote to nominate two Knesset members to the critical Judicial Selection Committee — the body that supporters of the judicial overhaul had sought to drastically alter.

Israeli media reported that after compelling all but one coalition MK to withdraw from the contest, Netanyahu urged his coalition to vote against both candidates for the body, essentially postponing the elections for 30 days.

However, several Likud members voted for opposition candidate MK Karine Elharrar, who was elected to the body. The voting for the panel's second MK will take place in the next weeks.