Israel
Israel’s economy: A Banana Republic run by monopolies
Israel increasingly resembles an economy captured by monopolies, where a small circle of powerful interests dominates key sectors and ordinary consumers foot the bill.
Israel's parliament gave its initial approval to an amended 2024 state budget that adds tens of billions of shekels to fund Israel's war against Hamas, with higher defence spending and compensation to households and businesses hurt by the conflict.
The Knesset in Jerusalem
Israel's parliament gave its initial approval to an amended 2024 state budget that adds tens of billions of shekels to fund Israel's war against Hamas, with higher defence spending and compensation to households and businesses hurt by the conflict.
Lawmakers voted 57-50 to approve the spending package of 584 billion shekels ($159 billion), or 724 billion including debt repayment, according to a statement by the Knesset, Israel's parliament.
The budget now heads for debate in parliament's finance committee, where it may undergo adjustments ahead of its second and third votes expected later this month. The budget needs to pass three votes to become law.
($1 = 3.6654 shekels)
Reporting by Steven Scheer
Israel increasingly resembles an economy captured by monopolies, where a small circle of powerful interests dominates key sectors and ordinary consumers foot the bill.
Israeli Prime Minister Benjamin Netanyahu accused Hamas on Wednesday of violating the Gaza ceasefire agreement after a military officer was wounded by an explosive device in Rafah and Israel vowed retaliation.
Turkish Foreign Minister Hakan Fidan on Wednesday met with Hamas political bureau officials in Ankara to discuss the ceasefire in Gaza and advancing the agreement to its second phase, a Turkish Foreign Ministry source said.
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