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.
The Starbucks chain announced that it has begun laying off workers at its branches in the Middle East, after the brand found itself a target for pro-Palestinian activists since the start of the war in Gaza.
Starbucks branches throughout the area belong to the Kuwaiti Alshaya Group © Mena Today
The Starbucks chain announced that it has begun laying off workers at its branches in the Middle East, after the brand found itself a target for pro-Palestinian activists since the start of the war in Gaza.
Starbucks branches throughout the area belong to the Kuwaiti Alshaya Group, a private family company that holds franchises for a variety of Western companies, including H&M and Shake Shack.
"As a result of the continuously challenging trading conditions over the past six months, we have made the sad and very difficult decision to reduce the number of employees at our Starbucks stores," Alshaya said in a statement.
The company declined to answer questions about the number of laid-off workers, but according to Reuters it is more than 2,000 out of about 19,000, most of whom are foreign workers from Asian countries.
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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