Amidst the anticipation of the upcoming vote on the cancellation of the "Reasonableness Clause" in the Knesset, and in response to escalating protests across the country, the "Business Forum," comprised of executives managing approximately 150 major companies in the Israeli economy, including banks, has taken a significant decision. Last night, they collectively decided to suspend their companies' activities throughout Monday.
Should the legislation pass, the forum will contemplate extending the shutdown in the subsequent days as well. Some of the prominent companies participating in the shutdown include Big Centers, Azrieli Group's trading centers and offices, Amot Investments' trading and construction centers, and Ofer Malls.
Israel’s parliament, the Knesset, is due to vote on an amendment that will severely limit the powers of the Supreme Court today. Swaths of the military, as well as parts of the private sector, will strike if Netanyahu’s push is successful.
— Tom Watling (@TomAWatling) July 24, 2023
https://t.co/XQceAkjuPR
However, certain establishments such as "Super Pharm" pharmacies within mall complexes will remain open, as will the banks, categorized as "essential establishments." The "Shufersal" supermarket chain, chaired by a forum member, will also operate normally despite the major food-chain signing onto the strike. Notably, banks will permit employees who wish to support the strike to take a vacation day, but despite the fact they too signed on, based on Israeli law they are prohibited from closing altogether as they are crucial to the civil population.
In an official statement, the forum urges other businesses to join their emergency initiative, which they see as an unavoidable measure to halt the unilateral legislation and reopen negotiations. They stress the importance of reaching agreements that will avert severe damage to the economy, bridge societal divides, safeguard national security, and secure the future for all citizens. The announcement also clarifies that companies with regulatory restrictions on closures or those operating in emergency sectors will be allowed to act according to their conscience and participate in demonstrations.
Big day for #Israel. The ruling coalition may push through a bill that would reduce judges' power to strike down government decisions. PM #Netanyahu just left hospital after getting a pacemaker and wants to be in the Knesset for the vote. https://t.co/foHgBUxdgk w/@GwenSahar
— Paul Wallace (@PaulWallace123) July 24, 2023
Prior to this, the Business Forum had revealed its preparation to halt the Israeli markets, but there were differing opinions among its members. While some heads of banks and large companies supported the Monday shutdown, others preferred to await the actual votes in the Knesset.
What Supreme Court will do if judicial overhaul is passed could threaten to destabilize Israel
— i24NEWS English (@i24NEWS_EN) July 24, 2023
'If the court now jumps in and uses powers that are unlimited, that it created itself to strike down these laws, chaos is going to break out,' says Prof. Avi Bell of @KoheletForum pic.twitter.com/a9zShjLP9h
At the same time, Arnon Bar-David, the chairman of Israel's largest union, the "Histadrut," decided against shutting down the market at this stage, contrary to the suggestions of some. Bar-David held a meeting with the chairman of the Knesset Opposition, Yair Lapid, and consulted with senior officials from the union and the chairman of the business sector's presidency, Dobi Amitai. Meanwhile, Likud outright rejected Bar-David's compromise proposal regarding the Judicial Reform, vowing to go ahead with the vote on the Reasonableness Standard this afternoon.
