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☆ China's economic model isn't working, but that doesn't mean the country's headed for a 'Lehman moment'
▼ + stars: | 2023-08-26 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

And, similar to the crisis that ultimately toppled Lehman Brothers in 2008, much of China's troubles are rooted in its property sector. China's property crisisFront and center for any comparison between today's China and the US in 2008 is the real estate market. "The boom that characterized the property sector of the last decade is over," he said. AdvertisementAdvertisementStill, given the scale of China's property market, policymakers may need to step in with fiscal stimulus to avoid catastrophe. "Rather, it'll be a slow-moving, structural economic crisis that could last for years.

Persons: hasn't, Lehman, Xi Jinping, Alfredo Montufar, William Hurst, Hurst, it's, Helu, Evergrande, Nicholas Spiro, Spiro Organizations: Service, Lehman Brothers, People's Bank of, China Center, Conference Board, Citi, Zhongrong, University of Cambridge, Country Garden Holdings, Lauressa Locations: China, Wall, Silicon, People's Bank of China, Japan, Beijing

☆ A severe drought is affecting the Panama Canal. That’s not a good sign for supply chains — or your holiday shopping
▼ + stars: | 2023-08-26 | by ( Alicia Wallace | ) edition.cnn.com time to read: +8 min

Just this week, the Panama Canal Authority extended those restrictions for at least another 10 months. Next shoe to dropBut from a transportation standpoint beyond Panama, the next shoe to drop could be the Mississippi River, Davis said. During the past 30 days, rainfall along the southern Mississippi River has been well below normal. And when you have two disruptions versus just one, that is magnified overall.”Holiday shopping hang-upsFor now, general waiting times have spiked at the Panama Canal. Supply chain shiftsHad this occurred before the pandemic lockdowns and the drastic swings in consumer spending patterns that mangled supply chains, it might have been a different story.

Persons: sandstorm, ”, Janelle Griffith, Marsh, Jon Davis, El, “, Davis, Evelyn Hockstein, Everstream, Ahmad Hassan, hasn’t, “ We’ve, ” Phillip Sanfield, Amanda Kwan, hadn’t, ” Kwan, plumb, Taylor Swift, Kamala Raman, you’ve, Peter Sand, Sand Organizations: Minneapolis CNN —, Panama Canal Authority, Getty, CNN, Port, Port Authority of New, National Retail Federation Locations: Minneapolis, Minneapolis CNN — Panama, Panama, Mississippi, Suez, North American, El, Central America, Grand Tower , Illinois, New Orleans, United States, Europe, Egyptian, Ismailiya, AFP, Panama Canal, Los Angeles, Port of Los Angeles, New York, Port Authority of New York, New Jersey, “

☆ Rolex wants more control of its retail sales — and the move has sent shares of a top luxury watch dealer down 21%
▼ + stars: | 2023-08-25 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Rolex is taking over watch retailer Bucherer, giving the luxury giant more control over how its watches are sold, the WSJ reported. After the news, shares of Watches of Switzerland tanked 21%. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Bucherer, a 135-year old watch retailer based in Switzerland, runs more than 100 stores, with more than half selling Rolex products. In any case, the luxury watch market at large has gone through its own downturn in 2023.

Persons: Patek Philippe, Audemars, It's Organizations: Rolex, Service, Wall Locations: Switzerland, Wall, Silicon, London

☆ What's gone wrong with China's economy
▼ + stars: | 2023-08-21 | by ( Laura He | ) edition.cnn.com time to read: +8 min

It’s a far cry from global financial meltdown of 2008, when China launched the largest stimulus package in the world and was the first major economy to emerge from the crisis. It’s also a reversal from the early days of the pandemic, when China was the only major developed economy to dodge a recession. Property woesChina’s economy has been in doldrums since April, when momentum from a strong start to the year faded. While Evergrade is still undergoing a debt restructuring, troubles at Country Garden raised fresh concerns about the Chinese economy. Beijing has so far unveiled a steady incremental drip of measures to boost the economy, including interest rate cuts and other moves to help the property market and consumer businesses.

Persons: rekindling, Ying Tang, Morgan Stanley, Xi Jinping, It’s, what’s, Evergrande, Evergrade, ”, Julian Evans, Pritchard, Evans Organizations: Hong Kong CNN, UBS, Nomura, Barclays, Garden, Zhongrong Trust, CNN, Capital Economics, “, People’s Bank of China, National Health Commission, Moody’s Investors Service Locations: Hong Kong, China, Shanghai, It’s, doldrums, Beijing, United States, Europe

☆ Top Wall Street analysts pound the table on these 5 stocks
▼ + stars: | 2023-08-20 | by ( Tipranks.Com Staff | ) www.cnbc.com time to read: +6 min

One strategy is to track the investment ideas of Wall Street pros and glean valuable insights into making successful stock decisions. To that end, TipRanks, a platform that ranks analysts based on their past performance, has identified five stocks well liked by top-ranking analysts. Earlier this month, the company trounced analysts' second-quarter earnings estimates and returned to double-digit revenue growth. In particular, Feinseth expects RCL's "Perfect Day at CocoCay" private island resort to be a key growth driver and industry differentiator, which could fuel significant incremental revenue growth and yields. Feinseth holds the 266th position among more than 8,500 analysts on TipRanks.

Persons: Sachin Mittal, Mittal, Goldman Sachs, Eric Sheridan, Sheridan, Datadog, Kash Rangan, Rangan, Ivan Feinseth, Feinseth Organizations: Nasdaq, Amazon, TipRanks, Royal, Tigress, Netflix Locations: Mobile, Caribbean, North America

☆ Why stock investors are suddenly so scared
▼ + stars: | 2023-08-18 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

That means that if China’s economy slows down, global economic growth slows down. “When global economic growth slows down, that tends to be negative US equities. But a string of strong economic data has challenged those notions. Russia’s invasion of Ukraine continues to stoke fears of rising commodity prices, global economic instability and uncertainty around security. It’s been chock full of economic data and big corporate reports.

Persons: That’s, Lehman, ”, Alex Etra, Bond, Jamie Dimon, JPMorgan Chase, hasn’t, Banks, Michael Burry, Fitch, It’s Organizations: New, New York CNN, Nasdaq, Dow, CNN, country’s National Bureau of Statistics, Apple, Intel, Starbucks, Nike, Federal, Federal Reserve, Atlanta Fed, JPMorgan, CNBC, First Republic Bank, Huntington Bank, PacWest, Western Alliance, Bank Locations: New York, China, Ukraine, Beijing, stoke, Huntington

☆ Gen Z, millennial couples say it’s too expensive to get married in this economy
▼ + stars: | 2023-08-17 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +3 min

Peopleimages | Istock | Getty ImagesWhile many young couples may hope to tie the knot one day, some are spooked by high costs. Some three-quarters, or 75%, of Gen Z and millennial couples said it's too expensive to get married in the current economy, according to a survey by the Thriving Center of Psychology. The center polled 906 unmarried Gen Z and millennial pairs in June. Gen Z recognizes that weddings are expensive, but the majority, or 66%, say it will be worth the cost, The Knot found in forthcoming research. "It's really important for couples to figure out what they want out of a wedding," said Counts.

Persons: Gen Z, Gen, Janet Counts, Brian, Jason Rhee, Rhee, Couples, —, Ольга Носова Organizations: Istock, Psychology, Royal Locations: Royal , Virginia, California

☆ Why Hawaii Is Scrutinizing Hawaiian Electric in the Maui Fire
▼ + stars: | 2023-08-17 | by ( J. Edward Moreno | More About J. Edward Moreno | ) www.nytimes.com time to read: +1 min

It could take months for officials to identify what caused the fire in Maui last week. But some plaintiffs’ lawyers and investors have already begun to blame Hawaiian Electric, the state’s largest utility. Lawyers have filed at least four lawsuits against the company. The suits contend that the company was negligent in the operation and maintenance of its equipment. Hawaiian Electric’s stock price has fallen around 68 percent since Aug. 7, the day before the wildfire started, to about $12 on Thursday.

Organizations: Lawyers Locations: Maui, California

[1/2] Chinese Yuan and U.S. dollar banknotes are seen in this illustration taken March 10, 2023. That represented the highest annual growth rate since comparable records began in 2001. "BoE Sep rate hike bets have jumped ... providing support for the GBP," said Scotiabank chief FX strategist Shaun Osborne. The yuan briefly bounced back as major state-owned banks were seen selling dollars to support the local currency. Punctuating those worries, Chinese data on industrial output, retail sales and investment released shortly after the PBOC's rate cut showed unexpected slowdowns.

Persons: Yuan, Dado Ruvic, Sterling, BoE, Shaun Osborne, Scotiabank's Osborne, Osborne, Shinichiro Kadota, Shunichi Suzuki, Joice Alves, Samuel Indyk, Brigid Riley, Kevin Buckland, Susan Fenton Organizations: REUTERS, Bank of, Kremlin, Bank of England, Scotiabank, People's Bank of China, U.S, Traders, Barclays, Finance, Thomson Locations: Russian

A general view shows a special ship, "Neptune", the floating liquefied natural gas terminal, during the inauguration of the Liquefied Natural Gas (LNG) terminal 'Deutsche Ostsee' in the port of Lubmin, Germany January 14, 2023. REUTERS/Annegret Hilse/File PhotoLAUNCESTON, Australia, Aug 14 (Reuters) - The comfort that had characterised natural gas markets in Asia and Europe in recent months was shown to be a mere illusion by the threat of strike action at three major Australian liquefied natural gas (LNG) plants. Benchmark Dutch natural gas prices jumped 28.3% from the close on Aug. 8 to the finish on Aug. 10 as reports of the looming strike action spooked the market. Woodside and Chevron are engaging in talks with labour unions at the LNG facilities, and it's not yet clear what form any strike action would take, assuming no agreement can be reached. Europe's LNG imports in contrast have been trending lower as the continent's natural gas storages remained elevated and demand shifts structurally lower as countries move to reduce reliance on fossil fuels.

Persons: Annegret, Tom Hogue Organizations: REUTERS, Woodside Energy, Chevron, West Shelf, Benchmark, South Korea, China, Reuters, Thomson Locations: Lubmin, Germany, LAUNCESTON, Australia, Asia, Europe, Western Australia, North Asia, Woodside, Chevron, Ukraine, Japan, South Korea, Qatar, United States

☆ China's economy is showing signs of serious trouble — and the problems are still mounting
▼ + stars: | 2023-08-12 | by ( Phil Rosen | ) www.businessinsider.com time to read: +9 min

Deflation — the trend of prices falling throughout the economy — presents a particularly dangerous trajectory for China, which carries a massive amount of debt. The main components of GDP on the demand side — consumption, investment, net exports — they all have serious problems right now." A shaky property marketMost of China's economic troubles tie directly into its property market. Roughly a quarter of China's population works in agriculture — well above the 3% mark in the US — and that presents its own productivity limitations. From an unstable, debt-ridden property market to anti-business policies and demographic issues, Beijing has plenty to tackle if it hopes to match the same growth as decades past.

Persons: David Dollar, Biden, Dexter Roberts, Roberts, Terry Group, it's, Xi Jinping Organizations: Service, China's National Bureau of Statistics, People's Bank of, Federal Reserve, Brookings, Bloomberg, JPMorgan, Financial Times, China's, Global, US Census Bureau, Atlantic Council, Communist Party, Garden Holdings, Beike Research Institute, Terry Locations: Beijing, Wall, Silicon, China, People's Bank of China, China's US, Western, Russia, Asia, Ukraine, Mexico, China cratered, Rocky

☆ As weight loss drug stocks rallied on a landmark study, these stocks were over sold, analysts say
▼ + stars: | 2023-08-11 | by ( Christina Cheddar Berk | ) www.cnbc.com time to read: +8 min

However, the pharmaceutical companies are making the case that weight loss can improve health, and possibly lower health-care costs over time. But analysts have said the news isn't all bad for such stocks, and many were fell too low on Tuesday. Deutsche Bank analyst Imron Zafar estimated Thursday that bariatric surgery accounts for about 5% of Intuitive Surgical's U.S. robotic surgery business, but has been driving much of the company's growth. Some of the surgeons Zafar spoke with said any drop off in bariatric surgery was likely to be offset by increased use of the robot for other procedures. But they expect the drugs will remain necessary because GLP-1 drugs have yet to show they improve fibrosis, which is associated with NASH.

Persons: nonalcoholic steatohepatitis, NASH, Abbott, Robbie Marcus, Marcus, Marcus doesn't, Goldman Sachs, Goldman, Stryker, Smith, Zimmer Biomet, Bariatric, Imron Zafar, Zafar Organizations: Novo Nordisk, Abbott Laboratories, CNBC, JPMorgan, Companies, Inspire Medical Systems, Resmed, Philips, Nephew, Deutsche Bank, Madrigal Pharmaceuticals, Sagimet Biosciences, Akero Therapeutics, Terns Pharmaceuticals, Viking Therapeutics, Madrigal Locations: U.S

☆ US-China investments: New Biden executive order deals 'major blow' to Chinese startups
▼ + stars: | 2023-08-10 | by ( Michelle Toh | ) edition.cnn.com time to read: +7 min

The Biden administration announced Wednesday it would restrict investments by US venture capital and private equity firms, as well as joint ventures, in Chinese artificial intelligence, quantum computing and semiconductors. The executive order applies to investments in the cities of Hong Kong and Macao, as well as mainland China. She said the new edict suggested that Washington was “trying to ‘decouple’” US and Chinese venture capital, despite the administration’s insistence that it is not trying to halt trade with China. US venture capital investment into China has plummeted about 80% over the past year, according to PitchBook data. And the investment restrictions were long in the works.

Persons: Biden, they’ll, ”, Edith Yeung, Washington, Yeung, Kyle Stanford, Kaidi Gao, Tomohiro Ohsumi, “, Gao, Washington —, Xi Jinping, Gina Raimondo’s Organizations: Hong Kong CNN, CNN, Race Capital, ”, PitchBook, Bloomberg, Getty, Investors, Washington, Sequoia Capital, Chinese Ministry of Commerce, China’s Ministry of Foreign Affairs, US Locations: Hong Kong, China, Macao, Silicon, United States, “ Washington, US, ”, Shanghai, chipmaking, Stanford, Beijing

☆ Dentons: Global law firm splits off Dacheng, its China business
▼ + stars: | 2023-08-09 | by ( Michelle Toh | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Dentons, the world’s biggest law firm by number of employees, is distancing itself from its business in China in response to intensifying regulation in the country. The firm notified clients of the move this week in an internal memo shared with CNN Tuesday. Dentons said that starting this month, its China unit would operate as a standalone legal entity. Its China business operates independently under its Chinese name Hongshan. Leaders of the Silicon Valley firm said at the time that it had “become increasingly complex to run a decentralized global investment business.”

Persons: Hong Kong CNN — Dentons, Dentons, ” Dentons, Bain, “ who’s, ” Michael Hart, “, ” Organizations: Hong Kong CNN, CNN, Hong, Dentons, Group, American Chamber of Commerce, British, of Commerce, European Union Chamber of Commerce, Sequoia Locations: Hong Kong, China, Dentons, ”, Shanghai, New York, Beijing, Europe, United States, India, Southeast Asia

☆ Italian bank tax flip-flop leaves lasting scars
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +2 min

LONDON, Aug 9 (Reuters Breakingviews) - The Italian government has raced to soothe bank investors spooked by its ill-thought-out bank windfall tax. The government has now said that the levy will be capped at 0.1% of total assets. If so, and applied to banks’ Italian businesses, then the total haul would be just under 2 billion euros, according to UBS. Still, bank shares have only partially recovered. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: tanking, Siena, That’s, Giorgia Meloni, Neil Unmack, Francesco Guerrera, Streisand Neto Organizations: Reuters, Banca Monte dei, UBS, Banca, Banco, Twitter, Siemens, Thomson

☆ Apple’s market value drops $180 billion in less a week. Here's why Wall Street is overreacting
▼ + stars: | 2023-08-09 | by ( Morgan Chittum | ) www.cnbc.com time to read: +6 min

Around $180 billion of Apple's (AAPL) market value has been incinerated since the tech giant reported quarterly results last week — a reaction we consider overblown for this own-it, don't-trade-it stock. Apple's market cap is now under $3 trillion after a string of losses before and after last week's earnings. AAPL YTD mountain Apple's YTD performance Late last Thursday , Apple posted strong Services sales, but missed on Products. Overall revenue for the company's fiscal third quarter of $81.8 billion fell 1% year-over-year but beat out expectations of $81.69 billion. Apple shares received a rare downgrade from Wall Street following the earnings numbers.

Persons: Apple, Barton Crockett, Crockett, Jim Cramer, Jim, Tim Cook, Morgan Stanley, Jim Cramer's Organizations: Products, Apple, Rosenblatt Securities, Big Tech, Silicon, JPMorgan, Bears, CNBC, Getty Locations: Tuesday's, U.S, Cupertino , California, Big Tech, India, Shanghai, China

☆ We are changing our rating on this stock after a brutal and unwarranted sell-off
▼ + stars: | 2023-08-07 | by ( Zev Fima | ) www.cnbc.com time to read: +5 min

It's a flawed read-through that we believes provides a buying a opportunity— are upgrading our rating on PANW shares to a buy. We would snap up more shares of Palo Alto on Monday were we not restricted after a mention of the stock on-air. In late April into early May, PANW shares fell after negative comments from Tenable (TENB) and Cloudflare (NET). As a market leader in thirteen categories within security, Palo Alto is a winner from what is happening in the market. Arora Nikesh, Palo Alto Networks CEO & Chairman at the WEF in Davos, Switzerland on May 23rd, 2022.

Persons: PANW, Palo, Morgan Stanley, Morgan, Jim Cramer's, Jim Cramer, Jim, Arora Nikesh, Adam Galica Organizations: Palo Alto Networks, Palo, Palo Alto, Barclays, RBC, CNBC Locations: Palo Alto, Palo, PANW, Davos, Switzerland

☆ Apple is set to shed nearly $60 billion in value after iPhone sales fell
▼ + stars: | 2023-08-04 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Apple shares fell nearly 2% in premarket trading on Friday. It posted a so-so earnings report that showed iPhone and iPad sales falling. The losses could wipe nearly $60 billion off Apple's market capitalization. Sales of iPhone, which account for nearly half of Apple revenues, slipped more than 2%, while iPad sales were down by a fifth. "Apple beat expectations overall, but a 2% fall in iPhone sales has spooked investors and caused a sharp sell-off," said Hargreaves Lansdown lead equity analyst Sophie Lund-Yates.

Persons: Apple, Hargreaves, Sophie Lund, Yates Organizations: Apple, Service, Big Tech Locations: Wall, Silicon, Refinitiv, Cupertino

☆ Warren Buffett waves off Fitch's cut to America's credit rating - and says he's buying Treasuries as normal
▼ + stars: | 2023-08-03 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +2 min

Warren Buffett isn't stressing about Fitch's cut to America's credit rating this week. Berkshire Hathaway continues to buy $10 billion of US Treasuries every Monday, he told CNBC. Buffett said the US dollar's status as the world's reserve currency remains intact. He added that the only question is whether Berkshire will buy $10 billion of 3-month or 6-month Treasuries next Monday. Fitch's rating cut spooked investors this week, as it signaled reduced confidence in the safety of US government debt.

Persons: Warren Buffett, Berkshire Hathaway, Buffett, CNBC's Becky Quick, Berkshire's, He's Organizations: Berkshire, CNBC, Service, AAA, AA, Fed Locations: US, Wall, Silicon, Berkshire

☆ Shopify has conducted quiet layoffs in recent weeks. Big AI plans have workers worried a larger cut is on the way.
▼ + stars: | 2023-07-31 | by ( Madeline Stone | ) www.businessinsider.com time to read: +3 min

Shopify workers are worried about another mass layoff. Shopify workers are once again bracing for another mass layoff. Much of the chatter around potential layoffs has centered on Shopify's Support org, which is responsible for troubleshooting issues for the company's millions of merchants. One Support employee told Insider that after viewing the town hall, they felt their firing would be inevitable. Shopify's first round of layoffs last July hit its Support division hard, and the company conducted a second round of layoffs in May.

Persons: Shopify, we're, Clovis Organizations: Company Locations: Ireland, Philippines, Shopify

☆ Stocks slip, yen surges on speculation of Bank of Japan policy tweak
▼ + stars: | 2023-07-28 | by ( Tom Westbrook | ) www.reuters.com time to read: +3 min

The BOJ sets policy later in the session. The Nikkei newspaper reported, without citing sources, that policymakers will discuss tweaking the yield control policy to allow 10-year government bond yields above a 0.5% cap in some circumstances. "I think the idea is even a tiny tweak is a big deal for the BOJ. Japan's Nikkei (.N225) opened 1.4% lower though bank shares (.IBNKS.T) surged to an eight-year high on the prospect of rising interest income at lenders. Further strong U.S. data, with better-than-expected second-quarter growth figures out overnight drove up longer-end Treasury yields and the U.S. dollar.

Persons: Imre Speizer, We'll, Kristina Clifton, Christine Lagarde, Lagarde, Jerome Powell, Shri Navaratnam Organizations: Nikkei, ECB, SYDNEY, Bank of Japan, European Central Bank, Westpac, Japan's Nikkei, Commonwealth Bank of Australia, Federal Reserve, Fed, U.S ., Nasdaq, Intel, Brent, Thomson Locations: Tokyo, Asia, Pacific, Japan

☆ The US bond market is on the verge of a major breakdown - and that will send mortgage rates to levels unseen since 2000 and fuel more banking trouble, economist says
▼ + stars: | 2023-07-28 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +4 min

US bond market is on the verge of a "major breakdown" that will boost government debt costs and hurt banks, Peter Schiff said. That would also send benchmark mortgage rates soaring to 8%, a level unseen since 2000, according to him. Bond yields move inversely to prices. The Fed raised its benchmark rate this week by 25 basis points to a 22-year high, bringing the total increases since the spring of 2022 to a whopping 525 basis points. Higher bond rates would also boost the government's debt costs, adding pressure on the country's already-stressed public finances, according Schiff.

Persons: Peter Schiff, Schiff, Ray Dalio Organizations: Service, Pacific Asset Management, Federal Reserve, Fed Locations: Wall, Silicon, Treasuries

☆ Airlines shares hit turbulence on Alaska's dour forecast, RTX engine problem
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: +2 min

[1/2] An Alaska Airlines Boeing 737-900ER airplane prepares to land at Vancouver's international airport in Richmond, British Columbia, Canada, February 5, 2019. REUTERS/Ben Nelms/File PhotoJuly 25 (Reuters) - U.S. airlines stocks tumbled on Tuesday as investors were spooked by downbeat forecasts from Alaska Air Group (ALK.N) and a warning on jet engines by aerospace giant RTX (RTX.N). Alaska's shares plunged 11.2% in morning trade, dragging United Airlines (UAL.O), American Airlines (AAL.O), Southwest Airlines (LUV.N) and Delta Air (DAL.N) down between 2.5% and 5%. Jetblue's shares fell about 5%, while those of ultra-low-cost carrier Spirit Airlines declined about 3%. Paris-listed shares of Airbus (AIR.PA) fell 2%.

Persons: Ben Nelms, Stephen Trent, Whitney, Art Hogan, You've, Shivansh, Johann M Cherian, Tim Hepher Organizations: Alaska Airlines Boeing, REUTERS, Alaska Air Group, Investors, Citi, United Airlines, American Airlines, Southwest Airlines, Delta Air, Raytheon, Pratt, Airbus, Riley Wealth, Spirit Airlines, Jetblue Airways, Thomson Locations: Richmond , British Columbia, Canada, Alaska, Boston, Paris, Bengaluru

☆ Israel judicial overhaul: What is the new law and why is it causing upheaval?
▼ + stars: | 2023-07-25 | by ( Maayan Lubell | ) www.reuters.com time to read: +4 min

JERUSALEM, July 25 (Reuters) - Israel's parliament ratified new legislation this week that rolls back some Supreme Court powers, despite mass protests and U.S. misgivings. In the longer term, a weaker judiciary could be bad for business and harm Israel's legal defences abroad. So the Supreme Court is seen as crucial for protecting civil rights and the rule of law. His critics fear that he will try to use judicial changes to void his case or influence its outcome. Netanyahu has strongly denied any connection between his trial and an overhaul he says will only serve Israel's democracy.

Persons: Benjamin Netanyahu, Netanyahu, Joe Biden, NETANYAHU'S, Maayan Lubell, Andrew Cawthorne Organizations: NEXT, U.S, Thomson Locations: Israel

☆ Demographics and grievances widen Israeli judicial divide
▼ + stars: | 2023-07-24 | by ( Dan Williams | ) www.reuters.com time to read: +4 min

But for many Israelis, the two camps - one rising, the other on its way down - are more polarised than ever. For them, Monday's planned ratification of a curb on Supreme Court powers is a symptom, rather than a cause, of the rifts. Those favouring the legislation are largely religious-nationalists who, by mobilising their growing numbers, helped Prime Minister Benjamin Netanyahu return to office in December. Blindsided by the pace and scale of the reforms, some protesters have vowed to withhold taxes and stop reporting for military reserve duty. Many pro-government Israelis view the seven months of nationwide demonstrations as an attempt to undermine their ballot victory.

Persons: Monday's, Benjamin Netanyahu, overreach, Yair Lapid, Sima Kadmon, Critics, Netanyahu, Aviya Cohen, Eli Cohen, Benny Gantz, Tisha B'av, Gantz, Dan Williams, Tomasz Janowski Organizations: Israel, Tel, Likud, Tisha, Thomson Locations: Jerusalem, Tel Aviv, West Bank, Moroccan

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