Netanyahu gets funding boost under shadow of economic woes - Yahoo Canada Finance | Canada News Media
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Netanyahu gets funding boost under shadow of economic woes – Yahoo Canada Finance

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TEL AVIV, Israel (AP) — An Israeli parliamentary committee on Thursday approved new funding for Benjamin Netanyahu and his family, giving the prime minister a boost in personal spending at a time when he is facing mass protests over his policies and as the economy is on shaky ground.

The committee voted to approve public funds to cover expenses incurred by the Netanyahus at their private homes in Jerusalem and the exclusive seaside town of Caesarea, as well as an increase of thousands of dollars a year in clothing expenses for both Netanyahu and his wife, Sara.

The approved funding is bound to compound what critics say is the Netanyahus’ reputation for being out of touch with regular Israelis.

“The shekel is crashing, investors are fleeing, interest rates are soaring, hundreds of thousands of citizens can’t make ends meet but the finance committee approved the Netanyahu family’s request to fund two residences at the expense of taxpayers,” the opposition Yesh Atid party said.

“Another reason Netanyahu is out of touch with the people. Another reason for preferring themselves at our expense,” it added.

Thursday’s development comes as the country is deeply divided over a plan by Netanyahu’s government to overhaul the judicial system and as the economy faces new challenges, with inflation rising and the shekel weakening against the dollar.

Leading economists say the legal changes, which aim to weaken the authority of the Supreme Court, will exacerbate the country’s economic problems by driving investors away.

The official prime minister’s residence is undergoing renovations. Former Prime Minister Naftali Bennett also faced criticism for a pricy upgrade of his private home while the official residence was unavailable. Bennett said the changes were required by security officials and approved by the country’s attorney general.

The Netanyahus have repeatedly been embroiled in scandals over their spending and expensive tastes.

The prime minister has long been saddled with an image as a cigar-smoking, cognac-drinking socialite, while his wife has come under scrutiny for alleged abusive behavior toward staff.

Netanyahu is on trial for corruption, including one affair in which he allegedly accepted champagne and cigars from wealthy associates. He was also lambasted for advancing a costly plan to outfit a plane for his official trips.

The couple has come under fire for spending at their homes in the past. In 2015, Israel’s state comptroller, an official watchdog, cited large sums of public money spent on food, furniture, cleaning and gardening at the couple’s official and private residences. It also said they pocketed proceeds from recycling bottles that had been purchased for entertaining official guests.

Josef Federman, The Associated Press

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How will the U.S. election impact the Canadian economy? – BNN Bloomberg

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How will the U.S. election impact the Canadian economy?  BNN Bloomberg



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Trump and Musk promise economic 'hardship' — and voters are noticing – MSNBC

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Trump and Musk promise economic ‘hardship’ — and voters are noticing  MSNBC



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Economy stalled in August, Q3 growth looks to fall short of Bank of Canada estimates

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OTTAWA – The Canadian economy was flat in August as high interest rates continued to weigh on consumers and businesses, while a preliminary estimate suggests it grew at an annualized rate of one per cent in the third quarter.

Statistics Canada’s gross domestic product report Thursday says growth in services-producing industries in August were offset by declines in goods-producing industries.

The manufacturing sector was the largest drag on the economy, followed by utilities, wholesale and trade and transportation and warehousing.

The report noted shutdowns at Canada’s two largest railways contributed to a decline in transportation and warehousing.

A preliminary estimate for September suggests real gross domestic product grew by 0.3 per cent.

Statistics Canada’s estimate for the third quarter is weaker than the Bank of Canada’s projection of 1.5 per cent annualized growth.

The latest economic figures suggest ongoing weakness in the Canadian economy, giving the central bank room to continue cutting interest rates.

But the size of that cut is still uncertain, with lots more data to come on inflation and the economy before the Bank of Canada’s next rate decision on Dec. 11.

“We don’t think this will ring any alarm bells for the (Bank of Canada) but it puts more emphasis on their fears around a weakening economy,” TD economist Marc Ercolao wrote.

The central bank has acknowledged repeatedly the economy is weak and that growth needs to pick back up.

Last week, the Bank of Canada delivered a half-percentage point interest rate cut in response to inflation returning to its two per cent target.

Governor Tiff Macklem wouldn’t say whether the central bank will follow up with another jumbo cut in December and instead said the central bank will take interest rate decisions one a time based on incoming economic data.

The central bank is expecting economic growth to rebound next year as rate cuts filter through the economy.

This report by The Canadian Press was first published Oct. 31, 2024

The Canadian Press. All rights reserved.

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