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US Treasury Secretary Janet Yellen on Tuesday said she has urged Israeli Prime Minister Benjamin Netanyahu to take steps to improve economic relations with the West Bank.
“I've written to the Prime Minister to discuss my concerns about the West Bank and actions that Israel has taken that I believe are seriously impairing the West Bank economy, reducing income and also, at the same time, having an adverse impact on Israel,” she said during a press conference at the G20 summit in Brazil.
Ms Yellen said the letter also stated Israel should reinstate work permits for Palestinians and reduce commerce barriers within the West Bank.
“These actions are vital for the economic well-being of Palestinians and … Israelis alike,” she said.
The letter, which Ms Yellen said had been sent “a day or two ago”, comes as the Palestinian economy is on the brink of collapse due to the war in Gaza.
Palestine's economy has experienced “one of the largest shocks” in recent history because of the war, with the impacts “extending far beyond any economic assessment”, according to a recent World Bank report.
Further restrictions on movement of Palestinians in the occupied West Bank could also force the Palestinian Authority to make more cuts to employee salaries, which would intensify the decline in consumption and household incomes, the World Bank said.
Israel has seen its own economy suffer because of the war. This month, its government reported that its economy contracted 19.4 per cent in the fourth quarter of 2023, and only grew by 2 per cent overall last year.
Ms Yellen said she welcomed Israel agreeing to resume the transfer of tax revenue to the Palestinian Authority, which would fund basic services and strengthen the West Bank's economy.
She added that “funds have started to flow”.
“This must continue,” she said.
Under a peace accord signed in the 1990s, Israel's Finance Ministry collects taxes on behalf of Palestinians and transfers them to the Palestinian Authority.
The flow of these funds accounts for about two thirds of the authority's revenue.
Israeli Finance Minister Bezalel Smotrich suspended the transfer of tax revenue to the Palestinian Authority after the October 7 attacks by Hamas.
As a result, the Palestinian Authority has not been able to pay salaries.
Ms Yellen said the conflict has not yet had a significant impact on the global economy.
The US also welcomed the World Bank's commitments to food security assistance in Gaza and economic support for the West Bank, as well as continuing economic programmes in Egypt and Jordan, she said.
She also noted recent actions the US has taken to counter financing for Hamas and other Iranian proxy groups.
Israeli forces raid money exchange shops in occupied West Bank – video
Company Profile
Company name: Yeepeey
Started: Soft launch in November, 2020
Founders: Sagar Chandiramani, Jatin Sharma and Monish Chandiramani
Based: Dubai
Industry: E-grocery
Initial investment: $150,000
Future plan: Raise $1.5m and enter Saudi Arabia next year
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Ballon d’Or (Men’s)
Ousmane Dembélé (Paris Saint-Germain / France)
Ballon d’Or Féminin (Women’s)
Aitana Bonmatí (Barcelona / Spain)
Kopa Trophy (Best player under 21 – Men’s)
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Best Young Women’s Player
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Yashin Trophy (Best Goalkeeper – Men’s)
Gianluigi Donnarumma (Paris Saint-Germain and Manchester City / Italy)
Best Women’s Goalkeeper
Hannah Hampton (England / Aston Villa and Chelsea)
Men’s Coach of the Year
Luis Enrique (Paris Saint-Germain)
Women’s Coach of the Year
Sarina Wiegman (England)
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UAE currency: the story behind the money in your pockets
Which honey takes your fancy?
Al Ghaf Honey
The Al Ghaf tree is a local desert tree which bears the harsh summers with drought and high temperatures. From the rich flowers, bees that pollinate this tree can produce delicious red colour honey in June and July each year
Sidr Honey
The Sidr tree is an evergreen tree with long and strong forked branches. The blossom from this tree is called Yabyab, which provides rich food for bees to produce honey in October and November. This honey is the most expensive, but tastiest
Samar Honey
The Samar tree trunk, leaves and blossom contains Barm which is the secret of healing. You can enjoy the best types of honey from this tree every year in May and June. It is an historical witness to the life of the Emirati nation which represents the harsh desert and mountain environments
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Our Time Has Come
Alyssa Ayres, Oxford University Press
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The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
Results
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The%C2%A0specs%20
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