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A blow to the barn and yield? This is what the bill aimed at lowering the cost of living looks like | Israel Hayom

2023-05-28T18:01:42.173Z

Highlights: Economy Minister Nir Barkat is promoting a bill that would require large companies to disclose their annual reports. According to the proposal, any company with a sales turnover of NIS 300 million or more will be required to publish its reports to the public. These are companies such as Osem, Tnuva, Shestowitz, the Central Company and more. Barkat said in closed meetings that "the monopolies and cartels have become accustomed to oppressing the public and raising prices only because they can"


Osem, Tnuva, Shestowitz, the Central Company and other companies will be forced to publish their financial statements to the general public Economy Minister Nir Barkat, who is promoting the proposal: "The celebration is over on the backs of the Israeli public, which is collapsing under the weight of the sows of monopolies and cartels that shamelessly oppress the people of Israel."


Barkat demands transparency from monopolies: Economy Minister Nir Barkat is promoting a bill that would require large companies to disclose their annual reports. According to the proposal, any company with a sales turnover of NIS 300 million or more will be required to publish its reports to the public. These are companies such as Osem, Tnuva, Shestowitz, the Central Company and more.

Economy Minister Nir Barkat said in closed meetings that "the monopolies and cartels have become accustomed to oppressing the public and raising prices only because they can, even though there is no justification for this. It's time to expose the truth to the public and allow transparency. The celebration is over on the backs of the Israeli public, which is collapsing under the weight of the sows of monopolies and cartels that shamelessly oppress the people of Israel."

Economy Minister Nir Barkat, Photo: Oren Ben Hakon



The explanatory notes to the bill obtained by Israel Hayom stated: "We are witnessing that monopolized companies in Israel are using their power to expropriate prices and take unacceptable business practices in order to increase their profits at the expense of the Israeli consumer public and at the expense of small competitors in the industries in which they operate. In a monopolistic market, the monopolist has the power to reduce the quantity of products offered in the market, raise their prices or impair the quality of the products."

It added: "The Israeli economy is characterized by excessive concentration in industries compared to other markets around the world. Some monopolistic companies in Israel are not traded on the stock exchange and are therefore not required to publish their financial statements to the public. However, the very fact that a monopolistic company controls market share justifies the obligation to publish its financial statements to the public as part of protecting the public interest. Such publicity will enable the public and the media to criticize the monopoly's financial conduct and business behavior, thereby making it difficult to conduct conduct that harms the consumer and public interest."

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Source: israelhayom

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