Tech Israeli cybersecurity startup Cato Networks raises $238m Israeli cybersecurity company Cato Networks said on Tuesday it had raised $238 million in a private funding round that valued the company at $3 billion. The round, one of Israel’s largest this year and Cato’s biggest, was led by LightSpeed Venture Partners, with the participation of Adams Street Partners, Softbank Vision Fund 2, Sixty Degree […] September 20, 2023
Video length: 06:36 VIDEO Trade Abraham Accords – 3 years on, $3 billion in trade An Israeli politician has described how the Abraham Accords, signed three years ago today, have “opened a floodgate to, hopefully, a new Middle East”. Fleur Hassan-Nahoum, deputy mayor of Jerusalem, tells AGBI in an exclusive video interview that the agreement signed at the White House on September 15 2020, is transforming Israel’s relations with the […] September 15, 2023
Sustainability Israel expects 30% of electric cars on roads by 2030 Israel is expecting a huge jump in electric vehicle use by the end of the decade, when nearly a third of cars will be charged by the power grid rather than using gasoline, the energy ministry said on Tuesday. This will add significant stress to the national power grid, accounting for six percent of total […] September 12, 2023
Economy Bank of Israel to hold rates as inflation eases Israel’s central bank is expected to leave short-term interest rates unchanged this week, as it did in July with inflation easing, but the rate hike cycle may not be over with the shekel hovering around a 3 1/2 year low. Of the 16 economists polled by Reuters, 15 projected the Bank of Israel would hold […] September 4, 2023
Tech Qualcomm’s bid for Israel’s Autotalks needs EU nod US chipmaker Qualcomm will have to seek European Union (EU) antitrust approval for its planned takeover of Israeli auto-chip maker Autotalks even though the deal is below the EU’s turnover threshold, EU regulators said. The European Commission cited the importance of the deal to original equipment manufacturers and others who need access to vehicle-to-everything (V2X) […] August 20, 2023
Economy Israel’s economy sustains growth and beats forecast Israel’s economy sustained its solid growth in the second quarter, beating expectations with consumer spending bouncing back after a slow start to 2023, data from the Central Bureau of Statistics showed on Wednesday. While not as fast as in 2022, growth this year has been bolstered by a low 3.6 percent jobless rate, overcoming the […] August 17, 2023
Economy Israel inflation eases to 16-month low at 3.3% The inflation rate in Israel eased to a 16-month month low of 3.3 percent in July from 4.2 percent in June, a drop that could continue to keep further Bank of Israel interest rate hikes at bay. The consumer price index (CPI) rose 0.3 percent in July from June, led by gains in fresh produce, […] August 16, 2023
Tech Israel’s Vesttoo startup seeks US bankruptcy protection Vesttoo is seeking Chapter 11 bankruptcy protection in a US court which will enable it to pursue legal action against those responsible for a fake collateral scandal, the Israeli fintech said in a statement. Vesttoo – partly backed by Banco Santander’s fintech venture capital arm Mouro Capital – has laid off staff, closed offices and […] August 15, 2023
Banking & Finance Israel’s Bank Hapoalim profit surges to $515m Bank Hapoalim, Israel’s largest lender, reported a 43 percent rise in quarterly profit, boosted by a jump in financing income amid high inflation and interest rates that more than offset a spike in provisions against loan defaults. Hapoalim, the country’s largest bank by credit to the public, said it earned 1.92 billion shekels ($515 million) […] August 14, 2023
Energy Israeli startup hopes to take nuclear fusion mainstream This week US scientists announced they had achieved net energy gain in a fusion reaction for the second time since December. The Lawrence Livermore National Laboratory in California deemed the successful experiment “a major scientific breakthrough decades in the making that will pave the way for advancements in national defence and the future of clean […] August 11, 2023
Transport Israel’s El Al in ‘serious’ talks to buy Airbus jets El Al Israel Airlines is in “serious” talks with Airbus to buy as many as 30 A321neo jets, El Al’s CEO said, in what would be an historic change of supplier as it looks to replace its short-haul fleet. Israel’s flag carrier is also in talks with traditional supplier Boeing to buy 737 MAX aircraft, […] August 11, 2023
Economy Israel warns high-interest rate may impact growth The Bank of Israel on Wednesday warned of risks to the stability of the banking system due to possible economic consequences from the government’s plan to overhaul the judiciary, as well as higher credit costs from a steep rise in interest rates. In its semi-annual report on financial stability, the central bank said that Israel’s […] August 3, 2023
Tech Israeli fintech Vesttoo retains Dubai staff amid mass layoffs Financial services company Vesttoo said on Tuesday it was laying off about 75 percent of its staff and closing some offices in Asia, as it tries to recover from a scandal over a fraudulent letter of credit used as collateral in a transaction with an insurer. Israel-based Vesttoo, which uses artificial intelligence technology to connect […] August 2, 2023
Tech Amazon to invest $7.2bn in Israel by 2037 Amazon.com said on Tuesday it is planning to invest about $7.2 billion by 2037 in Israel, where it has also launched its Amazon Web Services (AWS) data centres. Amazon’s cloud services in the region will allow the country’s government to run applications and store data in data centres located in Israel. “The establishment of the […] August 2, 2023
Economy Israel’s judicial reforms to hit economy says Moody’s Moody’s Investors Service said on Tuesday that passage of a new law in Israel limiting some Supreme Court powers signalled that political tensions will continue and likely have negative consequences for Israel’s economy and security situation. “We believe the wide-ranging nature of the government’s proposals could materially weaken the judiciary’s independence and disrupt effective checks […] July 26, 2023
Banking & Finance Israeli bank CEOs warn of fallout from judicial changes The chief executives of Israel’s two largest banks on Friday called on the government to halt its highly disputed legislative push to overhaul the judiciary, and warned of economic fallout should they continue. The drive by Prime Minister Benjamin Netanyahu’s right-wing government to change the justice system has sparked unprecedented protests and warnings, including from […] July 23, 2023
Energy BP and Socar join bid for Israeli offshore gas BP and Azeri national oil company Socar have taken part for the first time in an Israeli licencing round for natural gas exploration, the latest sign of growing international interest in the Eastern Mediterranean basin, sources said. BP and Socar jointly placed a bid along with Israel’s NewMed Energy for two offshore blocks in the […] July 18, 2023
Energy Four groups bid for Israel gas exploration tender Four groups of companies have made bids in Israel’s latest tender for offshore hydrocarbon exploration, the energy ministry said on Sunday. The ministry said the groups include a total of nine companies, five of which were new to the Israeli market. It did not name which companies took part. Huge deposits of natural gas have […] July 17, 2023
Retail Israel lifts tax on imported milk to end shortages Israel’s finance minister Bezalel Smotrich is cancelling the 40 percent customs duty on imported milk for three months to combat a shortage across supermarket chains. Milk production in Israel is subject to centralised planning and government-approved quotas. Since milk prices are set by the state, dairies have been reluctant to boost output and prefer to […] July 14, 2023
Logistics Israel to privatise postal service company Israel has put its postal service on the block after completing a recovery and financial stabilisation process and formulating a strategic plan for the coming years. The state’s privatisation agency said it would sell 100 percent of Israel Post Co. to an investor or group of investors. Bids are due by September and the winning […] July 12, 2023
Banking & Finance Bank of Israel pauses rate hikes for first time since 2022 The Bank of Israel left short-term borrowing rates unchanged on Monday for the first time since early 2022, as expected, but warned that rates could be hiked further if inflation picked up again. Governor Amir Yaron said that rates would remain high for some time. He also cautioned that legislation on a highly-disputed bill that […] July 11, 2023
Banking & Finance Israel banks to compete for default savings rate Israel’s finance ministry on Thursday proposed a plan that for its five largest banks to compete against each other to offer the highest interest rates on savings accounts. The ministry, lawmakers, the central bank and regulators have sharply criticised banks for being quick to act to raise interest rates on mortgages and other loans while […] July 7, 2023
