Opinion Markets Frogs, dogs and elephants – the zoology of business talk Sometimes only an animal analogy will do to describe complex corporate concepts January 19, 2024
Economy Egypt stable for now but vulnerable, economists warn A few days after Israeli forces launched a ground offensive in Gaza, Fitch Ratings downgraded Egypt’s credit score to B- from B. The conflict could scare off tourists and investors, the ratings agency said in November, posing a risk to Egypt’s economy. This was Fitch’s second downgrade in six months: it stripped Egypt of B+ status […] December 6, 2023
Opinion Economy Egypt must weigh up finance woes with key role in conflict The country has a crucial part to play November 17, 2023
Markets Investors unsure on pricing Gaza conflict, says UBS Global investors and markets are “not sure” how to price in the fallout from the Israel-Gaza conflict, according to Swiss private wealth bank UBS. “It’s very hard for the markets to price these events,” Mark Haefele, chief investment officer in the global wealth management division at Swiss bank UBS, told reporters on Thursday. “So far, […] November 17, 2023
Analysis Energy War puts Israel’s big plans for gas exploration in jeopardy Oil markets may have shrugged off Israel’s war with Hamas, but a month into the Gaza conflict the intense violence is affecting Israel’s plans to become a regional hub for exporting natural gas, according to analysts. Last week the government awarded 12 new exploration and development licences to six operators. One group comprises Italian energy […] November 9, 2023
Oil & Gas Israeli gas exports to Egypt resume in small volumes Israeli natural gas exports to Egypt have resumed after a disruption last weekend but in small volumes, an official in Egypt’s petroleum ministry said on Thursday, without specifying the current flow. Three people with knowledge of the matter also told Reuters on Tuesday the flow had resumed, with two saying it had only been reduced, […] November 3, 2023
Energy World Bank warns of record oil prices if war escalates Oil prices could hit record highs of $150 a barrel if the war between Israel and Hamas escalates into a wider conflict, according to an economic risk assessment from the World Bank. In its latest Commodity Markets Outlook, the World Bank cautioned that the cost of crude could enter “uncharted waters”. It outlined three risk […] October 31, 2023
Finance S&P revises Israel’s outlook to ‘negative’ from ‘stable’ S&P Global revised Israel’s outlook to “negative” from “stable” on Tuesday, blaming risks that the Israel-Hamas war could spread more widely, with a more pronounced impact on the economy and security situation in the country. Last week another big credit ratings agency, Fitch, placed Israel’s sovereign debt rating of “A+” on rating watch negative and […] October 25, 2023
Oil & Gas Oil prices surge as conflict intensifies in Israel Oil prices rose by more than 3 percent on Monday in the wake of Hamas’s surprise attack on Israel, which threatens to destabilise the Middle East. Brent crude was trading at $87.65 a barrel, up 3.6 percent, by 17:41 GST while US West Texas Intermediate was at $86.15 a barrel, up just over 4 percent. […] October 9, 2023
Energy Israeli firm seeks higher price from Adnoc and BP A panel reviewing a $2 billion offer by Abu Dhabi’s national oil company and BP to acquire a 50 percent stake in the Israeli gas producer NewMed has recommended raising the asking price by over 10 percent, casting doubt over the deal, sources said. The proposed acquisition by Abu Dhabi National Oil Co (Adnoc) and […] October 3, 2023
Tourism Israel expects religious tourism to Saudi holy cities Israel sees religious tourism among its Muslim population as a major benefit of a peace deal with Saudi Arabia, Israeli minister of tourism Haim Katz said in Riyadh this week. “Twenty percent of Israel is Muslim, two million, and they will come to Mecca easily,” Katz told AGBI on September 27 at a gala dinner […] September 28, 2023
Tourism Israeli minister makes historic visit to Saudi Arabia Israeli tourism minister Haim Katz made the first ever public visit by a member of the Israeli government to Saudi Arabia this week, attending a World Tourism Day event in Riyadh. The Israeli ministry of tourism said Katz was leading a delegation on a two-day stay in the Saudi capital as part of the United […] September 27, 2023
Finance Israeli hi-tech firms raise $1.7bn in Q3 2023 Israeli high-tech firms raised $1.7 billion in the third quarter, preliminary data showed on Tuesday, in a sign that investment in startups is stabilising. The amount raised in the third quarter was down 38 percent over the same period in 2022 but only 14 percent lower from the second quarter, the IVC Research Center and […] September 27, 2023
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 and 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
