Tech GM buys Israeli startup to detect early battery defects General Motors said on Friday it had acquired Algolion Ltd, an Israel-based software startup that helps detect problems in batteries. GM said Algolion’s software will help the Detroit automaker bring to the market a “cost-effective” early hazard detection system at a quicker pace. The deal, for an undisclosed sum, comes at a time when automakers […] July 2, 2023
Banking & Finance Israel suspects limited competition among banks Israel’s competition watchdog said it would start talks with the central bank over the possibility of declaring the country’s five largest banks an oligopoly and making them subject to directives in consumer checking and savings accounts. A month ago Israel’s competition authority sought data from the top five banks, saying they were enjoying huge profits […] June 30, 2023
Banking & Finance Israel delays bill after central bank warning Prime Minister Benjamin Netanyahu’s ruling coalition on Wednesday postponed a preliminary parliamentary reading of a bill the central bank chief has said threatens the Bank of Israel’s independence. The bill would force banks to pay interest on checking accounts and give final approval on setting the rate to the finance minister. Yinon Azulay, the parliament […] June 29, 2023
Tech Israel’s technology sector troubles persist in 2023 A slowdown in Israel’s technology sector has worsened in 2023, exacerbated by political turmoil, and the country may be detaching from broader trends that point to a global recovery, the state-backed Israel Innovation Authority said on Monday. High-tech has for a decade been the fastest growing sector in Israel and crucial for economic growth, accounting […] June 27, 2023
Oil & Gas New discoveries boost Israel’s gas reserves by 40% Israel’s natural gas reserves have grown by 40 percent over the past decade due to increased drilling and exploration activities, an industry report said, even as production soared. The increase came amid five-fold growth in offshore gas production since the start-up of Israel’s first major producing Tamar field in 2013, the report prepared by consultancy […] June 23, 2023
Banking & Finance JPMorgan commercial bank enters Israel in global push JPMorgan Chase & Co’s commercial bank is entering Israel and Singapore this year as its unit catering to midsize and small companies makes a global push, the bank said. The moves will give the commercial bank a presence in 28 countries by year-end. JPMorgan’s international operations serve American companies that do business overseas, as well […] June 22, 2023
Energy Cyprus wants shorter gas pipeline link to Israel Cyprus hopes to develop plans for a pipeline linking it to Israel’s east Mediterranean gas fields during talks which start next month, the island’s top energy official told Reuters. Proposals by the new centrist Cypriot government, which came to power in March, represent a markedly different approach to its predecessors in getting gas to Europe […] June 21, 2023
Banking & Finance US chipmaker Intel to invest $25bn in new Israel factory US chipmaker Intel Corp will spend $25 billion on a new factory in Israel, Prime Minister Benjamin Netanyahu said, calling it the largest-ever international investment in the country. The factory in Kiryat Gat is due to open in 2027, to operate through 2035 at least and employ thousands of people, Israel’s finance ministry said. Under […] June 19, 2023
Tech Abu Dhabi’s G42 signs deal to improve UAE tech skills Abu Dhabi’s artificial intelligence company G42 has set up a joint venture with Israel’s Viola Group to address skills shortages in the tech sector. The venture will be known as Global Valley. A study by Korn Ferry estimated that by 2030 there will be a global talent deficit of approximately 85 million employees in the […] June 16, 2023
Retail Uber to exit food delivery business in Israel Uber said on Thursday it will shut its food delivery business in Italy and exit Israel, where it has not built sufficient market share. The moves were “in line with our efforts to focus on markets where we have opportunities for sustainable growth,” a company spokesperson said. CEO Dara Khosrowshahi has said Uber will invest […] June 16, 2023
Tech Israeli investment in country’s tech sector down Israeli institutions invested $512 million in the country’s tech sector in 2022, down from $1.12 billion in 2021, a published reported showed, citing a weaker global economy and higher interest rates. Nearly half, $252 million, was made in the first half of the year when market sentiment was still bullish, according to the joint report […] June 13, 2023
Analysis Economy Gem of a deal: how Accords unified UAE and Israel It is almost three years since the Abraham Accords brought together the UAE and Israel in a partnership in which trade was always central to the proposition. Amir Hayek, a former president of Israel’s hotel association, was appointed Israel’s ambassador to the UAE in a nod to the importance of economic diplomacy. A free trade agreement […] June 7, 2023
Banking & Finance Bank of Israel chief cautions of more rate hikes Israel’s monetary policy is currently restrictive and at an appropriate level given moderating inflation, but interest rates could rise further should the shekel’s depreciation continue, Bank of Israel governor Amir Yaron said. Yaron said since the last interest rate decision on May 22, the shekel, which has been under pressure since the start of the […] May 31, 2023
Tech Nvidia to build Israel’s most powerful AI supercomputer Nvidia Corp is building Israel’s most powerful artificial intelligence (AI) supercomputer to meet soaring customer demand for AI applications. Nvidia, the world’s most valuable listed chip company, said the cloud-based system would cost hundreds of millions of dollars and be partly operational by the end of 2023. Gilad Shainer, a senior vice president at Nvidia, […] May 30, 2023
Banking & Finance Israel watchdog seeks data from banks in rate probe Israel’s competition watchdog is seeking more data from the country’s banks relating to an investigation, saying they were enjoying huge profits from higher interest rates on loans but weren’t adequately sharing the benefits with customers. The investigation, which began in 2022, wasn’t made public prior to Sunday. In a bid to rein in inflation, the […] May 29, 2023
Banking & Finance Israeli says high Q1 profits of banks not sustainable Israel’s financial system is strong but the very high profits banks posted in the first quarter are not sustainable, its banking regulator said on Wednesday. The country’s largest five banks posted a combined 6.3 billion shekels ($1.7 billion) in net profit in the first quarter, helped by higher inflation and interest rates that sharply boosted […] May 25, 2023
Economy Israel set to approve 2023-24 budget amid protests Israel’s parliament began a final vote on the state budget late on Tuesday, granting some political reprieve to Prime Minister Benjamin Netanyahu whose hard-right coalition government has been strained by months of protests. Facing last minute funding demands by some of his religious and far-right allies as his government approached a May 29 deadline, Netanyahu […] May 24, 2023
Banking & Finance Bank of Israel hikes key rates to tame inflation The Bank of Israel has hiked benchmark interest rates to their highest level since 2006, citing high inflation and a tight labour market and said upcoming data would determine whether it raised them further. The central bank lifted the key rate for the 10th policy meeting in a row, to 4.75 percent from 4.5 percent. […] May 23, 2023
Tech Israel tech firms to continue job layoffs in 2023 Israeli high-tech firms have largely halted job hiring and many are expected to continue layoffs this year, a report on the country’s tech sector showed on Tuesday. One-quarter of companies have stopped recruiting new employees and another quarter plan more layoffs – many of those planning to let go five percent of their workforce, according […] May 17, 2023
Banking & Finance S&P affirms Israel’s rating but warns on growth Credit ratings agency S&P on Friday affirmed Israel’s “Aa-/A-1+” rating and kept its outlook stable, but warned that fallout from a highly contested judicial overhaul could hamper growth. Israel’s government is trying to push through changes that would give politicians greater sway over selecting judges and to limit the power of the Supreme Court to […] May 14, 2023
Economy IMF says Israel’s judicial reforms is a risk to economy The International Monetary Fund (IMF) on Wednesday flagged Israel’s proposed judiciary reforms as a significant downside risk to the economy that could tighten financial conditions and hinder investment, consumption and long-term growth. Israel needed to permanently reduce uncertainty around the reforms with a “politically sustainable solution that is clearly communicated and well understood both domestically […] May 11, 2023
Tech Qualcomm to acquire Israeli auto-chip maker Qualcomm is to acquire Israel’s Autotalks, a maker of chips used in crash-prevention technology, as the US firm looks to expand its automotive business. The company did not disclose the terms of the deal but said the Autotalks technology would be incorporated into its assisted and autonomous driving product, Snapdragon Digital Chassis. Qualcomm said last […] May 9, 2023
