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 and 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 and 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 and 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
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 and 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 and 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 and 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 and 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
