Health Israeli firm makes ready-to-cook 3D printed fish fillets Forget your hook, line and sinker. An Israeli foodtech company says it has 3D printed the first ever ready-to-cook fish fillet using animal cells cultivated and grown in a laboratory. Lab-grown beef and chicken have drawn attention as a way to sidestep the environmental toll of farming and tackle concerns over animal welfare, but few […] May 4, 2023
Israel’s judicial proposals prompt startups to relocate The government’s plan to overhaul the judicial system is harming investor confidence and pushing high-tech firms to relocate abroad, Israel’s state-backed agency that supports high-tech companies said. A survey by the Israel Innovation Authority found 80 percent of startups established so far this year were opened outside Israel and that companies also intend to register […] May 2, 2023
Banking & Finance Israel’s sovereign wealth fund names full-time manager The Bank of Israel has named Lena Krupalnik, a veteran institutional investment manager, to oversee the country’s sovereign wealth fund which was set up in 2014 following the discovery of huge natural gas deposits. After a four-year delay due to political turmoil and a slower than expected revenue stream, the fund began operating last June […] April 25, 2023
Economy Israel rebuff Moody’s outlook cut over judicial reforms Israel’s government on Saturday rebuffed an outlook downgrade on the country from credit ratings agency Moody’s, while tens of thousands of Israelis returned to the streets to protest against a planned overhaul of the country’s judiciary. Moody’s report issued on Friday marks the latest warning about a potential economic backlash to Prime Minister Benjamin Netanyahu’s […] April 16, 2023
Banking & Finance Bank of Israel raises interest rate to highest since 2007 The Bank of Israel has raised its benchmark interest rate by another quarter of a percentage point, the ninth straight meeting it has increased rates amid a battle against inflation that remains above five percent. Bank governor Amir Yaron said he hoped the cycle of rate hikes, which began a year ago, was coming to […] April 4, 2023
Energy Shares soar at Israeli energy giant after BP and Adnoc offer Shares in Israeli energy giant NewMed Energy soared on Tuesday after BP confirmed that, together with Abu Dhabi National Oil Company (Adnoc), it has made a non-binding offer to buy a 50 percent stake in the company. The Tel Aviv Stock Exchange-listed natural gas operator saw its share price rise by more than 36 percent […] March 29, 2023
Aviation Nigeria’s Air Peace to start non-stop Israel flights in April Israel’s transport minister on Sunday approved an aviation deal with Nigeria that will allow non-stop flights between the countries to begin next month for the first time, the ministry said. The agreement, which still needs cabinet approval in Israel, will let carriers from the two countries to operate flights between Tel Aviv and cities in […] March 27, 2023
Aviation Israel’s El Al to resume India flights using Saudi corridor El Al Israel Airlines is to resume flights to India in October after a three-year absence, citing shorter flight times due to the ability to fly over Saudi Arabia and Oman. Israel’s flag carrier will operate four weekly flights to Mumbai from Tel Aviv using Boeing 737 aircraft, with the route expected to take 5.5 […] March 24, 2023
Banking & Finance Israel’s trading platform eToro valued at $3.5bn in funding round Israeli online trading platform eToro said on Tuesday it had recently raised $250 million in a funding round that valued the online brokerage at $3.5 billion, months after its proposed merger with a blank-check company fell through. The funding round was backed by Ion Group, SoftBank Vision Fund 2, Velvet Sea Ventures and others, eToro […] March 22, 2023
Economy More rate hikes seen as Israel inflation eases to 5.2% Israel’s inflation rate eased to a four-month low of 5.2 percent in February from a 2008 high of 5.4 percent in January. However, it was still higher than expected and is likely to mean another interest rate hike next month. The consumer price index (CPI) rose 0.5 percent in February from January, led by gains […] March 16, 2023
Banking & Finance Israel says immediate liquidity risk averted after SVB collapse A panel formed by Israel’s finance ministry to assess the fallout from the collapse of Silicon Valley Bank (SVB) has determined that the immediate liquidity risk has been averted. The ministry in a statement cited a decision by US authorities to back accounts – even those uninsured – at the bank, which has been an […] March 15, 2023
Banking & Finance Israel’s Bank Hapoalim says Q4 profit nearly doubles on rate hikes Bank Hapoalim has reported a near doubling of net profit in the fourth quarter 2022, helped by a sharp rise in interest rates that boosted financing income. Hapoalim, one of Israel’s two largest lenders and the first of Israel’s banks to issue quarterly results, said it earned a net 1.75 billion shekels ($487 million) in […] March 10, 2023
Economy Israeli fintech to wire $500m out of country over judicial overhaul Israeli financial technology firm Riskified is transferring $500 million out of the country, joining private sector opposition to the government’s planned overhaul of the judicial system. CEO Eido Gal shared the decision with employees in a letter and voiced concerns that the proposed changes to the court system, if ratified, could lead to a “prolonged […] March 9, 2023
Economy Moody’s warns judicial reforms may impact Israel’s credit rating Moody’s Investor Service has warned that the Israeli government’s planned judicial reforms could weaken institutions and could negatively impact Israel’s sovereign credit profile. In its statement, Moody’s did not downgrade Israel’s A1 positive credit rating and did not walk back the positive outlook it assigned in April 2022 that was driven by solid government finances. […] March 8, 2023
Israel’s Liquidity Group to support Gulf startups with $500m Liquidity Group, an Israel-based fintech and asset manager, is looking to provide $500 million this year to support startups in the UAE and across the Middle East. The company reached unicorn status last month, with fresh investment of $40 million from Japan’s MUFG at a valuation of $1.4 billion. Launched in 2018, Liquidity Group provides […] March 6, 2023
Tourism Israel’s El Al sees revenue rise 75% by 2028 as travel rebounds El Al Israel Airlines reported a fourth-quarter net profit and forecast that annual revenue will jump 75 percent by 2028 as travel is rebounding strongly from the pandemic and the carrier plans to expand routes to Asia. Chief executive Dina Ben-Tal Ganancia said El Al was looking to resume flights to India and add flights […] March 3, 2023
Economy UAE minister predicts 2.8% GDP trade pact boost by 2030 The UAE’s first bilateral free trade agreements, signed in the past two years, will boost its GDP by 2.8 percent by the end of the decade, according to the country’s trade minister, Dr Thani Al Zeyoudi. The growth will result from access to new markets and populations in Indonesia, Israel and India, as the UAE […] March 2, 2023
Economy Fitch affirms Israel’s credit rating but cautious on judicial reforms Fitch Ratings on Wednesday affirmed Israel’s ‘A+’ sovereign credit rating with a “stable” outlook, citing strong government finances, but it said that a planned judicial overhaul plan could weaken the country’s credit profile. In maintaining Israel’s rating, Fitch said it “balances a diversified, resilient and high value-added economy and strong external finances against a high […] March 2, 2023
Banking & Finance Israel central bank likely to prop up currency via swap facility Expectations mounted on Monday that Israel’s central bank could intervene in FX markets to prop up the shekel which has been one of the weakest currencies in the world since plans were laid out to overhaul the judiciary, analysts said. The shekel has slumped 8 percent versus the dollar since last month’s proposals to give […] February 28, 2023
Finance $5bn of trade on the table as Abu Dhabi and Israel grow ever closer A top level delegation of 10 Abu Dhabi entities has returned from Tel Aviv as experts predict bilateral trade between the UAE and Israel could reach $5 billion by 2025. Led by the Abu Dhabi Investment Office (Adio), the delegation included Abu Dhabi Global Market, Abu Dhabi Residents Office, Hub71, Abu Dhabi IPO Fund, Masdar […] February 23, 2023
Banking & Finance Israel central bank in focus as judicial reform plan hits shekel Israel’s shekel was largely unchanged against the dollar late on Wednesday, recovering from further falls in the currency that some say could spark central bank intervention, as investors fret over a plan to overhaul the country’s judiciary. The shekel stood at 3.633 per US currency at 1515 GMT, after softening more than 1.5 percent at […] February 23, 2023
Banking & Finance Israel shekel nears 3-year low as judicial overhaul spooks investors The shekel slid as much as two percent versus the dollar to a near three-year low on Tuesday after Israel pressed ahead with a plan to overhaul its judiciary that the government says is designed to end overreach into politics by the Supreme Court. At the same time, both Prime Minister Benjamin Netanyahu and finance […] February 22, 2023
