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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 […]

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 […]

The free trade agreement was signed in May 2022 by the two countries' economy ministers: Orna Barbivai of Israel and the UAE's Abdulla bin Touq Al Marri

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 […]

Bank of Israel governor Amir Yaron and his banking supervisor have met with the competition authority to review the matter

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 […]

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, […]

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 […]

Flag outside the Bank of Israel

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 […]

Israel 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 […]

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. […]

NYSE-listed Blue Owl is an alternative investment manager with $150bn in assets under management

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 […]

Israel economy

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 […]

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 […]

Autotalk's technology will be incorporated into Qualcomm's Snapdragon Digital Chassis

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 […]

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 […]

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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 […]

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 […]

Israel 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 […]

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 […]

PIF Zamil Offshore exploration

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 […]

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 […]

El Al Airbus

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 […]