Energy Lebanon, Israel satisfied with final draft of maritime border deal Lebanon and Israel have received a final draft of a US-mediated maritime border deal that satisfies all of their requirements and could imminently lead to a “historic deal,” negotiators from the two countries said on Tuesday. “If everything goes well, Amos Hochstein’s efforts could imminently lead to a historic deal,” Lebanon’s lead negotiator Bou Saab […] October 11, 2022
Economy Israel’s central bank chief sees rates peaking to avoid recession Israel’s aggressive interest rate hiking cycle aimed at lowering inflation was at a “well advanced” stage, Bank of Israel Governor Amir Yaron said, with price pressures starting to ease and inflation hopefully moving back into its target range next year. Israel will likely avoid a recession, Yaron said, and growth will be stronger than the […] October 7, 2022
Analysis Energy Hopes rise in Beirut of a deal to end border dispute with Israel Lebanon appears to be nearing an agreement with Israel over their disputed maritime border, which could kick-start long-delayed oil and gas exploration. A deal between the longstanding foes could provide some rare cheer in Lebanon, which is reeling from hyperinflation, the collapse of its banking sector and currency, and soaring unemployment. More than 80 percent […] October 4, 2022
Economy Bank of Israel raises interest rate to tame inflation The Bank of Israel on Monday raised its benchmark interest rate by three-quarters of a percentage point for the second meeting in a row, citing its determination to move inflation back to within its target. The central bank lifted its key rate to 2.75 percent from two percent in its fifth straight decision to hike […] October 4, 2022
Retail Ben & Jerry’s says Unilever ‘covertly’ took trademarks Ben & Jerry’s says parent company Unilever Plc wrongly transferred brand names out of reach of its independent board more than 20 years ago in an updated lawsuit over its business in Israel filed on Friday in federal court. The Vermont ice cream maker says that Unilever “covertly” moved its trademarks to a Unilever business […] October 3, 2022
Tourism Booking.com adds safety advisory for West Bank properties Online travel agency Booking.com has added safety labels to listings in the occupied West Bank, which Israel, having initially opposed the move, welcomed for not singling out Jewish settlements. The move was rebuked by Palestinian officials, who said the advisory should only be used for Israeli settlements. The company now posts an advisory on its […] October 3, 2022
Economy Israel-South Korea free trade deal to take effect December 1 A free trade agreement between Israel and South Korea will go into effect on December 1, Israel’s economy ministry said on Wednesday, in a move expected to lower the prices of Korean-made cars, toys, video game consoles and soy sauce. The agreement was ratified by Korea’s parliament on Tuesday. The ministry estimated that it would […] September 29, 2022
Economy Bahrain and Israel start free trade agreement talks Israel and Bahrain have begun negotiating a free trade agreement, Israel’s Economy Ministry said on Tuesday. Israel normalised diplomatic relations with Bahrain and its Gulf neighbour the United Arab Emirates (UAE) two years ago under US sponsorship. While economic ties with the UAE has since taken off, Israel’s trade with Bahrain has lagged far behind. […] September 20, 2022
Tourism Israel’s El Al will begin Tel Aviv to Tokyo flights in March El Al Israel Airlines will start direct flights from Tel Aviv to Tokyo next March, it said on Monday – two years after the launch was delayed because of the Covid-19 pandemic. Israel’s flag carrier has been looking to expand eastbound flights since its second-quarter results showed a rebound from the slump in travel during […] September 19, 2022
Economy Israel inflation dips to 4.6% in August 2022 Israel’s annual consumer price index (CPI) of inflation dipped to a 4.6 percent rate in August, the Central Bureau of Statistics said on Thursday, easing from a 14-year high of 5.2 percent in July and after aggressive Bank of Israel rate hikes in recent months. A Reuters poll of analysts had projected an inflation rate […] September 16, 2022
Exclusive Banking & Finance Israel’s $15bn Rapyd aiming to acquire Gulf fintech startups Rapyd, Israel’s highest-valued unicorn, is eyeing financial technology acquisitions in the Middle East and North Africa as it seeks to capitalise on the challenging business environment for startups. As the US Federal Reserve continues to hike interest rates in an effort to curb rising inflation, the prospect of a worldwide recession dominates concerns, particularly among […] September 16, 2022
EXCLUSIVE: LONG READ Abraham Accords: The $3bn trade deal that shocked the world Two years after the signing of the historic Abraham Accords, the UAE and Israel are on track to see $3 billion worth of bilateral trade this year. The success of the relationship – kickstarted by the agreement signed by the Emirati and Bahraini foreign ministers, the Israeli prime minister and US president on the South […] September 15, 2022
Banking & Finance Israel’s El Al Airlines sells 20% of its frequent flier programme Israeli insurer Phoenix has exercised an option to buy roughly 20 percent of El Al Israel Airlines’ frequent flier programme, the companies said in a Tel Aviv regulatory filing on Tuesday. El Al, Israel’s flag carrier, will receive $14 million and own 80.1 percent of its frequent flier programme and it said it would post […] September 14, 2022
Economy Israel, Guatemala sign free trade agreement Israel and Guatemala on Thursday signed a free trade agreement that will include industry, food and agriculture goods, the Israeli Economy Ministry said. The ministry said the agreement will come into effect once it receives final ratification in Guatemala and Israel, whose trade reached $40 million in 2021 – an 11 percent rise from 2020. […] September 9, 2022
Banking & Finance Ben & Jerry’s will amend lawsuit over Israel ice cream business sale Ben & Jerry’s said it plans to amend its lawsuit challenging the sale of its ice cream business in Israel by its parent company, Unilever Plc. In a letter filed on Tuesday night in federal court in Manhattan, Ben & Jerry’s said it plans to file an amended complaint by September 27, with Unilever’s response […] September 7, 2022
Markets Tel Aviv bourse head seeks more bilateral investing with UAE The head of Israel’s stock exchange on Tuesday called for increased investment from Israeli and Emirati investors in each other’s exchanges to boost liquidity. Two years after the so-called Abraham Accords, which saw relations normalised between Israel, Bahrain, the United Arab Emirates (UAE) and Morocco, a number of economic, trade and financial agreements between Israel […] September 7, 2022
Tourism Israel’s El Al to resume Hong Kong flights after curbs eased El Al Israel Airlines said on Monday it would resume non-stop flights to Hong Kong in February after halting them at the outset of the COVID-19 pandemic in 2020. Israel’s flag carrier said that in the wake of authorities in Hong Kong easing restrictions and allowing the entry of tourists, it would operate three weekly […] September 6, 2022
Manufacturing Israel to buy four Boeing air force refuelling tankers for $927m Israel will buy four Boeing Co KC-46A refuelling tankers for its air force, the Israeli government and the US defence contractor said on Thursday, a $927 million deal with delivery of the first planes expected in 2025. The tankers would replace the decades-old, repurposed Boeing 707s that Israel currently uses for mid-air refuelling and may […] September 2, 2022
Economy Israel makes strongest rate hike in 20 years to cool inflation The Bank of Israel raised its benchmark interest rate on Monday by three-quarters of a percentage point, its biggest hike in two decades, and appeared on track for further increases as it tries to rein in inflation that has topped five percent. The central bank lifted its key rate to two percent from 1.25 percent, […] August 23, 2022
Economy Strong Israel GDP and inflation may lead to 75 bps rate hike A sharp rebound in Israel’s economic activity and a jump in annual inflation have made a 0.75-point interest rate increase more likely next week, analysts said on Tuesday. The central bank had looked headed for a second straight half-point move at its upcoming August 22 policy meeting, but data showed stronger than expected economic growth […] August 17, 2022
Economy Israel inflation rate jumps to new 14-year high of 5.2% in July Israel’s annual consumer price index (CPI) rose to a higher than expected rate of 5.2 percent in July, the most since October 2008 and following a 4.4 percent rate in June, as more aggressive interest rate hikes loom and keep the soaring cost of living centre stage ahead of an election in November. A Reuters […] August 16, 2022
Tourism Korean Air to resume flights to Israel in January Korean Air Lines will resume non-stop flights to Israel in January with a Seoul to Tel Aviv route, Israel’s Tourism Ministry said on Thursday. Korean Air, which stopped its flights to Israel due to the outbreak of the coronavirus pandemic in 2020, will operate three weekly flights on the route, it said. The ministry noted […] August 12, 2022
