Banking and Finance Bank of Israel says more rate hikes needed to cool inflation The Bank of Israel on Monday raised its benchmark interest rate by half a point and said it believes more hikes were needed to cool inflation, still running above five percent, while the economy remains strong and the labour market is tight. The move was expected to be one of the last in an aggressive […] November 22, 2022
Tourism Israel deploys diplomats to World Cup to help fans settle Israel has sent diplomats to help its citizens attending the World Cup in Qatar and plans to launch temporary direct flights to Doha on Sunday as the countries find a measure of accommodation for the soccer tournament despite having no formal relations. Between 10,000 and 20,000 Israelis are expected at the month-long matches in the […] November 18, 2022
Banking and Finance Israel banking regulator cautious on profits despite current strength Israel’s banking regulator on Wednesday warned of a possible deterioration of banking system profits stemming from an uncertain economic outlook and higher interest rates that could lead to loan defaults. The Bank of Israel in its semi-annual report was still largely upbeat, saying all of Israel’s banks are maintaining capital ratios that are above the […] November 17, 2022
Analysis Abu Dhabi’s ADIO signs up Israeli fintechs as bilateral trade rises Two Israeli companies have joined Abu Dhabi Investment Office’s $545 million Innovation Programme, with industry watchers predicting that many more will follow as ties strengthen between the country and the UAE. ADIO is working with fintech company Liquidity Group to establish an R&D centre in Abu Dhabi. The facility will develop Liquidity’s proprietary underwriting algorithm […] November 16, 2022
Energy Israel begins gas exploration after Lebanon maritime border deal Israel has signed an initial agreement with TotalEnergies and Eni that allows the energy companies to start exploring for natural gas within the framework of a landmark maritime border deal with Lebanon. Lebanese and Israeli leaders last month finalised a US-brokered maritime demarcation deal, bringing a measure of accommodation between the enemy states. A focus […] November 16, 2022
Israel to build new desalination plant to meet water shortage Israel’s IDE Technologies and Bank Hapoalim won a government tender to build a new water desalination plant in northern Israel, Hapoalim said. Hapoalim, one of Israel’s two largest banks, will provide 1.3 billion shekels ($381 million) for the project near the northern city of Nahariya off the Mediterranean coast which aims to help the country […] November 14, 2022
Energy London IPO of Israel-owned Ithaca Energy priced at bottom of range North Sea oil and gas producer Ithaca Energy’s planned initial public offering (IPO) in London is set to be priced at the bottom of the range at 250 pence per share, a bookrunner on the deal said on Tuesday. Ithaca’s market debut will be watched for indications of investor appetite for energy producers in the […] November 9, 2022
Tourism Israel to start self-driving public bus pilot programme Israel has launched a two-year pilot programme in which four companies will operate self-driving public buses in a bid to ease road congestion, the country’s innovation authority said. The authority, along with the transportation Mministry and Ayalon Highways, chose four groups – including Egged, Israel’s largest bus operator – that will start running independent autonomous […] November 8, 2022
Energy Israel-backed Ithaca Energy set for London’s biggest IPO in 2022 Ithaca Energy’s plans to launch an initial public offering (IPO) on the London Stock Exchange next week could value the North Sea oil and gas producer at up to 3.1 billion pounds, making it London’s largest IPO this year. Shares in the company – owned by Tel Aviv-listed Delek Group – are being offered at […] November 3, 2022
Banking and Finance Israel’s stock exchange to create crypto trading platform The Tel Aviv Stock Exchange (TASE) said on Monday it would reshape its ownership structure and also create a blockchain platform to allow more trading of crypto currencies in an effort to match international standards. TASE, which went public in 2019, said it would create a new publicly traded holding company that will own 100 […] October 25, 2022
Tech Google activates Israel’s first local cloud region Alphabet’s Google on Thursday activated a local cloud region for Israel, offering cloud services to the country’s government and military in a move expected to boost jobs and economic growth. Israel signed a deal with Google and Amazon Web Services (AWS) in May 2021 for the more than $1 billion four-phase ‘Nimbus’ project. As part […] October 21, 2022
Banking and Finance Israel eyes bond issuance via blockchain technology Israel’s government is preparing to issue government bonds using a blockchain technology platform, the Tel Aviv Stock Exchange (TASE) said on Wednesday. Implementation of advanced technologies such as blockchain, the TASE said, would reduce costs, shorten the duration issuance and clearing of government bonds, improve transparency and mitigate risks. The issuance is still in the […] October 20, 2022
Energy US hedge fund asks Capricorn Energy to ditch Israel deal Irenic Capital Management, a hedge fund that owns a 1.5 percent stake in Capricorn Energy Plc, asked the natural gas producer on Wednesday to abandon its sale to Israel’s NewMed Energy LP in favour of selling its assets piecemeal. Irenic’s intervention challenges a deal that would create a London and Tel Aviv-listed gas giant, at […] October 20, 2022
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
