search
Front > News

Phoenix CEO: There is still big interest in Israel's economy

Eyal Ben Simon credit: PR Inbal Marmary
Eyal Ben Simon credit: PR Inbal Marmary
25 Jan, 2023 17:20
שלח תגובה במיילBar Lavi

Eyal Ben Simon dismisses suggestions that the government's judicial reform is harming Israel's credit rating and attraction to investors.

Hundreds of Israeli economists including Noble Prize winner Daniel Kahneman, Prof. Eugene Kandel and Prof. Avi Ben-Bassat today sent a letter to Prime Minister Benjamin Netanyahu warning off the potential economic results of reforming the country's judicial system. But is the matter really being felt by Israeli businesses. Eyal Ben Simon, CEO of Israel's largest insurance company Israel Phoenix Assurance Ltd. (TASE:PHOE1; PHOE5), who is currently abroad insists that the answer is unequivocally no.

In a rare interview with the media, Ben Simon told "Globes" that he is one of Israel's only CEOs who is prepared to go on record on the issue. "There is high interest from investors in the Israeli economy in general and in the Phoenix and its subsidiaries in particular. Not only have I not seen a decline in interest but even an increase. And I personally am very 'long' (opposite of selling short) on the State of Israel. I believe in the Israeli economy, the Israeli public and the capabilities of the State of Israel."

How do you relate to the warnings about the repercussions regarding the judicial reform such as cutting Israel's debt rating?

"Nobody is talking to me about the judicial reform and I haven't heard anybody talking about cutting the rating or harming the position of Israel."

Last month Abu Dhabi Development Holding Co. (ADQ) signed a memorandum of understanding with two US funds to buy a controlling stake in the Phoenix. The deal is subject to approval by the Israeli regulatory authorities.

Published by Globes, Israel business news - en.globes.co.il - on January 25, 2023.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2023.

Eyal Ben Simon credit: PR Inbal Marmary
Eyal Ben Simon credit: PR Inbal Marmary
Fencing goes up Petah Tikva's Segula neighborhood credit: NTA The Metro is really happening

Although there are skeptics who doubt that the project will ever be realized, there are now enough signs on the ground to indicate that they are probably wrong.

Ben Gurion airport Terminal 1 credit: Shutterstock Ben Gurion airport's Terminal 1 reopens

Terminal 1 at Ben Gurion airport reopened yesterday to domestic flights, while international flights will start using the terminal from Sunday, March 30.

Minister of Interior Moshe Arbel credit: Cadya Levy Interior Minister: There is no deep state in Israel

Minister of Interior Moshe Arbel told the Globes Services conference that civil servants are dedicated employees who serve the public.

Minimum wage credit: Tali Bogdanovsky Minimum wage in Israel to rise next week

The monthly minimum wage in Israel will be revised upwards by 6%.

Bank of Israel credit: Shutterstock/Alon Adika Bank of Israel slams gov't fiscal policy

Governor Prof. Amir Yaron wrote in the annual report that the government's measures are not enough to ensure a sustained decline in debt-to-GDP ratio.

Minister of Justice Yariv Levin credit: Noam Moskovitz Knesset Spokesperson Knesset passes Judicial Selection Law

The new law makes judicial appointments subject to political control.

Airbnb credit: Reuters Knesset ignores Airbnb tax evasion loophole

The Israel Hotels Association has slammed the government's indifference to tax evasion by Airbnb landlords, which it insists promotes unfair competition.

GMT CFO Eran Tibon credit: PR Political tensions tempt Israelis to move funds abroad

According to data from advanced financial services company Global Money Transfer, steps taken by the Israeli cabinet to oust Shin Bet chief Ronen Bar, and Attorney General Gali Baharav-Miara, could cause capital to flee Israel.

Sde Dov credit: Guy Yehieli Tenders close for 2,744 more homes in Sde Dov

Four tenders closed last month for the north Tel Aviv district saw a decrease of about 40% in the prices of land, and there is great interest in the prices these latest tenders will fetch.

Rafael CEO Yoav Turgeman credit: Rafael Spokesperson Rafael CEO: Iron Beam will be ready in 2025 as promised

In presenting record financial results for 2024, Yoav Turgeman tells "Globes" that the high energy laser weapon system will be operational this year.

Tel Aviv credit: Shutterstock Rent rises moderate due to emigration and reserve duty

Rents only rose 4% in 2024, the Bank of Israel reports, despite the large number of evacuees, due to the negative migration balance and the large number of young people in the army reserves.

Moody's, Benjamin Netanyahu, Bezalel Smotrich, credit: Shutter stock, Government Spokesperson, Tali Bogdanovsky Moody's: Political risks weigh on Israel's rating

"Israel's sovereign credit profile reflects very high political risks that have weakened economic and fiscal strength."

Stef Wertheimer credit: Reuters Industrialist and philanthropist Stef Wertheimer dies aged 98

Wertheimer founded Iscar, which was sold to Warren Buffett's Berkshire Hathaway, and was behind many industrial and social initiatives, as well as having a brief political career.

Island founders Dan Amiga and Mike Fey credit: Antonio Delucci Browser security co Island raises $250m at $5b valuation

The company has developed a communications technology that enables fast remote connection to corporate computers.

Yossi and Shlomi Amir credit: Jonathan Bloom Shufersal doubles annual profit

Streamlining measures by brothers Yossi and Shlomi Amir since they took control have vastly improved the supermarket chains profitability metrics.

Africa Israel Residence CEO Ronit Eshed Levy credit: Cadya Levy "Jewish communities want to move together to Jerusalem"

Africa Israel Residence CEO Ronit Eshed Levy told the Globes Going Long on Israel investment conference about urban renewal in Jerusalem.

Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018