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05 December 2023

Suez Canal credit: Shutterstock Egypt could be big casualty of Houthi attacks on Israel

The Iranian-backed Houthis may be targeting Israeli shipping but they could wreak havoc with Egypt's economy as ships avoid the Suez Canal.

Ron Eichel  credit: Eyal Izhar "War could cause permanent GDP loss"

Market expert Dr. Ron Eichel doesn't expect a post-war boom, but sees a comeback for real estate.

05/12/2023 15:20 Economy Netanel Ariel
Minister of Finance Bezalel Smotrich credit: Danny Shem Tov Knesset Spokesperson Likud MKs rebel against Smotrich's 2023 budget changes

Knesset Finance Committee discussions were halted after Likud MK Eliyahu Revivo threatened to vote against the budget changes, unless coalition funds are cut further.

05/12/2023 13:05 Politics Oren Dori
Yuval Cohen  credit: Eyal Izhar Fortissimo outbids Aaron Frenkel for control of Cellcom

Fortissimo has signed an MOU with Discount Investment to buy its 35.6% stake in telco Cellcom at a company valuation of NIS 2.6 billion.

Mine's team credit: Ohad Dayan Israeli data privacy co Mine raises $30m

Mine, which develops B2B and B2C solutions in the field of data privacy, and governance, has 150 customers including Reddit, HelloFresh SE, Fender, Guesty, Snappy, and Data.ai.

05/12/2023 12:33 Start ups Globes correspondent
Elbit Systems Hermes UAV   credit: Elbit Systems Israeli defense cos rise in global ranking

Elbit Systems, IAI, and Rafael all improved their positions in the Stockholm International Peace Research Institute revenue ranking for 2022.

04 December 2023

Management shakeup as Tesla Israel market share falls

Tesla Israel will lose its management autonomy and be controlled from Europe.

Huge errors in US study about TASE short sellers

Tel Aviv Stock Exchange EVP head of trade Yaniv Pagot: The researchers did not realize that TASE shares are quoted in agorot not shekels.

04/12/2023 16:16 Politics Hezi Sternlicht
Amazon stays silent on employee held hostage in Gaza

The tech giant has refused to issue a statement calling for the release of its AWS engineer Sasha Troufanov.

04/12/2023 15:27 Politics Meytal Vaizberg
Cloud security co Wiz buys Israeli startup Rafft

The acquisition, the first by Wiz, is estimated to be in the tens of millions of dollars. Wiz CEO Assaf Rappaport: Acquiring Rafft will assist in our efforts to promote secured development in the cloud.

Despite war average salary rose in October

In October 2023, after the outbreak of the war, the average salary in Israel was NIS 12,488, 5.9% higher than in October 2022, the Central Bureau of Statistics reports.

04/12/2023 14:13 Employment Idan Eretz
Treasury sees state revenue shortfall increasing

Finance Ministry officials told the Knesset Finance Committee that tax revenues were falling even before the outbreak of war.

04/12/2023 12:56 Economy Aharon Katz

03 December 2023

Office rents in Israel stay firm - for now

Despite excess supply and falling demand, property owners are reluctant to lower prices.

03/12/2023 17:09 Real estate Anat-Daniely Lev
NIS 5b evaporate: What happened to Maytronics?

The profits of the company, still controlled by Kibbutz Yizre'el, have drained away, but analysts see the pool half full.

03/12/2023 17:02 Market Shiri Habib-Valdhorn
Apartments sold and rented

A selection of recent real estate deals in Israel including in Holon, Modi'in, Caesarea, Zichron Yaakov, Yokneam Illit and Beesheva.

03/12/2023 12:47 Real estate Nir Weiss-Vadraru
IDF hits Khan Younis as fighting resumes

Israel has called on residents of the southern Gaza Strip city to evacuate to safe areas.

03/12/2023 11:30 Politics Globes correspondent
SolarEdge to be relegated from S&P 500

This is the latest blow to the solar energy technology company's stock, after  a profit warning for the third quarter and weak guidance for the fourth.

03/12/2023 10:54 Energy Shiri Habib-Valdhorn

30 November 2023

What is the budget dispute about?

What are "coalition funds"? Are the numbers big or small? Are haredi teachers underpaid? "Globes" provides some answers.

Israeli startup GrayMatters treats PTSD with avatars

GrayMatters received US FDA approval for marketing its technology in March and after the start of the Israel-Hamas war received approval in Israel.

30/11/2023 16:43 Healthcare Gali Weinreb
Maersk diverts Israel-linked ships from Red Sea

The two vessels diverted are owned by Udi Angel and Idan Ofer's XT Group.

The Economist: Tel Aviv slips in expensive city rankings

Tel Aviv has fallen to eighth place in The Economist Intelligence Unit's (EIU) Worldwide Cost of Living rankings for 2023.

30/11/2023 13:32 Economy Globes correspondent
El Al reports Q3 growth, Q4 apprehension

El Al CEO Dina Ben-Tal Ganancia: We quickly adapted ourselves to emergency mode and made sure to maintain a stable and active flight schedule while taking care of passengers' safety and security.

Organized buyers snap up small Jerusalem apartments

53 two-room apartments averaging 49 square meters in size at an average price of NIS 3.297 million have been bought in Midtown Jerusalem.

Israel reluctant to fund hypersonic missile interceptor

Rafael has unveiled Sky Sonic to tackle Iranian hypersonic missiles, but the Ministry of Defense does not see this as a realistic threat.

29 November 2023

Epitomee slumps as Nestle nixes marketing weight loss pill

Nestlé says the trial results did not meet the full minimal terms set in the licensing agreement.

29/11/2023 19:28 Healthcare Gali Weinreb
Israel Canada has sold 120 Sde Dov apartments

The company reports it has signed 120 contracts for apartments in Tel Aviv's Sde Dov worth an overall NIS 931 million out of the 480 apartments it is building.

29/11/2023 18:10 Real estate Hilit Yanai-Levison
Saudis offer investment to Iran if it curbs proxies - report

Saudi Arabia has proposed cooperation and investment in Iran if it stops its regional proxies from turning the Israel-Hamas war into a wider conflict, "Bloomberg" reports.

29/11/2023 15:58 Politics Dean Shmuel Elmas
OECD sees weak growth in Israel in 2024

The OECD forecasts only 1.5% GDP growth in Israel in 2024 but a strong recovery in 2025.

29/11/2023 15:14 Economy Aharon Katz
First Int'l Bank reports lower profit

Net profit in the third quarter was NIS 455 million, down 2.6% from NIS 467 million in the corresponding quarter last year.

Court awards Energean full Karish North rights worth $3.4b

The three justice Israel Supreme Court panel dismissed Chevron and Delek unit NewMed Energy's petition for a share in the offshore gas field.

Ra'anana, Kfar Sava may miss out on Metro

Local objections to the project are liable to cause delay in construction of the northern section, and possibly outright cancellation.

Leumi posts highest profit among banks

Bank Leumi posted a profit of NIS 1.77 billion for the third quarter, despite a very high provision for credit losses.

Mortgage market shows signs of revival

The banks see mortgage lending totaling NIS 5-5.5 billion this month and next, assuming that the war does not escalate.

28 November 2023

Discount Investment in talks to sell Cellcom

Discount Investment holds a 36% controlling stake in the Israeli telecom company.

UBS upgrades Teva due to "attractive brand assets"

The Swiss bank sees the Israeli pharmaceutical company transitioning to a more brand-focused company.

28/11/2023 18:11 Healthcare Globes correspondent
Fintech co CapitalOS raises $39m

The company has developed a platform enabling businesses to build a spend management solution.

Elbit Systems brings back retirees to meet war demand

The Israeli company ended the third quarter, before the war, with an increase of $500 million in its backlog of orders to $16.6 billion.

Musk in Israel: Repairing the image, promoting business

Touring a devastated kibbutz and meeting Israeli leaders, Elon Musk helped the Israeli narrative, but the business motives were just beneath the surface - and there was nary a word about anti-Semitic posts.

28/11/2023 15:34 Politics Assaf Gilead
Shekel gains after BoI keeps rate unchanged

Analysts expect five Bank of Israel interest rate cuts in 2024.

28/11/2023 13:53 Market Aharon Katz
ZIM reroutes ships away from Red and Arabian Seas

The Israeli shipping line says that as a result of these measures, longer transit times in the relevant ZIM services are anticipated.

Mizrahi Tefahot Q3 profit down 6.8%; dividend halved

The bank reported a profit of NIS 1.1 billion for the third quarter, after a NIS 694 million provision for credit losses.

Gov't only partly cuts coalition funds in revised 2023 budget

Benny Gantz and the other National Unity minsters voted against the new budget, which includes an additional NIS 30 billion to cover war related expenditure.

28/11/2023 09:27 Economy Oren Dori

27 November 2023

Ceasefire extended by two days

Another 11 Israeli hostages are being released today completing the 50 hostages promised during the four-day pause in fighting.

27/11/2023 20:29 Politics Globes correspondent
Evacuees replace tourists in Fattal hotels

The Israeli government is paying Fattal NIS 410 per night per adult and NIS 205 per night per child to host evacuees.

27/11/2023 19:26 Tourism Shira Sapir
Carrefour Israel loss narrows

Electra Consumer Products food retail sector saw losses of NIS 7 million in the third quarter of 2023, compared with NIS 51 million before the stores were converted to Carrefour.

BoI keeps rate unchanged, again cuts growth forecast

The Bank of Israel said that monetary policy could focus more on supporting economic activity if the markets remain stable and inflation continues to moderate.

27/11/2023 16:21 Economy Aharon Katz
As ships reroute, cargo prices jump

Judah Levine of Freightos: Ships are sailing around Africa to avoid attack by Houthi terrorists.

27/11/2023 15:53 Economy Assaf Gilead
Elon Musk visits Gaza border kibbutz

The billionaire businessman was accompanied to Kfar Aza by Prime Minister Benjamin Netanyahu.

Gantz won't leave the government over budget dispute

Benny Gantz's National Unity party will try to fight against the coalition funds still in the budget in the Knesset by persuading Likud rebels to oppose it.

27/11/2023 14:17 Politics Idan Eretz
Coalition funds cut 70%? Depends how you look at it

In response to Benny Gantz's threat to vote against the revised 2023 budget, Benjamin Netanyahu claims that the dispute is over just 1% of the budget total.

27/11/2023 12:23 Economy Globes correspondent
Discount Bank posts lower Q3 profit, declares 15% dividend

The bank made a provision for credit losses almost six times higher than in the third quarter of 2022.

Communications minister says agreement reached on Starlink

According to Minister of Communications Shlomo Karhi, Elon Musk's satellite Internet network Starlink will only operate in Israel and Gaza with his ministry's approval.

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