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Globes (112 most recent articles)

The Tel Aviv Stock Exchange fell today, but the Tel Aviv 35 Index ended the week higher. Bank Hapoalim led trading, while Tadiran, Maytronics, and Shikun & Binui were notable advancers.
Ryanair will cancel all flights to and from Israel in January due to the ongoing war and lack of insurance coverage for foreign airlines.
Terror attacks in Yemen by Houthi rebels are causing delays and price rises for Israeli trade. Shipping companies are rerouting their vessels around Africa instead of using the Red Sea and Suez Canal, adding time and cost to their schedules. Transportation costs and insurance prices have also increased.
The Ministry of Finance's chief economist is working on a forecast for the state budget for 2024, despite knowing it may become irrelevant. The budget is expected to require extensive cuts and a shift in priorities, including diverting funds to the war effort and post-war reconstruction. The Ministry of Finance aims to finish the budget work by the end of the year, prioritizing security needs and creating measures to rein in the budget and debt.
VAST Data has raised $118 million in a funding round, valuing the company at $9 billion. The funds will be used to develop its AI data platform and address data challenges. The platform unifies storage, database, and compute engine services to power AI tools.
Tech exits in Israel have declined by 56% in 2023, with the aggregate value of acquisitions and IPOs falling significantly. Cybersecurity deals were the most prominent, accounting for the largest number of deals. Despite the challenging environment, Israeli deals continue to be completed, with the US being the most significant buyer.
The Israel Securities Authority has found no evidence of suspicious short selling before the Hamas attack on southern Israel in October. A study had suggested unusually large short sales of Bank Leumi shares prior to the attack.
Cellcom jumps as TASE gains, Bank Hapoalim falls on high trading turnover.
Israeli auto-tech safety company Foretellix has raised $42 million in its Series C funding round to accelerate product development and meet growing demand for its solutions.
Houthi attacks on Israel's shipping industry could harm Egypt's economy as ships avoid the Suez Canal, a major trade route.
Market expert Dr. Ron Eichel predicts long-term economic consequences from the war in Israel, stating that wars do not lead to economic booms. He also discusses the depreciation of the shekel and the potential revival of the real estate market after the war.
Likud MKs are opposing proposed changes to the 2023 budget in Israel, citing concerns about increasing the fiscal deficit without clear details on where cuts can be made.
Fortissimo Capital has signed an MOU to buy control of Cellcom Israel, outbidding Aaron Frenkel with a NIS 2.6 billion valuation.
Israeli data privacy company Mine has raised $30 million in a funding round led by Battery Ventures and PayPal. The funds will support global expansion and hiring efforts.
Israeli tech companies demonstrate resilience at InsureTech Connect event while AI dominates discussions in the insurance industry.
Finance Ministry officials estimate that the cost of the war in the Gaza Strip will total NIS 191 billion, with a required addition to the budget of NIS 26 billion. The fiscal deficit for 2023 is estimated to be 3.7% of GDP, compared to the original estimate of 1.1%.
Eylon Levy, a spokesperson for the State of Israel, is gaining recognition for his eloquent and quick-witted defense of Israel's point of view in interviews with the international media.
The budget dispute in Israel revolves around 'coalition funds' and the pay rise for haredi teachers in the ultra-Orthodox Jewish education system.
The Tel Aviv Stock Exchange fell today, with the Tel Aviv 35 Index ending the week off 1.3%. Shikun & Binui nosedived after its third quarter financials.
Tel Aviv has dropped to eighth place in the EIU's Cost of Living rankings for 2023 due to the Israel-Hamas war affecting exchange rates and goods procurement.
El Al has reported growth in Q3 revenue and net profit, but expresses apprehension about the financial consequences of the ongoing war and the uncertainty in the economy. The airline expects to meet its commitments but acknowledges potential challenges. El Al has made adjustments to its routes and experienced changes in consumer behavior, with more last-minute bookings and increased cargo flights.
Rafael has developed the Sky Sonic hypersonic missile interception system, but the Israeli Ministry of Defense does not see the threat of hypersonic missiles as realistic. Rafael is seeking international partners to help fund the project.
First International Bank of Israel reports lower profit for Q3 2023 as CEO steps down. Large expenditure for credit losses due to the war contributed to the fall in profit.
Israel's Supreme Court awards Energean full rights to the North Karish offshore discovery, dismissing Chevron and NewMed Energy's claim.
Trevor Asserson, a British-Israeli lawyer, plans to file a complaint against the BBC for biased coverage of the war in the Gaza Strip. He argues that the network has consistently failed to be accurate, impartial, and objective in its reporting on Israel and the Palestinians.
Local objections may lead to delay or cancellation of Metro construction in Ra'anana and Kfar Sava.
Discount Investment is in preliminary talks to sell its controlling stake in Cellcom Israel, with no certainty that the deal will be completed.
Elbit Systems has experienced increased demand for its solutions during the war, leading to increased production efforts and the hiring of new employees. The company ended the third quarter with a significant increase in its backlog of orders.
ZIM Integrated Shipping Services is rerouting vessels away from the Red and Arabian Seas due to safety concerns, resulting in longer transit times and increased shipping costs.
Mizrahi Tefahot Bank's Q3 net profit declined by 6.8% due to higher provisions for credit losses. The bank reduced its dividend and reported growth in credit and deposits.
Benny Gantz and other ministers oppose the revised 2023 budget, which includes additional funds for war-related expenses. The Ministry of Finance is concerned about further budget increases due to pressure from ministers. The revised budget includes a cut to funds allocated to coalition parties and additional funds for military and civilian spending. There is a possibility of expenditure rising beyond the approved amount.
Fattal Hotels in Israel are hosting 18,000 evacuees from the war, replacing the absence of tourists. The government is paying for their stay, and Fattal reported a successful third quarter with increased revenue and net profit.
Israel Discount Bank led the losses on the Tel Aviv Stock Exchange today, while the All Bond corporate bond index rose.
The Bank of Israel maintains interest rate, cuts growth forecast, and highlights the need to support economic growth.
Ships are rerouting around Africa to avoid attacks by Houthi terrorists, causing cargo prices to jump.
Benny Gantz threatens to vote against the revised 2023 budget due to unspent funds allocated to coalition parties, while Benjamin Netanyahu claims a 70% cut has already been made.
Israeli unicorn Veev is closing down after failing to secure financing. The company is laying off 100 employees and is in the process of finding a buyer for its operations.
Another Israeli-owned ship, the Central Park, has been attacked off the coast of Yemen by Houthi rebels. This is the third attack on an Israeli-owned ship in recent weeks.
Multiple apartments were recently sold in various regions of Israel, with prices ranging from NIS 1 million to NIS 4.17 million.
Israel received 26 hostages from Hamas over Friday and Saturday as well as 15 foreign workers. The second group of Israeli hostages in the current pause in fighting entered Israel close to Saturday midnight, accompanied by IDF forces and Shin Bet operatives.
The Tel Aviv Stock Exchange's leading index has remained unchanged for the year so far after experiencing a 4.4% increase this week.
Israel's chief economist predicts that the ongoing war will result in stagnation in the economy, with a 1.4% decrease in GDP in 2023.
Silicon Valley investor Sam Lessin is advocating for the banning of TikTok, citing concerns about its impact on national security and the spread of propaganda.
Start-Up Nation Central has launched a venture called No Matter What to provide assistance to Israeli startups during the Israel-Hamas war, offering help with financing and professional connections.
The Tel Aviv Stock Exchange rose today, led by Shikun & Binui and Electra, while ICL and Bezeq declined. The Bank of Israel set lower representative shekel-dollar and shekel-euro rates.
AI21 Labs has raised $53 million in funding, bringing its total raised to $336 million. The Israeli generative AI company offers advanced language models and natural language processing technologies to a diverse customer base.
Israeli cybersecurity company Dream Security has raised $35 million in a financing round led by Aleph and Dovi France's Group 11. The company provides cybersecurity protection for government agencies, large corporations, and critical infrastructures.
The shekel is strengthening, reaching almost NIS 3.70/$ for the first time since August. Volatility is expected to continue in the short-term due to uncertainty in the Israeli economy.
President Herzog meets with Israeli business leaders to discuss Jewish-Arab work relations and the importance of creating safe and inclusive environments at workplaces.
Nvidia's Israel-1 supercomputer has become operational ahead of schedule, serving as a model for generative AI cloud infrastructure.
The Tel Aviv Stock Exchange saw strong gains today, with the Tel Aviv 35 Index rising 1.39% and the Tel Aviv 125 Index rising 1.20%. OPC Energy experienced the largest decrease on the Tel Aviv 35 Index, falling 2.42%.
Israel's Money Laundering and Terror Financing Prohibition Authority (IMPA) has received intelligence from European countries about a well-known organization raising funds for Hamas through social networks and fintech platforms.
Israeli billionaire Teddy Sagi has donated NIS 1 million to Omer Adam's 'Returning Soldiers' project, which funds taxi rides for soldiers returning home on leave.
Houthi rebels hijack Israeli-owned cargo vessel in the Red Sea, carrying vehicles from Turkey to India. This is not the first hijacking in the area, and the Israeli Prime Minister's Office strongly condemns the Iranian attack.
Minister of Finance Bezalel Smotrich backs extending Bank of Israel Governor Prof. Amir Yaron's appointment for a second term due to good relations and support from the business community.
Israel has eased its gun laws, leading to a doubling of the number of guns owned by civilians. Some believe that this increase could lead to more shooting incidents, while others argue that citizens carrying guns can help neutralize threats. Concerns have been raised about the lack of supervision and reporting mechanisms for gun owners.
The Tel Aviv Stock Exchange rose today, with NICE Systems leading the market with an 8.07% rise after reporting strong third quarter results.
The US will invest $1.2 billion in Israel's Iron Beam laser system, which will be integrated into Israel's missile defense system and reduce the scope of interceptions.
Analysts expect the Bank of Israel to keep interest rates unchanged in November, but to cut them in early 2024 to boost the economy.
Real estate developers in Israel are preparing for a wave of immigration as anti-Semitic incidents increase in Western Europe and North America.
Israeli pavilions at the Dubai Airshow have been left unstaffed due to security concerns.
Israel's October CPI rose by 0.5%, in line with expectations. Notable price increases were seen in clothing, fresh fruit, transport, and food. Home prices remained unchanged, with slight variations across regions.
The Bank of Israel research department calls for canceling coalition funds and implementing further budget cuts in order to establish market confidence.
The Israeli shekel has gained 6.6% against the US dollar since November, reaching its strongest level since mid-August. The currency's strength is attributed to dollar weakness and lower-than-expected US inflation figures.
Saudi Crown Prince Mohammed bin Salman is satisfied with what is happening in the Gaza Strip, as it weakens Iran's proxies in the region. The Israel-Hamas war brings normalization with Saudi Arabia closer rather than further away.
The Tel Aviv Stock Exchange experienced gains, with various indices and bond indexes rising. Foreign exchange rates also saw a decrease.
The future of the Palestinian Authority is uncertain as it faces criticism for its consolidation of power and lack of popular support. Discussions are underway about the potential role of the PA in governing Gaza and the West Bank, with proposals for a regional interim regime and the establishment of a technocratic government.
Israel is considering the use of floating hospitals to address the health crisis in Gaza, as hospitals in the region are being used as terrorist strongholds and need to be evacuated.
S&P predicts 0.5% GDP growth for Israel in 2024 and warns of significant geopolitical and security risks.
The Tel Aviv Stock Exchange and bond index experienced declines, while turnover in equities and bonds totaled NIS 1.67 billion and NIS 4.20 billion, respectively. The Bank of Israel adjusted the representative shekel-dollar and shekel-euro rates.
Teva and Royalty Pharma have signed a $125 million funding agreement to accelerate the clinical research program for Teva's olanzapine LAI antipsychotic drug.
Azerbaijan has bought the Barak MX missile system from Israel Aerospace Industries in a $1.2 billion deal to enhance its air defenses against the threat from Iran.
Israeli work operating system company surpasses Q3 expectations with revenue of $189 million and swings to a net profit of $7.5 million. The company's share price rises 12.83% on Wall Street.
Google Israel employees can work abroad for up to 30 days with expenses covered by the company. The program includes reimbursement of accommodation and living expenses for employees and their families, with longer stays requiring self-financing.
Israel needs to be less reactive and more proactive in dealing with Hezbollah, according to security expert Orna Mizrahi. Mizrahi argues that Israel should create a new reality for the residents of the north and keep Hezbollah away from the border. She also criticizes the United Nations Interim Force in Lebanon (UNIFIL) for failing to achieve its main target of maintaining the situation set by UN Security Council Resolution 1701.
Captagon, a popular stimulant in the Middle East, is believed to have played a role in the October 7th massacre and is estimated to fuel terrorism in the region with an annual trade value in the billions of dollars.
Multiple apartments and houses were recently sold in various cities in Israel at different price ranges.
Microsoft has launched its Azure Israel cloud region, offering a wide range of services and supporting economic development in the country.
The Ministry of Energy has permitted the resumption of gas supply from the Tamar reservoir, which is important for local consumption and gas exports to Egypt and other countries become complicated without it.
The Tel Aviv Stock Exchange fell today, with several semiconductor companies rising despite the overall decline.
Microsoft grants Israeli employees $3,000 as a special war allowance and offers additional benefits such as extra leave and reimbursement of expenses.
Israeli website building company Ltd. reported positive financial results for Q3 2023, beating expectations. The company hopes to present a GAAP profit for 2023, two years ahead of schedule. Wix president emphasized employee support during the war and stated that services have not been damaged. Wix recently faced fallout from firing an employee in Ireland who supported Hamas.
Dalia Energy wins repeat auction for Eshkol power station in Israel with a bid of NIS 9 billion.
Israeli tech stocks are posting strong gains on Wall Street, driven by positive third quarter results and good macro-data. The perception of a relaxation in the war between Israel and Hamas and calls for an end to the Russia-Ukraine conflict have also contributed to the rise in Wall Street.
German Deputy Chancellor cancels Web Summit participation after founder's anti-Israel comments.
GlobesWed: TASE dips
November 08, 2023
The Tel Aviv Stock Exchange fell today, while the All Bond corporate bond index rose. ICL, Israel Corp., and Camtek were among the companies that saw gains in the market.
Eleos Health has raised $40 million in a funding round to develop AI solutions for behavioral health and expand its team and market reach.
The Tel Aviv light rail Green Line consortium is close to finalizing a financing agreement with the European Investment Bank (EIB) to build, operate, and maintain the line. The Green Line is set to become the third line in the Tel Aviv light rail network and is scheduled to start operating in 2028.
IDF kills Hamas weapons chief in air strike, urges Gaza residents to move southwards.
The shekel is strengthening against the dollar and the euro, with the Bank of Israel potentially selling more foreign currency to support it.
Israel's National Planning and Building Commission has approved plans for a new Gaza border town on Hanon, which has upset the town of Netivot.
Palo Alto Networks has acquired Israeli enterprise browser company Talon Cyber Security for $625m, allowing the company to securely connect users and devices to all applications.
The shekel has been strengthening against major currencies, including the US dollar, due to both internal and external factors.
Good Company has launched a free matchmaking database to connect Israeli startups with investors amid the ongoing Israel-Hamas war. The database already includes leading companies and funds such as Google, Sony Ventures, and Viola.
After weakening, the shekel has started to strengthen against the US dollar. The change in trend has offset some of the shekel's loss of value. The Bank of Israel is focused on stabilizing the shekel and external factors are also affecting exchange rates. The positive trend may continue.
Norwegian Cruise Line and Royal Caribbean have canceled Israel sailings for 2024 due to the Israel-Hamas war.
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