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When Israel established a checkpoint near the Mousas' land a decade ago, the family converted their ancestral farm into a parking lot for Palestinian workers entering Israel. But the lot has been empty since Oct. 7, when Hamas militants attacked Israel from the Gaza Strip, and Israel, fearing more attacks, barred Palestinian workers from the West Bank from entering Israel. Before October, over 10,000 Palestinian workers crossed the checkpoint there daily, heading to Israeli construction sites and farms. An estimated 200,000 Palestinians worked in Israel and Israeli settlements before the war, according to the Israeli workers' hotline Kav LaOved. The Palestinian economy in the West Bank contracted by over a fifth in the last quarter of 2023, according to the Palestinian economic ministry.

Persons: Mohammed Mousa’s, They've, Israel, “ I've, Mousa, “, Alaa Mousa, Ahmad Srour, ”, Srour, “ We’ve, we’ve, Nidal Khawaja, Khawaja, Israel's, Bezalel Smotrich, Khalid Al, Esseily, Khalidi, Raul Sargo, Mohammed Mousa Organizations: West Bank, —, Palestinian Authority, Bank, World Bank, Palestinian Economic Ministry, Palestinian, Associated Press, Israel, Israel's Finance Ministry, Israeli Builders Association Locations: West Bank, Nilin, Israel, Gaza, Palestinian, U.S, israel

☆ Israel's ban on Palestinian workers is causing supply shocks to its economy: central bank governor
▼ + stars: | 2024-01-18 | by ( Natasha Turak | ) www.cnbc.com time to read: +3 min

"And it's primarily in the construction industry where ... a third of that industry is Palestinians from the West Bank, and now they're not coming in to work." "It's also affecting agriculture, where they are in, and there are other foreign workers," Yaron said. watch nowThe ban on most of these workers returning to their employment in Israel has dramatically hurt the economy of the West Bank. In late December, Israel's finance ministry warned that the ban on Palestinian workers could cost Israel's economy billions of shekels per month. Fifty percent of the sites are closed and there is an impact on Israel's economy and the housing market."

Persons: Amir Yaron, Kobi Wolf, CNBC's Dan Murphy, Yaron, Raul Sargo Organizations: Bank of Israel, Bloomberg, Getty, Economic, West Bank, Israel, Times, Israel Builders Association Locations: Jerusalem, Israel, Davos, Gaza, Times of Israel, Thailand

Israeli Prime Minister Benjamin Netanyahu and Israeli Finance Minister Bezalel Smotrich attend an inauguration event for Israel's new light rail line for the Tel Aviv metropolitan area, in Petah Tikva, Israel, August 17, 2023. REUTERS/Amir Cohen/File Photo Acquire Licensing RightsJERUSALEM, Nov 10 (Reuters) - Israel's finance ministry said on Friday it would divert to the war effort some 1.6 billion shekels ($440 million) this year out of billions earmarked for parties in Prime Minister Benjamin Netanyahu's far-right coalition government. They expressed alarm last month at the government's plan to transfer 9 billion shekels ($2.2 billion) to ultra-Orthodox and far-right-wing pro-settler parties, as part of an agreement Netanyahu made with them to secure his ruling coalition. The finance ministry's proposal would cut around 70% of 2.5 billion shekels of funding for coalition partners still due to be paid in the current 2023 budget. Finance Minister Bezalel Smotrich said in a letter on Friday that he planned to cut some 4 billion shekels ($1 billion) from the 2023 budget excluding war funding, and increase war funding by a further 9 billion, on top of 22 billion shekels already allocated.

Persons: Benjamin Netanyahu, Bezalel Smotrich, Amir Cohen, Benjamin Netanyahu's, Netanyahu, Maytaal, Peter Graff Organizations: Israeli Finance, Tel, REUTERS, Rights, Finance, Thomson Locations: Tel Aviv, Petah Tikva, Israel

☆ Israel's defence and finance ministers clash over Palestinian tax payout
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: +2 min

JERUSALEM, Nov 1 (Reuters) - Israel's defence and finance ministers clashed on Wednesday over whether some West Bank tax revenues should be transferred to the Palestinian Authority, underlining the tensions straining the government as Israeli forces push on with the war in Gaza. Defence Minister Yoav Gallant called for tax revenues collected by Israel on behalf of the Palestinians in parts of the West Bank under direct Israeli control, to be disbursed without delay. "I think it is only appropriate to uphold the decision of the cabinet as decided several days ago," he said. Finance Minister Bezalel Smotrich, whose hardline religious nationalist party has strong support among Jewish settlers in the West Bank responded that Gallant was making a "serious mistake" in demanding the release of the funds. "I do not intend to let the State of Israel finance our enemies in Judea and Samaria who support the terrorism of Hamas and finance the 7/10 terrorists who murdered and massacred us," he said in a statement.

Persons: Yoav Gallant, Gallant, Bezalel Smotrich, Smotrich, Benjamin Netanyahu, James Mackenzie, Steve Scheer, Sandra Maler Organizations: West Bank, Palestinian, Gaza ., Hamas, Palestinian Authority, Thomson Locations: Gaza, Israel, Judea, Samaria

☆ Israeli finance minister to renew funds to Arab communities after backlash
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: +2 min

Israeli Finance Minister Bezalel Smotrich attends a news conference after announcing that he will sign an order to seize Palestinian Authority funds and transfer them to the families of victims of Palestinian attacks, at Israel's Finance Ministry in Jerusalem, January 8, 2023. REUTERS/Ronen Zvulun/File Photo Acquire Licensing RightsJERUSALEM, Aug 28 (Reuters) - Israeli Finance Minister Bezalel Smotrich said on Monday his ministry would unblock funds for Arab communities that he suspended saying the money was fuelling crime, triggering outrage from Arab mayors and some Arab and Jewish lawmakers. Arab councils held a strike last week in protest and community leaders demonstrated outside government offices. In a statement on Monday, Smotrich appeared to reverse course and said an oversight mechanism had been created to transfer funds to the Arab communities. "We are stopping the criminal organisations from taking over the budgets that go to the Arab authorities," Smotrich said.

Persons: Bezalel Smotrich, Ronen, Benjamin Netanyahu's, Smotrich, Emily Rose, Alison Williams Organizations: Palestinian, Israel's Finance Ministry, REUTERS, Rights, Israeli, National Committee of, Thomson Locations: Jerusalem, Israel

☆ Intel to invest $25 billion in Israel factory in record deal, Netanyahu says
▼ + stars: | 2023-06-18 | by ( ) www.reuters.com time to read: +1 min

JERUSALEM, June 18 (Reuters) - U.S. chipmaker Intel Corp (INTC.O) will spend $25 billion on a new factory in Israel, Prime Minister Benjamin Netanyahu said on Sunday, calling it the largest-ever international investment in the country. Under the deal Intel will pay a 7.5% tax rate, up from the current 5%, the ministry added. In 2017, Intel bought Israel-based Mobileye Global Inc (MBLY.O), which develops and deploys advanced driver-assistance systems, for $15 billion. Announcing the deal in televised remarks to his cabinet, Netanyahu called it "a tremendous achievement for the Israeli economy - 90 billion shekels ($25 billion) - the largest investment ever by an international company in Israel". In a statement, Intel said its Israel operations had "played a crucial role" in the company's global success.

Persons: Benjamin Netanyahu, Netanyahu, Dan Williams, Ari Rabinovitch, James Mackenzie Organizations: chipmaker Intel Corp, Israel's Finance Ministry, Intel, Inc, Thomson Locations: Israel, Kiryat Gat

☆ Moody's cuts Israel's outlook from 'positive' to 'stable'
▼ + stars: | 2023-04-14 | by ( Jason Gewirtz | ) www.cnbc.com time to read: +2 min

It's another setback for Israel's economy since massive protests broke out across the country last month, due to proposed changes in the judicial system that are widely unpopular among citizens. For now, Moody's left the overall A1 rating in place for Israel, allowing it to stay in the upper end of the investment-grade category. But as a rating slips, a country faces the danger of having to pay higher rates to potential borrowers. What's more, outside investment from the U.S. and Europe is crucial to the health of Israel's economy. In a note issued late Friday afternoon, Moody's wrote: "The change of outlook to stable from positive reflects a deterioration of Israel's governance, as illustrated by the recent events around the government's proposal for overhauling the country's judiciary."

☆ BioNTech to develop, produce cancer drugs and vaccines in Jerusalem -Israel Fin Min
▼ + stars: | 2023-03-21 | by ( ) www.reuters.com time to read: 1 min

Companies BioNTech SE FollowJERUSALEM, March 21 (Reuters) - Germany's BioNTech SE (22UAy.DE) signed a preliminary deal to set up a facility to produce cancer-related drugs and vaccines in Jerusalem, Israel's Finance Ministry said on Tuesday. Under the memorandum of understanding, BioNTech will develop the drugs and vaccines using mRNA technology in the Har Hotzvim technology park. It will also set up a research centre at the Weizmann Institute in central Israel. Reporting by Steven Scheer Editing by Ari RabinovitchOur Standards: The Thomson Reuters Trust Principles.

The new documents, reviewed by Reuters, shed light on the concern among the Finance Ministry's most senior officials, who cited unease among foreign investors and a shekel that has depreciated sharply to a three-year low. "Implementing the proposed judicial reform could bring very significant harm to the economy," said a document from the ministry's chief economist. The ministry's budget department wrote separately that there have been "initial indications" of the development of negative sentiments towards the Israeli economy. Moody's Investor Service said this month that the Israeli government's planned judicial reforms could weaken institutions and negatively impact Israel's sovereign credit profile. The Bank of Israel, which has urged judicial independence, expects economic growth of below 3% in 2023 after a 6.4% spurt last year.

☆ Israel FinMin says immediate liquidity risk averted after SVB collapse
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +2 min

JERUSALEM, March 14 (Reuters) - Israel's Finance Ministry said on Tuesday that a panel formed to assess the fallout from the collapse of Silicon Valley Bank (SIVB.O) determined that the immediate liquidity risk has been averted. The ministry in a statement cited a decision by U.S. authorities to back accounts - even those uninsured - at the bank, which has been an important lender for Israeli technology companies. "Israel's economy is strong and relatively easy to manage in times of crisis," Smotrich said. Smotrich was in the United States for Sunday's Israel Bonds conference. Reporting by Ari Rabinovitch; Additional reporting by Henriette Chacar; Editing by Steven Scheer and Bill BerkrotOur Standards: The Thomson Reuters Trust Principles.

☆ Google activates Israel's first local cloud region
▼ + stars: | 2022-10-20 | by ( Steven Scheer | ) www.reuters.com time to read: +1 min

JERUSALEM, Oct 20 (Reuters) - Alphabet's Google (GOOGL.O) 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) (AMZN.O) in May 2021 for the more than $1 billion four-phase "Nimbus" project. As part of the project, billions of shekels will be invested in local infrastructure, Israel's Finance Ministry said in a statement on Thursday. AWS is also expected to activate a cloud region during the first half of 2023, the ministry said. It added that the local cloud zones in Israel will allow the transfer of significant government computing systems to the cloud, boosting the efficiency of government services, shortening digital services activation response times, and saving on operating costs.

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