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☆ Israel’s economy is paying a high price for its widening war
▼ + stars: | 2024-10-04 | by ( Hanna Ziady | ) edition.cnn.com time to read: +10 min

London CNN —In late September, as Israel’s nearly year-long war widened and its credit rating was downgraded yet again, the country’s finance minister, Bezalel Smotrich, said that, while Israel’s economy was under strain, it was resilient. Israel’s economy could shrink even more than that, based on a worst-case estimate by the Institute for National Security Studies at Tel Aviv University. Before the October 7 attack and ensuing Israel-Hamas war, the International Monetary Fund forecast that Israel’s economy would grow by an enviable 3.4% this year. Smotrich, the finance minister, is confident that Israel’s economy will bounce back once the war ends, but economists are concerned the damage will far outlast the conflict. Florion Goga/ReutersOther sectors of Israel’s economy, while less important than tech, have been hit much harder.

Persons: London CNN —, Bezalel Smotrich, ” Smotrich, Hassan Nasrallah, ratcheting, Karnit, ‘, Menahem Kahana, ”, “ Israel, “, Smotrich —, Flug, Ahmad Gharabli, Fitch, —, Coface, Avi Hasson, Hasson, Florion Goga, Yaron Liberman, ” Liberman Organizations: London CNN, CNN, West Bank, United Nations, BMI, Fitch Solutions, Institute for National Security, Tel Aviv University, International Monetary Fund, of Israel, Getty, Bank of Israel, Israel Democracy Institute, Institute for National Security Studies, Moody’s, Startup Nation Locations: Lebanon’s, Beirut, Israel, Lebanon, Gaza, Israel’s, Iran, AFP, Egypt, Syria, Golan, Jerusalem's Old City, United States, Tel Aviv, housebuilding . Tourism

☆ Newly discovered 3,300-year-old shipwreck ‘changes the understanding’ of sailing in ancient world
▼ + stars: | 2024-06-21 | by ( Catherine Nicholls | ) edition.cnn.com time to read: +2 min

CNN —A 3,300-year-old ship has been discovered at the bottom of the Mediterranean Sea, making it one of the oldest shipwrecks ever discovered and rewriting our understanding of sailing in the ancient world, according to the Israel Antiquities Authority. The vessel is estimated to be from the 13th or 14th century BCE, the authority said in a statement. Emil Eljam/Israel Antiquities AuthorityDuring the survey, an “unusual sight of what seemed to be a large cluster of urns” was discovered, Bahartan said. “This is the first and earliest shipwreck discovered to date in the deep sea in the eastern Mediterranean,” he said. “The ship that has just been discovered changes the understanding of sailing in the ancient world,” Sharvit said.

Persons: Karnit Bahartan, Emil Eljam, Bahartan, Energean, Jay, Jeanie, Yaakov Sharvit, ”, Sharvit, ” Sharvit Organizations: CNN, Israel Antiquities Authority, Authority, Campus, Maritime Archeology Unit Locations: London, Israel, Jerusalem

☆ Bank of Israel focus on stabilizing market: Ex-governor
▼ + stars: | 2023-10-24 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBank of Israel should and will 'place a lot of weight' on stabilizing the market: Former governorKarnit Flug, former Bank of Israel governor and vice president of research at the Israel Democracy Institute, discusses what the central bank should do in the wake of the Israel-Hamas war.

Persons: Karnit Flug Organizations: Email Bank of Israel, Bank of Israel, Israel Democracy Institute Locations: Israel

☆ Analysis-Amid Israel turmoil, markets want continuity at central bank helm
▼ + stars: | 2023-09-21 | by ( Steven Scheer | ) www.reuters.com time to read: +5 min

JERUSALEM (Reuters) - Financial markets are hoping Prime Minister Benjamin Netanyahu keeps Bank of Israel Governor Amir Yaron for a second term to safeguard the bank’s independence and provide reassuring stability to an economy rattled by political turmoil this year. FILE PHOTO: The Bank of Israel building is seen in Jerusalem June 16, 2020. “Therefore, markets and credit rating agencies are reading more into the question of ‘yes’ or ‘no’ to a second term. “Who will be governor is a major concern for investors abroad,” said Leader Capital Markets Chief Economist Jonathan Katz. Israeli media have reported that Netanyahu is considering Efraim Benmelech - a professor of finance at Kellogg School of Management at Northwestern University.

Persons: Benjamin Netanyahu, Amir Yaron, Ronen, Netanyahu, Yaron, Karnit Flug, Fitch, ”, Jonathan Katz, “, ” Katz, Nadine Baudot, Jacob Frenkel, ” Frenkel, Netanyahu’s, Flug, Stanley Fischer, Fischer, Efraim Benmelech, Benmelech, Andrew Abir Organizations: Bank, Israel, Bank of, REUTERS, Netanyahu’s, Wharton School, University of Pennsylvania, Reuters, ”, Capital Markets, Bank of Israel, Israel Democracy Institute, U.S . Federal Reserve, Kellogg School of Management, Northwestern University Locations: JERUSALEM, Bank of Israel, Jerusalem, Israeli, United States, Ukraine, Russia, “ Israel, Israel

☆ Analysis: Amid Israel turmoil, markets want continuity at central bank helm
▼ + stars: | 2023-09-21 | by ( Steven Scheer | ) www.reuters.com time to read: +6 min

[1/2] The Bank of Israel building is seen in Jerusalem June 16, 2020. "Therefore, markets and credit rating agencies are reading more into the question of 'yes' or 'no' to a second term. "Who will be governor is a major concern for investors abroad," said Leader Capital Markets Chief Economist Jonathan Katz. A few years earlier in 2010, Stanley Fischer accepted a second term and helped Israel weather the global financial crisis. Reporting by Steven Scheer Additional reporting by Maayan Lubell Editing by Christina FincherOur Standards: The Thomson Reuters Trust Principles.

Persons: Ronen, Amir Yaron's, Benjamin Netanyahu, Amir Yaron, Yaron, Netanyahu, Flug, Fitch, Jonathan Katz, Katz, Nadine Baudot, Jacob Frenkel, Frenkel, Netanyahu's, Stanley Fischer, Fischer, Efraim Benmelech, Benmelech, Andrew Abir, Steven Scheer, Maayan, Christina Fincher Organizations: Bank of, REUTERS, Bank, Israel, Netanyahu's, Wharton School, University of Pennsylvania, Reuters, Capital Markets, Bank of Israel, Israel Democracy Institute, U.S . Federal Reserve, Kellogg School of Management, Northwestern University, Thomson Locations: Bank of Israel, Jerusalem, JERUSALEM, Israeli, United States, Ukraine, Russia, Israel

☆ Analysis: Israel's tech sector reels from SVB collapse, proposed judicial reform
▼ + stars: | 2023-04-03 | by ( Steven Scheer | ) www.reuters.com time to read: +7 min

In an industry of around 400,000 there are currently around 6,000 vacant tech jobs, according to government data. More than half of the country's startups held an account with SVB, companies and venture capital investors said, in some cases their only U.S. banking facility although the amounts involved are not fully known. Tech companies and investors alike said SVB was a rarity in the banking industry, familiar with Israel's tech ecosystem and offering loan terms unmatched by other banks. Citing the judicial reforms, Adam Fisher, a partner at investment firm Bessemer Venture Partners, said fewer American banks may be willing to lend to Israeli companies, which means less competition and more onerous terms. Israel's tech companies are therefore likely to flock to register as U.S. companies, while keeping R&D back home, said Yaron Samid, managing partner of the TechAviv Founder Partners fund.

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