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☆ 'They're not reaching out to us': How the Israel-Hamas war demolished Gaza's struggling tech economy
▼ + stars: | 2023-10-31 | by ( Riddhi Kanetkar | Tasmin Lockwood | ) www.businessinsider.com time to read: +8 min

Palestinian tech workers in the Gaza Strip and West Bank are struggling to operate in the crossfire. AdvertisementAdvertisementPalestinian tech workers have comparatively fewer resources (namely internet connectivity and cash) at their disposal and tend to be reliant on outsourced work. This affects remote workers, freelancers, tech workers, and students who "won't be able to pursue their duties," Shtaya added. It was already difficult to import hardware and other equipment, the West Bank consultant said. Nvidia hired 100 engineers in the West Bank, and Apple also has a presence, TechCrunch reported.

Persons: —, Ryan Sturgill, TechCrunch, Avi Hasson, Israel, Mona Shtaya, Shtaya, PayPal doesn't Organizations: Hamas, West Bank, Service, Aqsa University, Google, Microsoft, TechCrunch, Mercy Corps, Israel Innovation Authority, Nation Central, Gaza Health Ministry, Gaza, Institute, Middle East, Bank, Israel, Wired, PayPal, Tech, Nvidia, Apple Locations: Gaza, Palestinian, Al, Israel, Hamas, Egypt, Europe, Persian

The cost to Israel's economy of its war with Hamas militants will be unlike anything it has experienced in decades. "This is not a hit for contractors or industrialists alone," said Raul Sarugo, president of the Israel Builders' Association. Israel was blindsided on Oct. 7 by Hamas gunmen from Gaza who rampaged through border towns in the deadliest attack on civilians in its history. The conflict has also halted the movement of thousands of Palestinian labourers from Gaza to Israel and curtailed the flow from the occupied West Bank. The Economy Ministry created a war room and put out a call for help.

Persons: Raul Sarugo, Israel, Netanel Shraga, Barak Klein, ThetaRay, Erel Margalit, Dror Bin, We've, Bin, Leo Leiderman, Amir Yaron, Yaron, Steven Scheer, Ari Rabinovich, Toby Chopra Organizations: Hamas, Israel Builders ' Association, West Bank, Columbia, HIGH, TECH, Factories, Israel Innovation Authority, Ministry, Bank Hapoalim, Israeli Finance Ministry, Reuters, of Israel, Thomson Locations: Israel, Gaza, Israel's, Iran, Lebanese

☆ How Israel's tech community is responding to the Israel-Hamas war
▼ + stars: | 2023-10-13 | by ( Hayden Field | ) www.cnbc.com time to read: +5 min

On Sunday, Israel declared war and began implementing a siege of Gaza, cutting off access to power, food, water and fuel. At least 10% decided to take him up on that offer, he told CNBC, and he believes more will do so in the coming weeks. Even during war, much of Israel's tech community is still finding a way to push forward, according to Ben-Aroya and a handful of other members of the tech community CNBC spoke with. "Everyone is covering for each other," Ratzon told CNBC. Of digital bank One Zero's almost 450 employees — all based in Israel — about 10% were drafted for reserve duty, CEO Gal Bar Dea told CNBC.

Persons: Ilia Yefimovich, Dvir Ben, Aroya, —, Israel, Ratzon, Pentera, Saturday, Sephora, Isaac Heller, Israel —, Gal Bar Dea, Dea, …, Bar Dea Organizations: Tel, Spotify, Embassy, West Bank, CNBC, Israel Innovation Authority, Getty, BNP, Chanel, Israeli Defense Forces, Air Force Locations: Israel, Gaza, Tel Aviv, Snowflake, Palestinian, Washington, Re'im, Monaco, Dubai

☆ How the tech sector in Israel is navigating the war
▼ + stars: | 2023-10-13 | by ( Hanna Ziady | ) edition.cnn.com time to read: +6 min

London CNN —Israel’s vast tech sector has seen its fair share of crises, from financial downturns and the Covid-19 pandemic to periodic flare-ups in the Israeli-Palestinian conflict. “This is different than anything we’ve faced before,” said Avi Hasson, the CEO of Start-Up Nation Central (SNC), a non-profit that promotes Israel’s tech industry globally. “Seasoned investors with experience backing Israeli startups are not backing away due to the war,” said Samid of TechAviv. For many in Israel’s tech industry, the devastating circumstances have only served to underscore the sector’s famed resilience. “Israeli [tech] hasn’t stopped,” Hasson noted.

Persons: we’ve, ”, Avi Hasson, wasn’t, Leah Walters, Monday.com, Rafael Henrique, Yaron Samid, Jensen Huang, Jon Medved, “, Hillel Fuld, it’s, hasn’t, ” Hasson Organizations: London CNN, Hamas, Nation Central, CNN, Tech, SNC, Nasdaq, Tel, Nvidia, Israel Innovation Authority, ” Tech, Microsoft, Google Locations: Israel, Tel Aviv, “, Israeli

☆ Governments race to regulate AI tools
▼ + stars: | 2023-09-19 | by ( ) www.reuters.com time to read: +7 min

ITALY* Investigating possible breachesItaly's data protection authority plans to review artificial intelligence platforms and hire AI experts, a top official said in May. ChatGPT became available to users in Italy in April after being temporarily banned over concerns by the national data protection authority in March. The country's privacy watchdog said in June it had warned OpenAI not to collect sensitive data without people's permission. SPAIN* Investigating possible breachesSpain's data protection agency said in April it was launching a preliminary investigation into potential data breaches by ChatGPT. It has also asked the EU's privacy watchdog to evaluate privacy concerns surrounding ChatGPT.

Persons: Dado Ruvic, Ursula von der Leyen, CNIL, Ziv Katzir, Israel, ChatGPT, OpenAI, Antonio Guterres, Guterres, Mark Zuckerberg, Elon Musk, Lawmakers, Joe Biden's, Beryl Howell, Alessandro Parodi, Amir Orusov, Kirsten Donovan, Mark Potter, Christina Fincher, Milla Nissi Organizations: REUTERS, Baidu, Microsoft, Markets Authority, Big Tech, Britain, HK, SenseTime, Israel Innovation Authority, EU, UNITED, . Security, International Atomic Energy Agency, United Nations, U.S, IBM, Nvidia, Washington D.C, U.S . Federal Trade Commission, Thomson Locations: AUSTRALIA, Australia, BRITAIN, CHINA, China, FRANCE, Italy, Hiroshima, Japan, IRELAND, ISRAEL, Israel, ITALY, JAPAN, U.S, SPAIN, New York, Washington, Gdansk

"It's just a very high level of uncertainty," said Amit, who is registering his artificial intelligence-based cloud security firm Gomboc in Delaware. Michael Fertik, founder of Heroic Ventures, a Silicon Valley-based early-stage venture investor, has invested in more than a dozen Israeli startups since 2015. He insists on Delaware incorporation and existing Israeli startups seeking a new funding round from him must switch. But the Israeli government's judicial overhaul is casting a shadow for some. Adam Fisher, a partner at Bessemer Venture Partners and long-time investor in Israeli startups, has been happy to invest in Israeli-based tech firms over the past decade.

Persons: Amir Cohen, Benjamin, Ian Amit, Amit, Ami Applebaum, Yair Geva, Herzog, Fox, Neeman, Ronen Feldman, Michael Fertik, Adam Fisher, Fisher, Ayal Shenhav, Steven Scheer, Emily Rose, Mark Potter Organizations: U.S Embassy, REUTERS, Entrepreneurs, Reuters, Israel Innovation Authority, Ministry of Innovation, Science, Technology, Startup Nation, Heroic Ventures, Delaware C Corp, Bessemer Venture Partners, Gross, Co, TechAviv, Partners, Thomson Locations: Tel Aviv, Israel, JERUSALEM, United States, Delaware

☆ Analysis: Israel's judicial reform turmoil threatens economic growth, investment
▼ + stars: | 2023-07-30 | by ( Libgeorge Marc Jones | Marc Jones | ) www.reuters.com time to read: +6 min

REUTERS/Nir Elias/Illustration//File PhotoLONDON, July 30 (Reuters) - Israel's economy may face ratings downgrades, falling foreign investment and a weaker tech sector if turmoil arising from the government's contentious judicial reforms continues, investors and analysts warn. Reuters GraphicsMaplecroft's Kinnear said comparatively low inflation versus similar countries had buoyed investment, but more civil unrest could derail incoming cash. The reform backlash "threatens to push the economy onto a permanently lower growth path," Nicholas Farr, emerging Europe economist with Capital Economics wrote in a note. Moody's cut Israel's sovereign credit to a "dislike" stance, while S&P said on Thursday the unprecedented protests would lower economic growth this year. S&P warned in May that it could lower its AA- Israel rating "if regional or domestic political risks escalated sharply, depressing Israel's economic, fiscal, and balance-of-payments metrics."

Persons: Nir Elias, Benjamin, Hamish Kinnear, Reuters Graphics Maplecroft's Kinnear, Morgan Stanley, Roger Mark, Mark, Kinnear, Nicholas Farr, Moody's, Fitch, Natalia Gurushina, VanEck, Libby George, Marc Jones, Sharon Singleton Organizations: REUTERS, Reuters, Middle East, Reuters Graphics Reuters, Copley Fund Research, Reuters Graphics, Gross, TECH, Israeli Innovation Authority, Capital Economics, P, Fitch, AA, Thomson Locations: Israel, North Africa, Europe

It was a paid ad by a group of high-tech companies protesting against Netanyahu's judicial policies, which analysts say have unleashed a slew of risks, both for Israel's economy and for his own political future. Israel's shekel moved on every twist and turn in parliament as efforts to reach a judicial compromise intensified and finally crashed. For now, Israel's economy is relatively robust, with growth forecast at 3% this year and unemployment at a 3.5% rate. Even if Netanyahu chooses to scrap plans for further judicial changes, damage will be hard to fix. The tech sector has a lot to lose if more controversial judicial changes come because firms need a trusted legal system to protect their intellectual property.

Persons: Netanyahu, Moody's, Benjamin Netanyahu, Israel's shekel, Morgan Stanley, Itzchak Raz, Netanyahu's, They're, Raz, Avi Hasson, Nicholas Farr, Amir Yaron, Amotz Asa, Asa, Shalom Hartman, Maayan Lubell, William Maclean Organizations: Government, Hebrew University, Israel Innovation Authority, Nation Central, Capital Economics, Analysts, Bank, Thomson Locations: JERUSALEM, Israel, Jerusalem

☆ Israel tech fundraising suffers 65% annual slump in second quarter
▼ + stars: | 2023-06-28 | by ( Steven Scheer | ) www.reuters.com time to read: +2 min

Classiq/Handout via REUTERS/File PhotoJERUSALEM, June 28 (Reuters) - Fundraising by Israeli technology firms slumped 65% in the second quarter compared to the same period last year, data showed on Wednesday, as political turmoil in the country exacerbated a global slowdown in the sector. Israeli tech companies raised nearly $16 billion in 2022. But that was mainly in the first half, before the global economic slowdown, higher interest rates and weak stock markets hit. Between April and June, there were only 100 deals and only one was above $200 million, the report said. High-tech had been the fastest growing sector in Israel for a decade, accounting for 14% of jobs and almost a fifth of economic output.

Persons: Yoni Zimmermann, Steven Scheer, Conor Humphries Organizations: REUTERS, IVC Research, Israel Innovation Authority, LeumiTech, Thomson Locations: Tel Aviv, Israel, Handout, cybersecurity, Israeli

☆ Israel's tech sector troubles persist in 2023, state agency says
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +2 min

A global tech downturn began in the second half of 2022 when inflation and interest rates began to rise and supply chains faltered. But as the negative trends appear to be reversing elsewhere, the problems in Israel have continued in 2023, the Innovation Authority said in its latest report. The Innovation Authority said that "senior figures" in Israel's tech industry had warned of a backlash and of "foreign investors' concerns about continued investment in Israel." So far in 2023, the Nasdaq has risen 29%, while Israel's main technology index (.TATECH) is up 7.8%. "Insofar as this trend persists, it may have an adverse effect on the economy in the long term," Yaron said.

Persons: Benjamin Netanyahu's, Amir Yaron, Yaron, Ari Rabinovitch, Steven Scheer, Mark Potter Organizations: Israel Innovation Authority, Innovation Authority, Nasdaq, Bank of Israel, Thomson Locations: Israel, Tel Aviv

☆ Factbox: Governments race to regulate AI tools
▼ + stars: | 2023-06-13 | by ( ) www.reuters.com time to read: +6 min

CHINA* Planning regulationsThe Chinese government will seek to initiate AI regulations in its country, billionaire Elon Musk said on June 5 after meeting with officials during his recent trip to China. ITALY* Investigating possible breachesItaly's data protection authority plans to review other artificial intelligence platforms and hire AI experts, a top official said in May. ChatGPT became available again to users in Italy in April after being temporarily banned over concerns by the national data protection authority in March. SPAIN* Investigating possible breachesSpain's data protection agency said in April it was launching a preliminary investigation into potential data breaches by ChatGPT. The Biden administration earlier in April said it was seeking public comments on potential accountability measures for AI systems.

Persons: Alan Turing, Elon Musk, Margrethe Vestager, Vestager, CNIL, Dado Ruvic, Ziv Katzir, Israel, ChatGPT, OpenAI, Antonio Guterres, Guterres, Michael Bennet, Biden, Alessandro Parodi, Amir Orusov, Jason Neely, Kirsten Donovan, Milla Nissi Organizations: Microsoft, Authority, Reuters, EU, Key, European Consumer Organisation, Seven, REUTERS, Israel Innovation Authority, UNITED, International Atomic Energy Agency, United Nations, U.S . Federal Trade Commission's, Thomson Locations: AUSTRALIA, BRITAIN, Britain, CHINA, China, Beijing, U.S, FRANCE, Italy, Hiroshima, Japan, IRELAND, ISRAEL, Israel, ITALY, JAPAN, SPAIN, Gdansk

☆ Israeli institutional tech investment down 40% in 2022 - report
▼ + stars: | 2023-06-12 | by ( Steven Scheer | ) www.reuters.com time to read: +2 min

Over the second half of last year, just 16 investments were made by Israeli institutional investors - four of those being early stage seed deals. But institutional investors have not been a big part of its success, with most investment coming from venture capital funds. Led by mostly foreign VCs, Israeli tech firms raised some $15 billion in 2022. Nimrod Vromen, chief executive of Consiglieri, said that institutions last year had more inclination for early stage investments. "Israeli institutional investors’ experience in early stage investments, combined with the Israeli government’s commitment to supporting the startup ecosystem amidst political legislative turbulence, signals potential for future investment growth," he said.

Persons: Arnon Segev, Yoav Sherman, Nimrod Vromen, Vromen, Steven Scheer, Ed Osmond Organizations: Israel Innovation Authority, Israel Venture Capital, Thomson

☆ OpenAI CEO sees 'huge' Israeli role in reducing risks from the technology
▼ + stars: | 2023-06-05 | by ( Steven Scheer | ) www.reuters.com time to read: +3 min

[1/3] A view shows banners on the Tel Aviv University campus as Sam Altman, CEO of Microsoft-backed OpenAI and ChatGPT creator is due to speak in Tel Aviv, Israel June 5, 2023. REUTERS/Amir CohenTEL AVIV, June 5 (Reuters) - OpenAI CEO Sam Altman predicted on Monday a "huge role" for Israel in reducing risks from artificial intelligence and eyed investment opportunities in the country even as it debates whether and how to regulate the technology behind ChatGPT. "The energy on making use of the technology and its positive benefits is fantastic to see, and I am sure Israel will play a huge role." Visiting Microsoft Corp's R&D centre in Israel, Altman was asked whether his company might also open a local office. Israel published a 115-page draft AI policy in October and is collating public feedback ahead of a final decision.

Persons: Sam Altman, Amir Cohen TEL, Altman, Isaac Herzog, OpenAI, ChatGPT, Ziv Katzir, Benjamin Netanyahu, Dan Williams, Emelia Sithole, Alex Richardson Organizations: Tel Aviv University, Microsoft, REUTERS, ChatGPT, crisscrossing, Stanford University, European, Israel Innovation Authority, Reuters, Thomson Locations: Tel Aviv, Israel, Amir Cohen TEL AVIV, crisscrossing Europe, Jordan, Qatar, United Arab Emirates, India, South Korea, United States, Britain, Canada, U.S

☆ Israel tech firms to continue job layoffs in 2023 -report
▼ + stars: | 2023-05-16 | by ( Steven Scheer | ) www.reuters.com time to read: +2 min

JERUSALEM, May 16 (Reuters) - Israeli high-tech firms have largely halted job hiring and many are expected to continue layoffs this year, a report on the country's tech sector showed on Tuesday. Israel's tech sector is a key growth driver, accounting for 15% of economic output, 10% of jobs, more than 50% of exports and 25% of tax income. On the heels of slower growth, tech firms raised $15 billion last year, down from a record $27 billion in 2021. In 2022, the number of employees in the high-tech sector increased by just 7.4%, versus 12% in 2021, the SNPI report said. Along with layoffs, one-third of companies do not plan salary raises in 2023, according to the report.

☆ Israel's judicial proposals prompt startups to relocate -govt agency
▼ + stars: | 2023-05-01 | by ( Steven Scheer | ) www.reuters.com time to read: +2 min

JERUSALEM, May 1 (Reuters) - The government's plan to overhaul the judicial system is harming investor confidence and pushing high-tech firms to relocate abroad, Israel's state-backed agency that supports high-tech companies said on Monday. Israel's high-tech sector employs 10% of the country's workforce accounting for around 15% of economic output, more than half of exports and a quarter of tax income. While the Nasdaq is up 17% this year, Israel's tech index is down 4%. It added that high-tech fundraising in the first quarter was just $1.7 billion, the lowest quarterly figure since 2019. The authority recommended a number of steps such as easing regulations, incentives to encourage investment and incentives for startups to register intellectual property in Israel.

☆ Earth & Beyond launches fund to invest in Israeli space-related firms
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +1 min

JERUSALEM, Feb 9 (Reuters) - Earth & Beyond Ventures, a new early-stage venture fund investing in Israel’s emerging commercial space ecosystem, said on Thursday it had launched with commitments of $125 million. Earth & Beyond said it was backed by manufacturer and NASA supplier Corning Inc (GLW.N), Japanese electronics giant Kyocera Corp (6971.T), Israeli satellite firm SpaceCom (SCC.TA) and Samtec, a manufacturer of electronic connectivity components. Earth & Beyond said it would invest between $500,000 to $2 million for seed and pre-seed companies in technologies such as semiconductors, robotics, new materials, sensors, smart farms, quantum computing, solar power, cyber security, and alternative proteins. "Our job ... is to identify and support the deep technologies and ideas that can become powerful applications not just here on earth, but in space as well," said Earth & Beyond CEO Baruch Schori. Reporting by Steven Scheer Editing by Ari RabinovitchOur Standards: The Thomson Reuters Trust Principles.

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