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☆ 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

☆ Israeli cyber firm Legit Security raises $40 million in private funding
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +1 min

JERUSALEM, Sept 20 (Reuters) - Israeli cybersecurity firm Legit Security said on Wednesday it raised $40 million in a private funding round led by venture capital fund CRV. Since its founding in September 2020, Legit has raised a total of $77 million. It noted that its customer base includes brands such as Google, the NYSE, Kraft Heinz and Takeda Pharmaceuticals. On Tuesday, Israeli cyber firm Cato Networks said it raised $238 million in a late stage funding round, valuing the company at $3 billion. Israel has emerged as a global leader in cyber security in recent years.

Persons: TCV, Kraft Heinz, Takeda, Steven Scheer Organizations: Bessemer Venture Partners, Google, NYSE, Kraft, Takeda Pharmaceuticals, Cato Networks, Thomson Locations: CRV, Israel

☆ Elon Musk to meet Israel's Benjamin Netanyahu in Silicon Valley
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +4 min

Sept 14 (Reuters) - Israeli Prime Minister Benjamin Netanyahu will meet X owner Elon Musk on Monday in Silicon Valley, an official in Netanyahu's office said on Thursday, and Musk said their talks would focus on artificial intelligence technology. The Israeli official confirmed the meeting with Musk, first reported by the Washington Post, but offered no further details. In Silicon Valley, Netanyahu may try to bolster relations with executives in the high tech sector, a key driver of Israel's economy. Hate speech on X, formerly known as Twitter, has increased dramatically since Musk bought the site last year and loosened safeguards around content moderation. Biden has not met with Netanyahu since the Israeli leader took office for a sixth term in late December.

Persons: Benjamin Netanyahu, Elon Musk, Musk, Netanyahu, Joe Biden, Musk’s, AJ Brown, Biden, Kanjyik Ghosh, Steven Scheer, Lisa Shumaker, Howard Goller Organizations: General Assembly, Washington Post, Post, Center, Defamation League, ADL, The, Defamation, Reuters, West Bank . Foreign, Thomson Locations: Silicon Valley, California, New York, Bengaluru, Jerusalem

☆ UBQ Materials raises $70 million in private funding round
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: +1 min

JERUSALEM, Sept 13 (Reuters) - Israel's UBQ Materials, which converts household waste into thermoplastic material, said on Wednesday it raised $70 million in a private funding round led by Eden Global Partners. Existing investors in the company, including TPG Rise Climate, TPG’s Rise Fund, Battery Ventures, and M&G’s Catalyst strategy, also participated in the funding round. UBQ said the funds will be used for its global expansion, such as additional facilities in Europe and North America, alongside the soon to open facility in Bergen Op Zoom, Netherlands. UBQ noted that its bio-based thermoplastic that is made from residual waste serves as a sustainable alternative to fossil-based plastics. UBQ converts residual household waste diverted from landfills or incineration, including all organics, into an thermoplastic material that is both climate-positive and highly recyclable.

Persons: UBQ, Steven Scheer Organizations: Eden Global Partners, TPG, Battery Ventures, Mercedes, Benz, PepsiCo, Thomson Locations: Europe, North America, Bergen, Netherlands

☆ Israel central bank says digital shekel launch an 'open question'
▼ + stars: | 2023-09-12 | by ( Steven Scheer | ) www.reuters.com time to read: +3 min

The Bank of Israel in November 2021 stepped up its research and preparation for the possible issuance of a digital shekel to create a more efficient payments system after first considering issuing a central bank digital currency (CBDC) in late 2017. "Whether or not we will issue a digital shekel is still an open question, as it is in most if not all other advanced economies," Bank of Israel Governor Amir Yaron said at a conference on digital currencies. Israel's central bank has been experimenting with a digital shekel with its Hong Kong counterpart and the Bank for International Settlements. Deputy Governor Andrew Abir said that for Israel, issuing a digital shekel would provide more competition in a financial system dominated by a few large banks and institutions. "I believe central banks should return to examine the possibility (of) remunerated CBDCs – that is, for the central bank to pay interest CBDC directly to the end users who hold it, and enjoy the security provided by the central bank.

Persons: Amir Yaron, Yaron, Israel, Andrew Abir, Abir, Steven Scheer, Alexander Smith, Mark Porter Organizations: The Bank of Israel, Bank of Israel, Hong Kong, Bank for International, Thomson Locations: Israel

☆ Israel's ThetaRay raises $57 mln in private round
▼ + stars: | 2023-09-05 | by ( ) www.reuters.com time to read: +1 min

JERUSALEM, Sept 5 (Reuters) - Israel's ThetaRay said on Tuesday it raised $57 million in a private funding round led by global fintech platform Portage. ThetaRay's technology uses artificial intelligence to identify financial cyber threats like money laundering so users can take action against suspicious transactions. "Global payment infrastructure too often fails to accurately differentiate between perfectly legitimate transactions and ones from bad actors dealing with illicit funds," said Peter Reynolds, CEO of ThetaRay. Venture capital funds JVP, the largest investor in ThetaRay, OurCrowd and others also participated in the funding round. (This story has been corrected to remove reference to ThetaRay being a cyber security firm in paragraph 1)Reporting by Steven ScheerOur Standards: The Thomson Reuters Trust Principles.

Persons: Israel's ThetaRay, Peter Reynolds, Steven Scheer Organizations: Venture, JVP, Thomson Locations: Portage, ThetaRay, OurCrowd

☆ Bank of Israel to stay on hold as inflation eases but hike cycle may not be done: Reuters poll
▼ + stars: | 2023-09-03 | by ( Steven Scheer | ) www.reuters.com time to read: +3 min

FILE PHOTO-The Bank of Israel building is seen in Jerusalem June 16, 2020. Israel's annual inflation rate dropped to 3.3% in July from 4.2% in June, its lowest rate since March 2022 but above a government target range of 1-3%. "The central bank will leave the door open for further rate hikes and maintain its relatively hawkish stance, given that the shekel remains weak and exposed to domestic political developments," said Goldman Sachs economist Tadas Gedminas. The Bank of Israel left its key rate unchanged in July after an aggressive rate hike cycle that took the rate from 0.1%. Minutes of the meeting showed policymakers were concerned the shekel could keep inflation from moving back to its target and that further rate increases were possible.

Persons: Ronen, Zalina Alborova, Benjamin Netanyahu's, Goldman Sachs, Tadas Gedminas, Morgan Stanley's Georgi Deyanov, Bhumika Gupta, Steven Scheer, Frances Kerry Organizations: Bank of, REUTERS, Reuters, Bank of Israel, Barclays, Citi, The Bank of Israel, Thomson Locations: Bank of Israel, Jerusalem, Israel

☆ Mining magnate Steinmetz held in Cyprus on Romanian warrant
▼ + stars: | 2023-09-03 | by ( ) www.reuters.com time to read: +1 min

Israeli billionaire Beny Steinmetz leaves the courthouse after a verdict on corruption charges, in Geneva, Switzerland January 22, 2021. REUTERS/Denis Balibouse/File Photo Acquire Licensing RightsJERUSALEM, Sept 3 (Reuters) - Israeli mining magnate Beny Steinmetz has been detained in Cyprus on a Romanian-issued arrest warrant, a spokesperson for Steinmetz said on Sunday. Steinmetz is at the centre of a case dating back several years relating to his involvement in a group that allegedly tried to illegally secure land rights in Romania. He has already faced arrest in some other European countries on the Romania-issued warrant but was cleared. Steinmetz was detained on Thursday "during his arrival at Larnaca airport, due to a European Arrest Warrant (EAW) issued by the Romanian authorities, which has already been cancelled in various European countries, among them Greece and Italy," his spokesperson said.

Persons: Beny Steinmetz, Denis Balibouse, Steinmetz, Steven Scheer, Ari Rabinovitch, Michele Kambas, Susan Fenton Organizations: REUTERS, Rights, Cyprus police, State, Thomson Locations: Geneva, Switzerland, Cyprus, Romanian, Romania, Larnaca, Greece, Italy, Guinea

"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

☆ Exclusive: Israel's El Al in talks to buy Airbus jets in potentially historic shift
▼ + stars: | 2023-08-10 | by ( Steven Scheer | ) www.reuters.com time to read: +3 min

An Israel El Al airlines plane is seen after its landing following its inaugural flight between Tel Aviv and Nice at Nice international airport, France, April 4, 2019. A decision likely would be made early in 2024, Ben Tal Ganancia said. At list prices the investment would be near $4 billion but El Al would likely pay far less after discounts. "It is serious," Ben Tal Ganancia said of the talks with Europe's Airbus. In the second quarter, El Al earned a net $59 million versus net profit of $100 million a year earlier.

Persons: Israel El, Eric Gaillard, Dina Ben Tal Ganancia, Ben Tal Ganancia, El Al, Steven Scheer, Tim Hepher, David Goodman, Mark Potter Organizations: Nice, REUTERS, TEL, Al Israel Airlines, Airbus, El, Boeing, Reuters, El Al, Tel Aviv Stock Exchange, Europe's Airbus, Ben Gurion, Revenue, Ben Gurion International Airport, Thomson Locations: Israel, Tel Aviv, France, TEL AVIV, United States, El, Asia, Australia, North America, Istanbul, Dublin, Tokyo, Mumbai, Fort Lauderdale

☆ Israeli fintech Vesttoo names new interim CEO
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +2 min

JERUSALEM, Aug 9 (Reuters) - Israeli fintech company Vesttoo said on Wednesday it named Ami Barlev as interim chief executive officer, replacing Yaniv Bertele, who was in charge during a fake collateral scandal. The firm noted Barlev specializes in the areas of corporate governance, business development, crisis management, and managing companies in complex situations. Vesttoo, which uses artificial intelligence technology to connect the insurance industry and capital markets, is also in contact with regulatory bodies worldwide. Vesttoo provides insurers with access to so-called insurance-linked securities - an alternative form of reinsurance. Reporting by Steven Scheer and Carolyn Cohn; Editing by Toby Chopra and David EvansOur Standards: The Thomson Reuters Trust Principles.

Persons: Vesttoo, Ami Barlev, Yaniv Bertele, Barlev, Steven Scheer, Carolyn Cohn, Toby Chopra, David Evans Organizations: Nasdaq, Banco Santander's, Thomson

☆ Website creator Wix.com raises 2023 estimates after large Q2 beat
▼ + stars: | 2023-08-03 | by ( Steven Scheer | ) www.reuters.com time to read: +2 min

The Israeli company said on Thursday it had earned $1.38 per share excluding one-time items in the April to June period, compared with a loss of 14 cents per share a year earlier. Wix was forecast to earn 60 cents excluding one-time items on revenue of $383 million, according to Refinitiv I/B/E/S data. Wix projected third-quarter revenue of $386 million to $391 million, representing annual growth of up to 13%. It also raised its full-year 2023 revenue estimate to $1.543 billion to $1.558 billion - 11-12% growth - from $1.522 billion to $1.543 billion. "We're proud of being an Israeli company," he said.

Persons: Refinitiv, Lior Shemesh, Wix, Shemesh, Nir Zohar, Zohar, Steven Scheer, Jane Merriman, Jan Harvey Organizations: Revenue, Nasdaq, Thomson Locations: Israel, Delaware, Israeli

☆ Israel: U.S. approved missile defense sale to Finland
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: 1 min

JERUSALEM, Aug 2 (Reuters) - Israel's Defense Ministry said on Wednesday that the United States has approved the sale of a co-developed missile defense system to Finland. The ministry said that having received the green light from Washington, Israel can complete the sale of the advanced air-defense system David's Sling to Finland in a 316 million euros ($345.80 million) deal. The Finnish version of the system will be jointly developed by Israeli and American industries, led by Israel's Rafael Advanced Systems and Raytheon Technologies Cooperation, in partnership with Finnish industries, the ministry said. ($1 = 0.9138 euros)Reporting by Ari Rabinovitch Editing by Steven ScheerOur Standards: The Thomson Reuters Trust Principles.

Persons: Israel's Rafael, Ari Rabinovitch, Steven Scheer Organizations: Israel's Defense, Systems, Raytheon Technologies Cooperation, Thomson Locations: United States, Finland, Washington, Israel

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

☆ Israeli financial markets slide after judicial overhaul vote
▼ + stars: | 2023-07-24 | by ( Steven Scheer | ) www.reuters.com time to read: +3 min

JERUSALEM, July 24 (Reuters) - Israeli financial markets tumbled on Monday, with the shekel hitting a two-week low versus the dollar, after lawmakers ratified the first bill of a judicial overhaul sought by Prime Minister Benjamin Netanyahu. In protest at the vote, a forum of some 150 of Israel's largest companies held a strike on Monday. Azrieli (AZRG.TA) and Big (BIG.TA), two of Israel's largest malls, said stores in their shopping centres would be closed. But news that compromise talks collapsed erased early gains and sent the shekel weaker, with losses deepening after the vote. The shekel has weakened some 10% versus the dollar since late January when the government unveiled its controversial judicial overhaul plan, setting off mass protests and harming foreign inflows.

Persons: Benjamin Netanyahu, Nir Elias, Arnon Bar, Netanyahu, Steven Scheer, Bansari Mayur, Karin Strohecker, James Mackenzie, Christina Fincher, Sharon Singleton Organizations: REUTERS, Bank of Israel, MPC, Supreme, Thomson Locations: Tel Aviv, Washington

☆ Israel parliament starts vote on limiting supreme court power
▼ + stars: | 2023-07-24 | by ( Maayan Lubell | ) www.reuters.com time to read: +4 min

Nonetheless, commanding a comfortable majority in parliament, Netanyahu's coalition looked set to win the vote on the bill that limits the Supreme Court's powers to overrule decisions made by governments and ministers. 'DISASTER'[1/10]Israeli Prime Minister Benjamin Netanyahu shows Justice Minister Yariv Levin his phone as lawmakers gather at the Knesset plenum to vote on a bill that would limit some Supreme Court power, in Jerusalem July 24, 2023. "If you vote for this bill you will weaken the state of Israel, the people of Israel and the Israel Defence Forces." Justice Minister Yariv Levin who has been driving the changes defended the bill, which would amend a law enabling the Supreme Court to void decisions it deems "unreasonable". Netanyahu's coalition has been determined to push back against what it describes as overreach by a Supreme Court that it says has become too politically interventionist.

Persons: gov't, Netanyahu, Benjamin Netanyahu, Isaac Herzog, Yair Lapid, Yariv Levin, Amir Cohen, We're, Lapid, Levin, Dan Williams, Steven Scheer, Miral Fahmy, Tomasz Janowski Organizations: Monday, Police, Netanyahu's, REUTERS, Israel Defence Forces, Supreme, Thomson Locations: Washington, JERUSALEM, Jerusalem, Israel

☆ Israel's main union to discuss declaring general strike
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +1 min

JERUSALEM, July 24 (Reuters) - The head of Israel's main public sector union said on Monday he would meet with other union officials to discuss the possibility of declaring a general strike after parliament ratified a key element in a controversial judicial overhaul plan. Arnon Bar-David, chairman of the Histadrut labour federation, has been trying to mediate a compromise between the government and opposition. "From this moment on, any unilateral progress in the reform will have serious consequences ... Either things will progress with broad agreement or they will not progress at all," said Bar-David. Bar-David said he would meet with Histadrut officials to declare a "general labor dispute in the economy," and will "activate it if necessary until a complete shutdown is achieved."

Persons: Arnon Bar, David, David . Bar, Steven Scheer, Ari Rabinovitch Organizations: Thomson

☆ TLV $250 mln fund looks further afield for Israeli tech startups
▼ + stars: | 2023-07-17 | by ( Steven Scheer | ) www.reuters.com time to read: +2 min

TLV Partners, which said it could invest as much as $20 million per company over subsequent investment rounds, has already invested in 60 Israeli companies and exited 10 so far. "People are definitely interested in Israeli companies and Israeli technologies," said Rona Segev, a managing partner at TLV, though she also flagged concerns over the Israeli government's judicial plan. All of the companies that TLV has invested in so far in 2023 have been incorporated in Delaware, though many Israeli companies keep their research and development operations in Israel. "The $250 million is going to Israeli entrepreneurs but in the current political situation 90% at least will go to non-Israeli companies. "As venture capitalists, we are okay investing in Israeli entrepreneurs wherever they decide to be at that point."

Persons: Rona Segev, Benjamin Netanyahu's, Segev, TLV, Steven Scheer, David Goodman Organizations: Venture, TLV Partners, Reuters, Thomson Locations: United States, TLV, Israel, Delaware

☆ Israeli investor says tech sector will overcome judicial reform crisis
▼ + stars: | 2023-07-12 | by ( Steven Scheer | ) www.reuters.com time to read: +3 min

... Read moreSummaryCompanies Crucial tech sector hit by judicial reform crisisStartup funding falls 70%, emigration increasingTech execs take lead in opposing reformJERUSALEM, July 12 (Reuters) - A leading Israel investor on Wednesday predicted that the country's vital tech sector would recover quickly from its current funding downturn, in part by fighting a government judicial reform plan many blame for scaring away investment. A key driver of economic growth in Israel, the tech sector saw its funding hit last year by the global economic slowdown. "The big inventors are the warriors of democracy," Margalit told Reuters on the sidelines of a JVP Climate Tech conference. While the tech sector needs a stable Israeli economy, the economy needs a strong tech sector, which accounts for 14% of jobs and almost a fifth of gross domestic product. The fall off in tech funding has been a major factor in the weakening of the shekel , analysts say.

Persons: Erel Margalit, Benjamin Netanyahu's, Margalit, Barak Eilam, Eynat Guez, Israel's shekel, Steven Scheer, Conor Humphries Organizations: Jerusalem Venture Partners, AccorHotels Arena, Tech, Labour Party, Reuters, JVP Climate Tech, NICE, Tel, Thomson Locations: Paris, France, JERUSALEM, Israel, Israel's, Tel Aviv

☆ Protesters block Israel highways over new Supreme Court bill
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Corinna KernJERUSALEM, July 11 (Reuters) - Israeli protesters blocked major highways on Tuesday after a bill that would curb some of the Supreme Court's power won initial approval by parliament, with full support of Prime Minister Benjamin Netanyahu's hard-right ruling coalition. Footage showed crowds of flag-waving Israelis stopping morning traffic in major intersections and on highways in central Israel, business hub Tel Aviv and near the entrance to Jerusalem. Police, who said 24 people have been arrested, used a water cannon to disperse some protesters and dragged others away by force. If passed as is, it would curb Supreme Court's power to void decisions made by the government, ministers and elected officials by ruling them unreasonable. Proponents say the change will facilitate effective governance by curbing court intervention, arguing that judges have other legal means to exercise oversight.

Persons: Benjamin Netanyahu, Corinna Kern JERUSALEM, Benjamin Netanyahu's, Ben, Netanyahu, Washington, Maayan Lubell, Dan Willliams, Steven Scheer, Louise Heavens Organizations: Israeli, REUTERS, Police, Thomson Locations: Tel Aviv, Israel, Jerusalem

☆ Israel launches privatisation of revamped postal service
▼ + stars: | 2023-07-11 | by ( Steven Scheer | ) www.reuters.com time to read: +2 min

JERUSALEM, July 11 (Reuters) - Israel on Tuesday put its postal service on the block after completing a recovering and financial stabilisation process and formulating a strategic plan for the coming years. The state's privatisation agency said it would sell 100% of Israel Post Co. to an investor or group of investors. In addition to traditional mail and fast delivery services, Israel Post includes the Postal Bank, which has some 1 million active customers. Israel Post also owns 278 real estate assets valued at around 600 million shekels ($162 million), it said. In the first quarter, the company posted adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of 67 million shekels and it estimated adjusted EBITDA of 235 million shekels in 2023 after a 36 million shekel loss in 2022.

Persons: Michal Rosenbaum, Mishael Vaknin, Steven Scheer, David Evans Organizations: Israel Post Co, Israel Post, Government Companies Authority, Postal Bank, Thomson Locations: Israel, Tel Aviv

☆ Israel's Knesset gives initial nod to contested Supreme Court bill
▼ + stars: | 2023-07-10 | by ( Maayan Lubell | ) www.reuters.com time to read: +3 min

JERUSALEM, July 10 (Reuters) - Israel's parliament gave preliminary approval to a bill that limits some Supreme Court power, part of a rebooted judicial overhaul by Prime Minister Benjamin Netanyahu that has set off a deep political crisis. The new bill seeks a curb on the Supreme Court's power to void decisions made by the government, ministers and elected officials by ruling them unreasonable. "It is not the end of democracy, it strengthens democracy," Netanyahu said in a video statement released at sundown as the Knesset debated the bill. Israeli Prime Minister Benjamin Netanyahu speaks during a meeting at the Knesset, Israel's parliament, in Jerusalem, May 23, 2023. REUTERS/Ronen Zvulun/File Photo"Even after the amendment court independence and civil rights in Israel will not be harmed in any way.

Persons: Benjamin Netanyahu, Netanyahu, Ronen, Amir Yaron, Yaron, Isaac Herzog, Herzog, Steven Scheer, Maayan Lubell, William Maclean, Stephen Coates Organizations: REUTERS, Bank of Israel, Thomson Locations: Jerusalem, Israel, Bank

☆ Netanyahu signals impatience with protests as Israel's judicial reform edges ahead
▼ + stars: | 2023-07-09 | by ( Steven Scheer | ) www.reuters.com time to read: +3 min

[1/9] An aerial view shows protesters taking part in a demonstration against Israeli Prime Minister Benjamin Netanyahu and his nationalist coalition government's judicial overhaul, in Tel Aviv, Israel July 8, 2023. REUTERS/Oren AlonJERUSALEM, July 9 (Reuters) - Israeli Prime Minister Benjamin Netanyahu signalled impatience on Sunday with disruptions caused by resurgent demonstrations against his judicial overhaul plans, summoning his attorney-general for a cabinet discussion of police counter-measures. The opposition casts the bill as a step toward curbing judicial independence that would eventually subordinate the Supreme Court to politicians. Street protests that had subsided are flaring anew, with protesters planning to converge on Israel's main airport on Monday. Cabinet minister Itamar Ben-Gvir said he would boycott Big unless it retracted what he deemed political "bullying" by a business.

Persons: Benjamin Netanyahu, Oren Alon JERUSALEM, Netanyahu, Gali, Itamar Ben, Gvir, Ami Eshed, Steven Scheer, Dan Williams, Maayan Organizations: Israeli, REUTERS, Ben Gurion, Attorney, Shopping, Tel, Thomson Locations: Tel Aviv, Israel, overreach, Israel's, Gali Baharav

☆ Israeli lawmakers give first nod to new judicial overhaul bill
▼ + stars: | 2023-07-04 | by ( Maayan Lubell | ) www.reuters.com time to read: +2 min

JERUSALEM, July 4 (Reuters) - Israeli lawmakers on Tuesday gave an initial nod to a bill that limits Supreme Court power to rule against the government after Prime Minister Benjamin Netanyahu announced he would press on with contentious changes to the justice system. In a stormy session broadcast live, Parliament's constitution committee, dominated by Netanyahu's nationalist-religious ruling coalition, voted in favour of the bill that limits "reasonableness" as a standard of judicial review. At present, the Supreme Court can rule against government and elected officials' decisions if they are deemed unreasonable. After the committee vote, the shekel weakened by 0.3% against the dollar. Netanyahu has defended the changes as restoring balance between branches of government and redressing what his coalition allies see as judicial overreach.

Persons: Benjamin Netanyahu, Bezalel Smotrich, Netanyahu, Yair Lapid, Benny Gantz, Critics, Steven Scheer, William Maclean, Alexandra Hudson Organizations: Netanyahu's, Israel's Ben, Washington, Alexandra Hudson Our, Thomson Locations: Israel's, Israel's Ben Gurion

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