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☆ Netanyahu sacks defense minister who opposed judicial overhaul
▼ + stars: | 2023-03-26 | by ( ) www.reuters.com time to read: 1 min

JERUSALEM, March 26 (Reuters) - Israeli Prime Minister Benjamin Netanyahu on Sunday dismissed Defense Minister Yoav Gallant after he said the government should delay moving forward with a highly-contested plan to overhaul the country's judicial system. "Prime Minister Benjamin Netanyahu decided to remove from his position Defense Minister Yoav Gallant," the prime minister's office said. Gallant, a lawmaker from Netanyahu's right-wing Likud party, broke ranks on Saturday by publicly urging Netanyahu to suspend the legislation. He had said countrywide protests against the judicial overhaul, which have included growing numbers of military reservists, were also affecting regular forces and undermining national security. Reporting by Ari Rabinovitch Editing by Steven Scheer, Alexandra HudsonOur Standards: The Thomson Reuters Trust Principles.

☆ 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.

☆ Government vows aid for tech firms but Israel stocks slide on SVB collapse
▼ + stars: | 2023-03-12 | by ( Steven Scheer | ) www.reuters.com time to read: +5 min

Israel's tech sector is the country's main growth engine, and its relationship with the Silicon Valley region is strong. NextVision (NXSN.TA), a maker of micro stabilised cameras, said in a regulatory filing in Tel Aviv that it withdrew on Thursday almost all of the $2.7 million it held in SVB. The Tel Aviv index of the five largest banks (.TELBANK5) was down 4% in afternoon trading, while the index of eight insurers (.TAINS) fell 4.7%. Israel's two largest banks, Leumi (LUMI.TA) and Hapoalim (POLI.TA), said their tech banking arms would issue loans to startups and other tech firms that were without access to credit in the wake of SVB's collapse. Reporting by Steven Scheer; Editing by Hugh Lawson, Frank Jack Daniel and Raissa KasolowskyOur Standards: The Thomson Reuters Trust Principles.

☆ Israel stocks slip on SVB failure, government vows aid for tech firms
▼ + stars: | 2023-03-12 | by ( Steven Scheer | ) www.reuters.com time to read: +3 min

[1/2] A Tel Aviv Stock Exchange sign is seen at the bourse in Tel Aviv, Israel November 4, 2020. With Israel's trading week running Sunday through Thursday, it was the first opportunity for Tel Aviv investors to react to the failure of Silicon Valley Bank, the largest bank to fail since the 2008 financial crisis. Israel's tech sector is the country's main growth engine and its relationship with the Silicon Valley region is strong. NextVision (NXSN.TA), a maker of micro stabilised cameras, said in a regulatory filing in Tel Aviv that it withdrew on Thursday almost all of the $2.7 million it held in SVB. The Tel Aviv index of the five largest banks (.TELBANK5) was down 2.5% at midday, while the index of eight insurers (.TAINS) fell 4.2%.

☆ Riskified latest company to transfer money out of Israel -media
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +1 min

JERUSALEM, March 8 (Reuters) - Israeli financial technology firm Riskified (RSKD.N) is transferring $500 million out of the country, joining private sector opposition to the government's planned overhaul of the judicial system, Israeli media reported on Wednesday. The judicial overhaul plan, which has already received initial parliamentary approval, would give the government greater sway on selecting judges and limit the power of the Supreme Court to strike down legislation. Moody's Investor Service warned on Tuesday that the planned judicial overhaul could weaken institutions and negatively impact Israel's sovereign credit profile. A number of other high-profile companies in Israel have already said they would be transferring large sums of money abroad due to the political uncertainty. Proponents say the changes are needed to curb what they deem an activist judiciary that interferes in politics.

☆ Israel president says judicial compromise 'closer' as protests escalate
▼ + stars: | 2023-03-06 | by ( Steven Scheer | ) www.reuters.com time to read: +4 min

JERUSALEM, March 6 (Reuters) - Israeli President Isaac Herzog on Monday said a compromise in the government's judicial overhaul plan could be imminent even as protests against the reform continued to spread. In a statement late on Monday, Netanyahu criticised the threats to refuse military service, which he said endangered Israel's existence. "There is room for protest, there is room for disagreements, for expressing opinions, but there is no room for refusal." Herzog last month floated a compromise plan to spare the country what he described as a "constitutional collapse". The judicial overhaul plan, which has already received initial parliamentary approval, would give the government greater sway on selecting judges and limit the power of the Supreme Court to strike down legislation.

☆ Israel president says judicial compromise "closer", markets jump
▼ + stars: | 2023-03-06 | by ( Steven Scheer | ) www.reuters.com time to read: +2 min

JERUSALEM, March 6 (Reuters) - Israeli President Isaac Herzog on Monday said a compromise over the government's plans to overhaul the judicial system, which has led to mass protests, is "closer than ever", sending financial markets sharply higher. There are agreements behind the scenes on most things," Herzog said in a statement, without giving details. The judicial overhaul plan, which has already received initial parliamentry approval, would give the government greater sway on selecting judges and limit the power of the Supreme Court to strike down legislation. Proponents say the changes are needed to curb what they deem an activist judiciary that interferes in politics. But analysts said optimism over a compromise sent the shekel up 2% on Monday to 3.59 per dollar - its strongest level since Feb. 21.

JERUSALEM, Feb 28 (Reuters) - Israeli Finance Minister Bezalel Smotrich said on Tuesday he saw the country's economy being strengthened by the government's proposed judicial overhaul, but that he would assume responsibility for any economic harm caused by it. "There is a sort of a jolt in the Israeli public, this is being reflected in certain vectors in the economy. I don't see a catastrophe," Smotrich said at a news conference to provide details of the 2023-24 state budget. The cabinet on Friday approved the 2023-24 state budget draft that the Finance Ministry expects will be fully ratified by the end of May. The budget allocates spending of 484.8 billion shekels ($132 billion) this year and 513.7 billion next year.

☆ Israeli cyber security firm Wiz raises $300 mln, valued at $10 bln
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: 1 min

JERUSALEM, Feb 27 (Reuters) - U.S.-Israeli cyber security startup Wiz said on Monday it raised $300 million in a private funding round that values the firm at $10 billion. The late stage round was led by Lightspeed Venture Partners and existing investors Greenoaks Capital Partners and Index Ventures. Since its founding three years ago, Wiz, which focuses on cloud security and has 650 employees globally, has raised $900 million from investors, including Sequoia Capital, Insight Partners, Blackstone and G Squared. It said it plans to open new offices in Austin, Dallas and Washington D.C. Reporting by Steven Scheer Editing by Ari RabinovitchOur Standards: The Thomson Reuters Trust Principles.

☆ Website creator Wix.com sees strong sales in 2023 after Q4 profit
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +1 min

JERUSALEM, Feb 22 (Reuters) - Wix.com (WIX.O), which helps small businesses build and operate websites, said on Wednesday it swung to a profit in the fourth quarter and forecast 9-11% growth in revenue in 2023. The Israeli company said it earned 61 cents per share excluding one-time items, compared with a loss of 34 cents per share a year earlier. Wix was forecast to earn 9 cents a share ex-one off items on revenue of $352 million, according to data from Refinitiv. Wix said it was implementing further cost saving measures, and expected total savings of $200 million in 2023 and $215 million of annualized savings. Analysts are projecting first-quarter revenue of $366 million and full year revenue of $1.511 billion.

JERUSALEM, Feb 22 (Reuters) - Israeli Prime Minister Benjamin Netanyahu on Wednesday instructed lawmakers from his Likud party to stop interfering with and speaking out against Bank of Israel Governor Amir Yaron and his interest rate policies. Cohen on Wednesday clarified on Twitter that he supported central bank independence. The central bank raised interest rates by half a percentage point at a policy meeting on Monday to 4.25%, its eighth hike since last April. "Prime Minister Netanyahu ordered Knesset members of Likud to stop interfering and speaking on the issue of the governor," said a Likud spokesperson. Some analysts believe that part of the shekel's recent depreciation versus the dollar stems from political attacks on the central bank.

☆ Protesters "fight for Israel's soul" as parliament readies judicial overhaul
▼ + stars: | 2023-02-20 | by ( Maayan Lubell | ) www.reuters.com time to read: +3 min

Polls have found that most Israelis want the reforms slowed to allow for dialogue with critics - or shelved altogether. Ahead of the afternoon reading, protesters posted online videos of themselves trying to prevent lawmakers from Netanyahu's coalition leaving for the Knesset. "Demonstrators who talk about democracy are themselves bringing about the end of democracy when they deny elected delegates the fundamental right in a democracy - to vote," Netanyahu said in a statement. Opposition leader Yair Lapid tweeted that demonstrations would mount "in the fight for the soul of the nation". Israel's head of state, President Isaac Herzog, has repeatedly urged the government and opposition to hold compromise talks.

☆ Israel cenbank to hike rates but analysts split on 25 or 50 bps
▼ + stars: | 2023-02-19 | by ( Steven Scheer | ) www.reuters.com time to read: +2 min

The rate has jumped from 0.1% in what the central bank called a "front loading" cycle. But higher than expected inflation and growth data issued last week has analysts believing a stronger dose of 50 basis points was now possible. The annual inflation rate rose to a more than 14-year high of 5.4% in January, slightly above a Reuters consensus and December's rate of 5.3%. Of the 15 economists polled by Reuters, nine project a 25 basis points hike while six foresee 50 basis points when the central bank announces its decision on Monday at 4 pm (1400 GMT). "Apprehension regarding the negative impact on mortgage borrowers is the only factor that may moderate the increase in interest rates," said Bank Hapoalim economist Victor Bahar.

☆ Israel delays bill to freeze mortgage rates for first-time buyers
▼ + stars: | 2023-02-12 | by ( Steven Scheer | ) www.reuters.com time to read: +1 min

JERUSALEM, Feb 12 (Reuters) - Israel will delay passing a new law that would freeze mortgage rates for first-time home buyers, Finance Minister Bezalel Smotrich said on Sunday, as the proposed legislation faces opposition from the country's central bank. Gafni and Smotrich said they would meet with the banking regulator, which is part of the central bank, to come up with a solution for mortgage holders. The benchmark interest rate is expected to soon reach at least 4%. Gafni for months has promoted a bill to protect some mortgage holders from higher rates to help ease the financial burden. Last week, he said he planned to bring the bill to the government's ministerial legislation committee on Sunday.

☆ 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.

☆ Cyber firm Wiz moving funds out of Israel due to judicial plans -source
▼ + stars: | 2023-02-07 | by ( Steven Scheer | ) www.reuters.com time to read: +2 min

[1/2] Israelis working in the hi-tech sector hold signs with the Hebrew words "No democracy, no hi-tech" as they demonstrate against proposed judicial reforms by Israel's new right-wing government in Tel Aviv, Israel January 24, 2023. The source, who spoke to Reuters on condition of anonymity, said Wiz, a unicorn with a value of some $6 billion, has concerns about growing uncertainty in the Israeli market in light of the proposed changes. Wiz declined to comment on the transfer of money out of Israel which was initially reported by Channel 12 news. The proposed judicial overhaul, which has yet to be written into law, would tighten political control over judicial appointments and limit the Supreme Court's powers to overturn government decisions or Knesset laws. On Monday, Bank of Israel Governor Amir Yaron told lawmakers that institutional independence was vital for Israel's sovereign credit rating.

[1/2] Israeli Prime Minister Benjamin Netanyahu looks on as he convenes a weekly cabinet meeting amid surge of violence in Jerusalem and the West Bank, at the Prime Minister's office in Jerusalem, January 29, 2023. The blue-chip Tel Aviv 35 index (.TA35) was 1.% lower in afternoon trade, while the broader TA-125 index (.TA125) dipped 1.7%. Israeli Prime Minister Benjamin Netanyahu's office declined to comment to Reuters. Critics have said the move will compromise the independence of the judiciary and undermine Israel's democratic system of checks and balances. There was no sign of a large-scale military operation in the works, and Netanyahu said Israel was not seeking an escalation.

[1/4] Israelis protest against Prime Minister Benjamin Netanyahu's new right-wing coalition and its proposed judicial reforms to reduce powers of the Supreme Court, in Tel Aviv, Israel January 21, 2023. Israeli tech isn't going anywhere. FIDUCIARY RESPONSIBILITYIn a country rife with divisions over the conflict with the Palestinians and matters of synagogue and state, Israel's tech sector has generally stayed out of sensitive political debates. For some of those running tech businesses in Israel the judicial reforms plans may have tipped the scales. Additional reporting by Rami Amichay and Emily Rose in Tel Aviv; Writing by Maayan Lubell; Editing by James Mackenzie and Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

☆ Start-up and VC fund to move funds out of Israel over judicial plan
▼ + stars: | 2023-01-26 | by ( Steven Scheer | ) www.reuters.com time to read: +2 min

JERUSALEM, Jan 26 (Reuters) - An Israeli venture capital fund and a local startup are moving their bank accounts out of Israel, they said on Thursday, as opposition mounts against government plans to overhaul the country's judicial system. This is a painful but necessary business step," said Guez, a vocal critic of the government's judicial plans. Barnoach told the Calcalist financial daily that the reforms are like a "legal coup" that could lead to economic instability. He said his foreign investors are worried and they may not continue to invest in Israel if the reforms pass. An S&P Global Ratings analyst this month told Reuters that Israel's judicial reforms plan could pressure the country's sovereign credit rating.

☆ Israel posts 5.3% inflation rate in 2022
▼ + stars: | 2023-01-15 | by ( ) www.reuters.com time to read: 1 min

JERUSALEM, Jan 15 (Reuters) - Israel posted an inflation rate of 5.3% in 2022, Israel's Central Bureau of Statistics said on Sunday, citing gains of housing, food and transportation and telecommunications prices. The annual rate in December was unchanged from November to remain at its highest level since October 2008 but slightly below expectations of a 5.4% rate in a Reuters poll of analysts and well below Western levels. In a bid to move inflation back to a 1-3% target, the Bank of Israel has sharply raised its benchmark interest rate (ILINR=ECI) to 3.75% from 0.1% in April. Central bank officials have said they expect the rate to reach at least 4% in coming months. Reporting by Steven Scheer Editing by Raissa KasolowskyOur Standards: The Thomson Reuters Trust Principles.

☆ NewMed pushing forward with Capricorn merger ahead of Feb. 1 vote
▼ + stars: | 2023-01-15 | by ( ) www.reuters.com time to read: +2 min

JERUSALEM, Jan 15 (Reuters) - Israel's NewMed Energy LP (NWMDp.TA) said on Sunday it was making final arrangements for a merger with UK-based Capricorn Energy (CNE.L), whose shareholders will vote on whether to approve the deal on Feb. 1. Capricorn's shareholder ballot is due the same day as a vote triggered by activist shareholder Palliser wanting to oust Capricorn's leadership. The proposed deal values Capricorn at $338 million in addition to a $620 million special dividend. When the planned all-share deal was announced in September, NewMed offered 271 UK pence per ordinary share to Capricorn shareholders. The vote on the merger is planned for 0900 GMT on Feb. 1, while a vote on Palliser's proposition to rejig Capricorn's board is scheduled for 1400 GMT on the same day, Capricorn said.

Rybnikov, the main credit analyst for Israel, said risks to the country's ratings are currently balanced but that could change. The past year has seen some of the worst violence in the West Bank in years. On Thursday, the pro-settlements Finance Minister Bezalel Smotrich met with defence officials to begin transferring some West Bank administration powers over to him, according to a Finance Ministry statement. "Hardline rhetoric that undermines the fragile situation in the West Bank could generate risks as well," Rybnikov said. Rybnikov projects Israel's budget deficit at 2% of gross domestic product this year after a 0.6% surplus in 2022.

The central bank as expected lifted its key rate to a 14-year high of 3.75% from 3.25%. "We won't hesitate to raise rates further," Yaron said, adding he expects inflation to start easing in the second quarter. "We are determined to reduce the inflation rate and to return it to within the target range," Yaron said. "It is important to remember that the Israeli economy cannot take for granted the high regard from the rating entities and international financial institutions." Israel's economy grew an annualised 1.9% in the third quarter from the second quarter, slower than a 7.4% pace the prior three months.

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