Globes (Rishon LeZion, Israel)
- NewsBank (6918)
- Lebanon begins gas drilling as Israel could profit
Lebanon has begun gas and oil exploration drilling at the Qana field in Block 9 on the border of its economic waters with Israel. The results of the exploration should be known in six weeks. The exploration drilling operator is French energy major TotalEnergies (35%) in partnership with Italian company Eni (35%) and Qatar Energy (30%), which replaced Russian company Novatek, which quit the consortium last September.
- New home sales in July weakest since 2018
2,375 new homes were sold in July, the Central Bureau of Statistics reports, the weakest July since 2018. Only April (which had the Passover and Independence Day holidays) and May were weaker this year. Developers are left with 60,000 unsold new homes, a similar number to a full year of building starts. The number of homes sold in July was down 37% from last year and 46% from 2021.
- The price must be right for Israel-Saudi normalization
"Many of the elements of a pathway to normalization are now on the table. We don't have a framework, we don't have the terms ready to be signed." White House National Security Adviser Jake Sullivan said last week about the status of the talks to prepare normalization between Israel and Saudi Arabia, when he was with US President Joe Biden's entourage on the way to the G20 summit in New Delhi. "There is still work to do," he concluded.
- Widening fiscal deficit threatens Israel's 2024 budget
Israel's Ministry of Finance estimates that the fiscal deficit will grow to 2%-3% of GDP by the end of 2024, a source close to the matter has told "Globes." This means that the deficit may turn out to be double or even more than the 1.35% target on which the 2024 state budget was built (1.35%), and which was approved only three months ago. This is due to the expected continuation of the trends of a decrease in state revenues in the face of an increase in expenditures.
- Haredi women graduate first SAP-KamaTech tech training course
SAP Development Center has marked the end of the first training program in collaboration with KamaTech, which included 25 Haredi women who successfully completed the course. Behind the collaboration is the Development Center of SAP, one of the world's leading technology companies, and the KamaTech social venture, which was founded by entrepreneurs from the Haredi community, with the aim of integrating Haredim into Israel's high-tech industry.
- Israel's population 9.8m on eve of 5784
Israel's population grew by 2%, or 194,000 over the past year to 9.795 million, the Central Bureau of Statistics reports. At the current rate of growth, the population will reach 10 million next year, exceed 15 million in 2048, and exceed 20 million in 2065.
- Israel Aerospace conducts missile trial in Azerbaijan
Israel Aerospace Industries (IAI) has successfully completed demonstration operations of the Barak MX missile interception system. The company did not say in which country the trial exercises took place but according to an announcement by the Azerbaijani Ministry of Defense, the trial took place in its country. In Azerbaijan, the Barak MX is called "Yildirim."
- Fabric teams with Maersk on Dallas robotic warehouse
Israeli robotics warehouse developer Fabric and logistics giant A.P. Moller - Maersk (Maersk) are setting up a 3,500-square-meter automated-fulfillment center in Dallas, Texas. The new facility, which will be powered by Fabric's advanced robotic and software technology, features an AI-driven, automated e-commerce fulfillment solution in an urban environment that maximizes warehouse productivity while minimizing real estate footprint requirements.
- Mortgage taking in Israel back on the rise
NIS 7.013 billion in mortgages was taken in Israel in August 2023, the Bank of Israel reports, down 27% from August 2022. This figure hints at a market recovery as it is the first time that the monthly mortgage taking figure has exceeded NIS 7 billion this year.
- Office tower parking prices rise in Tel Aviv as rents fall
Office tower parking prices in Tel Aviv continued to rise in the first half of 2023, even though rents for those offices fell, Newmark Natam Real Estate Services reports, and even though the Tel Aviv light rail Red Line was due to start in 2023.
- "Madoff was motivated by control not greed"
September 2008. The global economic crisis snowball, which began with the subprime crisis in the US, begins to gain momentum. Bernie Madoff - up until then "The King of Wall Street" - starts to feel the rope tightening around his neck. On September 16, investment bank Lehman Brothers collapses,...
- Beny Steinmetz bribery conviction appeal begins in Geneva
A Geneva court has begun hearing the appeal of Israeli billionaire Beny Steinmetz against his conviction last year by a Swiss criminal court for bribery and fraud. In January 2021, Steinmetz was sentenced to five years in prison and fined 50 million Swiss francs, in what the media described as "the ...
- A trip to better management skills?
The substances described in this article are illegal in Israel and their use, even in a controlled manner, may cause physiological and mental disorders....
- Kenny Rozenberg: I mend broken companies
In September 2020, as El Al Israel Airlines Ltd. (TASE:ELAL) was mired in debts of NIS 1 billion, and having failed to raise bank loans to save it from the Covid crisis, Uncle Sam came to the rescue. Kenny Rozenberg, until then a name few had heard of in Israel, invested $105 million in the airline ...
- Alan Feld: Israel's tech sector barometer
Recently, Israel's senior tech leaders gathered in an events hall on Tel Aviv's Menachem Begin Road for a private conference. Present were prominent investors like Eran Barkat of BRM, Yanai Oron of Vertex Ventures and Avi Eyal of Entrée Capital, but all were waiting for another person to speak:...
- Sweden's EQT to invest in Israeli tech from new €2.2b fund
Swedish investment company EQT (Stockholm: EQT) has announced that it will invest a substantial proportion of its recently closed €2.2 billion EQT Growth fund in Israeli companies. EQT has an investment portfolio of €77 billion. Its announcement states that the fund will take an "active approach to ...
- From Pepsi via Apple to digital healthcare
Three important movies have portrayed the character of John Sculley, former CEO of Apple and former president of PepsiCo. He has been played by Jeff Daniels in "Steve Jobs", by Matthew Modine in "Jobs ", and by Allan Royal - in "Pirates of the Silicon Valley". For his part, Sculley is baffled at...
- "We want Israel in the driver's seat in dealing with China"
In the 1870s, the US overtook Great Britain as the world's leading economy, a title it bears alongside "Leader of the Free World". But all that could change within the next ten years, if the predictions come true and it is overtaken by China, its most significant economic rival. There are some...
- Israel has major role to play in Intel revival
Intel is at one of the lowest points it has ever known. It has lost its lead in the chip market to rivals who have overtaken it in both mobile and artificial intelligence, and have figured out Intel's sophisticated production methods. It has suffered ongoing CEO churn, employee defection to...
- Startup Nation: rooted in socialism and military technology
The weakness Israel's tech sector is currently demonstrating - whether due to the industry's global crisis or economic uncertainty resulting from judicial reform - belies the fact that this sector is still alive and kicking, and its role in the domestic economy is stronger than ever. Miraculously,...