NewsBank (Globes (Rishon LeZion, Israel))

The OECD has released its semi-annual report on the state of the global economy, and has revised its growth forecast for Israel downwards. The new forecast is more pessimistic than those of the Bank of Israel and the Ministry of Finance on growth and the fiscal deficit.

New Israeli airline Air Haifa will return its planes to Haifa from the 22nd of this month, with flights to Eilat and to Larnaca in Cyprus. The flights from Haifa will be renewed thanks to the removal of some of the wartime domestic aviation restrictions, among them the restriction on flying from Hadera northwards, which will allow Haifa Airport to return to full activity.

Speaking at the Globes Israel Business Conference, cybersecurity company Check Point Software Technologies Ltd. (Nasdaq: CHKP) CEO Gil Shwed said that there was an increasing number of cyberattacks worldwide, which are causing more damage than ever. Shwed was talking to "Globes" high-tech editor Assaf Gilead as part of the Game Changer sessions staged in cooperation with Playtika. Shwed is set to

"From WeWork I learned two things: to choose my business partners better and to understand who my friends are," Adam Neumann, founder and partner in WeWork and Flow, confessed in a special address to the Globes Business Conference. Neumann spoke about the insights from his personal and professional journey, promised that business would flourish under Donald Trump's upcoming term as US president...

Bank Hapoalim chairperson Reuven Krupik spoke at the gala opening of the Globes Israel Business Conference last night, sharing his perspective on what's happening in the Israeli economy and how it can be put on a path of sound growth in the near future.

Governor of the Bank of Israel Amir Yaron indicated last night that it is still too early to talk about cutting interest rates in Israel. Talking to "Globes" editor-in-chief Naama Sikuler on the opening evening of the Globes Israel Business Conference, Yaron estimated that the rate of inflation would rise in the near term to 4%, because of the hike in the rate of VAT, but that it should decline...

In a special interview with Dror Marmor at the Globes Business Conference El Al Israel Airlines Ltd. (TASE:ELAL) CEO Dina Ben Tal Ganancia revealed the complex challenges facing the national airline including a shortage of aircraft and spare parts worldwide, high demand from the Israeli public and the need for enhanced security and safety during wartime. She also explained about the high fares,...

Former IDF chief of staff Aviv Kochavi is joining Canadian venture capital fund AWZ Ventures, in a move that reflects a growing trend for retired top Israeli security forces officers to enter the tech sector. Kochavi, who stepped down as IDF chief of staff in January 2023, joins a list of former top security forces officers including former Israel Police commissioner Roni Alsheikh.

Israeli cloud infrastructure security company Upwind Securityannounced today that it has completed a $100 million in Series B financing round led by Craft Ventures with new investors TCV and Alta Park Capital, as well as all existing investors including Greylock, Cyberstarts, Leaders Fund, Cerca and Sheva - founded by Israeli former NBA star Omri Casspi. No valuation was disclosed but market...

Minister of Finance Bezalel Smotrich and Bank of Israel Governor Prof. Amir Yaron have announced a new measure in their struggle against concentration in the banking sector. They have set up an inter-ministerial team, which will focus on strengthening competition in the banking and credit sector for small businesses and households.

The Ministry of Finance announced today that Minister of Finance Bezalel Smotrich has instructed officials to halt the sharp rise in purchases tax on electric vehicles, which was due to come into effect next month. Instead of hiking the tax from 35% to 83%, the tax will now only rise to 45%.

As presentations began here in Paris during the 32nd annual dinner of the Chambre de Commerce France Israel, the CCFI, it was patently obvious that, especially during wartime, we cannot take the politics out of business, nor the business out of politics, certainly not in the Middle East.

The ceasefire in the north, which came into effect last week, has seen a change in sentiment towards El Al's stock. After the Israeli airline's share price had risen 240% in the previous 13 months, it changed direction last week, losing 21%, with its market cap falling by NIS 575 million to NIS 3 billion. The share price opened slightly higher this week but still well below its peak and is down...

NovoCure (Nasdaq: NVCR) announced good results today in its trial of a treatment for pancreatic cancer. The announcement follows the approval granted two months ago for the sale of its treatment for lung cancer. NovoCure's share price is currently up by more than 30% on Nasdaq, giving the company a market cap of $2.83 billion. The share price is up by 82% for the year to date, after a period of...

Former NBA basketball star and Israeli investor Omri Casspi is leaving the Sheva fund, which he cofounded with David Citron, and is focusing on his new venture capital fund Swish Ventures, which has announced the closure of a $60 million seed fund. Investors include Sequoia and other funds and entrepreneurs.

Pat Gelsinger is stepping down as CEO of microchip giant Intel, which employs nearly 10,000 people in Israel, after four years in the post. Gelsinger will be replaced by two VPs who will run the company jointly as interim CEOs until a permanent replacement is found: CFO David Zinsner and Michelle Johnston Holthaus, general manager of the Client Computing Group, who will also be appointed to the...

Portuguese charter flight firm euroAtlantic Airways has been asked by an Israeli organization to operate flights between Tel Aviv and New York's JFK airport, the "ch-aviation" news website reports. euroAtlantic chief commercial officer Raul Largo told "ch-aviation" that his airline had received a request from multiple brokers to operate Tel Aviv - New York JFK flights but added that euroAtlantic...

Israeli solar energy company SolarEdge Technologies (Nasdaq: SEDG) saw its share price rise 33% last week, during which it announced that it is closing its energy storage division in Korea. Since its low-point last month the share price has risen 50.9%.

Israeli startups raised over $700 million in November 2024, according to reports and press releases seen by "Globes." The figure may be more as some companies prefer to remain in stealth and sometimes do not publicize the investments they have received.

The ceasefire agreement between Israel and Lebanon, which came into effect last week, has resulted in investment banks and rating agencies revising their forecasts for the Israeli economy. Some of these organizations have presented especially positive updates, which include a significant strengthening of the shekel and an improvement in Israel's credit rating. On the other hand, others see a more

Second-hand apartments sold

The board of directors of Bank Leumi (TASE: LUMI) has chosen Uri Alon as chairperson of the bank. He will replace Dr. Shmuel Ben-Zvi, who has served in the post for the past year.

International credit rating company Fitch ratings released an update today of the State of Israel's credit profile, following the ceasefire agreement with Lebanon. "A durable de-escalation of armed conflict between Israel and Hezbollah - potentially as a result of the 60-day ceasefire that began on 27 November - could help to limit pressure on Israel's public finance metrics," Fitch states, but...

Payments giant Stripe founder Patrick Collison revealed on X that he had landed for a visit to Israel, and wrote "Great to be back in Tel Aviv. I missed this run." to accompany a picture of the Tel Aviv seafront promenade. Stripe is one of the highest valued privately-held technology companies in the world, and considered a leading candidate for an IPO. A few days ago, it bought back shares in...

Israel Aerospace Industries (IAI) is expanding its presence in India. This week, it inaugurated its HELA facility in Hyderabad. The facility will employ 45 expert professionals and 80 field engineers, and will specialize in repairing radar systems, including power systems, cooling systems, IT integration, radar testing, and calibration.

Dairy product alternatives company ImaginDairy has received regulatory approval from the Israeli Ministry of Health to market factory-produced beta-lactoglobulin (BLG), an animal-free whey protein. This is the third approval given in Israel for an alternative protein, preceded by ReMilk, which also produces BLG, and cultured meat producer Aleph Farms. All three Israeli companies have yet to see...

Bank Hapoalim (TASE: POLI) has completed the institutional stage of an offering of two series of contingent convertible bonds (CoCo). One of the bonds matures after 25 years, the longest tenor so far for debt issued by the bank.

Today, the Knesset gave a first reading to the bill sponsored by MK Tally Gotliv (Likud) and adopted by the ministerial legislation committee to privatize the Israel Public Broadcasting Corporation, which broadcasts as Kan. The vote was 49 members of Knesset in favor and 46 against.

SolarEdge (Nasdaq: SEDG) is closing its Energy Storage division, which is based on Korean company Kokam, acquired by SolarEdge six years ago for $88 million. The closure of the business will affect about 500 employees (12% of SolarEdge's workforce), most of them in Korea, at the Sella 2 factory, named after SolarEdge's founder, the late Guy Sella. The move will not affect employees in Israel. The

French news agency AFP cites a senior Hamas source as saying that the organization is prepared for a truce in the Gaza Strip and an exchange of prisoners following the ceasefire agreement between Israel and Lebanon. Reuters reports Hamas official Sami Abu Zuhri as saying, "Hamas appreciates the right of Lebanon and Hezbollah to reach an agreement that protects the people of Lebanon and we hope...