NewsBank (Globes (Rishon LeZion, Israel))

The mortgages market is going backwards. The big question is, where to exactly? The average total of new mortgage loans in recent months is similar to the amounts seen at the end of 2020 and the beginning of 2021, but the decline has been gathering momentum, and it could be that the market will continue marching backwards, and at a frightening rate. 2022 will be remembered as a record year for...

Will Tel Aviv's Kikar Hamedina regain its crown as a focus for Tel Aviv's haute couture fashion brand stores? Will the 450 luxury apartments in three towers with no commercial premises meet the needs of the market?

While many headlines warn that capital and foreign investors are abandoning the country, the Israeli currency has actually been strengthening in recent weeks. Yesterday, the Bank of Israel set the representative shekel-dollar rate down 0.089% from Tuesday, at NIS 3.370/$, although in early afternoon inter-bank trading the shekel is weakening 0.46% against the dollar at NIS 3.386/$. After...

Israeli payroll platform Papaya Global CEO Eynat Guez has tweeted that the company is moving all its money out of Israel following the government's reform of the judicial system. "Following declarations by Prime Minister Benjamin Netanyahu that he is determined to enact reforms that will harm democracy and the economy, we have taken the business decision to move all the company's money from...

Among the 100 senior Israeli economists who yesterday published an opinion warning that the government's judicial reform could harm the economy was Noble Prize winner in Economics Prof. Daniel Kahneman. He told "Globes" about the expected ramifications of the judicial reform.

Tech investors are readying for the wave of legislation expected by the new government by uniting in making new investments contingent of clause preventing discrimination in portfolio companies.

The Economic Arrangements Bill being drafted by the Ministry of finance to accompany the state budget will include a NIS 900 million government investment program for technology development, "Globes" has learned. Investment grants will be distributed bot to academic institutions and to businesses, and will be channeled to artificial intelligence and bio-convergence, that is, synergy between...

One of the investors in Israeli payroll platform Papaya Global has criticized the post this morning that the company intends transferring all its bank deposits overseas as an act of protest against government reforms.

Yesterday, Ministry of finance chief economist Shira Greenberg released forecasts that had been presented at the latest meeting of the Consensus Forum, in which Ministry of Finance representatives consult economic experts from both the private and public sectors. The conclusions of the discussion, which took place earlier this month, include macro forecasts for metrics such as growth, inflation,...

Hundreds of Israeli economists including Noble Prize winner Daniel Kahneman, Prof. Eugene Kandel and Prof. Avi Ben-Bassat today sent a letter to Prime Minister Benjamin Netanyahu warning off the potential economic results of reforming the country's judicial system. But is the matter really being felt by Israeli businesses. Eyal Ben Simon, CEO of Israel's largest insurance company Israel Phoenix...

Hundreds of senior economists this morning published an opinion and warned against the legal revolution being promoted by the new government: "We strongly warn against the current initiatives of the coalition, which mean a fundamental change of the system of Israel's regime and is a danger to the future of the Israeli economy."

Israel's Housing Services Index, which measures rents, rose 6.3% in 2022, the highest annual figure for 15 years. The figure measures the rise in new contracts signed between landlords and new tenants and existing tenants, and exceeds the 5.3% rise in the Consumer Price Index (CPI) last year. On the other hand, the rise in rents falls well below the 18.8% rise in housing prices between November 20

US-based electric vehicle maker Tesla is gearing up for expansion in Israel. "Globes" has learned that the company recently signed a lease on a property in the industrial zone of Netanya on which it will set up a large sales and service center. The privately-owned property, five dunams in area, is at 39-41 Hakadar Street in north Netanya, close to the sales and service center of rival Chinese...

Prime Minister Benjamin Netanyahu and Governor of the Bank of Israel Amir Yaron held a meeting yesterday evening at Netanyahu's office in the Knesset. At the meeting, Yaron warned the prime minister of the possible consequences of the government's planned judicial reforms, in the light of statements by the international credit rating agencies and talks that he held with investors at the World...

Prime Minister Benjamin Netanyahu and Minister of Finance Bezalel Smotrich called a press conference this evening to refute claims that his government's reform of the judicial system will harm the country's economy.

Israel Sovereign Wealth Fund began operating at the end of June 2022 and the Israel Tax Authority reports that the fund now has NIS 4.5 billion including finalized levies exceeding NIS 2 billion shekels. Total state revenues from natural resources in 2022 amounted to NIS 4.54 billion. In 2022, NIS 3.28 billion levies were collected - 2.6 times the total of all levies collected cumulatively until...

Israel's Ministry of Agriculture has announced that the government supervised price of eggs will rise by about 12%. A box of a dozen medium-sized eggs will rise in price from NIS 11.50 to NIS 12.89 and a dozen extra-large eggs will rise 16% in price from NIS 13.10 to NIS 15.19.

Nearly three months after Unilever products were removed from the shelves of Shufersal supermarkets, the much publicized battle between Israel's largest supermarket chain and the food and consumables giant has come to an end. Sources inform "Globes" that within the past twenty-four hours, the two sides have reached agreement, and it would appear that Unilever products will start to be supplied to

Israeli defense electronics company Elbit Systems Ltd. (Nasdaq: ESLT; TASE:ESLT) announced today that its subsidiary Elbit Systems Sweden AB has been awarded a $48 million contract by the Swedish Defence Materiel Administration (FMV), to supply Technical High Mobility Shelters (THMS) to the Swedish Army. The contract will be performed over three years and includes options for further extensions.

Something extraordinary happened this week, when the Tel Aviv Stock Exchange (TASE) published a position paper relating to some of its main shareholders, namely the banks, calling on the government to intervene in the running of the banks' businesses. The stock exchange calls for substantial reform, including separation of the investment advice business from the banks and its sale to third...

Delek Group Ltd. (TASE:DLEKG) unit NewMed Energy (TASE: NWMD) (formerly Delek Drilling) plan to list on the London Stock Exchange through a reverse merger with UK company Capricorn Energy plc, which is already publicly traded there, has been thrown into doubt.

As US tech giant Google has announced a wave of layoffs, the company is rethinking its move to new offices in Tel Aviv. Sources familiar with the matter have told "Globes" that the company has decided to postpone its entry to new offices in Rubinstein Towers in the Hassan Arafe neighborhood of Tel Aviv. The company has leased 11-floors there covering 11,000 square meters and was set to renovate...

Israel is rapidly crowding towards Tel Aviv. Central Bureau of Statistics figures show that 40% of the housing units added in the past decade in Israel were built in Tel Aviv and the cities around it. Only 12% of the units were built in the Jerusalem area, while the Haifa and Beersheva areas received 6% each.

Yoga clothing and sportswear brand Alo Yoga will open its first store in Israel in the TLV Mall in Tel Aviv on January 26. The 500 square meter store will be the chain's first outside of the US and Canada. Alo Yoga will open its second store in Israel in April in the Ramat Aviv Mall in North Tel Aviv. Each store will be opened at an investment of $1 million.

McKinsey & Company today announced that it has acquired Tel Aviv-based AI and Machine Learning startup Iguazio. This is McKinsey's first acquisition in Israel.

Melisron Ltd. (TASE: MLSR), controlled by Ofer Investments, is investing NIS 120 million to enhance and enlarge Ramat Aviv Mall in North Tel Aviv. Half of the amount will be spent in the first six months of 2023. In the first stage, NIS 40 million is being spent on renovations and redecorations including new flooring, ceilings, railings and infrastructures.

Prime Minister Benjamin Netanyahu fired Aryeh Deri as Minister of Interior and Minister of Health at today's cabinet meeting following last week's High Court ruling disqualifying him from holding office.

After Saturday night's large protest against the new Israeli government's planned reform of the judicial system, which drew 130,000 demonstrators, 130 tech companies and other businesses will allow employees to participate in a warning strike on Tuesday morning. There will also be more protests around the country on Thursday and another huge demonstration is planned for Tel Aviv's Kaplan Street...

Against the background of the disqualification of Aryeh Deri from serving as a government minister by the High Court of Justice, thousands of people attended demonstrations in Israel this evening (Saturday). In Tel Aviv, police put the number of demonstrators at over 100,000. Two demonstrations were held in the city: one in Habima Square, and the other in Kaplan Street, where government offices...

Israeli real estate developers Chen and Itay Gindi Ltd., which is building the Liya Park project in Green Herzliya, is offering five-room apartments at substantially lower prices than last year, sources close to the matter have told "Globes." Apartments are NIS 350,000 cheaper than last month and NIS 600,000 cheaper than in August.