NewsBank (Globes (Rishon LeZion, Israel))

7740 results for NewsBank (Globes (Rishon LeZion, Israel))

  • Public transport fare reform goes into effect

    Israel's public transport fare reform initiated by Minister of Transport Miri Regev went into effect on March 25. The reform, which will cost NIS 360 million annually in government subsidies, has not been allocated a permanent budget by the Ministry of Finance, and in the first stage the reform will be paid for by an improvised budget.

  • Carrefour losses continue for Electra Consumer Products

    The Carrefour Israel retail chain, set up by Electra Consumer Products (TASE: ECP), continued to incur heavy losses in 2023. Electra Consumer Products estimates, however, that the chain could become profitable in the current quarter. Carrefour posted a loss of NIS 188 million last year, following a loss of NIS 207 million in 2022.

  • Regulator to declare big banks as concentration group

    Israel Competition Authority commissioner Michal Cohen today informed the five big banks - Bank Leumi (TASE:LUMI), Bank Hapoalim (TASE: POLI), Israel Discount Bank (TASE: DSCT), Mizrahi Tefahot Bank and First International Bank of Israel (TASE:FTIN1; FTIN5) - that she plans declaring them a concentration group in retail banking. She intends imposing orders on them in the field of deposits. Her...

  • Jerusalem asserts primacy in Israel's real estate market

    Since 2022 Jerusalem has emerged as Israel's biggest real estate market in terms of new construction, replacing Tel Aviv that led the way until a few years ago. Over the past year there have been nearly 5,800 new building starts in Jerusalem, a national record in the 21st century, according to the Central Bureau of Statistics. The jump in new construction is likely the first fruits of the...

  • Gov't Cos Authority wants new company to run Metro project

    The Government Companies Authority is formulating a decision for the government on setting up a new company to lead the Metro mass transit project in the Greater Tel Aviv area, to replace the decision to give the task to NTA Metropolitan Mass Transit System. The threat issued by acting Government Companies Authority director Yanki Quint at the "Globes" Infrastructure Conference is thus...

  • AI investment accounting platform FundGuard raises $100m

    Israeli cloud-native, AI-powered, multi-asset class investment accounting platform developer FundGuard today announced the completion of a $100 million Series C financing round. The investment was led by Key1 Capital in participation with new investors including Euclidean Capital and funds managed by Hamilton Lane (Nasdaq: HLNE) and participation from existing strategic investors, and the company'

  • Nvidia takes aim at the cloud

    Nvidia is not just a hardware company that engineers chips. At this year's GTC 2024 AI Conference for Developers, it was very important for Nvidia to show that it is also a software company. Nvidia is not concealing that the cloud business is the next field it plans to conquer and it is clear that it is an important engine of growth that will yield it large future revenue, as competition...

  • NextVision's market cap exceeds $1b after 800% rise

    While the public at large may not have heard of NextVision Stabilized Systems (TASE: NXSN), which develops stabilized cameras for ground and aerial vehicles, Tel Aviv Stock Exchange (TASE) investors know the company well.

  • Why GPS can't find you in Haifa

    In the past few months, residents of northern Israel have become used to life without GPS, the US network of satellites that enables devices to report their position on the earth's surface. Navigation app Waze has almost shut down in that area, sports watches report that they are located in Lebanon, and even users of dating app Tinder report dates being proposed in Beirut. Ship captains sailing...

  • SpearUAV's compact tactical drone loiters with intent

    Israel's current war has provided an opportunity for early-stage military technology companies to prove their products on the battlefield. One such outstanding example has been loitering munitions and tactical drone Tel Aviv-based startup SpearUAV.

  • OurCrowd expanding investment in war-affected startups

    Will 2024 turn out to be better for Israel's technology sector than last year? Alongside extensive layoffs, there is also talk of recovery. Indicative of that is that crowdfunding platform OurCrowd has announced that it is expanding its investment commitments in its Israel Resilience Fund from eight startups to thirty-four.

  • Qualcomm cancels $350m Autotalks acquisition

    On Friday evening, US chip giant Qualcomm announced the cancelation of its acquisition of Israeli vehicle chip company Autotalks. The acquisition for an estimated $350 million was canceled after a far reaching probe by the UK Competition and Markets Authority.

  • Barclays: Interest picking up in Israel's upside potential

    For over a year now, foreign investors have been making headlines in Israel. Amid judicial reforms, public protests, and the war that broke out on October 7, the upheavals affecting Israel have unsettled foreign investments in the country. But if you ask Barclays Investment Bank, foreign investors are simply sitting on the fence, waiting for the right timing to return and invest in stocks on the...

  • Tower Semiconductor back on the rise

    Russell Ellwanger, CEO of Tower Semiconductor Ltd. (Nasdaq: TSEM; TASE:TSEM) from Migdal Ha'Emek, sounded satisfied this week at the first investors conference held by the company since the cancelation of Intel's acquisition of the Israeli chipmaker.

  • Israel slips in World Happiness Index

    Israel is ranked 5th in the 2024 World Happiness Report, which is sponsored by the UN, through a poll conducted by Gallup, measuring happiness in countries between 2021 and 2023. Israel was ranked 4th last year. Finland was top of the rankings, followed by Denmark, Iceland, Sweden and Israel. The five countries behind Israel making up the top ten were Netherlands, Norway, Luxembourg, Switzerland...

  • Ashdod Port CEO reveals IPO plans

    Speaking at the Globes Infrastructures Conference, Ashdod Port CEO Shaul Schneider spoke to "Globes" correspondent Oren Dor about the company's privatization plans. Ashdod Port is the only port left in Israel still operated by the government.

  • Cybereason to lay off dozens of senior employees

    Israeli cybersecurity company Cybereason, which was in the past one of the country's most promising unicorns in the sector, and even considered an IPO, is embarking on another round of layoffs due to the ongoing crisis that has plagued the company over the past two years.

  • Ben Gurion airport Terminal 1 to reopen in 10 weeks

    Due to an anticipated major increase in passenger traffic at Ben Gurion airport in the summer, the Ministry of Transport has decided to reopen Terminal 1 at the end of May, after the low-cost terminal was closed following the outbreak of the war in October.

  • Tech leaders strive for business as usual in war-torn Israel

    The "Innovation during War" Conference, organized last week by Ibex Investors and Pearl Cohen law firm Hi-Tech Group, discussed the challenges for entrepreneurs and investors during times of crisis and war.

  • Ayelet Shaked earned NIS 1.5m in 2023 in part-time job

    Former minister of interior and minister of justice Ayelet Shaked enjoyed remuneration of NIS 1.53 million in 2023 from Kardan Real Estate (TASE: KARE). Shaked has been employed by the company since February 2023 although she only became chairperson in October. The job is only a part-time 60% position, leaving her plenty of time to plan her return to the political arena, after she failed to win a

  • Leumi posts NIS 7b 2023 profit despite large US write-down

    Bank Leumi (TASE: LUMI) published its 2023 financials this morning, showing an annual net profit of NIS 7 billion, 9% lower than in 2022. The decline in net profit was due to a write down of NIS 1.1 billion of the value of Leumi's 14.2% stake in US bank Valley National. Excluding the one-time write down, net profit for 2023 was NIS 8.1 billion.

  • Israeli chip co NeuReality raises $20m, including from EU's EIC

    Despite harsh criticism of Israel's actions in Gaza by EU countries, the EU itself continues to strengthen its connections with Israel's tech sector. Only recently Israel received approval from The European High-Performance Computing Joint Undertaking (Europe HPC), managed in Belgium, to build a supercomputer and in the long-term connect it to the European infrastructure.

  • Frenkel again increases stake in Tamar gas field

    Israeli billionaire Aaron Frenkel is continuing to increase his stake in the Tamar gas field. Frenkel has bought the 3.5% stake of Everest (a partnership of Harel Insurance Investments and Financial Services and the Israel Infrastructure Fund) for NIS 1 billion, reflecting a NIS 29 billion ($7.1 billion) valuation for the Israeli offshore gas field.

  • In a crisis, Israelis prefer liquidity to interest

    An assumption in the world of finance is that the product that best reflects the public's mood is mutual funds. Every time a local or global crisis breaks, people rush to redeem their money. Thus it was when the Covid-19 pandemic broke out: in one day, March 15, 2020, the mutual funds lost NIS 10 billion of their assets. Now, data gathered by "Globes" show that, in the past two years, the public's

  • Mobileye to close aftermarket unit, lay off 130

    Israeli advanced driving assistance systems (ADAS) company Mobileye Global Inc. (Nasdaq: MBLY) has announced that it is closing down its aftermarket solutions unit due to market changes in recent years. The move will result in 130 employees being laid off, including an estimated 90 in Israel. At the end of 2023, Mobileye had 3,700 employees worldwide, up 200 from the end of 2022, so that closing...

  • UK budget springs surprises

    The UK 2024 spring budget 2024 was delivered on 6 March 2024 by Chancellor of the Exchequer Jeremy Hunt. The budget aimed to build long term growth via lower taxes, more investment, and better public services. With upcoming UK elections, this budget sought to focus on tax cuts, and Hunt claimed that the announcements deliver personal tax cuts worth £20 billion (combined with changes at the Autumn

  • Alony Hetz execs earn NIS 45m despite NIS 2.6b loss

    High interest rates in the US pushed Israeli income-producing property company Alony Hetz Properties and Investments Ltd. (TASE: ALHE) to a huge NIS 2.4 billion loss in 2023. The consequent crisis in the office market in the US and the UK led to write-downs totaling NIS 2.6 billion on the assets of the company and its overseas subsidiaries. More than half of these write-offs were in the fourth...

  • Tax Authority targets Israelis' ties with Cyprus

    Against the background of the increasing attractiveness of Cyprus as a relocation and investment destination for Israelis, the Israel Tax Authority recently launched an operation to identify assets, income, and companies of Israelis on the neighboring island on which the Tax Authority believes tax should be paid in Israel.

  • Inside the Tel Aviv AI startup targeted by Nvidia

    Omri Geller from Ramat Hasharon and Ronen Dar from Jerusalem met at Tel Aviv University when they were studying for their doctorates in electrical engineering. They had both 'fallen in love' with the potential of AI, which was part of their research. Now they are under the spotlight as the founders of AI infrastructure orchestration and management company Run:ai, which is in advanced talks to be...

  • Barely 1,000 foreign workers reach Israel in five months

    The rate at which foreign workers are arriving to work in Israel's construction industry, which is crying out for manpower, continues to be worryingly low, but that didn't inhibit the minister of the interior and the minister of construction and housing, who decided to participate in a festive welcoming ceremony for workers arriving in Israel last Thursday.

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