Altman will meet with employees at the Microsoft campus in Herzliya as well as with prominent Israeli tech entrepreneurs.
Israel Financial News
Investors lose appetite for Israel’s food-tech cos – Loans for Stock in Israel
Three companies promising cultured meat, milk and honey, which have held TASE IPOs in recent years, are struggling to develop marketable products.
Deposits in Israeli banks fail to fully reflect rate hikes – Loans for Stock in Israel
As banks report record profits, the Israeli Competition Authority has asked banks to provide details on the interest rates paid on deposit accounts.
Stratasys merges with Desktop Metal at $1.8b valuation – Loans for Stock in Israel
The merger of the 3D printing companies will leave Israel’s Stratasys with a 59% stake and US company Desktop Metal with 41%.
Netanyahu says Gallant to remain Defense Minister – Loans for Stock in Israel
Prime Minister Benjamin Netanyahu ended a briefing blaming the security escalation on the previous government by announcing that Yoav Gallant will remain Minister of Defense.
Urban renewal developers seek partners with deep pockets – Loans for Stock in Israel
A financing agreement between real estate company Aura and The Phoenix Holdings is indicative of the state of the market.
A fateful week for Israel’s economy – Loans for Stock in Israel
By the end of this week, we shall have a clearer idea of the impact of the security situation, the inflation and interest rate trend, and whether the judicial overhaul will really affect Israel’s credit rating.
Tax Authority chasing 4,000 landlords with unreported rent – Loans for Stock in Israel
The Israel Tax Authority is trying to introduce a general reporting requirement even for rental income below the exemption threshold.
Shekel sharply weaker after security escalation – Loans for Stock in Israel
Prico: The shekel is weakening, when it would normally be strengthening, because of the sensitive situation in which Israel currently finds itself.
BoI governor: Interest rate tool will work – Loans for Stock in Israel
Governor of the Bank of Israel Amir Yaron, responding to criticism after yesterday’s interest rate hike, reasserted the importance of the bank’s independence.
Bank of Israel hikes interest rate to 4.5% – Loans for Stock in Israel
The central bank has made its ninth consecutive rate hike to tame inflation and has cut its growth forecast for 2023.
Why the insurance giants want credit card cos – Loans for Stock in Israel
With profits on traditional insurance business under pressure, the insurance companies see credit as an increasingly important part of their armories.
Cabinet approves budget cut to fund Ben-Gvir’s national guard – Loans for Stock in Israel
Israel’s cabinet has approved an across-the-board 1.5% budget cut to finance the NIS 1 billion required to establish the national guard.
Is the Netanyahu brand waning? – Loans for Stock in Israel
In domestic appearances the prime minister looks tired and worn, while overseas leaders are less than welcoming. But admirers say those who would write him off don’t understand.
Sharp decline in housing deals drives out agents – Loans for Stock in Israel
The realtor sector in Israel is in deep crisis as the number of housing deals has plunged by 40% over the past year.
Israeli healthcare sector struggling to survive – Loans for Stock in Israel
The global crisis in high-risk investment and the political instability in Israel are squeezing the life out of Israeli healthcare startups.
Cisco to buy Israeli co Lightspin for $200m – Loans for Stock in Israel
In its most recent financing round in June 2021, the cloud security company had a valuation of $46 million, according to PitchBook.
Biden takes risk with Netanyahu snub – Loans for Stock in Israel
Besides Benjamin Netanyahu, only Hungarian leader Viktor Orban has ever received an explicit non-invitation to the White House. For the US, democracy has never been “an internal affair”.
NewMed CEO Yossi Abu: We’ll become a global player – Loans for Stock in Israel
The bid by BP and ADNOC for 50% of NewMed Energy, if it succeeds, is seen boosting the Israeli partnership’s plans for LNG exports to Europe and regional exploration.
Israeli markets underperformed amid political uncertainty – Loans for Stock in Israel
In 12 weeks of protests provoked by the judicial overhaul the TASE underperformed and the shekel weakened. “Globes” counts the cost to Israel’s economy.
BP, ADNOC bid for 50% of NewMed Energy – Loans for Stock in Israel
If it goes ahead, the offer, which is at a high premium, will bring another major energy company into Israel’s Leviathan gas field.
Ben-Gvir agrees to pause judicial overhaul – Loans for Stock in Israel
Prime Minister Benjamin Netanyahu has reportedly agreed with National Security Minister Itamar Ben-Gvir that the cabinet will approve the setting up of a National Guard to strengthen policing.
Histadrut calls immediate general strike if reform not halted – Loans for Stock in Israel
Histadrut chief Arnon Bar-David: This is an historic strike in which workers and employers will together halt the judicial overhaul.
Yoav Gallant fired after call to halt judicial overhaul – Loans for Stock in Israel
Prime Minister Benjamin Netanyahu has dismissed the defense minister for warning about the damage to the IDF caused by the split in Israeli society.
Recruiters bear the brunt of Israel’s tech crisis – Loans for Stock in Israel
The biggest victims of the slowdown in the tech sector are those talent acquisition specialists that helped companies expand rapidly in 2021 and early 2022.
Down 94% from the peak: What went wrong at LivePerson – Loans for Stock in Israel
The customer service tech company’s share price plunged 50% last week after it released poor results and worse guidance.
Large stocks pressure Tel Aviv home prices – Loans for Stock in Israel
Developers in the Tel Aviv district have about 15,000 unsold homes on their hands, a supply sufficient for two years’ sales.
Defense Minister Gallant calls for halt to judicial reform – Loans for Stock in Israel
“The split in society has penetrated the IDF and this is a clear, immediate and concrete danger to the security of the state.” Mass demonstrations continued around Israel.
Netanyahu: No pause in judicial reform – Loans for Stock in Israel
Prime Minister Benjamin Netanyahu said he would introduce legislation to secure individual rights, but that the bill to change the judicial selection committee would proceed.
Netanyahu to make special announcement after “Day of Paralysis” – Loans for Stock in Israel
Protesters against the government’s judicial reform held rallies around Israel today, blocking main roads.
Israeli entrepreneurs in talks over tech exodus – Loans for Stock in Israel
Even before the planned judicial overhaul Portugal, Greece and Cyprus tried to attract tech companies and employees. Now the relocation talks have gained momentum.
Israel Tax Authority thwarts tax rebate companies – Loans for Stock in Israel
The Tax Authority is playing tough with companies helping salaried employees receive tax rebates, by blocking their access to its computer systems.
BioNTech to produce trial cancer vaccine in Jerusalem – Loans for Stock in Israel
Germany’s BioNTech, which developed the Covid-19 vaccine marketed by Pfizer, is building a factory in Jerusalem for future products.
After near crash, oil price, exchange rate lift El Al – Loans for Stock in Israel
Special factors are helping the Israeli airline to take advantage of the recovery in the travel industry.
Smotrich dismisses dire warnings by top Treasury officials – Loans for Stock in Israel
Despite forecasts of serious economic damage, Minister of Finance Bezalel Smotrich insists foreign investors will ultimately be convinced that the reform benefits the economy.
eToro raises $250m at $3.5b valuation – Loans for Stock in Israel
The Israeli online trading platform has scrapped its SPAC merger and cut its valuation to just one third of its SPAC valuation.
Treasury: Judicial reform will cost NIS 50-100b annual growth loss – Loans for Stock in Israel
The Ministry of Finance Budgets Division has presented Finance Minister Bezalel Smotrich with its first official warning of the reform’s economic consequences.
Housing building starts down 23% in Q4 2022 – Loans for Stock in Israel
Last year’s building starts figure was slightly higher than the 2021 figure of 63,600 building starts.
Accountant General calls for quick consensus on judicial overhaul – Loans for Stock in Israel
Yali Rothenberg told a Manufacturers Association conference that the situation was disturbing and that certainty needed to be restored.
Developers’ special offers cutting new apartment prices – Loans for Stock in Israel
Although the real estate companies are still not admitting it, new home prices are on the way down.
Coalition softens changes to judicial appointments method – Loans for Stock in Israel
Constitution, Law and Justice Committee chair Simcha Rothman: The proposal will facilitate balance and diversity. Opponents of the reforms have rejected it out of hand.
More parking lots will only worsen Israel’s transport problems – Loans for Stock in Israel
Bnei Brak, Petah Tikva, Jerusalem and other cities are investing in huge parking lots, but planning experts see this as a waste of resources.
Job vacancies in Israel continue to fall – Loans for Stock in Israel
In the tech sector, the number of job vacancies for programmers fell 56% over the past year, the Central Bureau of Statistics reports.
Former BoI governor: We have so much to lose – Loans for Stock in Israel
Jacob Frenkel, governor of the Bank of Israel from 1999 to 2000, spoke at a rally in Tel Aviv as anti-government protests moved into their eleventh week.
Netanyahu in Berlin: President’s plan a missed opportunity – Loans for Stock in Israel
Prime Minister Benjamin Netanyahu told journalists that the coalition had proposed an alternative composition for the judicial selection committee.
Tel Aviv light rail launch postponed again – Loans for Stock in Israel
Sources familiar with the project say the Red Line will not begin operations on Independence Day as announced by Transport Minister Miri Regev.
Israel’s February CPI reading above expectations – Loans for Stock in Israel
Annual inflation over the past year has fallen less than forecast to 5.2%, while housing price rises have slowed.
Slow progress in huge northwest Tel Aviv plan – Loans for Stock in Israel
Tel Aviv Municipality has issued revised rights for the TA/3700 plan north of Sde Dov but it may take years before construction begins.
BoI governor criticizes “haste” of judicial reforms – Loans for Stock in Israel
Amir Yaron told CNN’s Richard Quest that the Bank of Israel’s independence was not at risk, but that the judicial reform needed to be “handled with care” to prevent economic damage.
Business leaders support President Herzog’s compromise – Loans for Stock in Israel
The business leaders told the president that they would back his compromise proposal provided it is acceptable to major judicial figures.
New homes sales in Israel down 42% – Loans for Stock in Israel
At the same time, the new housing supply hit a four-year high in January 2023, the Central Bureau of Statistics reports.
Mizrahi Tefahot, Leumi join parade of record bank profits – Loans for Stock in Israel
Bank Leumi posted the highest profit among Israel’s banks for 2022, of NIS 7.7 billion, while Mizrahi Tefahot Bank saw a 33% rise in interest income.
Mortgage taking in Israel plunges 50% – Loans for Stock in Israel
The decline in mortgage taking is gaining momentum due to higher interest rates and economic uncertainty caused by the planned judicial overhaul.
SVB collapse blocks Israel tech sector capital pipeline – Loans for Stock in Israel
The second largest bank collapse in US history has major implications for Israel due to the large exposure of tech companies and institutional investors to SVB.
Discount Bank reports Q4 interest income up 50% – Loans for Stock in Israel
For 2022, Israel Discount Bank’s net profit rose 26% to NIS 3.5 billion. The effect of separating from credit card company Cal is expected to be minor.
US regulators close NY bank with Israeli history – Loans for Stock in Israel
Bank Hapoalim founded Signature Bank in 2000 to attract wealthy private clients in New York, but exited from it in 2005.
Israeli institutional investors exposed to SVB – Loans for Stock in Israel
Israeli institutional investors including Harel and Migdal have hundreds of millions of dollars invested in funds associated with SVB.
Israeli public cos report exposure to SVB – Loans for Stock in Israel
Among them are QualiTau, which holds most of its cash at the failed bank, and Outbrain has an undrawn revolving credit facility.
Smotrich promises to aid Israeli tech after SVB collapse – Loans for Stock in Israel
Minister of Finance Bezalel Smotrich has formed a team to examine the effects of the bank’s collapse on Israel’s tech industry.
Israeli startups panic as SVB share price plunges – Loans for Stock in Israel
Hundreds of Israeli tech companies are left exposed due to concerns about Silicon Valley Bank’s financial stability.
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