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Category: Israels

  • Israel’s gas royalties up 12.5% in H1 2024

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    Investor Empires

    The Natural Resources Administration of the Ministry of Energy and Infrastructure today published its revenue report for the first half of 2024. Revenue from natural gas, minerals and raw materials in the first half of 2024 amounted to NIS 1.175 billion, an increase of 12% from NIS 1.044 billion in…

  • Israel’s budget chief warns on jump in interest rate costs

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    Investor Empires

    Senior finance ministry officials warned of higher interest rates due to the state budget breach, economic uncertainty and war, saying that “increasing the budget framework could be dangerous for the economy and a negative signal to investors.” The Knesset Finance Committee today discussed a NIS 3.5 billion breach of the…

  • Foreign residents gradually returning to Israel’s housing market

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    Investor Empires

    Some 28,000 Jews have immigrated to Israel since the start of the war, according to figures from the Ministry of Aliya and Integration. Estimates are that a few more thousand will arrive by the end of 2024, meaning there is a significant decrease from the 46,600 immigrants in 2023. Alongside…

  • Israel’s fiscal deficit climbs again

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    Investor Empires

    Israel’s fiscal deficit rose again for the 17th consecutive month, after reaching zero in March 2023. The deficit in the 12 months to the end of August this year amounted to 8.3% of GDP, or NIS 161 billion, Finance Ministry Accountant General Yali Rotenberg reported today. The figure at the…

  • Israel’s forex reserves hit record high in August

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    Investor Empires

    The increase was mainly due to a revaluation process that increased reserves by about $4.243 billion, the Bank of Israel reported. Israel’s foreign exchange reserves at the end of August 2024 reached an all-time high of $217.377 billion, an increase of $3.743 billion over their level at the end of…

  • Israel’s average monthly wage still rising

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    Investor Empires

    According to the Central Bureau of Statistics report, the average wage in Israel was NIS 13,683 in July 2024, an increase of 6.7% over July 2023. In July 2024, the average wage in Israel was NIS 13,683, up 6.7% from July 2023, according to the Central Bureau of Statistics. The…

  • Israel’s main labour union calls strike as pressure mounts for hostage deal By Reuters

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    Investor Empires

    By Emily Rose and Stephen Sher JERUSALEM (Reuters) – The head of Israel’s largest labor union called for a general strike on Monday to pressure Prime Minister Benjamin Netanyahu’s government to return Israeli hostages still being held by Hamas in Gaza, as thousands of protesters took to the streets. The…

  • JPMorgan cuts Israel’s 2024 growth forecast

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    Investor Empires

    Following recent negative macroeconomic data, JPMorgan has lowered its forecast for Israel’s GDP growth in 2024 to just 1.4%, down from 1.6% in its previous forecast. Under the title “Israel: An Unlucky Mix of Growth and Inflation Data,” US investment bank JP Morgan released revised forecasts for the Israeli economy,…

  • Mizrahi Tefahot posts highest Q2 ROE among Israel’s banks

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    Investor Empires

    Mizrahi Tefahot Bank, Israel’s third-largest bank, reported a net profit of NIS 1.45 billion in the second quarter, up 3.4% from the same quarter in 2023. Mizrahi Tefahot is the second bank to report an increase in profits on an annual basis, after Bank Hapoalim. Discount Bank and Bank Leumi…

  • Fitch cuts Israel’s credit rating with negative outlook

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    Investor Empires

    Fitch Ratings announced last night that it has downgraded Israel’s credit rating from A+ to A with a negative outlook. Fitch’s downgrade of Israel’s credit rating follows a similar move by the other two major international credit rating agencies – Moody’s and Standard & Poor’s. In its announcement, Fitch said:…

  • Israel’s fiscal deficit widens to 8.1% of GDP

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    Investor Empires

    Israel’s fiscal deficit continued to widen in July, reaching 8.1% of GDP over the past 12 months, or NIS 155.2 billion, according to Finance Ministry General Accountant Yali Rotenberg, up from 7.2% of GDP at the end of May. The fiscal deficit has grown in each of the past 16…

  • Israel’s forex reserves rise sharply

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    Investor Empires

    Israel’s foreign exchange reserves rose from $204.665 billion to $213.634 billion over the past 12 months, slightly below the record foreign exchange reserves of $213.731 billion in March 2024. The Bank of Israel reported that Israel’s foreign exchange reserves at the end of July 2024 amounted to $213.634 billion, an…

  • Israel’s top percent pays less tax in proportion to income

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    Investor Empires

    The total income of the top percentage of the wealthy in Israel between 2013 and 2021 amounted to about 100 billion shekels annually, according to a study conducted by the Israel Tax Authority. The study found that the top percentage of the wealthy receive 13.2% of the total income and…

  • Israel’s top percent pays less tax in proportion to income

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    Investor Empires

    The total income of the top percentage of the wealthy in Israel between 2013 and 2021 amounted to about 100 billion shekels annually, according to a study conducted by the Israel Tax Authority. The study found that the top percentage of the wealthy receive 13.2% of the total income and…

  • Budget delay, canceling VAT hike jeopardize Israel’s credit rating

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    Investor Empires

    The Finance Ministry is busy preparing the state budget for 2025, but the work is getting more complicated every day. While the ministry’s top officials are trying to promote a balanced financial plan to deal with high defense spending, politicians, led by Prime Minister Benjamin Netanyahu and his economic adviser,…

  • Check Point becomes Israel’s most valuable company

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    Investor Empires

    Wall Street investors have responded positively to the appointment of Nadav Zafrir as the new CEO of the veteran Israeli cybersecurity company. Wall Street investors responded positively to the appointment of Nadav Zafrir as the new CEO of Check Point Software Technologies Co., Ltd. (NASDAQ: CHKP), where the stock is…

  • Shlomo Dovrat: Israel’s technological standing is at risk

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    Investor Empires

    “Israel entered the crisis of judicial reform and the war in a good position, but its economic standing and the position of the engine of the economy, the Israeli technology sector, are at risk,” Shlomo Dovrat, co-founder of the investment firm Viola Group and head of the Aaron Institute for…

  • Gov’t cuts programs to promote inclusivity in Israel’s tech industry

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    Investor Empires

    As the war continues and the budget deficit widens, hundreds of cuts to Israel’s state budget include programs to increase employment opportunities for Arab, Druze and Haredi communities in the technology industry. The programs reduced by the Ministry of Economy and Industry include subsidizing the wages of Haredi, Arab and…

  • “Globes” ranks WhatsApp as Israel’s top 2024 brand

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    Investor Empires

    Global brand WhatsApp has been named the best brand of 2024 in Globes’ annual brand index, beating out major brands like Google, Netflix, Coca-Cola and Bamba. The brand has always been more than just a messaging app, owned by Meta. It’s a social network used by 98% of Israelis, according…

  • Investors returning to Israel’s housing market

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    Investor Empires

    May 2024 saw the highest number of home purchases by investors since the purchase tax for owners of multiple residences (two or more homes) was raised. For the first time since 2022, investors are buying more homes than they are selling, according to a survey of residential real estate activity…