Articles by October, 2020

The closure continues to deepen the decline in consumption data, according to recent data on the volume of credit card use in the past week published by the Bank of Israel. The data show a significant slowdown in all sectors of the economy. The average daily volume of credit card use was NIS 848 million, a decrease of 10% compared to the pre-crisis period. In the previous week, the average daily use was NIS 1.09 billion (an increase of 11% compared to the pre-crisis period). In examining the various industries, the decrease in expenditure on education and leisure of about 50% in the...

The resignation of the director general of the Ministry of Finance, Keren Terner Eyal, just five months after taking office, is taking its toll on the ministry: in the next two weeks, senior officials of the Ministry of Finance and the Bank of Israel will hold meetings with the three major credit rating companies - S&P Israel's current situation and its ability to meet its obligations. The meetings will be held this time in Zoom, and will not include shared and friendly meals with representatives of the rating companies. Generally, rating agencies do not take an interest in the retirement...

The International Monetary Fund has published its half-yearly global economic forecast (October 2020) and it seeks to dispel some optimism compared to the publication in April 2020. Also in relation to Israel, the forecast is less bad, but still - our recession will be severe compared to other developed countries. Precisely in the midst of the second wave of the corona, the fund's economists "softened" the recession forecasts published six months ago, and now the global economic contraction in 2020 is expected to stand at 4.4% (real decline in global GDP) instead of 5.2% when the plague...

How is it possible that the number of businesses closing is actually declining when Israel is experiencing one of the biggest economic crises in the country's history. According to data from the business information company, CofaceBdi, between January and September 2020, 49,125 businesses were actually closed. In contrast, data from the Tax Authority show that only 14,271 business owners reported to the Tax Authority the closure of a business during this period. According to CofaceBdi, in July and August the number of businesses that ceased operations increased sharply (87% and 99%,...

The Corona Cabinet on Thursday approved the first phase of easing the general closure. According to the Cabinet decision, educational institutions for children up to the age of six will return to activity, as well as businesses that are not audience recipients. In addition, the restriction that only one thousand meters away from the place of residence is allowed will be removed, and it will be possible to visit other people's homes. In addition, takeaway services will be available in restaurants in addition to deliveries, beaches and nature reserves will be open to the general public,...

The Legal advisor of the government and the Cheif procecuter Avichai Mandelblit officially announced on Thursday evening that he has decided to adopt the recommendation of the police and the State Attorney's Office and not open a criminal investigation against Prime Minister Benjamin Netanyahu in the stock affair. The attorney general states that the prime minister received benefits, but the offense is statute-barred. At the same time, Mandelblit referred to the submarine case (Case 3000) and announced following the petition of the Movement for Quality of Government to the High Court to...

The cyber companies Clearsky and Profero have published a report with disturbing revelations about what is described as an "Iranian cyber attack on companies in the Israeli economy." The main points of the report are that the attack uses damage intended to encrypt the victims' computers - just like ransomware - but this time without any financial demand. Iranian hackers are content to block companies from using their data, a particularly troubling situation in days of remote work and increased use of digital to operate commercial and economic activity in the economy

The Ministerial Committee approved the extension of the closure in the red authorities, the morbidity of which has not decreased enough to allow for the relief - but approved the opening of the education system until the age of 6, contrary to the experts' opinion. In a discussion held among the ministers on Friday afternoon, it was decided that despite the gradual withdrawal from the closure, the restrictions in Bnei Brak, Beitar Illit, Elad, Modi'in Illit, Rechasim and some neighborhoods in Jerusalem will remain until Wednesday, and Corona commissioner Prof Gamzo said he estimates some...

Bahrain and Israel on Sunday signed an interim agreement to establish diplomatic relations between the two countries. Bahrain Foreign Minister Abed a-Latif a-Ziani, Foreign Ministry Director General Alon Ushpiz and National Security Adviser Meir Ben Shabbat signed the joint declaration establishing diplomatic relations between Israel and Bahrain as well as eight memoranda of understanding in various fields, including visas, aviation, agriculture and investments . "We have signed these agreements because we believe in coexistence and reconciliation," the Bahraini foreign minister said at...

The annual State Comptroller's report, which was devoted mainly to issues in the fields of economics and infrastructure, with an emphasis on socio-economic issues, also addressed two important environmental-socio-economic issues: energy efficiency and the promotion of renewable energies and reducing fuel dependence. Plans are organized, and how the implementation of existing plans fails, so the goals are not achieved, and it is important to say that in advance these are low goals on any scale. However, this report is only the tip of the iceberg, and the big picture is even more worrying,...