Articles by November, 2020

Bank Mizrahi Tefahot published the results of the third quarter of 2020 with a return on equity of 9.5% compared to 11.1% in the corresponding quarter. The net profit was NIS 387 million, despite a provision for credit losses of NIS 317 million as a result of the corona crisis. Based on the results for the quarter, the return on marketable capital is about 9.3%. Net income was NIS 387 million, compared with NIS 422 million in the corresponding quarter last year. The total profit amounted to NIS 403 million, compared with NIS 388 million in the corresponding quarter last year

The Supervisor of Banks is promoting a new outline for deferring debts in respect of consumer loans and mortgages. In the current situation a borrower who was interested in a deferral received it from the banks automatically with the help of principal payments of the debt in respect of consumer loans and mortgages. According to the outline, it appears that there will be no sweeping postponement of payments - and from now on it will be done differentially

A 41% increase in the number of bankruptcy applications filed from the beginning of 2020 to mid-November compared to the same period in 2019. This is according to a report by the Commissioner of Insolvency Proceedings in the Ministry of Justice, the state-responsible body for managing and supervising individual bankruptcy proceedings. Dissolution and recovery of companies and creditors' arrangements. Data reflecting an increase in bankruptcy filings indicate that following the Corona crisis, many businesses and individuals find themselves in financial turmoil and having difficulty staying...

In October, there was stability in the volume of mortgages that are currently in decline. According to data published today (Tuesday) by the Bank of Israel, NIS 52.8 billion in mortgages are in the status of deferral (grace) in the banks, similar to September, and a share of 13.4% of the total mortgage portfolio, amounting to NIS 395 billion. In May, at the height of the Corona crisis and the first wave, the volume of deferred mortgages was NIS 94.3 billion (25% of the total mortgages in the system). Mortgage data in October indicate the strength of the housing market even in the days of...

El Al lost $ 147 million in the third quarter of 2020 - the quarter that usually earns it the most money per year, compared to a profit of $ 27 million in the corresponding quarter in 2019. This huge loss is not even the most amazing thing in the company's recent financial report. Nine months into the corona crisis, as International Air Transport Organization (IAEA) forecasts for corporate losses in 2020 and 2021 become increasingly pessimistic, the company's accountants from BDO Haft still believe there is no need for a provision for even a dollar depreciation, on An aircraft fleet with a...

The Corona Cabinet approved by telephone the outline formulated by the Ministry of Justice for the pilot for the opening of the malls, which is expected to begin tomorrow, Friday. The layout has created legal difficulties, because it initially includes the opening of only 15 malls, and therefore harms the value of equality. To solve the difficulty, the ministry proposed a combined solution, according to which six large malls across the country would be selected by the Malls Association, and another nine would be selected by lottery. Six malls from the two major groups that will be opened...

For the first time since October 21, more than a thousand new infections were diagnosed in Corona yesterday (Wednesday). This is according to data from the Ministry of Health published this morning. More than 60,000 corona tests were performed yesterday and the positive rate is 1.8%. The verified rate without survey tests is 2.2%. 510 corona patients are hospitalized in hospitals across the country, 282 of them in critical condition. 122 patients connected to respirators. The death toll since the outbreak is 2,826. The number of active patients, as defined by the Ministry of Health, also...

The Ministry of Finance's chief economist's examination of the economic situation of the victims of the economic crisis raises concerns that the mortgage repayments of tens of thousands of households who bought an apartment in the past five years and went on unpaid leave exceed half their income. Assuming a fixed and unlinked average interest rate of 3.2% for a repayment period of 30 years, it is obtained that the monthly repayment of households that purchased a first apartment in 2019 and were expelled from the Knesset amounts to NIS 3,900. Was 23% on average, and in the two lowest...

The new corona projector, Prof. Nachman Ash, said tonight (Thursday) that one must prepare for at least another year of dealing with the plague. In a first briefing on the plague situation since taking office he added that "a third closure is definitely on the agenda". The briefing takes place against the background of the increase in the number of people diagnosed in recent days, which stood at more than a thousand yesterday. However, the positive rate remained below 2% and stood at 1.8% yesterday. "I and all the leaders of the struggle in Corona, see the heavy prices you pay and the...

The government approved the compromise proposal that the obligation to prioritize Israeli products in public procurement be expanded. Today there is an obligation to prioritize local produce in the procurement of government ministries amounting to up to 15% of the product price. The manufacturers and representatives of the business sector pushed for the expansion of compulsory procurement to other public bodies as well. On the other hand, the Ministries of Finance and the Competition Authority warned that the proposal could harm Israel's competitiveness and productivity. Prime Minister...