Articles by October, 2023

In a recent inspection conducted by the fintech company Bizzy during the first quarter of 2023, concerning the financial health of small businesses in Israel, startling revelations have emerged. The inspection, which encompassed nearly 1,000 bank accounts representing approximately 800 small businesses, has shed light on the critical role of credit lines, their utilization, and the associated costs

NICE, a prominent developer of software systems for customer service centers, fraud prevention, and money laundering detection, has strategically invested $1.7 billion in cash to bolster its AI capabilities and broaden its customer base. This move is set to not only enhance its market position but also allay concerns within the industry about the potential impact of advanced AI technologies like ChatGPT on NICE's future growth prospects

Teva, the Israeli pharmaceutical company managed by Richard Francis, has announced a strategic collaboration with the French pharmaceutical giant Sanofi. This partnership marks a crucial step for Teva in realizing the potential of its most promising drug, TEV-48574, aimed at treating autoimmune diseases of the digestive system, including Crohn's disease and ulcerative colitis

In the midst of a challenging security situation, foreign airlines are canceling numerous flights to and from Israel, leaving many Israelis stranded abroad. Lufthansa, Swiss Air, Wise Air, Turkish Airlines, and Lot Polish Airlines are among the carriers that have already suspended their services. As a result, Israeli airlines are grappling with a surge in demand for available seats on their flights

In the wake of a devastating terrorist attack against Israel and Prime Minister Benjamin Netanyahu's declaration of war against Hamas, the Tel Aviv Stock Exchange witnessed a grim start to the trading week. The leading indices suffered significant declines, with Tel Aviv 35 falling by 6.47%, Tel Aviv 125 by 6.69%, and A 90 by 7.86%. The bank index experienced a staggering drop of 8.7%. The opening of the stock exchange was delayed by 10 minutes due to the rapid decrease in values before trading began

Wall Street Journal has reported on the alleged involvement of the Quds Force of the Iranian Revolutionary Guards in planning the recent attack on settlements surrounding Gaza. Citing sources within Hamas and Hezbollah, the newspaper claims that representatives from these organizations have been meeting with Quds Force members since August

Bank of Israel has revealed plans to sell up to $30 billion of its foreign exchange reserves in response to the ongoing security crisis. This marks the first time such a move has been made since the initiation of free trading in the exchange rate. The announcement came even before trading in the dollar opened, aimed at preemptively addressing potential market overreactions

In the wake of the ongoing "Iron Swords" war, the Ministry of Finance has announced plans to allocate billions of shekels to finance the conflict. Finance Minister Bezalel Smotrich has expressed concerns about the government's delayed response in addressing budgetary needs during the crisis

United States Army's Central Command (CENTCOM) has deployed the USS Gerald Ford, a formidable aircraft carrier, to the region. While the exact distance from Israel's shores was not disclosed, CENTCOM stated that their goal is to "deter any player who seeks to escalate the situation and expand this war." The USS Gerald Ford is accompanied by eight squadrons of attack and support aircraft, as well as a missile patrol and four missile destroyers

The International Monetary Fund (IMF) has sounded the alarm on the deceleration of the global economy's recovery, exacerbated by the ongoing conflict in Israel. The New York Times highlights the IMF's concerns, pointing to the increasing challenges in safeguarding against unforeseen global economic shocks