Financial

The Bank of Israel, headed by the Governor, Prof. Amir Yaron, announced today (Monday) an increase in the basic interest rate in the economy from 0.1% to 0.35%. In doing so, the predictions were confirmed that the Monetary Committee is expected to raise interest rates for the first time in three and a half years. Some experts even thought that the bank might raise the interest rate to 0.5% at once, but this forecast did not materialize. Following the increase in the basic interest rate, the prime interest rate will also rise this coming Thursday, after the banks are preparing for a change,...

The Bank of Israel, headed by the Governor, Prof. Amir Yaron, announced today (Monday) an increase in the basic interest rate in the economy from 0.1% to 0.35%. In doing so, the predictions were confirmed that the Monetary Committee is expected to raise interest rates for the first time in three and a half years. Some experts even thought that the bank might raise the interest rate to 0.5% at once, but this forecast did not materialize. Following the increase in the basic interest rate, the prime interest rate will also rise this coming Thursday, after the banks are preparing for a change,...

The Israeli company Demostack - which was the first to develop a platform for creating demos for sales teams of SaaS companies, has completed a $ 34 million B round of funding. Tiger Global Management led the round of funding, with the participation of Bessemer Venture Partners, Amiti Ventures and Operator Collective. A year ago, Demostack completed the $ 13.5 million A round of funding, and at the end of 2020, the company raised $ 4 million. In total, the company raised $ 51.5 million over the course of a year and a half

The start-up company AVO, which operates a grocery and consumer goods delivery service, is laying off about 500 of its 750 employees worldwide - about two-thirds of its workforce. In Israel, the company employed about 500 employees, of whom about 350 will be fired. In addition, the company completely stopped all shipping activities for private consumers, which was aimed at residential buildings and included about 1,000 buildings in Israel in cities such as Petah Tikva, Ramat Gan, Tel Aviv and Ashdod. Now the company will focus only on activities with businesses - that is, deliveries to...

The Israeli company Telrad Networks is sold to the Liquid Intelligent Technologies telecom group for about NIS 200 million in cash. The value of the deal is about 27% higher than the value of the company this morning on the Tel Aviv Stock Exchange. The deal is subject to the approval of most of Telrad's shareholders, and the company estimates that it will be completed within a few months. The largest shareholder in Telrad is the Fortissimo Fund, which holds about 41% of the company's shares. The transaction will take place in the format of an inverted triangle merger. The acquiring...

On the night between Saturday and Sunday (May 14/15), very strong winds hit the north of the country, reaching speeds of over 100 km / h in many areas, including the Hula Valley, the mountain area, and the southern Golan Heights, and Beit She'an Valley. "The damage to farmers is estimated at ten million shekels

Bank Leumi announces what it defines as a "unique and groundbreaking consumer move in the banking system": private customers with a current account at Leumi will enjoy an annual interest rate of 1% on the plus balance in the account - a significant benefit that does not exist in any other bank in Israel. The interest will be paid on a current account balance of up to NIS 10,000 to salary transfer customers with a mortgage at Leumi, or to salary transfer customers with a monthly transaction turnover of at least NIS 3,000 on a Leumi credit card or to salary transfer customers with a...

El Al closes a consecutive sixth quarter of an increase in revenue, with the termination of the position of outgoing CEO Avigal Soreq - the company reduced its loss in the first quarter of the year to $ 66 million, compared to a loss of $ 86 million in the first quarter of 2021. Tomorrow, Soreq will officially end his position at the company, and he will be replaced by the new CEO, Dina Ben-Tal Genesia. This is in the days when El Al is dealing with employee sanctions that have also led to the cancellation of several flights

Cellcom reported the results of the first quarter of 2022, in which it continues the positive trend and shows the highest profit in the last 20 quarters - NIS 28 million, this is the first report under the new CEO Daniel Sapir. Available foreign cash amounted to NIS 52 million, with a growth of 31,000 mobile subscribers in the first quarter compared to the previous quarter, a growth of 6,000 Internet infrastructure subscribers in the first quarter compared to the previous quarter, and a growth of 2,000 TV subscribers in the first quarter compared to the previous quarter

At least another 10,000 businesses are expected to receive compensation for the decline in turnover in their businesses during the peak of the corona plague during this period the Omicron, which left about half a million citizens in isolation in homes and caused a significant decline in growth in the first quarter of the year. The addition of thousands of business owners to the compensation and grant scheme will be made possible due to an improvement in the scheme of aid grants to businesses that were adversely affected by the spread of the Omicron strain, which was decided by the Knesset...