Financial

In a groundbreaking move, State Comptroller Mattaniho Engelman is recommending a comprehensive reassessment of Israel's fixed inflation target, which has remained unchanged at 1% to 3% per year for two decades. The recommendation comes as inflation exceeded the government's target, leading to deviations that could significantly impact the state budget and corporate financial planning. Engelman's call for a reevaluation is grounded in the recent economic developments, particularly the surge in inflation post-COVID, with the inflation rate reaching 5.3% in 2022. The State Comptroller's...

In a surprising move, Solaredge, a prominent player in the renewable energy sector, has unveiled plans for an extensive streamlining program, involving the layoff of 900 employees, with 550 job cuts in its home base, Israel. This amounts to a significant 16% reduction in the company's workforce, which currently stands at around 5,500 employees

In a recent hearing at the Knesset's finance committee, Professor Amir Yaron, the Governor of the Bank of Israel, voiced apprehensions regarding the potential downgrade of Israel's credit rating. Prof. Yaron acknowledged the increased risk premium since October 7, emphasizing the necessity for the government to implement challenging measures in the 2024 state budget to address economic concerns

In the wake of escalating tensions between Turkey and Israel, a growing number of Israeli consumers are expressing concern about unwittingly purchasing products with Turkish origins. While the import of certain goods like tomatoes and vegetables from Turkey has been halted, many popular international brands continue to manufacture products in Turkish factories, raising eyebrows among Israeli shoppers

In a decision reached during today's Electricity Authority plenum meeting, the electricity prices in Israel are set to increase by 2.6% starting February 1, 2024. The approval follows a three-week public hearing process and aims to address various challenges, including economic difficulties due to the ongoing war

Teva Pharmaceutical Industries, a leading pharmaceutical giant, has announced a notable annual revenue growth of 6.2% for 2023, bringing in a total of $15.8 billion. After enduring five consecutive years of decline, this resurgence is attributed to a substantial advance payment of $500 million received from Snoopy Pharmaceuticals as part of a collaborative effort on an innovative anti-TL1A drug

Discount Bank, despite navigating through challenging times, wrapped up 2023 on a positive note, with a net profit for shareholders totaling 4.2 billion shekels, marking a notable 20% increase from the previous year's figure of 3.5 billion shekels

Fox Group has released its financial results for the fourth quarter and full year of 2023, showcasing resilience and growth amidst challenging circumstances. The company's CEO, Harel Wiesel, expressed pride in the group's performance, highlighting strategic management and adaptability as key factors in achieving success

Diplomat, a major importer and distributor of well-known international brands in Israel, has announced a price increase averaging 3%-4% on its products, affecting popular names like Milka, Oreo, Tampax, Heinz, Kellogg's, and Fairey. Despite warnings from the Ministry of Economy and the government's efforts to ease imports, Diplomat moves forward with its price hike plans, indicating resilience against external pressures. The company, which also distributes Procter & Gamble products across several countries, cites increased costs from international suppliers as the reason for the price...

Following the conclusion of Passover, Israeli households are bracing for a series of price increases across various sectors, likely to significantly impact expenses. Among the notable increases, the price of fuel is set to surge to NIS 7.90 per liter on Wednesday, while supervised dairy products are expected to become up to 5% more expensive. Additionally, a range of popular products including Milka, Oreo, Gomigam, Crunch, Tampax, Heinz, Kellogg's, Fairey, Sud, Ariel, and Persil are also expected to see price hikes