Financial

Last week, a groundbreaking achievement marked the inauguration of Israel's largest floating solar project, situated atop water reservoirs in Kibbutz Ma'ayan Zvi near Zichron Ya'akov. This ambitious endeavor, spearheaded by the Carmel Coast Water Association, in collaboration with Tralight and Synergy, boasts a remarkable capacity of 31 megawatts. With a total estimated cost of approximately NIS 130 million, this initiative is poised to reshape the country's renewable energy landscape.

Intel, the leading chip giant and the largest employer in Israel's high-tech industry, has announced that it will not be providing holiday gifts to its employees this year in celebration of Rosh Hashanah. This move is part of Intel's ongoing efficiency plan, aimed at reducing expenses by $10 billion by 2025

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

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

Bank of Israel has unveiled a comprehensive plan aimed at providing financial relief to the public in the wake of ongoing regional conflict. This plan, set to be in effect for at least three months, divides the population into two groups with varying levels of support

Since the outbreak of the war, nearly 7,000 foreign workers have left Israel, posing a significant challenge to the country's labor force. According to data collected by the Administration of Foreign Workers at the Population and Immigration Authority, the departure of foreign workers is affecting various sectors of the economy

Hundreds of terrorists from Hamas and Islamic Jihad underwent advanced training in Iran just weeks before orchestrating a devastating attack on Israel. While this training was led by officers from Iran's Quds Force of the Revolutionary Guards, there is no concrete evidence suggesting that Iran specifically prepared these militants for the attack on Israel

In response to the ongoing "Iron Swords" war, Israel's Finance Minister, Bezalel Smotrich, and Defense Minister, Yoav Galant, have unveiled a comprehensive financial aid package aimed at supporting the nation's reserve officers and those affected by the conflict. This financial relief package, contingent upon government approval, includes a range of benefits to ease the economic burdens resulting from the war

As the fifth week of fighting continues in the region, Israel is facing a high level of uncertainty on the military front, while the home front shows signs of adjusting to a new normal. Despite the ongoing conflict, there has been a notable increase in credit card purchases in the past two weeks, although they remain approximately 20% lower than pre-war levels. Traffic on the roads has also resumed with a partial return to school

In a somber announcement, global credit rating agency Standard & Poor's (S&P) has projected a grim economic outlook for Israel against the backdrop of the ongoing Iron Swords War. While not issuing an immediate rating action, S&P warns of a significant downturn, predicting a negative growth of 5% in the Israeli GDP for the last quarter of 2023