Financial

 Nirlat - Recovering from Devastating Hamas Attack Acquires Decoline in a Strategic Move
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by Ifi Reporter

Category: Financial

In a swift and unexpected turn of events, Nirlat, the renowned paint manufacturer from the Inrom group, has acquired Decoline for NIS 63 million, just six weeks after its main factory in Kibbutz Nir Oz, Gaza Strip, was tragically destroyed in a Hamas attack. The purchase, part of a lightning deal, aims to enable Nirlat to resume production as an alternative to its now-lost facility

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Nov 19, 2023

"Moody's: Israel credit rating will be further impacted by the current military conflict
755 Views Details

by Ifi Reporter

Category: Financial

Moody's, the prominent credit rating agency, has declared that it is placing the Israeli government's credit rating under review for a potential downgrade. This announcement comes in the wake of the recent outbreak of war in the region, and it closely follows a similar decision made by Fitch, another credit rating company

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Nov 20, 2023

 medical device company Cartiheal is sold to the British "Smith & Nephew" for $330 million
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by Ifi Reporter

Category: Financial

Half a year after canceling a deal to purchase it, the medical device company from Kfar Saba Cartiheal is sold to the British company Smith & Nephew for $330 million. The deal is expected to close in the first quarter of 2024. According to the agreement, the buyer will pay the shareholders of Carthill 180 million dollars in cash, and the balance - 150 million dollars - subject to meeting a milestone of cumulative sales of 100 million dollars in 12 consecutive months (as opposed to a calendar year), when the sales target must be achieved Within 10 years from the date of closing the deal

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Nov 22, 2023

Arab Countries Witnessing Boycott Against Western Food Chains Amidst Ongoing Conflict in Gaza
965 Views Details

by Ifi Reporter

Category: Financial

In the wake of the ongoing conflict in the region, several Western fast-food chains, including McDonald's, KFC, and Starbucks, are facing a significant boycott across various Arab countries. The boycott, primarily driven by social media movements, has gained traction in countries such as Egypt, Jordan, Kuwait, and Morocco

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Nov 23, 2023

Strauss Reports Recovery in Q4 Financial Results Following Setbacks: Net profit of NIS 120 million
1127 Views Details

by Ifi Reporter

Category: Financial

In the third quarter of this year, Strauss reported a notable increase in sales, reaching NIS 2.67 billion, marking a 7.3% rise compared to the corresponding quarter. However, the company's profitability is under pressure, with a net profit of NIS 120 million, significantly lower than the NIS 204 million in the third quarter of 2021

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Nov 30, 2023

Rising Sea Freight Prices in the world and Houthi Threats Add Economic Strain to Israel
386 Views Details

by Ifi Reporter

Category: Financial

In the aftermath of a Houthi attack on a vital sea crossing, sea freight prices from China surge by 12%, impacting Israel's economy. In recent developments, the Houthi rebels in Yemen pose a significant threat to Israel, not only through direct missile attacks but also by potentially closing a crucial shipping lane – the Bab al-Mandab strait. This strategic waterway facilitates the passage of 6.2 million barrels of oil per day and 10% of global trade

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Dec 9, 2023

Intel Announces $15 Billion Expansion Plan in Kiryat Gat and will construct a new chip factory
577 Views Details

by Ifi Reporter

Category: Financial

Intel has revealed a comprehensive investment plan in collaboration with the Israeli government to bolster its production capabilities in Kiryat Gat. This development involves an additional $15 billion investment in the plant, supplementing the $10 billion commitment made in 2019. The multinational corporation will construct a new chip factory, supported by a substantial $3.2 billion grant disbursed over several years, constituting 12.8% of the total investment

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Dec 26, 2023

Ma'alot S&P Upgrades Aerospace Industry Rating to A- Amidst War Challenges in Gaza
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by Ifi Reporter

Category: Financial

In a surprising move, credit rating company Ma'alot S&P announced today that it is elevating the rating of the aerospace industry to A-, just six months after boosting it to BBB+. The company attributes this change to the aerospace industry's resilient operational performance, which remains robust despite the ongoing war and reserve mobilization

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Dec 28, 2023

2024 gift - Fuel Prices Soar in Israel as Subsidy Expires: NIS 7.22 per Liter of Octane 95
1039 Views Details

by Ifi Reporter

Category: Financial

In an abrupt change, the price of fuel in Israel skyrocketed overnight by 28 shekels per liter, reaching a staggering NIS 7.22 per liter for Octane 95. This surge comes after a decision made at noon in a Ministry of Finance meeting to not extend the discount on the current price, effectively ending a fuel subsidy through tax reduction that lasted for a year and a half

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Dec 31, 2023

State Comptroller Urges Overhaul of Israel's Long-Standing Inflation Target Amidst Uncertainty
375 Views Details

by Ifi Reporter

Category: 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...

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Jan 8, 2024

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