Financial
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
Nov 19, 2023
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
Nov 20, 2023
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
Nov 22, 2023
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
Nov 23, 2023
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
Nov 30, 2023
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
Dec 9, 2023
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
Dec 26, 2023
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
Dec 28, 2023
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
Dec 31, 2023
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...
Jan 8, 2024