Financial

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

The Knesset is set to face a delay in the approval of the new state budget for 2024, as senior officials in the Ministry of Finance confirm. The anticipated postponement, expected to last at least two weeks until March 4, comes as a result of delays in budget submission and approval processes

The ongoing conflict has exacerbated Israel's economic challenges, with the state budget deficit swelling, according to a recent report by the Accountant General of the Treasury, Yahli Rotenberg. Over the past 12 months, the deficit expanded by 0.8%, reaching approximately 5.6% of GDP. Projections from the Ministry of Finance paint a grim picture, anticipating a further increase in the deficit to 6.6% by year-end. However, concerns persist among government officials and economic organizations, both domestically and internationally, suggesting the deficit could soar even higher, possibly...

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

Zim, which in 2022 presented the highest net profit in history for an Israeli company, sadly closes 2023, while showing a loss in each of the quarters of the past year. Zim shares lose about 14% in New York trading. The shipping and maritime transport company concluded 2023 with a loss of $2.69 billion, while it concluded 2022 with a profit of $4.63 billion - slightly lower than the net profit of 2021, which was $4.65 billion and was the highest in the history of any Israeli company

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

Shufersal, Israel's leading retail chain, concluded 2023 on a high note, reporting a significant surge in both sales and net profit. The company's net profit skyrocketed to NIS 312 million, marking a remarkable increase from NIS 2 million in the previous year. This outstanding performance was attributed to strategic price adjustments and the successful implementation of an efficiency plan

McDonald's Israel is being sold: Omri Padan, CEO and owner of the McDonald's franchise in Israel, Eloniel Ltd., announced on Thursday that he signed an agreement on the sale of the company to McDonald's worldwide

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...