Financial

The Treasury has declared that an economic plan will be presented tomorrow. Against the backdrop of the statement, business organizations have passed on their demands to the Treasury, including the Manufacturers' Association, which has held meetings of the industrialists throughout the day, led by the association's president, Ron Tomer. Manufacturers presented the Treasury with their plan for saving and accelerating the economy as the crisis ended. They continued to negotiate on both fronts that are leading the economic crisis, and also met with representatives of the National Security...

"Without health there is no economy but without economy there will be no health." This is what the Governor of the Bank of Israel, Professor Amir Yaron, said today at a special press conference he initiated, aimed at presenting a recent snapshot and explaining the policy steps the bank has taken in recent days. "When the crisis ends will depend primarily on the world's ability to overcome the virus. However, it is the right policy that will dictate the rate of crisis exit and determine the size of its vulnerability. Our ultimate goal is to support the economy and society to help the...

In a second and third reading, the Knesset approved the amendment to the State Basic Law, which would allow the government to increase its spending in the current fiscal year to budget the treatment of the Corona crisis. Without their support, the amendment would not have been approved. Right-wing members were absent from the vote, so the government initially had trouble recruiting sixty-one Knesset members required to approve a Basic Law amendment. Knesset Speaker Benny Gantz congratulated Knesset members on approving the amendment to the Budget Fundamentals Law

Histadrut Chairman Arnon Ben David and Chairman of the Business Sector Dubi Amitai urgently approached Prime Minister Netanyahu with a demand for a state guarantee and a loan to El Al, just before the company announces cessation of activity following its financial situation. The letter comes a day after he asked the stock exchange to announce that Treasury officials told the company orally that the requested aid package would not be approved at this time. El Al noted that "the professional team stated that it is within the authority of the political echelon to make a different decision

68% of Jewish workers are confident that they will return to work at the end of the Corona crisis, compared to 42% among Arab workers, according to a survey by the Israeli Democracy Institute. The survey was conducted the week before Passover, between March 29 and April 2, among a representative sample of the working population in Israel. The survey was initiated, drafted and analyzed by the Center for Governance and Economics at the Israeli Institute of Democracy, assisted and methodologically supervised by the Guttman Center for Public Opinion and Policy Studies, when field sampling was...

The Bat Yam Labor Court will hold a crucial hearing on Thursday for the airline. The tribunal will have to decide whether El Al can withdraw NIS 115 million from its employees' pension fund, as the company's fund - whose operations are almost completely disabled - is depleted. The amount is needed by God on interim financing until government assistance is granted - a $ 400 million state guarantee loan that has not yet been approved. The Histadrut - contrary to its position in the past and contrary to the position of workers who oppose the appeal - supports El Al's request. A Histadrut...

Another huge acquisition for Intel in Israel: The company signed a deal with Moovit on Monday. The public transport travel app, with 775 million users worldwide, operates in 45 languages, in 3100 cities located in 102 countries. The value of the transaction is estimated at $ 1 billion. In its early years, Moovit focused on free end-user service, but in recent years its business model has expanded. As part of the new model, Mobit offers its various cities and authorities technology as an infrastructure through which they can map and improve their public transport systems.

The Treasury has circulated a memorandum of law that will increase spending in the face of the Corona crisis by NIS 15.6 billion. The same extension is intended to fund the grants to encourage NIS 6 billion in employment, which was agreed to be distributed as a result of the retail chains' protest as well as the establishment of a dedicated loan fund for risk-averse businesses that were refused by the banks. The fund will receive a larger state guarantee and will provide NIS 5 billion in loans. According to the Accountant General's Budget Report, NIS 20 billion has been paid to date in the...

A fall in potash and phosphate prices resulted in a 57% drop in Israel Chemicals (ICL) 's net profit in the first quarter of 2020, totaling $ 60 million - 5 cents a share. ICL's revenue, managed by Reviv Zoller, fell 7% in the first quarter of 2020 compared to its corresponding quarter in 2019, totaling $ 1.3 billion - 4% more than the analysts' forecasts. The decrease in ICL's revenues (-2.89% 1210) was due to a 15% ($ 44 per tonne) drop in potash prices in the last quarter compared to the corresponding quarter, to $ 250 per ton. ICL was also hit by a fall in the price of green phosphoric...

The Bank Hapoalim published its financial results for the first quarter of 2020, and the Corona crisis was clearly evident with a sharp 76.6% drop in net profit to NIS 192 million. Bank Hapoalim is the first of the banks to publish its Q1 reports. The decrease in net profit is a significant increase in NIS 757 million in credit losses, including a group provision of NIS 603 million due to uncertainty over the effects of the Corona crisis and a preliminary step to the possibility of borrowers, including large borrowers such as a fuel group that will find it difficult to meet payments. The...