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Israel, Islamic Jihad said weighing new Egyptian offer for Gaza ceasefire

Proposal reportedly includes humanitarian truce starting at midnight, hours after top commander in terror group killed in strike

By ToI Staff 12 May 2023, 11:18 am Edit

Rockets are launched from the southern Gaza Strip towards Israel on May 12, 2023 (SAID KHATIB / AFP)
People take cover behind a wall as a building in Beit Lahia in the northern Gaza Strip is hit by an Israeli airstrike, targeting an Islamic Jihad commander, on May 12, 2023. (Bashar Taleb/AFP)
Smoke rises above buildings in Rafah, in the southern Gaza Strip, following an Israeli strike on May 12, 2023. (Said Khatib/AFP)
This handout photo shows a home in the souther town of Nir Am that was damaged by a rocket fired by terrorists in the Gaza Strip, May 12, 2023. (Shaar Hanegev Regional Council)
Iron Dome missiles intercept rockets fired by terrorists in the Gaza Strip, over the southern town of Sderot, May 12, 2023. (Screenshot: Twitter; used in accordance with Clause 27a of the Copyright Law)
In this handout photo, Prime Minister Benjamin Netanyahu consults with Defense Minister Yoav Gallant (L) and Mossad chief David Barnea (C) as Gallant observes the seven-day mourning period for his late mother, May 12, 2023. (Kobi Gideon/GPO)
Smoke is seen from the West Bank settlement of Bat Ayin after Palestinian terrorists in the Gaza Strip fired rockets at Israel, May 12, 2023. (Courtesy)
Smoke rises from buildings in Gaza City on May 12, 2023, following an Israeli airstrike. (Mahmud Hams/AFP)
This handout photo shows damage at a home in the southern town of Sderot that was struck by a rocket launched by Palestinian terrorists in the Gaza Strip, May 12, 2023. (Sderot Municipality)

The Times of Israel liveblogged Friday’s events as they happened.

S&P affirms Israel’s credit rating, warns of ‘persistent’ domestic, regional risks

Credit rating agency Standard & Poor’s (S&P) keeps Israel’s favorable rating unchanged at AA- with a “stable” outlook but cites “persistent domestic and regional political and security risks” as potential threats to the economy.

The agency expects “some form of consensus” over the contentious judicial overhaul bid which will allow political tensions to moderate, it says in an announcement. The suspended government push to weaken Israel’s judicial system radically has dealt a blow to the economy, spooking investors, economists, and credit agencies, among others.

“We expect the current political uncertainty, combined with weaker economic performance in Israel’s key trading partners in Europe and the US as well as tighter monetary policy, to cause Israeli economic growth to slow to 1.5% in 2023 from 6.5% in 2022,” says S&P in its quarterly country report on Israel.

It also cites Israel’s credit strengths which include its “wealthy and diversified economy,” flexible monetary settings and “a relatively deep pool of domestic savings.”

“We could raise the ratings if we saw a significant reduction in regional and domestic political and security risks,” the agency says.

Last month, Moody’s downgraded Israel’s credit rating, citing a “deterioration of governance” as the government led by Prime Minister Benjamin Netanyahu has moved to revamp the judiciary. The premier suspended the efforts in late March amid societal upheaval but members of his coalition have vowed to press forward.

Moody’s downgrade rattled Netanyahu and according to the economic daily Calcalist this week, the PM was heavily involved with talks with S&P to get the credit agency to affirm Israel’s stable rating. According to the report, Netanyahu assured S&P economists that the judicial overhaul would not be carried out in its original form.

Israeli President Isaac Herzog, who is holding compromise talks on the overhaul without much headway, was also reportedly involved in the talks with S&P.

The IMF warned this week that prolonged uncertainty over Israel’s judicial overhaul presents a “notable downside risk” to the country’s economy.

“Absent the emergence of a durable and politically sustainable solution, continued uncertainty could significantly increase the price of risk in the economy, tightening financial conditions and hindering investment and consumption, with potential repercussions for growth, also in the longer term,” the IMF said in its initial country report on the Israeli economy. “Permanently lowering the uncertainty around judicial reform requires a politically sustainable solution that is clearly communicated and well understood both domestically and abroad.”

11:37 pm

Man shot dead in Nazareth, the latest murder in the Arab community

A man has been shot dead in Nazareth, in the latest murder in the Arab community.

The 26-year-old was rushed to a hospital in critical condition but died of his injuries.

Preliminary reports indicate the background was a feud between organized crime organizations.

11:21 pm

Palestinians say Egypt has circulated a new ceasefire proposal

A Palestinian source tells AFP Egypt has circulated a new ceasefire formula.

“The Palestinian side is going to study it,” the source says, adding that Egypt is also waiting for Israel’s response.

Meanwhile, Qatar-based Al-Araby TV reports that the new proposal would see a humanitarian truce starting at midnight, which would include the opening of the Erez and Kerem Shalom Crossings for medical supplies and other aid.

10:57 pm

Hezbollah leader: We will not hesitate to assist Gaza if required

Hezbollah leader Hassan Nasrallah says in a speech that Prime Minister Benjamin Netanyahu “attacked Gaza in an attempt to escape the internal division” in Israel “and attend to his coalition’s dissolution.”

He also says Netanyahu is trying to restore deterrence, which he claims has been eroded on all fronts.

“We are in constant contact with the leadership of the resistance in Gaza, and we will not hesitate to provide assistance at any time that responsibility requires it,” he says.

10:39 pm

Pittsburgh Jews monitoring hate speech amid trial of suspect in synagogue massacre

By AP

The head of security for Pittsburgh’s Jewish community says there has been an “uptick in hate speech” on the internet, but no specific threats, in the early stages of the trial of the man accused of killing 11 worshippers at a synagogue there in 2018.

Jewish leaders say that while the trial is bringing out the worst of extremists in some dark corners of the web, it’s also brought an outpouring of support from the community — ranging from law enforcement agencies helping with security to local food vendors collaborating to bring meals to victims’ families during the trial.

Shawn Brokos, director of community security for the Jewish Federation of Greater Pittsburgh, says officials have monitored “general chatter in support of the defendant… and his hateful vitriol” on the internet. The materials “would turn anyone’s stomach,” she says.

Pittsburgh synagogues and other institutions have received physical improvements in security and have conducted recent training to prepare for security incidents, Brokos says. No threats have been received, but officials are bracing for the possibility that some white supremacist groups may show up in support of the defendant.

“We’d much rather be in a proactive stance and out in front of any potential threats,” she added.