ISRAEL AT WAR - DAY 343

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Illustration: High-tech development centers in Herzliya, October 30, 2020. (Gili Yaari/Flash90)
Loss of confidence in the state’s actions drives startups to grow elsewhere – survey
By Sharon Wrobel
A third of tech firms are considering moving some operations out of Israel due to war uncertainty and amid a lack of trust in the government’s ability to lead recovery efforts
Mellanox founder Eyal Waldman (second from right) speaks at a panel discussion at the annual Journey conference by Ernst & Young Israel in Tel Aviv, Sept. 10, 2024. (Courtesy)
Entrepreneurs and investors ponder the future of tech as fundraising slumps
By Sharon Wrobel
Finance Ministry budget head Yogev Gradus speaks at a conference at the Aaron Institute for Economic Policy at Reichman University, July 10, 2024. (Courtesy)
Israel budget chief warns about dangers of spending limit breaches to economy
By Sharon Wrobel
Yogev Gradus urges the government to offset more spending with budgetary adjustments as Israel could be facing another downgrade and even higher costs to fund the war
A general view of the Israeli drug company Teva Pharmaceutical Industries in Jerusalem on August 6, 2017. (Yonatan Sindel/Flash90)
Teva faces European Union antitrust fine over shenanigans to thwart rivals
By Reuters and ToI Staff
Pharmaceutical giant accused of disparaging competitor’s multiple sclerosis medicine and misusing patent system to shield own Copaxone product
One Zero digital bank's securities platform. (Courtesy)
Israel’s One Zero bank halts expansion plans in Italy, lays off employees due to war
By Sharon Wrobel
One Zero to let go 20 of its 350 staff; postpones plan to create digital bank with Italy’s Banca Generali due to unfavorable geopolitical environment
Tech entrepreneur Jared Isaacman, commander of the maiden Polaris Dawn voyage on the SpaceX Falcon 9 spacecraft, arrives at the Kennedy Space Center in Cape Canaveral, Florida, August 19, 2024. (AP Photo/John Raoux)
One small step
Billionaire to conduct private spacewalk with Musk’s SpaceX
By Marcia Dunn
Tech mogul Jared Isaacman, commanding 4-person Polaris Dawn mission, will become first non-professional astronaut to perform complex mission; won’t say how much he paid for it
Israel faces a looming financial crisis if it fails to act, former chief economist warns
By Sharon Wrobel
Israel needs to act vigorously and with immediate action to formulate a responsible 2025 budget to stave off the risk of a looming financial crisis, that could drag its war-battered economy into a recession and endanger the country’s national security, a former Finance Ministry chief economist has warned. In an assessment policy paper,... Continue Reading
The empty Mahane Yehuda market in Jerusalem, at a time of heavy fighting between Israel and Hamas in Gaza, on October 8, 2023. (Noam Revkin Fenton/ Flash90)
Own employees, formerly known as OwnBackUp. (Courtesy/Buxa Photography)
Israeli startup Own purchased for $1.9 billion by Salesforce
By ToI Staff
Having started out to help clients recover data from discs and hard drives, company earned $250 million a year specializing in Cloud-based information
Illustrative image of innovation, AI, machine learning and robots. (ipopba; iStock by Getty Images)
Israel signs global treaty to address risks of artificial intelligence
By Sharon Wrobel
The treaty, spearheaded by the Council of Europe and signed by 57 states, including the US, is a legal framework to tackle harmful and discriminatory outcomes of AI systems
Colombia opens probe into police’s alleged purchase, illegal use of Israeli spyware
By Agencies
Colombia's attorney general on Thursday said in a statement that it has opened an investigation into the alleged purchase and illegal use of Pegasus spy software. The decision came after a televised broadcast from Colombian President Gustavo Petro, who said a unit in the country's national police bought the software off the books... Continue Reading
A man holds his phone with NSO GROUP logo on a computer screen in the background, in Jerusalem, on February 7, 2022. (Yonatan Sindel/Flash90)
Mobileye co-founder and CEO Professor Amnon Shashua speaks at the Nasdaq exchange in New York after the Intel subsidiary went public, October 26, 2022. (Nasdaq)
Mobileye founder warns about how war, judicial overhaul hurt Israeli tech
By Sharon Wrobel
Prof. Amnon Shashua says that while Israelis are used to living in a routine of war, the uncertainty puts off foreign investors and clients, hurting the local tech environment
Ilya Sutskever, Russian Israeli-Canadian computer scientist and co-founder and then-chief scientist of OpenAI, speaks at Tel Aviv University in Tel Aviv on June 5, 2023. (Jack Guez/AFP)
OpenAI co-founder Sutskever’s new safety-focused AI startup SSI raises $1 billion
By Kenrick Cai, Krystal Hu and Anna Tong
New company plans to focus on building a small, highly trusted team of researchers and engineers split between California’s Palo Alto and Tel Aviv
Smotrich presents 2025 budget plan, saying war is costing economy as much as NIS 250b
By Sharon Wrobel
Finance Minister Bezalel Smotrich on Tuesday presented an initial state budget framework for 2025 based on a deficit target of up to 4 percent of gross domestic product, which will necessitate NIS 35 billion ($9.5 billion) in spending adjustments to finance the costs of the ongoing war. "We... Continue Reading
Finance Minister Bezalel Smotrich speaks at a press conference in Jerusalem, Sept. 3, 2024. (GPO)
Protesters calling for a hostages-for-ceasefire deal at Hakfar Hayarok Junction near Ramat Hasharon, in central Israel, September 2, 2024. (Hillel Maeir/Flash90)
Court shuts down Histadrut strike, accepting government claim it was political
By Sam Sokol and ToI Staff
Union boss says he’ll respect ruling, but doesn’t regret move; MKs urge class action suit; some activists protest against strike demanding truce-hostage deal, saying it aids Hamas
Histadrut Labor Federation chief Arnon Bar-David announces a general strike over the government's failure to release hostages held in Gaza, September 1, 2024. (Histadrut)
Histadrut labor union announces nationwide strike, over failure to release hostages
By Sam Sokol
Israel’s NewMed and partners submit $4b plan for Aphrodite gas field off Cyprus
By Sharon Wrobel
Partners in the Aphrodite natural gas field offshore Cyprus, which include Israel’s NewMed Energy, announced on Sunday that they had submitted an updated plan to the Cypriot government for the development of the reservoir at a cost of $4 billion. Israel’s NewMed Energy, formerly Delek Drilling (part of Yitzhak Tshuva’s Delek Group), which... Continue Reading
Illustrative: People on a beach as a drilling platform is seen in the background outside from Larnaca port, in the eastern Mediterranean island of Cyprus, October 15, 2017. (Petros Karadjias/AP)
Illustrative image of employees working in the tech sector. (Hadas Porush/Flash90)
Despite industry resilience, Israeli tech firms have a host of woes as Gaza war drags on
By Shoshanna Solomon
Reserve duty, sky-high travel costs and forced relocation are weighing on smaller companies as they cut, scramble and reorient while trying to prove their worth to investors
3D printing firm Stratasys to slash 15% of its workforce, including 80 jobs in Israel
By Sharon Wrobel
Bank of Israel again leaves interest rate at 4.5%, amid wartime fiscal uncertainty
By Sharon Wrobel
The Bank of Israel on Monday opted to leave borrowing costs unchanged for a fifth straight time, citing heightened geopolitical and fiscal uncertainty amid the ongoing war with the Hamas terror group that has been raging for more than 10 months. “Since the outbreak of the war, and... Continue Reading
Bank of Israel Governor Amir Yaron speaks during a press conference at the Bank of Israel in Jerusalem, January 2, 2023. (Yonatan Sindel/Flash90)
Muslim women working on computers (illustrative photo credit: Yossi Zamir/Flash90)
Innovation Authority invests NIS 35m to lure tech jobs to Negev and Galilee
By Sharon Wrobel
Addressing challenges posed by the months-long war, funds are allocated to help tech firms open new branches and hire local talent in the north and south
Facing backlash, gov’t okays NIS 3.4 billion in new spending for evacuees, reservists
By ToI Staff and Sharon Wrobel
The cabinet on Sunday approved a proposed increase to the 2024 state budget pushed by Finance Minister Bezalel Smotrich, that will provide almost NIS 3.4 billion ($924 million) to help fund evacuated civilians and reserve soldiers until the end of the year amid the ongoing months-long war. The measure faced significant backlash from... Continue Reading
Minister of Finance Bezalel Smotrich speaks during a press conference in the southern Israeli city of Ofakim, July 24, 2024. (Liron Molodovan/Flash90)
Report says Israel funding Google ad campaign to discredit UNRWA
By ToI Staff
Israel's government is funding an online ad campaign aimed at convincing potential donors to the United Nations agency for Palestinian refugees to reconsider their contributions by highlighting allegations of ties to terrorists, a report said on Monday. According to US tech monthly Wired, the Israeli Government Advertising Agency is... Continue Reading
A Palestinian woman walks past a damaged wall bearing the UNRWA logo at a camp for internally displaced people in Rafah in the southern Gaza Strip on May 28, 2024. (Eyad Baba/AFP)
A man looks at the board displaying multiple delayed and cancelled flights at Ben Gurion International airport on August 25, 2024 (Avshalom Sassoni/Flash90)
Some airlines resume flights to Israel after cancellations amid Hezbollah clash
By Agencies and ToI Staff
Air France and Aegean restart Tel Aviv flights; Corendon, Etihad and Wizz say they plan to return, but unclear when; Royal Jordanian resumes Beirut service
Jerusalem's Mahane Yehuda market stands largely empty, on August 4, 2024. (Chaim Goldberg/Flash90)
Analysis
Agencies
Israel’s economy in grave danger as Gaza war drags on, economists warn
Experts say economy cannot survive much longer as fighting with Hamas has stalled tourism, forced small businesses to shut, slowed down shipping and raised deficit
View of the sun setting in Tel Aviv, January 29, 2024 (Moshe Shai/FLASH90)
Tel Aviv Stock Exchange up as Israel says it thwarted massive Hezbollah attack
By ToI Staff
Illustration: High-tech development centers in Herzliya, October 30, 2020. (Gili Yaari/Flash90)
September 12, 2024, 6:51 pm
Loss of confidence in the state’s actions drives startups to grow elsewhere – survey
A third of tech firms are considering moving some operations out of Israel due to war uncertainty and amid a lack of trust in the government’s ability to lead recovery efforts
By Sharon Wrobel
Finance Ministry budget head Yogev Gradus speaks at a conference at the Aaron Institute for Economic Policy at Reichman University, July 10, 2024. (Courtesy)
September 11, 2024, 7:57 pm
Israel budget chief warns about dangers of spending limit breaches to economy
Yogev Gradus urges the government to offset more spending with budgetary adjustments as Israel could be facing another downgrade and even higher costs to fund the war
By Sharon Wrobel
Mellanox founder Eyal Waldman (second from right) speaks at a panel discussion at the annual Journey conference by Ernst & Young Israel in Tel Aviv, Sept. 10, 2024. (Courtesy)
September 10, 2024, 11:31 pm
Entrepreneurs and investors ponder the future of tech as fundraising slumps
Only 10 new Israeli VC funds managed to raise a total of $554 million in January to June, in what is set to be one of the worst years for capital raising in tech industry
By Sharon Wrobel
One Zero digital bank's securities platform. (Courtesy)
September 9, 2024, 6:14 pm
Israel’s One Zero bank halts expansion plans in Italy, lays off employees due to war
One Zero to let go 20 of its 350 staff; postpones plan to create digital bank with Italy’s Banca Generali due to unfavorable geopolitical environment
By Sharon Wrobel
The empty Mahane Yehuda market in Jerusalem, at a time of heavy fighting between Israel and Hamas in Gaza, on October 8, 2023. (Noam Revkin Fenton/ Flash90)
September 8, 2024, 9:01 pm
Israel faces a looming financial crisis if it fails to act, former chief economist warns
Yoel Naveh sees high probability that Israel will be plunged into recession, endangering national security, in next three to five years if it fails to pass responsible 2025 budget
By Sharon Wrobel
Own employees, formerly known as OwnBackUp. (Courtesy/Buxa Photography)
September 6, 2024, 10:52 pm
Israeli startup Own purchased for $1.9 billion by Salesforce
Having started out to help clients recover data from discs and hard drives, company earned $250 million a year specializing in Cloud-based information
By ToI Staff
Illustrative image of innovation, AI, machine learning and robots. (ipopba; iStock by Getty Images)
September 5, 2024, 8:07 pm
Israel signs global treaty to address risks of artificial intelligence
The treaty, spearheaded by the Council of Europe and signed by 57 states, including the US, is a legal framework to tackle harmful and discriminatory outcomes of AI systems
By Sharon Wrobel
Mobileye co-founder and CEO Professor Amnon Shashua speaks at the Nasdaq exchange in New York after the Intel subsidiary went public, October 26, 2022. (Nasdaq)
September 4, 2024, 9:08 pm
Mobileye founder warns about how war, judicial overhaul hurt Israeli tech
Prof. Amnon Shashua says that while Israelis are used to living in a routine of war, the uncertainty puts off foreign investors and clients, hurting the local tech environment
By Sharon Wrobel
Finance Minister Bezalel Smotrich speaks at a press conference in Jerusalem, Sept. 3, 2024. (GPO)
September 3, 2024, 5:42 pm
Smotrich presents 2025 budget plan, saying war is costing economy as much as NIS 250b
Meeting the deficit target of 4% set for 2025 will require measures including freezing public sector pay, but no tax hikes, finance minister says
By Sharon Wrobel
Illustrative: People on a beach as a drilling platform is seen in the background outside from Larnaca port, in the eastern Mediterranean island of Cyprus, October 15, 2017. (Petros Karadjias/AP)
September 1, 2024, 4:51 pm
Israel’s NewMed and partners submit $4b plan for Aphrodite gas field off Cyprus
Partners in the field seek to supply natural gas from the Aphrodite field to the domestic market in Cyprus, and to export natural gas by pipeline to other markets, including Egypt
By Sharon Wrobel
An undated photo of a Stratasys F900 3D printer. (Business Wire via AP)
August 29, 2024, 9:18 pm
3D printing firm Stratasys to slash 15% of its workforce, including 80 jobs in Israel
Company says global cuts aim to generate $40 million in annual cost savings as it is struggling to attract new capital investments
By Sharon Wrobel
Illustrative image of employees working in the tech sector. (Hadas Porush/Flash90)
August 29, 2024, 6:53 pm
Despite industry resilience, Israeli tech firms have a host of woes as Gaza war drags on
Reserve duty, sky-high travel costs and forced relocation are weighing on smaller companies as they cut, scramble and reorient while trying to prove their worth to investors
By Shoshanna Solomon
Bank of Israel Governor Amir Yaron speaks during a press conference at the Bank of Israel in Jerusalem, January 2, 2023. (Yonatan Sindel/Flash90)
August 28, 2024, 7:11 pm
Bank of Israel again leaves interest rate at 4.5%, amid wartime fiscal uncertainty
Central bank raises concern over the government’s expansionary fiscal policy and a widening deficit due to the war and the delay in the 2025 budget
By Sharon Wrobel
Muslim women working on computers (illustrative photo credit: Yossi Zamir/Flash90)
August 28, 2024, 6:02 pm
Innovation Authority invests NIS 35m to lure tech jobs to Negev and Galilee
Addressing challenges posed by the months-long war, funds are allocated to help tech firms open new branches and hire local talent in the north and south
By Sharon Wrobel
View of the sun setting in Tel Aviv, January 29, 2024 (Moshe Shai/FLASH90)
August 25, 2024, 2:05 pm
Tel Aviv Stock Exchange up as Israel says it thwarted massive Hezbollah attack
Economic experts say investors optimistic after Israel substantially foils large assault by Lebanon-based terror group, but situation dynamic as Iranian threat still looms
By ToI Staff
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