Israel’s Diamond Trade Sees Some Life In 2024
Israel’s diamond trade saw a decrease in the trade in polished diamonds and an increase in the trade in rough diamonds in the first quarter of 2024, according to the quarterly summary published by the inspector of diamonds at the Ministry of Economy and Industry.
In another example of the continuing benefits to Israel’s economy brought by the Abraham Accords, the United Arab Emirates – an original signatory – played a large role here. In March, the export of rough diamonds to the United Arab Emirates amounted to about $20 million, which is about 19% of Israel’s general rough diamond export in March. This month, rough diamonds totaling approximately $57 million will be imported from the United Arab Emirates to Israel, which make up approximately 51% of the total rough diamonds imported to Israel in March… read more here
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Bank of Israel Leaves Interest Rate Unchanged At 4.5 Percent
The Bank of Israel decided in April to leave the interest rate unchanged at 4.5 percent. The decision was made as Israel’s Iron Swords War against the Hamas terrorist organization continues.
In making the decision to leave the rate unchanged, the Bank’s Monetary Committee made a statement that it does not expect further damage to Israel’s economy due to the war. Had lowered the rate it would have meant that the Bank thought the economy was in need of stimulation. However, by not raising the rate the Bank made an inherent statement that Israel’s economy is not strong enough at this time for such a move, nor has the problem of global inflation sufficiently subsided… read more here
Nvidia Is Taking Over Israeli AI, Buys Run:Ai And Might Get Deci AI Too
Nvidia, a chip maker best known for its video/graphics cards, is acquiring two Israeli startups: Run:ai and Deci AI. And yes, as their names imply they both deal with artificial intelligence. Run:ai was already bought out for an undisclosed amount, but Israel’s Calcalist reported that the deal could be for as much as $700 million and that a deal to acquire Deci AI is close at hand.
The moves make sense, especially when it comes to Deci AI. Just last month it was widely reported that Microsoft was looking to Deci to help it develop AI tech in order to better compete with OpenAI. Now Nvidia will get that technology… read more here
Bank of Israel Finds Gaza War Seriously Affected Israeli Economy
In 2023, economic developments in Israel were markedly affected by two significant domestic events: the government of Israel’s proposed judicial reform legislation, which led to huge discourse and massive protests in the country because many felt that it would harm Israel’s democracy, and the Swords of Iron War against the terrorist organization Hamas in Gaza that broke out after the barbaric massacre enacted by Hamas on October 7. This is according to the Bank of Israel’s (BOI) report for the year 2023 which was presented to Prime Minister Benjamin Netanyahu by BOI Governor Prof. Amir Yaron.
Governor Yaron said October 7 “created a sharp distinction between economic developments and policy in the first three quarters of the year and those in the final quarter… read more here
Israel Startup Nations Sees $10 Billion in Mergers and Acquisitions In 2023
Israel Startup Nation had a number of ups and downs in the aftermath of the October 7 Hamas massacre and the ensuing war in Gaza. This is according to a new report released by IVC.
For example, in 2023, Mergers and Acquisitions capital for Israeli firms totaled $9.77 billion, only 22% below the amount in 2022.
This was mostly due to the M&As of over $100 million each, which amounted to $8.95 billion in 20223. The most prominent was the acquisition of Imperva by Thales for $3.6 billion which happened in the third quarter of 2023. Only four Israeli high-tech companies went public in 2023, continuing the downtrend from 2022… read more here
Israel Sees Massive Increase in Reported Hacking Attempts After October 7
Israel saw a “significant” increase in reports of cyber incidents, such as hacking attempts, in 2023 as compared to 2022. Israel’s National Cyber Directorate published its report that shows a jump of 43% in the number of reports it received in 2023, with a sharp increase coming after the start of the Iron Swords war against the Hamas terrorist organization in Gaza which was sparked by Hamas’ October 7 massacre, comprising 61% of all such reports made in 2023.
This news should come as little surprise… read more here
