August was the eleventh month of Israel’s Iron Swords War against the Hamas terrorist organization in Gaza. The ongoing war, coupled with the threat of an escalation in the fighting with Hezbollah terrorists based in Lebanon and/or an attack by Iran, has had serious consequences for Israel’s economy. This has led to the downgrading of Israel’s economic rating and more.
Here is Jewish Business News’ list of the five biggest business stories to come out of Startup Nation Israel in August, 2024.
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Bank of Israel Keeps Interest Rate Steady at 4.5%
The Monetary Committee of the Bank of Israel decided to leave the interest rate unchanged at 4.5 percent. In announcing the decision, the Bank said that since the outbreak of the war in Gaza, and in recent months in particular, geopolitical uncertainty and its economic ramifications have increased.
The level of economic activity is lower than the trend line and even lower than its level in the corresponding quarter of 2023 and is greatly impacted by supply limitations.
These, alongside the fiscal uncertainty, are also reflected in the high yield spreads between Israeli government bonds and US bonds, and in CDS spreads… Read More Here
JPMorgan Chase Downgrades Israel’s Economic Outlook Amid Weak Macroeconomic Data”
US investment bank JPMorgan Chase has revised its forecast for the Israeli economy downward, citing a slew of disappointing macroeconomic indicators. These include a GDP growth rate of just 1.2% annualized in the second quarter and an inflation rate that climbed to 3.2% in July, the highest level since November.
In a report titled, “Israel: Not a great combo of growth and inflation data,” JPMorgan stated it anticipates the Bank of Israel will prioritize inflation control over economic growth in its upcoming policy decisions. The investment bank forecasts two interest rate… Read More Here
Israel’s Leviathan Gas Field to Boost Production with $429M Investment
Leviathan Israel offshore natural gas reservoir partners have announced a $429 million investment to significantly expand production. The decision follows approval from Israel’s Ministry of Energy and Infrastructure’s petroleum commissioner. The funds will be allocated to front-end engineering and design (FEED) for the expansion project, as well as the procurement of essential equipment.
Once completed, the Leviathan expansion project will double its annual production capacity from 12 to 21 billion cubic meters. This significant increase will ensure a long-term supply of natural gas for Israel’s economy while also… Read More Here
Google Partners with Israel’s Energix in $1.5 Billion Renewable Energy Agreement
Energix Renewables, a player in the US renewable energy sector and part of the global Energix Group, announced a strategic long-term partnership with Google in a project that could be worth up to $1.5 billion. The agreement, initially covering 1.5GWp of solar project development until 2030, will see Energix supply electricity and Renewable Energy Credits (RECs) to Google. Google will also serve as a tax equity provider for Energix, supporting the development of these solar projects.
The company said this collaboration solidifies Energix’s position as a major force in the US renewable energy market, especially within the… Read More Here
Israeli Work Management Platform Monday.com Hits $1 Billion ARR
Monday.com, an Israeli firm that offers a software platform that empowers teams to manage all their work in one place, has crossed a major financial hurdle by reaching $1 billion in annual recurring revenue (ARR). This milestone comes just ten years after launching their Work OS and eight years after achieving $1 million in ARR.
Founded in 2012, the Tel Aviv based Monday.Com specializes in project management, team management, SaaS, communication, production tracking, team collaboration, and work management. The company offers… Read More Here
