Tag Archive for finance

IDF raids currency exchange in Ramallah that finances terror 


Asserting the business finances terrorists, IDF forces attempt to open store’s safe with explosives, causing a fire in the building.

By Elior Levy and Yoav Zitun


The IDF raided a currency exchange store in Ramallah on the night between Wednesday and Thursday, apparently in order to confiscate funds used for terrorist purposes. Palestinian sources told Ynet that IDF soldiers attempted to blow a safe in the store open with explosives. The explosion apparently caused a fire to break out in the building. No one was hurt, and Palestinian firefighters managed to extinguish the blaze after the IDF left the area. Continue Reading »

Switzerland, Not EU Member, Bankrolls Hamas to Retain Control in Gaza

Even as the EU continues to sanction Hamas, the influx of Swiss financial support now bolsters the terrorist regime that was on its last legs.

By Israel Today Staff


Switzerland has put together a generous financial package to prop up the Hamas-ruled Gaza Strip after billions in promised foreign donations following last summer’s Gaza war failed to materialize.

That according to Palestinian officials who spoke to Israel’s NRG news portal, which reported that as part of the deal, the Swiss government would pay the salaries of thousands of Hamas members – many of whom are known terrorists – thereby propping up Hamas rule.

Continue Reading »

US gov’t fines Israel’s Bank Leumi $400m in tax fraud case

Israeli financial institution admits tax evasion charges and agrees to pay $400m settlement to end probe of decade-long effort to fraudulently conceal US citizens’ assets.



Bank Leumi Group has admitted to helping US taxpayers hide assets and agreed to pay a $400 million fine to settle a criminal probe, the Department of Justice announced Monday.

Bank Leumi branch in Tel Aviv

Bank Leumi branch in Tel Aviv

From at least 2000 until early 2011, Leumi sent private bankers from Israel and elsewhere to meet with US taxpayers and help them conceal assets at Leumi locations in Israel, Switzerland and Luxembourg.

Leumi, a unit of Bank Leumi, also helped US taxpayers prepare and present false tax returns, prosecutors said. Continue Reading »

Intel Plans $6 billion Investment in Israel

Intel will spend $6 billion to upgrade its manufacturing plant; Finance Minister Yair Lapid said that “Intel’s investment is a strategic asset for Israel’s industry. This is the biggest investment by a foreign company ever in Israel.”

By Yaakov Levi


Intel will spend $6 billion to upgrade its Kiryat Gat chip manufacturing plant, in one of the biggest single investments ever by a foreign company in Israel. In exchange for the investment, the government will provide Intel with grants and tax breaks over the next ten years. The deal is expected to generate thousands of jobs.

Economics Minister Naftali Bennett with the Intel grant approval

Economics Minister Naftali Bennett with the Intel grant approval –
Courtesy of the Ministry of Economy

Under the deal, Intel will get a grant of $300 million over a five year period, and be eligible for a significant reduction in corporate tax rates over a ten year period. Continue Reading »

Banks told to prepare for new reporting to U.S. tax authorities on U.S.- Israelis

New policy brings Israel in line with most countries like Switzerland, that have succumbed to U.S.pressure, forcing many Americans to have already withdrawn their money.

By Sivan Aizescu


The Bank of Israel Sunday advised Israeli banks to begin gearing up to provide information about their U.S. clients to U.S. tax authorities, as provided in the U.S. Foreign Tax Compliance Act.

The headquarters of Israel's central bank stands in Jerusalem, Aug. 19, 2013.

The headquarters of Israel’s central bank stands in Jerusalem – Photo: Bloomberg

The statement was issued by the central bank in an effort to ensure that Israeli banking institutions will be ready to comply with FATCA when it goes into effect, in July.

Continue Reading »

Israeli authorities caution public on bitcoin risks, considers regulation



Israel is considering regulating the bitcoin, the Internet’s crypto-currency, and financial authorities are warning citizens that using such decentralised virtual currencies is risky.

Money, money, money: Israel is considering regulating the bitcoin and is warning citizens of the risk of using it – Photo: Reuters

Bitcoins are passed between two parties digitally and can be traded on exchanges for real-world currencies. The bitcoin’s value fluctuates according to user demand but it is not backed by any government or central bank. Continue Reading »

Israel’s Given Imaging bought by Covidien for $860 million

The combination of Covidien’s global presence and Given Imaging’s innovative capabilities has the potential to transform a $3 billion GI market.

By Reuters



Medical device maker Covidien is buying Israeli camera-in-a-capsule maker Given Imaging for $30.00 per share in cash, totaling $860 million, the companies said on Sunday.

The nex generation of Given Imaging’s PillCam capsules  are expected to boost sales.

The next generation of Given Imaging’s PillCam capsules are expected to boost sales.

Given Imaging developed a pioneering technique for non-invasive endoscopy. Its technology for visualising, diagnosing and monitoring the digestive system starts with the PillCam, a capsule containing a miniaturized video camera. Over the years Given Imaging, which operates out of Yokneam, developed a number of versions for the technology, including one for esophageal diagnostics. Continue Reading »

Israel’s El Al Airlines posts record profits


Israel’s national flag carrier’s profit rose to record $57.9 million from $37.5 million the year before.

El Al’s chief executive complains gov’t boosts Turkish airlines expansion at expense of Israeli carriers.


Net profit at Israel’s flag carrier rose to a record $57.9 million from $37.5 million a year earlier, El Al said on Wednesday. Revenue increased 6.2 percent to $643.3 million – the highest in five years – as passenger revenue grew 6.1 percent while cargo revenue dipped 0.8 percent.

File:El Al Boeing 737-8HX.jpg

El Al 737 – Photo courtesy: Wikimedia Commons.

Chief Executive Elyezer Shkedy said the airline faced increased competition in the quarter as foreign airlines increased the number of seats offered by 14 percent. Continue Reading »

Fitch financial ratings agency reaffirms Israel’s ‘A’ credit rating



New York city-based int’l credit ratings agency upgrades Israel’s credit outlook from “stable” to “positive”.

Fitch Ratings Inc. reports: Israel’s Gov’t’s “debt management, high domestic & external financing flexibility, are a rating strength.” 

By Zeev Klein & News Agencies


The Fitch Ratings Inc. agency on Friday upgraded Israel’s credit outlook to positive and affirmed Israel’s “A” rating — its sixth-highest investment grade. The company cited Israel’s shrinking deficit and debt-cutting efforts as the reason for the revised outlook.

Israel’s outlook positive. Fitch Ratings headquarters in New York – Photo: Reuters

According to Bloomberg, Fitch predicts that Israel’s budget deficit will fall to 3 percent of gross domestic product in 2014 from 3.8% in 2013. Continue Reading »

Chinese Foreign Minister Wang Yi will visit Israel in 3 weeks


Continue Reading »

Israel also faces existential economic threat, but from within

The threat:  Today, Ultra-Orthodox & Arab populations largely do not contribute to the mainstream workforce or pay taxes. 

By Israel Today Staff


Outgoing Bank of Israel Governor Stanley Fischer this week stated that Israel has one of the strongest and most resilient economies in the world.

Bank of Israel Governor Stanley Fischer says he is more optimistic about the Israeli economy than he was two months ago. – Photo: Dudi Vaaknin


However, Israel is facing a very serious existential threat… well, many existential threats, really, but one of those threats is the economy itself.

Israel is a fully welfare state, and there are two large sectors – the ultra-Orthodox Jews and the Arabs – which largely do not contribute to the mainstream workforce or pay taxes. Continue Reading »

If Palestinians seek UN recognition, Israel says it will close cash tap

Finance Minster Yuval Steinitz tells town hall meeting in Be’er Sheva, ‘It cannot be that they hit us unilaterally & then expect bilateral cooperation with us on economic matters,’

By Reuters


Israel will stop collecting tax revenues for the Palestinian Authority and not hand over any money if President Mahmoud Abbas continues to seek observer state membership of the United Nations, Israel’s finance minister said on Saturday.

Finance Minister Yuval Steinitz.

Finance Minister Yuval Steinitz. – Photo: Michal Fattal

“If the Palestinians continue to advance their unilateral move they should not expect bilateral cooperation. We will not collect their taxes for them and we will not transfer their tax revenues,” Finance Minister Yuval Steinitz said. Continue Reading »