Political

מושחתים נמאסתם - We're Tired of the Corruption

2 חודשים

Bank of America exec confident about Israel's economy
Aharon Katz - Globes Reporter
Bernard Mensah, president of International at Bank of America, sees Israel's tech sector becoming even more attractive.

Israel’s economic situation seems very unclear. The Knesset has entered its long summer recess, and will not convene again until October. When that happens, it is not certain whether the judicial overhaul will continue or not, and how the economy might respond either way. The international credit rating agencies have issued warnings about the political uncertainty, and indicated that it might affect Israel’s rating.

Despite the uncertainty, at least one prominent US banker is confident about Israel’s economy, and sees the situation improving substantially. Bernard Mensah, president of International at Bank of America, talks to "Globes" about how the bank perceives the situation in Israel.

Bank of America is one of the biggest investment banks in the world, and the second largest bank in the US in terms of market cap. It serves customers in more than 100 countries, among them, of course, Israel. In his interview, Mensah refused to comment on the current crisis in Israel, but a report by Bank of America analysts published in early July stated that, in the short term, the volatility in Israel could be expected to continue, and that the depreciation of the shekel created a risk of further interest rate hikes by the Bank of Israel.

The report stressed that both supporters and opponents of the judicial overhaul in Israel had an interest in compromise and consensus.

"The economy in Israel is dynamic and driven by the technology industry. Nevertheless, as in many other countries, the global slowdown affected Israel as well, and the technology space," Mensah began when asked about the situation in Israel.

"Our research team sees a slowdown in economic growth this year, to a level of 2.5%," he says. "Despite Israel’s special social and political challenges, this is still faster growth than we are seeing in many other parts of the world."

The growth forecast by Mensah and the Bank of America analysts is not high, and if Israel’s natural population growth rate of about 2% annually is taken into account, then GDP growth per capita is much lower.

Moreover, this is a lower forecast than the latest revised forecast by the Bank of Israel in July, which projects 3% growth for the Israeli economy in 2023.

The Bank of America forecast is, however, in line with that of Morgan Stanley, and higher than that of S&P, which sees a very low growth rate for Israel this year of 1.5%, which would make growth per capita negative.

"When the global forecast improves, Israel will be able to restart its economy. The country’s economy is cooling, inflation is falling, and economic ties in the region are on an improving trend. Fortunately, the inflation shock is small, and much more limited in comparison with other economies, and so the adjustments required will be less painful. Since the labor market is still tight, our economists see a softer landing in Israel, particularly in comparison with many other countries," Mensah says.

Commenting on the Bank of Israel’s actions to bring the rate of inflation down, he adds, "While the Bank of Israel has succeeded in tightening its policy and turning the inflation trend downwards again, inflation is still high. Like other central banks around the world, we think that the Bank of Israel will exercise patience in reducing interest rates. Our analysts do not see any cuts this year, and in their view the inflation rate will be 3.6% by the year end." Here, Bank of America’s forecast is actually similar to that of the Bank of Israel, which sees an inflation rate at the end of the year of 3.5%.

In the interview with him, Mensah stresses Israel’s strength as a country that generates startups producing innovation as added value. "Israel is known as ‘the startup nation’. This is mainly thanks to its strong human capital, large government spending on research and development, leading universities, an entrepreneurial culture, and innovative technology.

"In the past two decades, Israel has become a world center in several technological segments, among them autotech, cyber, foodtech, cleantech, fintech, and Internet. The US market is the most important market for Israeli companies, and is critical for the continued success and growth of these companies."

Where do you see new investment opportunities? What will Israel’s next big opportunity be?

"The Israeli high-tech industry has great value, and when global growth recovers, we believe that it will become more attractive, and will generate opportunities in many areas, including in agriculture, artificial intelligence, quantum computing, fusion, cybersecurity, and cleantech.

"If I had to point to one opportunity, I’d point to the importance of AI in enterprise strategy and in investment. The rate of opportunities now being created by AI is amazing, which of course is good news for Israel.

"The whole world is preoccupied with this. I have just returned from hosting our annual conference on breakthrough technology, which discussed how it’s possible to continue developing the discourse on where we go from here. We brought together a group of world pioneers, thinkers, risk takers, academics, commentators, moderators and investors. All of them are inspired by the latent possibilities in science, in technology, and in the way all these elements are connected to money.

"In terms of where Bank of America invests, the cautious answer is: everywhere. The existence of a successful branch here in Israel and around Europe is a critical element in our international strategy. That way, we continue to take market share in our corporate and investment banking business and in global markets, while we continue to focus on responsible growth."

How should Israeli companies behave when they come to enter the US market?

"Founders and senior managers must examine the best way of establishing a strong foothold in the US market right from the early stages of setting up their companies. That can be achieved through strong support from US shareholders, strategic alliances, and support from large US banks."

"Global economy still in transition

Mensah deals in planning and executing Bank of America’s global strategy, and so his knowledge of what is happening in the world is immense, and it’s hard not to wonder what he thinks about the global economy, when it is still not clear whether it will emerge from the current economic crisis without a recession ... See MoreSee Less

מושחתים נמאסתם - We're Tired of the Corruption

2 חודשים

Legal Adviser to the Government Gali Beharve-Miara, in the future in a few years, the students of the law faculties will learn how it happened that even though Supreme Court Judge Asher Dan Grunis opposed the appointment of Gali Beharve-Miara as Legal Adviser - the political shticks and tricks prevailed over the professional judgment of the Chief Justice Grunis.
The students of the Faculty of Law will learn that during her brief appearance before the search committee, Gali Bahar-Miara had in her hand a "closed" page of a statement of intent, representing recommendations from top judges, some of whom did not know Miara at all.
Miara's path to the position of legal advisor to the government was safe
And Torah was nominated by Gideon Sa'ar, Minister of Justice.
The students will learn that the retired President of the Supreme Court and the Chairman of the Committee for Locating and Selecting the Attorney General opposed the candidacy of Attorney Gali Beharev Miara, the candidate of Justice Minister Gideon Sa'ar for the position.
In law faculties, students will learn that Grunis opposed Beharev Miara, because in his opinion she lacked the necessary experience in the two most important areas of the consultant's work: public law (constitutional and administrative) and criminal law.
Law students will learn that the opinion of retired Supreme Court President Asher Dan Grunis was not accepted.
Students of the Faculty of Law will learn that Chief Justice Grunis was a respected jurist who served as the tenth president of the Supreme Court in 2012-2015. As of 2020, he served as a professor at the Faculty of Law at the University of Haifa.
In all the law faculties throughout the country, students will learn that during the seven days that Gali Beharve-Miara served as the legal advisor to the government, the disgraces of the entire legal system, headed by the legal advisor to the government Gali Beharve-Miara, were revealed.
The conclusions of the lecturers of the faculties of law, in a few years, in a lecture on the period of the Minister of Justice Gideon Sa'ar and the legal adviser Gali Beharve-Miara will be to point out to the students that at that time there were legal advisers and attorneys' offices in the country who turned the legal authority they had into filing lawsuits in a selective manner (with the intention of causing for a governmental upheaval against the will of the citizens).
There is no doubt that the legal advisors and senior prosecutors will be famous stars in law studies in many years to come. ... See MoreSee Less

מושחתים נמאסתם - We're Tired of the Corruption

3 חודשים

Gantz calls - On Netanyahu to stop the legislation and return to the talks: "Protest is the brake, dialogue is the solution" Gantz points out that you, Bibi Netanyahu, will be responsible if blood is spilled. Gantz's - The citizens, supporters of the right-wing cruises, are lovers of the country and are not willing to cause civil war, the organizers of the Kaplan demonstrations want to be against them
Right-wing demonstrators against left-wing demonstrations and that there will be clashes and as you say, blood will be shed.
The members of the right-wing parties are responsible citizens - the fact is that when the right-wing parties organized a quiet demonstration of 300,000 participants in support of the legal reform, there was no violence and there were no violations of the rules of the demonstrations.
Benny Gantz, as you said, "Communication is the solution". However, there are open questions regarding your conduct.
Benny Gantz Why did you withdraw from the talks at the president's house?
Benny Gantz, doesn't Gideon Sa'ar tie your hand and that's the reason you left "talking at the President's House"??
Benny Gantz, are you "perfumed" by the caressing polls in which you are considered the largest party and the favorite for its leadership, and that is why the "talks at the President's house" were stopped???
Benny Gantz this government will serve for another four years and days will tell who will be responsible for the wild demonstrations against a government that was elected by the majority of voters in democratic elections.
Benny Gantz, you and the entire opposition are held captive by the leaders of the organizers of the demonstrations, led by Ehud Barak, Ehud Olmert, Danny Halutz, Moshe Ya'alon and a group of failed public figures and politicians who hate Bibi Netanyahu.
Benny Gantz, the protest leaders don't count you, they burn you publicly.
Benny Gantz, if you want to survive as a political leader for the next few years, be brave and make wise decisions, rise above cheap politics and prove that you are a better leader.
Below is a statement by the late David Ben-Gurion, the first Prime Minister of Israel:
I don't know what the people want.
I know what the people need.
And we say to you:
We know what the leaders of the protests really want.
You Benny Gantz should know what all the citizens of Israel want.
Gantz calls on Netanyahu to stop the legislation and return to talks: "Protest is the brake, dialogue is the solution"/rki56evkn?utm_source=ynet.app.ios&utm_term=rki56evkn&utm_campaign=general_share&utm_medium=social&utm_content= Header ... See MoreSee Less

מושחתים נמאסתם - We're Tired of the Corruption

3 חודשים

We ask the citizens of Israel to pay attention to the conduct of MK Tali Gottlieb.
We ask for a moment to detach ourselves from our political opinions and judge the conduct of Knesset member Tali Gottlieb as a public representative who claims that she is loyal to the public that elected her.
We wish to draw attention to the conduct of Knesset member Tali Gottlieb, who is conscientiously unwilling to be loyal to the discriminatory head or to the group of Knesset members we call the coalition.
The citizens must understand, regardless of MK Tali Gottlieb's political views, that Tali Gottlieb's political conduct is the right way for the system of governance in Israel.
We must change the government system in the country!!!
Members of the Knesset will be elected directly by the citizens of the country.
Members of the Knesset will be loyal to the citizens of the country and not to the heads of the political parties
In the existing system of government, we citizens are used as playthings in the hands of egomaniac politicians from the right, center and left.
There is no difference between Bibi Netanyahu, Benny Gantz, Yair Lapid, Avigdor Lieberman, Bezalel Smotritz, Merav Michaeli and the entire political establishment, they all love friends with capital who help politicians advance and advocate the current system of government, in order to control the citizens of the country.
All the egomaniac party leaders are ready to give the ultra-Orthodox parties, the Arab parties and all the small parties billions of shekels without shame or remorse in order to control a corrupt coalition.
For years we in the group "You are fed up with the corrupt" claim that in order for the citizens of Israel to stop being played by the politicians, we must change the system of government and hold "direct elections of the members of the Knesset and the Prime Minister by the citizens of Israel."
Instead of the members of the Knesset being loyal to the heads of the parties, the members of the Knesset, finally, will be loyal to the people of Israel and stand up to the voter's trial on election day.
Instead of the capitalists having control over the politicians, the people of Israel will control the politicians and on election day they will punish the politicians who did not keep the promises to the voter before the elections.
Below we have changed the system of governance proposed by the group "The corrupt have had enough":
The government systems are controlled by vested interests with ploys and tricks.
The existing system of government does not express the will of the people.
The system of government must be changed.
For the sake of democracy, the system of governance in Israel must be changed.
A system without a blocking percentage of parties that block the free choice of citizens.
The parties will present the members of the Knesset of the party for the personal choice of the citizens.
The citizens of Israel will elect the members of the Knesset
in direct elections according to personal qualifications.
The leaders of the parties who have an interest will be the candidates for the government.
A party leader who receives over 50% of the citizens' votes will be elected Prime Minister.
If there is no party leader who receives over 50% of the citizens' votes, then the two party leaders who received the most votes of the citizens will stand for re-election.
The candidate who receives the most votes in repeat elections will be elected Prime Minister.
The Prime Minister will choose professional experts for ministerial positions in the government.
Knesset members as mentioned will be elected in direct elections by the citizens of Israel.
In the system of government proposed by us at the end of the elections, there will be no corrupt coalition agreements.
At the end of the elections, there will be a government and a Knesset elected by all the citizens of Israel, regardless of gender or race.
The exclusive role of the members of the Knesset will be to be members of the Knesset who are loyal to the feelings of the citizens and they will not have any possibility of being appointed as ministers in the government.
The Knesset member who receives the most votes from the voters will be appointed Speaker of the Knesset.
The Speaker of the Knesset will appoint the chairmen of the Knesset committees.
The MK's role will be to initiate laws, review, supervise and approve the laws and the decisions of the government.
At the end of the day, all actions and decisions of the government must be approved by the Knesset.
... See MoreSee Less

מושחתים נמאסתם - We're Tired of the Corruption

3 חודשים

Bibi Netanyahu is in a trap.

On the one hand, he longs to achieve a political agreement and bring about a peace agreement with Saudi Arabia.
To be invited to the White House to meet US President Joe Biden and Saudi Prince Salman for the signing ceremony of renewing relations with the Kingdom of Saudi Arabia. However, on the other hand, the coalition consists of the right Yimin Party will not allow Bibi Netanyahu to make concessions regarding the control of Judea and Samaria in favor of the Palestinian Authority.
Show that this is an impossible task.

Deal with Saudi Arabia - Israel to relinquish land control to PA
According to the offer, Israel would recognize Palestinian state and transfer control over land in Judea and Samaria

“These are not simple matters for Israel, which could lose its strategic advantage in the Middle East. In addition, Iranian uranium enrichment in Saudi territory can bring about the nuclearization of the entire region”

The American government is very determined to reach a peace agreement between Israel and Saudi Arabia in the coming year. The hot-button issue between Israel and the Americans, as well as in the domestic political system, is the possible compensation to the Palestinians if the normalization deal comes to fruition.

Israel National News has learned from an American government source that one of the offers that were raised in an attempt to reach normalization is an Israeli agreement to recognize a Palestinian state and, at the same time to transfer parts of Area C, which is under Israeli military control, to Area B, where the authority is split between Israel and the Palestinian Authority.

The offer will most probably be declined since these two compensations will lead to the dissolution of the government by Netanyahu's right-wing partners.

MK Avichai Buaron (Likud) reacted to the report, "It sounds baseless that someone in Israel would agree to give up another centimeter of Area C. I don't believe it. You have to understand the Gav Hahar region (in Samaria) is 10% to 15% Israeli. The PA is choking us since it builds on the edges of Area B near Israeli communities and roads with the aim of choking the Israelis. This is political construction, not actual construction for residences.

Giving up more land would mean trapping the Jewish settlement on the mountain and totally losing Israeli control. This is precisely what the PA wants. That the Jews in the Gav Hahar region disappeared. I don't believe that someone in the Israeli leadership would want that."

In recent months an interesting geo-political race has been unfolding: on one end, the warming relations between Iran and Saudi Arabia and the payoffs between the two, such as free trade and defense deals, and on the other end, the White Houses race to leave a substantial impression on President Biden's foreign policy ahead of the upcoming presidential elections.

The American administration has noticed its lightened grip on the Middle East, both in the warming of Iranian-Saudi ties, the repetitive strikes on its bases in Syria by militias, and Iran's 'lack of will' to give up to Western sanctions after former President Trump unilaterally pulled out of the nuclear deal in 2018.

This whole game leads to the fact that an Israeli normalization deal with the "protector of the holy sites," funder of Hamas in Gaza, Judea, and Samaria, whose net gains from SAUDI ARAMCO are assessed to be higher than those of Apple, Meta, and Microsoft together, would bring the US back to the playing field.

In return for such a move in the future, which would create a significant attack route for Israel against the Iranian nuclear facilities, the Saudis want, first and foremost, a significant defense deal, advanced arms, and a civil nuclear energy program from the Americans.



These are not simple matters for Israel, which could lose its strategic advantage in the Middle East. In addition, Iranian uranium enrichment in Saudi territory can bring about the nuclearization of the entire region. ... See MoreSee Less

מושחתים נמאסתם - We're Tired of the Corruption

3 חודשים

Author by Meital Stavinsky
Miami and Washington, D.C., attorney, member of Holland & Knight's Public Policy & Regulation Group and co-chair of the firm's Israel
What an honor to hear U.S. Ambassador to Israel, Thomas R. Nides, deliver an inspiring speech at the reception for the #Israeli delegation to SelectUSA at the Embassy of Israel in Washington D.C. last night! Ambassador Nides shared his admiration of the Israeli #entrepreneurship spirit and #ingenuity, and the strong, unbreakable ties between the #UnitedStates and Israel. Noting, “…#Democracy is alive and well in the State of Israel” and that the ongoing protests both against and in favor of the judicial reform, are proof of the strength of Israeli democracy. Ambassador Nides also shared about his recent personal experience participating at the International March of the Living, along with former U.S. Ambassador David Friedman, Dr. Miriam Adelson
and many others. And, that notwithstanding political differences all are united in the flight against #antisemitism. Thank you Robyn Kessler, sigal mendelovich and Alla Polotsky for leading yet another successful delegation of #innovative Israeli companies to SelectUSA! ... See MoreSee Less