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Israel’s Economy Will Survive and Thrive Despite Hamas-Hezbollah War

Pro-Hamas demonstrators in Istanbul, Turkey, carry a banner calling for Israel’s elimination. Photo: Reuters/Dilara Senkaya

Irrespective of Israel’s wars against Hamas and Hezbollah, Intel, the semiconductor giant, recently confirmed a $25 billion investment in Israel, leveraging Israel’s brain power, which has enhanced Intel’s competitiveness in the global market. Over the last 50 years, Intel has invested more than $50 billion in Israel, establishing four research and development centers, despite the potential for wars and actual wars and terrorism. Now Intel will expand its Israeli chip factory, in order to diversify its manufacturing potential amid a chip arms race.

Challenged by a unique environment — top heavy on terrorism and war, but low on natural resources and rainfall — Israel has bolstered its do-or-die state of mind, with a defiance of odds, risk-taking, patriotism, a can-do attitude, and out-of-the-box mentality. This has yielded a robust flow of game-changing commercial, defense and dual-use technologies.

Israel entered the current wars with positive economic indicators, such as debt-to-GDP ratio in the low 60% (compared with 123% in the US), and all-time high foreign exchange reserves of $200 billion.

Intel’s $25 billion investment in Israel is driven by Israel’s unique competitive edge, as detailed in this October 23, 2023, report by the St. Louis-based Stifel Investment Bank ($390BN asset management), which said:

We believe that there are several key factors supporting the resilience of the Israeli market in the face of conflict, and the confidence of large multinational companies making large acquisitions in Israel, including during wars.

We [Stifel Investment Bank] have analyzed the impact of 4 previous Israeli conflicts with a range of both duration and gravity including the 2014 Gaza War – Operation Protective Edge, the 2008 Gaza War – Operation Cast Lead, the 2006 Lebanon War, and the 2nd Intifada (2000).

Our analysis examines the impact on the Tel Aviv Stock Exchange (TASE) as well as strategic transactional activity during and following the respective conflicts.

The analysis reveals very strong resilience in the face of such Israeli market shocks, and with the exception of the 2nd Intifada (2000) — which was highly correlated to the dot-com bubble — the impact of historical conflicts on TASE have been minimal with the TASE experiencing single digit or negligible conflict related impacts, and an almost immediate rebound and strong short and long term performance post conflict….

Israel’s economy will also survive the Oct. 7 massacre and the Jewish state’s wars of self-defense in response, and Israel will thrive afterwards.

Intel’s CEO, Patrick Gelsinger, told Fox Business that, “The Israeli people are the most resilient people on earth.” How right he is.

The author is a commentator and former Israeli ambassador.

The post Israel’s Economy Will Survive and Thrive Despite Hamas-Hezbollah War first appeared on Algemeiner.com.

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Treasure Trove spotlights a menorah designed in the early years of the State of Israel

This laurel branch Hanukkah menorah, designed by artist Maurice Ascalon (1913-2003), won first prize at the 1950 Tel Aviv Design Competition. Between 2,000 and 4,000 of these were made by the Pal-Bell factory in Israel, and they were sold not only in Israel but in select department stores around the world, including Macy’s in New York and Harrods in London.

The shape of the oil containers resembles ancient Roman lamps, while the large pitcher is a reference to the single jug of oil that lasted for eight days that is at the heart of the Hanukkah story. 

These hanukkiyot were manufactured out of cast bronze with a green patina that was created using reactive chemicals, a process developed by Ascalon, resulting in an antique verdigris look.

Ascalon, who was born in Hungary and originally named Moshe Klein, immigrated to Palestine in 1934 after training in Brussels and Milan. He started the Pal-Bell Company in the late 1930s for the production of ritual and secular decorative items. “Pal” is short for Palestine and “Bell” is short for bellezza, Italian for beauty and an allusion to his time in Milan where the artist learned and perfected his sculpting skills. During Israel’s War of Independence in 1948, Ascalon designed munitions for the Israeli army and, at the request of the Israeli government, retrofitted his factory to produce arms for the war effort.

Ascalon closed Pal-Bell and moved to the United States in 1956, where he taught sculpture at the University of Judaism in Los Angeles and opened Ascalon Studios, which produces large-scale sculptures for public spaces and houses of worship. 

The studio, which is now run by Ascalon’s son David and his grandson Eric, was retooled during the COVID pandemic to manufacture safety boxes that allowed health-care workers to assist a patient on a ventilator while minimizing exposure.

Treasure Trove wishes you a happy Hanukkah , which starts on Dec. 25. This year, as Peter, Paul and Mary sang, “Light one candle for the terrible sacrifice, justice and freedom demand. Don’t let the light go out!”

The post Treasure Trove spotlights a menorah designed in the early years of the State of Israel appeared first on The Canadian Jewish News.

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Germany: 5 Killed, Scores Wounded after Saudi Man Plows Car Into Christmas crowd

Magdeburg Christmas market, December 21, 2024. Photo: REUTERS/Christian Mang

i24 NewsA suspected terrorist plowed a vehicle into a crowd at a Christmas market in the German city of Magdeburg, west of the capital Berlin, killing at least five and injuring dozens more.

Local police confirmed that the suspect was a Saudi national born in 1974 and acting alone.

German Chancellor Olaf Scholz expressed his concern about the incident, saying that “reports from Magdeburg suggest something bad. My thoughts are with the victims and their families.”

Police declined to give casualty numbers, confirming only a large-scale operation at the market, where people had gathered to celebrate in the days leading up to the Christmas holidays.

The post Germany: 5 Killed, Scores Wounded after Saudi Man Plows Car Into Christmas crowd first appeared on Algemeiner.com.

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Syria’s New Rulers Name HTS Commander as Defense Minister

A person waves a flag adopted by the new Syrian rulers, as people gather during a celebration called by Hayat Tahrir al-Sham (HTS) near the Umayyad Mosque, after the ousting of Syria’s Bashar al-Assad, in Damascus, Syria, Photo: December 20, 2024. REUTERS/Ammar Awad/File Photo

Syria’s new rulers have appointed Murhaf Abu Qasra, a leading figure in the insurgency which toppled Bashar al-Assad, as defense minister in the interim government, an official source said on Saturday.

Abu Qasra, who is also known by the nom de guerre Abu Hassan 600, is a senior figure in the Islamist Hayat Tahrir al-Sham (HTS) group which led the campaign that ousted Assad this month. He led numerous military operations during Syria’s revolution, the source said.

Syria’s de facto leader Ahmed al-Sharaa discussed “the form of the military institution in the new Syria” during a meeting with armed factions on Saturday, state news agency SANA reported.

Abu Qasra during the meeting sat next to Sharaa, also known by the nom de guerre Abu Mohammed al-Golani, photos published by SANA showed.

Prime Minister Mohammed al-Bashir said this week that the defense ministry would be restructured using former rebel factions and officers who defected from Assad’s army.

Bashir, who formerly led an HTS-affiliated administration in the northwestern province of Idlib, has said he will lead a three-month transitional government. The new administration has not declared plans for what will happen after that.

Earlier on Saturday, the ruling General Command named Asaad Hassan al-Shibani as foreign minister, SANA said. A source in the new administration told Reuters that this step “comes in response to the aspirations of the Syrian people to establish international relations that bring peace and stability.”

Shibani, a 37-year-old graduate of Damascus University, previously led the political department of the rebels’ Idlib government, the General Command said.

Sharaa’s group was part of al Qaeda until he broke ties in 2016. It had been confined to Idlib for years until going on the offensive in late November, sweeping through the cities of western Syria and into Damascus as the army melted away.

Sharaa has met with a number of international envoys this week. He has said his primary focus is on reconstruction and achieving economic development and that he is not interested in engaging in any new conflicts.

Syrian rebels seized control of Damascus on Dec. 8, forcing Assad to flee after more than 13 years of civil war and ending his family’s decades-long rule.

Washington designated Sharaa a terrorist in 2013, saying al Qaeda in Iraq had tasked him with overthrowing Assad’s rule and establishing Islamic sharia law in Syria. US officials said on Friday that Washington would remove a $10 million bounty on his head.

The war has killed hundreds of thousands of people, caused one of the biggest refugee crises of modern times and left cities bombed to rubble and the economy hollowed out by global sanctions.

The post Syria’s New Rulers Name HTS Commander as Defense Minister first appeared on Algemeiner.com.

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