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As foreign investors warn over Israel’s future, ratings firm accused of anti-Israel bias says it’s not worried — for now
(JTA) — As much of the financial world increasingly eyes political developments in Israel with concern, a company that specializes in assessing investments based on social responsibility criteria made a special announcement Wednesday in which it declared Israel “a low-risk country.”
That designation is both a signal to investors that they are unlikely to get entangled in human rights abuses or other scandals if they put their money in Israel, and a reassurance intended for pro-Israel advocates who have accused the company of bias against Israel.
The announcement from the multibillion-dollar Chicago-based financial research firm Morningstar is the latest entry in a debate about how companies around the world should regard the Israeli-Palestinian conflict. One side says that Israel should be treated as regular Western democracy and the other says that Israel’s treatment of the Palestinians should put the country in the class of authoritarian regimes.
But another debate about Israel’s investment worthiness has emerged in recent months following the election of a new Israeli government led by Benjamin Netanyahu, whose slim parliamentary majority relies on the support of parties with far-right platforms.
Netanyahu, who is on trial for corruption, has vowed to overhaul Israel’s judicial system and rein in the independence of the courts. Many financial analysts consider a weakened judiciary a red flag for investors.
Sarah Wirth, a spokesperson for Morningstar, said that its analysis designating Israel a low-risk country does not yet account for recent developments in Israel.
“Some of the changes developing in Israel may impact their Country Risk Rating once we incorporate them into our analysis,” Wirth wrote in an email to the Jewish Telegraphic Agency in reference to the judicial reform plan.
The latest warning about Israel’s place in the global economy emerged Friday with the leak of an internal report written by JPMorgan, one of the largest banks in the world.
The report compared Israel to Poland, which passed a similar judicial reform in 2016 and saw a downgrade to its credit rating, which was a major blow because national credit ratings can either attract or drive away investments from abroad.
JPMorgan analysts wrote that Israel’s credit rating still “stands comfortably in the investment grade bucket” but that Netanyahu’s plan could cause it to go down.
The report adds to a warning by another Wall Street giant, Goldman Sachs, which said last week that the Israeli shekel could be affected by “growing concern over domestic political developments.”
“The five most recent elections over the past three-year period have had typically limited read-through to financial markets,” Goldman Sachs economist Tadas Gedminas wrote in a report. “This is not to say that the current situation could not have a more meaningful impact this time around, and we will closely monitor ongoing developments.”
Netanyahu has rejected criticism of his judicial plan by saying that the proposed reforms are being misrepresented by his critics and that they would merely bring Israel’s courts in line with courts in other Western countries. The plan would limit the ability of the Supreme Court to rule laws and government actions as unconstitutional, give the government control over the appointments of new judges and end the independence of the position of legal advisor across various government offices, among other measures.
Netanyahu has also said that regardless of the warnings by analysts, international investors are excited about Israel and eager to acquire equity in Israeli companies. His latest pronouncement came from France where he said he met with 60 local business leaders.
“What they’re saying about investors running away is nonsense,” Netanyahu said. “We want to increase our investments in Israel.”
Some of Israel’s own business leaders are concerned enough about the country’s direction that they are choosing to decamp. The CEO of tech company Verbit, which was valued at $2 billion in 2021, announced Tuesday that he would leave the country to avoid paying millions in taxes as a protest of the judicial overhaul plan.
“Over the past few years, I’ve paid tens of millions of dollars in taxes and my company has paid hundreds of millions in taxes,” Verbit CEO Tom Livne said on Israel’s Channel 12. He encouraged others in Israel’s vaunted tech sector to do the same.
Livne’s announcement comes about a week after two Israeli tech firms, including one that was valued at $3.7 billion in 2021, said they would withdraw assets from Israel for the same reason.
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The post As foreign investors warn over Israel’s future, ratings firm accused of anti-Israel bias says it’s not worried — for now appeared first on Jewish Telegraphic Agency.
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Jewish Democrats back Michigan AG Dana Nessel’s decision to skip state party convention
(JTA) — Local and national Jewish Democrats say they are sympathetic after Michigan’s Jewish attorney general, Dana Nessel, said she would skip the state Democratic Party’s nominating convention over concerns about antisemitism and harassment.
“I don’t blame AG Nessel for not wanting to go and basically put herself in situations that feel untenable in this moment of time and don’t add any value politically, personally,” Jessica “Decky” Alexander, the Michigan Jewish Democratic caucus chair, told the Jewish Telegraphic Agency on Friday.
Alexander’s comment came a day after Nessel announced during a televised antisemitism roundtable that she would be skipping the convention next month, where party leaders will finalize the state’s Democratic candidate for Senate following a divisive primary that has focused in part on Israel and antisemitism.
“I don’t feel safe going. I feel like my presence isn’t going to be welcome. I don’t want to get chased around. I don’t want to get harassed. I don’t want to get yelled and screamed at. I don’t want to get booed off the stage, irrespective of what I’m saying,” Nessel said during the roundtable. “And I believe that if I go, that is what will happen because it’s been happening to me.”
She said she had filed a formal complaint within the party about a party official who had called her a neo-Nazi because of her beliefs. “Why is this person more accepted in our party than me?” she asked without naming the official. Her office responded to a request for comment by referring to the recorded livestream of the antisemitism roundtable.
Nessel’s declaration comes in the final days of the primary between Rep. Haley Stevens, a pro-Israel stalwart, and Abdul El-Sayed, a democratic socialist who is deeply critical of Israel. El-Sayed is surging in polls despite a reported $30 million spent against him by AIPAC, the pro-Israel lobby, and its supporters, whom he has made a target of criticism from the campaign trail.
Nessel’s comments also follow turmoil at the Michigan Democratic Party’s endorsement convention in April, where Stevens was booed by attendees. A third primary candidate who later dropped out of the race, state Sen. Mallory McMorrow, said a convention attendee had targeted her Jewish husband with an antisemitic slur.
The incident has fueled alarm among Jewish Democrats, according to Halie Soifer, CEO of the Jewish Democratic Council of America.
“She’s not alone,” Soifer told JTA about Nessel on Friday. “We’ve heard from other Jewish Democrats who attended the Democratic Party convention earlier this year in Michigan, and there was a sense of discomfort amid what felt like a pro-Palestinian protest [that] may have even blurred the line for some into antisemitic sentiment — and it’s really concerning.”
Nessel has raised the alarm about antisemitism within the party for years, alleging in 2024 that Michigan Rep. Rashida Tlaib, a prominent pro-Palestinian voice, had been antisemitic when criticizing charges Nessel filed against pro-Palestinian protesters at the University of Michigan.
For her part, Alexander said she would be participating in the nominating convention and said she believed the chair of the state Democratic Party, Curtis Hertel, had been “very accessible and very open to making sure that we, including our Jewish elected officials, feel safe in that space.” But she said she understood why Nessel was staying away.
“It would never even occur to me, but I’m not an elected official,” Alexander said. “It’s a different stake for me than it is for Dana. I understand her completely.”
This article originally appeared on JTA.org.
The post Jewish Democrats back Michigan AG Dana Nessel’s decision to skip state party convention appeared first on The Forward.
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Maine rabbis call for peace, urge politicians to stop calling Gaza war a ‘genocide’
(JTA) — Every congregational rabbi in Maine has signed onto a statement calling for peace and urging the state’s political leaders to stop using the term “genocide” to describe Israel’s war in Gaza, following a Democratic primary in which several candidates used the label for the first time.
But the rabbis also indicated that they, too, were unsatisfied with conditions in the Middle East and called on Israeli and Palestinian leaders to work toward a peaceful future.
“We call upon Maine’s leaders, and particularly its political leaders, to reject the irresponsible usage of the term in describing the Israel-Hamas War,” said the statement released on Friday. “We also call upon Israeli and Palestinian leaders to end the cycle of violence and to create a better world for both Palestinian and Israeli children.”
The statement, titled “A Call for Peace and Responsible Rhetoric,” argues that using the term as a “political slogan does not advance peace in the Middle East.” The term “erases essential moral and legal distinctions, diminishes the meaning of genocide, and inflames hatred for the local Jewish community,” the rabbis say.
“Compassion for Palestinians does not require the adoption of hateful and misleading language,” they continue. “Advocating for peace does not require participation in a ‘Holocaust inversion’ against the Jewish community. And political leadership does not require demonizing one community in the service of another.”
The statement comes days after Troy Jackson, a former logger and state Senate president, secured the Maine Democratic U.S. Senate nomination Saturday at the party’s nominating convention to replace Graham Platner, a staunch Israel critic who dropped out of the race earlier this month. Platner faced a sexual assault allegation, which he denies. Jackson now faces Republican incumbent Sen. Susan Collins in November’s general election.
Platner’s romp to the primary victory featured routine use of “genocide” to describe Israel’s actions. And ahead of the convention to replace him, Jackson and several other Democratic hopefuls who later exited the race began using the term “genocide” to describe Israel’s war in Gaza for the first time, a shift that drew scrutiny from some Jewish leaders and voters in the state.
The use of the term has become a “currency for acquiring power and position in Maine’s Democratic party,” Rabbi Rachel Isaacs, the leader of Beth Israel Congregation in Waterville, who also signed the statement, told the Jewish Telegraphic Agency.
“Too many Maine Democrats are cynically willing to trade in that currency at the expense of our safety and dignity,” she said in an emailed statement. “We decided we needed to say something collectively, both about the specious and dangerous nature of the claim, and about how much damage has been done to our families and congregants.”
The statement Friday was spearheaded by the Jewish Community Alliance of Southern Maine and signed by every congregational rabbi in the state, including Rabbi Bill Siemers of the Conservative Congregation Beth Israel in Bangor and Rabbi Erica Asch of the Reform Temple Beth El in Augusta. (Rabbis affiliated with the Chabad movement in Maine did not appear on the signatory list.)
Zach Schwartz, the director of the Jewish Community Relations Council at the Jewish Community Alliance of Southern Maine, said the federation hoped the “unity displayed here in Maine can inspire Jewish communities across the US to also unite against the extremist rhetoric harming our community and our children.”
Rabbi Josh Stanton, the associate vice president of interfaith and intergroup initiatives for Jewish Federations of North America, also hailed the joint statement.
“Maine’s Jewish clergy are setting an important example with their call to put aside inflammatory rhetoric and look to the common good,” Stanton said in an emailed statement. “At a time of rising polarization and declining civil discourse, the Jewish Community Alliance of Southern Maine’s efforts to unify the community around this important message are a mark of true leadership.”
Isaacs told JTA that she hoped Jackson would “support, understand, and advocate for all of Maine’s citizens, including the totality of Maine’s diverse Jewish community.”
“Work with us to figure out how to express outrage and legitimate critique of Israel’s government without succumbing to language that you might not know is an ancient antisemitic trope, or dismissing the security needs of Israel’s citizens,” Isaacs said of her message to Jackson. “Please have the courage to forge your own path, and not follow in the footsteps of Graham Platner, a man who should have never been normalized, endorsed, or empowered.”
This article originally appeared on JTA.org.
The post Maine rabbis call for peace, urge politicians to stop calling Gaza war a ‘genocide’ appeared first on The Forward.
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Boy George cedes role of King Herod in ‘Jesus Christ Superstar’ production after releasing pro-Israel song
(JTA) — Boy George has withdrawn from his run as King Herod in London’s West End revival of “Jesus Christ Superstar,” days before he was due to take the stage and 24 hours after releasing “We Will Dance Again,” dedicated to the victims of Hamas’ Oct. 7, 2023, attack on the Nova music festival in Israel.
The 80’s pop star was scheduled to appear at London’s Palladium starting Monday as part of the production’s rotating cast playing King Herod, the Judean king who is best known by Jews for his expansion of the Second Temple and to Christians for his efforts to stave off the arrival of a challenger — the story of which is reflected in the rock opera by Andrew Lloyd Webber and Tim Rice.
Boy George will be replaced by actor Richard Armitage in the London production.
In announcing the cast change, Paul Kelmsley, the singer’s manager, did not directly mention the blowback the former Culture Club frontman was receiving for releasing a pro-Israel song but alluded to it.
“George has never been afraid to stand by his personal convictions, and I have always respected him for that,” he said. ”In this instance, I felt it was right to step aside, allowing the production to remain the focus, while ensuring everyone involved can move forward with mutual respect and goodwill.”
Boy George is defending his decision to release the song, saying he believes artists should be free to express their views even when they are unpopular. In “We Will Dance Again,” the singer rejects claims of genocide against Israel and proclaims, “If you’re ever confused, I stand with the Jews.”
Earlier Friday, Boy George lashed back at the vitriol he was getting online. “What is most shocking is the amount of gay folk attacking me, ” he posted on X. “If you support terrorism you can in the words of Divine ‘Take your toolkit and go f—_ a garage,’” he said, referring to a quote attributed to the taboo-breaking transgender artist.
“When I say ‘they want to kill every last one of us’ I am also talking about us queers, not just the Jewish community,” Boy George said. “When will you wake up?”
This article originally appeared on JTA.org.
The post Boy George cedes role of King Herod in ‘Jesus Christ Superstar’ production after releasing pro-Israel song appeared first on The Forward.
