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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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Police denied Jewish community’s request for more security before Sydney massacre, commission finds
(JTA) — Days before a massacre on a Hanukkah event at Bondi Beach, Sydney, the region’s Jewish security organization asked the police to send officers to Hanukkah events in the city.
The organization, the Community Security Group, had already worked with Chabad of Bondi to create a security plan for the event that included fencing off an area that normally had no barriers.
Now, in the message to police, the group emphasized that Jews in Sydney were facing unusual danger. The threat level, it wrote, was “HIGH. A terrorist attack against the NSW Jewish Community is likely and there is a high level of antisemitic vilification.”
The police responded by saying that they could not devote additional officers to the events but would send patrols by. Three days later, 15 people, including rabbis and a child, were killed when two men opened fire on the event, known as Chanukah by the Sea.
The sequence of events appears in the first report issued by Australia’s Royal Commission on Antisemitism and Social Cohesion, formed in the wake of the massacre amid pressure on the government to do more to keep Australian Jews safe.
The report, issued Thursday, contains 14 recommendations, some of which were obscured from public view for security reasons. They include elevating and strengthening counter-terrorism policing and improving policing of Jewish events.
The top recommendation: “The procedures adopted by NSW Police in respect of Operation Jewish High Holy Days should apply to other high risk Jewish festivals and events, particularly those that have a public facing element.”
The Australian Jewish Association welcomed the report’s release but said it was marred by failing to address the form of antisemitic extremism said to have motivated the Bondi Beach shooters.
“The report’s credibility is undermined by its failure to address the issue of radical Islamist extremism. No serious analysis of the lead-up to the Bondi massacre can ignore this,” it said in a statement. “It’s concerning that the report identifies no urgent legislative changes required. There were serious failings by multiple agencies. If the legislation is adequate, then these failings are inexplicable.”
In particular, the group said, the commission should explore the fact that gun-control laws bar private security from being armed in Sydney, adding, “Whether different security settings could have changed the outcome is a matter that warrants urgent examination.”
This article originally appeared on JTA.org.
The post Police denied Jewish community’s request for more security before Sydney massacre, commission finds appeared first on The Forward.
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Jewish man arrested for allegedly firing pellet gun at left-wing activists in Rome
(JTA) — Italian Jewish leaders are condemning the alleged acts of Jewish man who was arrested this week after police said he fired a pellet gun at participants in a parade marking Italy’s Liberation Day from Nazism and fascism.
Eitan Bondì, 21, was charged with attempted homicide in connection to the shooting of Rossana Gabrieli and Nicola Fasciano, two members of the National Association for Italian Partisans, a group founded by members of the Italian resistance, during the Rome parade.
Neither victim was seriously injured by the attack, according to Italian media.
Bondi’s arrest marks the second instance of confrontations involving Jews during Liberation Day festivities this year. In Milan, pro-Palestinian activists, including members of ANPI, blocked participants honoring the Jewish Brigade, a Jewish military unit that fought the Nazis in Italy during World War II.
Bondi said he was affiliated with the Jewish Brigade. Davide Romano, the director of the Jewish Brigade Museum in Milan, wrote in a post on X that the organization did not know Bondì, and that he felt “horror and condemn in the most resolute manner, and without any justification, anyone who dares to use the name of the Jewish Brigade to carry out acts of violence.”
“The Jewish Brigade fought for freedom and human dignity. Instrumentalizing its name to justify or cover up violent behavior is an outrage to its memory and to all those who sacrificed themselves under that flag,” Romano wrote, adding that the organization reserved the right to “pursue legal action against all those who use the name of the Jewish Brigade to associate it with this shameful act.”
Victor Fadlun, the president of the Jewish Community of Rome, condemned Bondì’s alleged acts in a statement, saying that his detention “fills us with dismay and outrage” and voicing his organization’s “full solidarity and closeness” to the victims.
“The Jewish Community of Rome condemns and dissociates itself unreservedly from any form of anti-democratic violence,” Fadlun said, according to the Italian news agency Ansa. “In such a tense moment … we appeal to political and civil society to avoid any exploitation (of the case) that could fuel hatred and generate new violence.”
This article originally appeared on JTA.org.
The post Jewish man arrested for allegedly firing pellet gun at left-wing activists in Rome appeared first on The Forward.
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British police pledge 25M pounds for Jewish security in wake of London stabbing
(JTA) — British police have allocated 25 million pounds, or about $33 million, in new funding to keep Jewish communities safe, officials announced on Thursday.
The announcement came a day after a stabbing in the Orthodox neighborhood of Golders Green left two men injured and a community reeling. The stabbing has been ruled a terrorist attack.
“There’s no getting away from the fact that this was not a one-off,” Prime Minister Keir Starmer, who visited the neighborhood on Thursday, said during a press conference. “This has been a series of attacks on our Jewish community, particularly in recent weeks, and there is a very deep sense of anxiety, of concern about security, about safety, about identity frankly.”
A new group called Harakat Ashab al-Yamin al-Islamiya, or the Islamic Movement of the People of the Right Hand, that has claimed attacks on Jewish targets across Europe said it was responsible for the stabbing. British officials said they were investigating that claim.
They disclosed that the 45-year-old man arrested in the stabbing, who was first subdued by Jewish security forces, was a British national who had come to the country “lawfully” from Somalia as a child.
Home Secretary Shabana Mahmood, who joined Starmer in Golders Green, told the BBC that she was treating the spree of antisemitic incidents as “absolutely an emergency,” though she declined to adopt language used by Starmer’s terrorism advisor that there was a “national security emergency” because of its implications on civil liberties.
Still, she said, she believed that frequent pro-Palestinian protests in London contained “far too many instances” of hate crimes and she spoke of her opposition to antisemitism in terms of her own religious identity.
“When I take the stand that I am taking against antisemitism, I am doing so as a practicing Muslim. It is absolutely in line with my faith,” Mahmood said. She added about British Jews: “This land is their land. It is my land too. We share this land and we must all work together to keep each other safe.”
The incident, which followed arsons at synagogues and of ambulances owned by a Jewish emergency service as well as a deadly attack on a Manchester synagogue last year, has prompted an escalation of fear among British Jews. Chief Rabbi Ephraim Mirvis warned that visibly Jewish people — those wearing symbols of their Jewish identity — were “not always safe” in England.
This article originally appeared on JTA.org.
The post British police pledge 25M pounds for Jewish security in wake of London stabbing appeared first on The Forward.