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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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VIDEO: Rabbi Yosef Ber Soloveitchik speaks about the writer I. L. Peretz
אין די 1950ער האָט דער אָנגעזעענער רבֿ יוסף־בער סאָלאָווייטשיק (1903 — 1993) אָפּגעהאַלטן אַן אייגנאַרטיקע דרשה אויף ייִדיש פֿאַר אַן אומגעריכטן עולם: מיטגלידער פֿונעם אַרבעטער רינג. גערעדט האָט ער וועגן דעם גרויסן ייִדישן שרײַבער י. ל. פּרץ. אַ רעקאָרדירונג פֿון יענער לעקציע האָט מען לעצטנס אַרויפֿגעשטעלט אויף יוטוב.
הרבֿ סאָלאָווייטשיק איז געווען באַקאַנט פֿאַר זײַנע קלאָרע, פֿאַרשטענדלעכע דרשות און שיעורים, וואָס ער האָט תּמיד געהאַלטן אויף ייִדיש, כאָטש ער האָט זייער גוט געקענט ענגליש.
דער רבֿ — ווי עס רופֿן אים עד־היום זײַנע תּלמידים און אָנהענגער — הייבט אָן זײַן רעדע מיט דער פֿראַגע, „ווי קום איך, אַ גמרא־ייִד, צו רעדן וועגן פּרצן, אַ ראַדיקאַל, אַ מסכּיל, אַן אַפּיקורס, וועמען די אָרטאָדאָקסיע האָט כּמעט מחרים [געווען]?“
גלײַך נאָך דעם נעמט ער זיך אַנאַליזירן דעם אינערלעכן קאָנפֿליקט בײַ פּרצן, וואָס ער האַלט אַז מע קען זען דורך די פֿרומע פּערסאָנאַזשן פֿון זײַנע דערציילונגען. אמת, פּרץ האָט אָפֿט מבֿטל געווען יענע פֿיגורן, אָבער גלײַכצײַטיק — זאָגט הרבֿ סאָלאָווייטשיק — האָט פּרץ געהאַט אַ טיפֿע סענסיטיווקייט צו זיי, אַ גײַסטיקן מיטגעפֿיל, וואָס ער האָט דאָס גאַנצע לעבן געפּרוּווט דערשטיקן.
צווישן די דערציילונגען וואָס דער רבֿ דיסקוטירט זענען „באָנטשע שווײַג“, „אויב נישט נאָך העכער“, „דרײַ מתּנות“ און „דער משוגענער בטלן“.
הרבֿ סאָלאָווייטשיק איז געבוירן געוואָרן אינעם רײַסישן שטעטל פּרוזשענע, נישט ווײַט פֿון בריסק. זײַן זיידע איז געווען דער באַרימטער בריסקער רבֿ, ר׳ חיים סאָלאָווייטשיק, דער שאַפֿער פֿון אַן אייגנאַרטיקער שיטה פֿון גמרא־לערנען. ר׳ חיימס טאַטע, דער גרינדער פֿון דער דאָזיקער רבנישער משפּחה, וואָס האָט מחבר געווען דעם באַרימטן ספֿר שאלות־ותּשובֿות, „בית הלוי‟, האָט אויך געהייסן יוסף־בער.
להיפּוך צו זײַנע אָבֿות, וועלכע האָבן באַטראַכט די וועלטלעכע בילדונג ווי אַ טרייפֿענע זאַך, האָט דער יונגער סאָלאָווייטשיק פֿאַרענדיקט אַ גימנאַזיע אין דובנע. דערנאָך האָט ער זיך געלערנט אין אוניווערסיטעטן און פֿאַרטיידיקט זײַן דאָקטאָראַט אין 1932. אינעם זעלבן יאָר איז ער אַוועק קיין אַמעריקע.
דער ווידעאָ איז אַ טייל פֿון אַ סעריע יוטוב־רעקאָרדירונגען פֿונעם רבֿס דרשות אויף ייִדיש פּראָדוצירט פֿון Ohr Publishing. די ווידעאָס ווערן באַגלייט מיט ענגלישע אונטערקעפּלעך, כּדי צו דערמעגלעכן אַז מענטשן וואָס קענען נישט קיין ייִדיש זאָלן זיך אויך קענען צוהערן און לערנען פֿון די דרשות.
The post VIDEO: Rabbi Yosef Ber Soloveitchik speaks about the writer I. L. Peretz appeared first on The Forward.
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University of Michigan will have a leader who defended pro-Palestinian protesters in court
A civil rights attorney who defended pro-Palestinian protesters in court and made social media posts viewed as pro-Hezbollah and antisemitic, has won his bid for the University of Michigan Board of Regents.
Michigan is one of a few states in which voters play a direct role in choosing university overseers. As a regent, Amir Makled (D) will help oversee expenditures at the university where his clients, the student protesters, were arrested. The position is unpaid and carries an eight-year term. Democrat Paul Brown won the other seat up for election, maintaining the board’s 6-2 Democratic majority.
Makled beat out Republican challenger Lena Epstein, who is Jewish and previously identified as a “Jewish Messianic believer of Christ,” but recanted the statement and later said she was “100% Jewish.” Mainstream Judaism does not accept Messianic Jews because they believe in the divinity of Christ and try to convert Jews to Jesus.
Epstein told the Forward in an April interview that the Democrats had handed her an opportunity to win the seat by endorsing Makled, who was facing intense scrutiny. In one of his controversial posts, Makled called Hezbollah leader Hassan Nasrallah a “martyr” after he was killed by Israeli strikes in 2024. He lost an endorsement from Service Employees International Union for the posts and later deleted them.
In the regents race, voters picked up to two of six candidates, with the top two winning. Makled received 25.6% of the vote while Brown received 27.2%. Epstein received 22.2% while her fellow Republican Michael Schostak received 22.6%.
Makled’s election comes as part of a wave of Democratic Party wins, including in Michigan, which elected as Senator Abdul El-Sayed (D), who also faced severe backlash for statements related to Israel and Gaza and for appearing alongside streamer Hasan Piker, who has been accused of antisemitic rhetoric.
Israel played a major role in the rhetoric surrounding Michigan’s midterms. But voters, including 60% of Jewish voters that voted for El-Sayed according to early exit polls, favored sharp critics of the Jewish state to candidates in support of it.
The post University of Michigan will have a leader who defended pro-Palestinian protesters in court appeared first on The Forward.
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This grandson of Holocaust survivors is headed to Congress. The ADL has concerns about his antisemitism record.
The election of Daniel Biss, a Jewish critic of Israel, to an Illinois congressional seat Tuesday has sparked a public feud between the Anti-Defamation League and the liberal Zionist group J Street over whether the ADL remains a credible voice in the fight against antisemitism.
After Biss, the former Jewish mayor of Evanston, Ill., won his seat Tuesday night, the ADL Midwest took to social media to express “serious concerns” about Biss’ “approach to antisemitism.”
J Street, which had endorsed Biss, hit back, noting that Biss is the grandson of Holocaust survivors and calling the ADL’s statement “a shanda,” the Yiddish word for disgrace.
“It is hard to read this statement without wondering how far the ADL has drifted from the organization it once was – a gold standard in our community for standing up against bigotry, hatred and discrimination,” J street wrote on X.
Biss, who speaks Hebrew and spent childhood summers in Israel, was elected with 75% of the vote in a district where 11% of the electorate is Jewish.
“It saddens me to watch the ADL, once a preeminent civil rights organization, devolve into an entity that traffics in fear, intimidation and extremism,” Biss wrote in a statement to the Forward. “This kind of rhetoric does nothing to keep the Jewish people safe—in fact, it undermines that very cause.”
The ADL has long faced scrutiny from critics who view the watchdog group as labeling too broad a swath of Israel criticism as antisemitic, while less forcefully condemning antisemitism when it comes from the political right.
“Our statement speaks for itself,” an ADL spokesperson wrote in an email to the Forward.
In its statement, the ADL pointed to a specific set of concerns involving Biss’ record as mayor of Evanston, Illinois, the college town home to Northwestern University.
Biss did not provide Evanston police support that Northwestern requested after reported “antisemitic conduct” at the Gaza war encampment on campus in April 2024, the ADL said, “raising serious questions about whether the safety, dignity, and equal access of Jewish students were treated with the urgency they required.”
Biss has defended his decision not to dispatch police to the encampment, writing in response to a congressional inquiry that forcibly clearing the protest would have gone against police department advice and suppressed “constitutionally protected speech.”
The ADL also said that Biss “dismissed scrutiny of his response as a politically motivated attack fueled by AIPAC, rather than substantively addressing the concerns raised by Jewish students and community members.”
Biss made opposition to AIPAC a central theme of his primary campaign for Congress after the hardline pro-Israel lobbying group spent millions opposing him and supporting another candidate, state Sen. Laura Fine.
In an interview with the Forward in March, Biss said it was “absurd” that AIPAC opposes imposing any conditions on U.S. military aid to Israel. “And then try to enforce it with millions of dollars of dark money, is certainly bad for democracy and bad for our politics here in America,” Biss added.
At the same time, Biss faced pressure to his left on Israel in the primary, defeating Kat Abughazaleh, a Palestinian-American who has characterized Israel’s conduct in Gaza as a genocide. Biss, who has described himself as a progressive Zionist, declined to use the word genocide, despite repeated calls from Abughazaleh to do so.
In a March op-ed in The Nation, Biss wrote that he believed he was one of AIPAC’s top targets partly because “I’m the grandson of Holocaust survivors. My mother is Israeli. My extended family lives in Israel. AIPAC knew that they couldn’t dismiss me as anti-Israel or antisemitic.”
The ADL also criticized Biss for supporting the repeal of an anti-BDS law, which bars Illinois from investing public pension funds in companies that boycott Israel. That position, the ADL said, “raises additional concerns about his willingness to stand against efforts to isolate and delegitimize the Jewish state.”
In an April Substack post explaining his position, Biss said that he personally opposes the global movement to boycott Israel, but he does not believe the government should “stop people from using their economic agency to advocate for their values.”
Biss will succeed Rep. Jan Schakowsky, a Jewish lawmaker who represented the district for nearly three decades and was also an outspoken critic of AIPAC.
The post This grandson of Holocaust survivors is headed to Congress. The ADL has concerns about his antisemitism record. appeared first on The Forward.
