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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. 


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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Israeli citizen Michael Mizrahi killed in Montreal shooting

(JTA) — Michael Mizrahi, an Israeli citizen and longtime member of Montreal’s Jewish community, has been identified as the civilian killed in Monday’s shooting involving a gunman and Canadian police officers in Montreal’s Côte-des-Neiges neighborhood.

The suspected gunman was killed during the incident, the investigation of which is ongoing. Police have not publicly released the suspect’s identity or provided details about a possible motive. They also have not confirmed who shot Mizrahi.

The Israeli Consulate in Montreal confirmed Mizrahi’s death, saying in a statement that he was an Israeli citizen and extended condolences to his family “on behalf of the people and the State of Israel.” The consulate said his family “knows all too well the horrors of terror and violence, making this tragic loss even more painful.”

Montreal police Constable Mohamed Lamine Benredouane, 34, was also fatally shot responding to the incident, according to police.

The Service de police de la Ville de Montréal said Benredouane died in the line of duty while protecting the public during an intervention in Côte-des-Neiges, a heavily Jewish neighborhood. He had served with the force since 2021.

A second officer, who is female, was also shot and remains in critical condition, police said.

Quebec’s Bureau des enquêtes indépendantes, the province’s police watchdog, has opened an independent investigation into the use of a firearm by a police officer in a fatal confrontation.The Quebec police watchdog group states that it is “mandated to fully investigate the facts surrounding police interventions. The BEI investigates all cases where a person, other than a police officer on duty, dies, suffers serious injury, or is injured by a firearm used by a police officer during a police intervention or while in police custody.“

A number of Canadian Jewish groups published statements assuring the Jewish community that they were not in danger. The UJA-Federation of Toronto put out two statements explaining that the Jewish community did not appear to be a target.

The Centre for Israel and Jewish Affairs, the advocacy arm of Canadian Jewish Federations, also put out a statement mourning the loss of a community member.

“We mourn the tragic loss of Michael (Michel) Moshe Mizrahi z”l, a beloved member of Montreal’s Jewish community, an innocent victim of today’s events,” the group posted on X on Monday night. “Our thoughts and our deepest condolences are with his family, friends, and loved ones during this time of unimaginable pain.”

Israel’s Foreign Minister Gideon Sa’ar wrote on X that he had called the Chabad Rabbi of Montreal Mendel Raskin to extend his “deepest condolences to the families of the victims, to the Jewish community of Montreal, and to all Canadians mourning this terrible loss.”

This article originally appeared on JTA.org.

The post Israeli citizen Michael Mizrahi killed in Montreal shooting appeared first on The Forward.

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Supreme Court reinstates murder conviction in Etan Patz disappearance case

(JTA) — The Supreme Court on Monday reinstated a murder conviction for the man convicted of killing Etan Patz, the 6-year-old Jewish boy whose 1979 disappearance riveted the nation.

In a 6-3 vote, the justices reimposed the conviction of Pedro Hernandez, who was found guilty of kidnapping and murdering Patz in 2017 and was serving a 25-year sentence until a New York federal appeals court ruled last year that he was entitled to a retrial.

The justices granted an appeal from New York prosecutors who urged them to overturn the decision last year, writing in an unsigned opinion that the lower court “exceeded its authority in holding that Hernandez is entitled to relief.”

“Today the Supreme Court agreed with the findings of multiple lower courts and upheld the trial conviction of Pedro Hernandez for the horrific murder of Etan Patz, which changed a generation of New Yorkers,” Manhattan District Attorney Alvin Bragg said in a statement Monday. “This office has remained steadfast in its pursuit of justice for Etan and the Patz family and will continue to stand by this important conviction.”

Harvey Fishbein, a lawyer for Hernandez, told the The New York Times Monday that the Supreme Court’s order meant Hernandez would not get a new trial, adding that his team was “terribly disappointed.”

“We firmly believe that an innocent man is in jail for a crime that he did not commit,” Fishbein said.

Patz vanished in May 1979 while walking to his school bus stop in New York City for the first time. The 6-year-old became one of the first missing children whose photograph appeared on milk cartons nationwide, but despite years of searches and public appeals, he was never found.

Patz’s parents, Julie and Stan, spent decades seeking an arrest for his disappearance, helping to establish a national missing-children hotline. The anniversary of Etan’s disappearance, May 25, also became National Missing Children’s Day.

This article originally appeared on JTA.org.

The post Supreme Court reinstates murder conviction in Etan Patz disappearance case appeared first on The Forward.

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Some of Mamdani’s Jewish allies criticize his use of ‘monsters’ to describe AIPAC

(New York Jewish Week) — New York City Mayor Zohran Mamdani on Monday defended his use of the word “monsters” to describe AIPAC at a rally Friday for progressive candidates, as some of his Jewish supporters expressed concern that the term may connote an antisemitic trope.

The war of words came as the American Israel Public Affairs Committee is increasingly a target of the progressive movement — including in acts of attempted violence — and as progressive Jews have accused some Israeli right-wing figures of dehumanizing liberal pro-Israel lobbying groups.

“Calling AIPAC and its backers ‘monsters’ casts them as less than human, rather than as human beings who are one’s political opponents,” Rabbi Jill Jacobs, head of the progressive rabbinic human rights group T’ruah, wrote in a Substack post Monday.

“I was taken aback,” Rabbi Misha Shulman, a Mamdani supporter who leads the progressive Brooklyn synagogue The New Shul, told the Jewish Telegraphic Agency about the mayor’s comments. “I didn’t like those remarks. It was a little bit of a flag for me.”

At a press conference, Mamdani said he had been quoting Italian anti-fascist philosopher Antonio Gramsci, whose quote ending “Now is the time of monsters” the mayor had cited at the top of his speech. The rally was intended to boost the mayor’s preferred progressive candidates, including Jewish congressional candidate Brad Lander, ahead of New York’s closely watched Tuesday primaries.

“I used the term to describe all those who are preventing the birth of a new world,” Mamdani told a reporter who asked about the word. He continued, “My use of the term is a broad use that speaks to the untenable nature of a status quo that is quite literally starving people in this city, all in the name of sustaining something that we simply cannot defend any longer.” He did not explain how he saw AIPAC as connected to poverty in New York.

Mamdani insisted he was referring to “not solely AIPAC,” but he singled out the organization again in his Monday remarks to reporters, saying the lobbying group was backing “a status quo for immorality.”

During the rally last week, Mamdani had stated that Gramsci’s “monsters take many forms today,” including “AIPAC, for whom the only thing more frightening than democracy being allowed to run its course is an end to genocide and [Israeli Prime Minister Benjamin] Netanyahu’s wars.” He added that AIPAC’s “goal” is “to turn us against one another.”

For some of the progressive Jews who have supported the mayor, his comments sounded alarms about the use of dehumanizing or sinister rhetoric to describe Jewish groups.

But Shulman said it was actually Mamdani’s remarks in the same speech painting AIPAC as a “dark money” group that was most alarming to him. AIPAC, a lobbying organization that also operates a political spending arm, does not conceal its donors, unlike the traditional profile of a so-called “dark money” campaign finance operation.

“For me, the question of dark money was the tougher knot,” Shulman said, calling Mamdani’s remarks a “tactical mistake.” In the context of rising antisemitism, he added, “For a left-wing leader to use that phrase, and invite traditional antisemitism into this conversation in that way, was not smart.”

Shulman is a member of Israelis For Peace, a New York-based ad-hoc group of progressive Israelis who broadly back Mamdani. While not speaking on behalf of the group, he told JTA their internal group chat lit up with debates over the appropriateness of Mamdani’s speech.

Jacobs of T’ruah said Mamdani’s remarks were part of what she described as a “disturbing trend” of recent left-wing attacks on the lobbying group, including Maine Democratic U.S. Senate nominee Graham Platner accusing his GOP opponent of being “bought and paid for by Benjamin Netanyahu” because of AIPAC’s donations to her campaign.

Rep. Ro Khanna, a California Democrat who has aspirations of higher office, also recently became the first sitting member of Congress to sign a pledge from Track AIPAC, a purported AIPAC watchdog that also targets donations from more liberal pro-Israel groups, including J Street.

Over the weekend, a cafe posted on Instagram that it had rejected a payment from liberal Jewish New York Rep. Dan Goldman, whom Lander is challenging in the primary, because the money was “probably coming from AIPAC.” (Goldman has been endorsed by both AIPAC and J Street.)

While noting that AIPAC “absolutely deserves to be criticized, sidelined, and rejected for its decades of negative influence on American foreign policy,” Jacobs wrote that such critiques should be done “without dehumanizing language, and without hinting at a grand Jewish conspiracy.”

Such pushback from Jews who have worked with Mamdani is rare. JTA reached out to representatives for several of the mayor’s most visible Jewish allies on Monday, including Lander and Vermont Sen. Bernie Sanders, who spoke at the same rally. Sanders also criticized AIPAC. Neither returned requests for comment by press time. On social media after the rally, Lander celebrated the event, calling it “a tremendous honor” to rally alongside Mamdani.

IfNotNow and Jews For Racial and Economic Justice, two Jewish activist groups that endorsed Mamdani, similarly did not respond to requests for comment by press time. A spokesperson for Rep. Jerry Nadler, the retiring liberal Jewish Democrat who had endorsed Mamdani’s mayoral bid, also did not respond by press time.

J Street, the liberal pro-Israel lobby that positions itself as a foil to AIPAC, declined to comment on Mamdani’s remarks. Last month, hundreds of Jewish leaders criticized Yehuda Leiter, Israel’s ambassador to the United States, after Leiter called J Street a “cancer within the Jewish community.” Nadler was among the signatories of an open letter that said Leiter “dehumanizes fellow Jews.”

Centrist Jewish groups and figures, already no fans of Mamdani, also bashed his AIPAC comments. “Referring to fellow New Yorkers as ‘monsters’ is outrageous and dangerous, and the impact of your words extends far beyond politics,” American Jewish Committee CEO Ted Deutch wrote on X, addressing Mamdani.

Rep. Josh Gottheimer, a Jewish Democrat representing New Jersey, wrote, “Swap ‘AIPAC’ for ‘Jews’ and it’s the oldest antisemitic conspiracy theory in the books.”

Both posts were reposted by AIPAC, which otherwise did not comment.

The post Some of Mamdani’s Jewish allies criticize his use of ‘monsters’ to describe AIPAC appeared first on The Forward.

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