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Israel’s Economy Will Survive and Thrive Despite Hamas-Hezbollah War
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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Germany: 5 Killed, Scores Wounded after Saudi Man Plows Car Into Christmas crowd
i24 News – A 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
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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Sweden Ends Funding for UNRWA, Pledges to Seek Other Aid Channels
i24 News – Sweden will no longer fund the U.N. refugee agency for Palestinians (UNRWA) and will instead provide humanitarian assistance to Gaza via other channels, the Scandinavian country said on Friday.
The decision comes on the heels of multiple revelations regarding the agency’s employees’ involvement in the October 7, 2023, Hamas-led massacre in southern Israel that triggered the war in Gaza.
Sweden’s decision was in response to the Israeli ban, as it will make channeling aid via the agency more difficult, the country’s aid minister, Benjamin Dousa, said.
“Large parts of UNRWA’s operations in Gaza are either going to be severely weakened or completely impossible,” Dousa said. “For the government, the most important thing is that support gets through.”
The Palestinian embassy in Stockholm said in a statement: “We reject the idea of finding alternatives to UNRWA, which has a special mandate to provide services to Palestinian refugees.”
Israeli Deputy Foreign Minister Sharren Haskel thanked Dousa for a meeting they had this week and for Sweden’s decision to drop its support for UNRWA.
“There are worthy and viable alternatives for humanitarian aid, and I appreciate the willingness to listen and adopt a different approach,” she said.
The post Sweden Ends Funding for UNRWA, Pledges to Seek Other Aid Channels first appeared on Algemeiner.com.
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