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Israel’s Vital Tech Sector to Gain From Return of Army Reservists
Employees of StoreDot, an Israeli company that has developed extreme fast charging electric vehicle batteries, work in a laboratory in Herzliya, Israel, Oct. 2, 2023. Photo: REUTERS/Amir Cohen
Israel‘s wartime economy will get a much-awaited boost as the military gradually releases reservists fighting in the Gaza Strip so they can return to their jobs and jump-start softening growth.
Since the Oct. 7 attacks by the Palestinian terrorist group Hamas, more than 300,000 Israelis were drafted to reserve duty — many coming from the globally-important high-tech sector — leading to labor shortages and a gloomy national mood that hurt consumer spending and is expected to dent economic growth.
After nearly three months of intense air bombardment and a massive ground incursion, Israeli leaders have hinted that the war is entering a new phase, with a shift towards more targeted operations aimed at eliminating the Islamist group that rules Gaza and rescuing Israeli hostages.
The military accordingly is adjusting deployment plans for its forces in Gaza and other hot spots, first and foremost by starting to send reservists home — at least for a while.
It declined to share specifics about its number of forces, but said the move will “significantly alleviate economic burdens and enable them to gather strength for upcoming activities in the next year, as the fighting will persist, and their services will still be needed.”
Prior to the war, Israel was headed for solid economic growth of 3.4 percent in 2023 and 3 percent in 2024, according to the central bank. Now, the economy is headed for a fourth-quarter contraction and the Bank of Israel sees 2 percent growth this year and next, or zero growth per capita given Israel‘s fast-growing population.
Erel Margalit, who heads one of Israel‘s most active venture capital firms, Jerusalem Venture Partners (JVP), said the military made a calculated decision.
“They understand you need to go release people to go back to work because going back to work makes Israel stronger,” Margalit said. “Israel is not only strong militarily.”
START-UPS
With inflation easing, the Bank of Israel cut short-term borrowing rates by 25 basis points to 4.5 percent on Monday, its first reduction in nearly four years. The central bank’s policy makers are keeping an eye on the military’s strategy.
The release of reservists will benefit consumer spending, said deputy central bank chief Andrew Abir, which accounts for more than 50 percent of total economic activity.
“People were called up with no warning. In the first month, there was a real mess, because they were in the middle of projects,” Abir told Reuters, referring mainly to high-tech firms.
Spouses who may have been caring for their families alone since October will also be able to return fully to their employment, he said. This is good news for the high-tech sector, which accounts for 12 percent of employment, more than half of Israel‘s exports, 25 percent of income taxes, and nearly a fifth of its overall economic output.
Other signs of economic recovery in real-time data are emerging. Credit card purchases have returned to pre-war levels, Abir said, in “a sign the economy is functioning again.”
Foreign investment, while it has slowed, has not dried up. Startups raised $1.5 billion in the final three months of 2023 in 75 deals, according to data published last week. In 2023, funding fell to $7 billion from $16 billion in 2022.
Geopolitical risks may be off-putting, but they also offer a bigger potential upside, said JVP’s Margalit.
“There are some very good deals to be had,” he said.
Larger, well-funded tech firms have mostly weathered the war, and some have even thrived. Smaller companies, especially those that were hoping to close early financing rounds when the war broke out, have had a harder time.
In some cases, Margalit said, JVP and partner investors have had to inject more funds into these firms in order to “extend the runway.”
STATE SUPPORT
Pini Yakuel, CEO of marketing data firm Optimove, said they saw strong growth in the fourth-quarter despite having 41 of 240 workers in Tel Aviv drafted for reserve duty.
“We’ve adapted. It’s a new reality,” he said. “We just kind of, like, pressed on. Focused on what’s most important. Some things were paused, some things were delayed, but you continue to execute.”
His company put non-critical projects on hold and relied on offices abroad to help cover the load. And things will get easier as the absent employees slowly return.
“I notice in the office: ‘Oh hey, you’re back.’ ‘Yeah, I’m back.’ ‘Is it for good?’ ‘No, for the next month. Then they’re gonna tell us if we need to go back [to the reserves] or not’.”
The government took steps to protect the sector. State-funded Israel Innovation Authority set up a $100 million fund to help early stage startups.
In its recent survey, half of young companies only had sufficient funding for six months, said Dror Bin, the authority’s CEO. His fund has invested about $41 million so far.
“We all got our act together,” Bin said. “CEOs and employees realized that if they want to sustain the company’s success and their jobs they needed to refocus themselves on work.
“Despite all the empathy we get from the tech industry globally, at the end of the day when customers abroad need to get deliveries they can’t say that they didn’t get the deliveries because of the war in Israel,” he said.
($1 = 3.6437 shekels)
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Argentina’s Milei Brands Iran an ‘Enemy,’ Reaffirms Unwavering Support for Israel Amid Escalating Conflict
Argentine President Javier Milei speaks during a Plenum session of the Knesset, Israel’s Parliament, in Jerusalem, June 11, 2025. Photo: REUTERS/Ronen Zvulun
Argentine President Javier Milei has branded Iran “an enemy” of his country, reaffirming Argentina’s support for Israel amid its ongoing conflict with the Islamist regime in Tehran.
On Thursday, Milei — who has broken with decades of Argentine foreign policy to firmly align with Israel and the United States — condemned Iran’s attacks on the Jewish state.
“Iran is an enemy of Argentina,” the South American leader said during a new interview on the La Nación+ news channel.
| Milei recordó los atentados a la AMIA y a la Embajada de Israel y afirmó que Irán es un enemigo de la Argentina: “114 muertos. Es un enemigo de Argentina. Cristina va a tener que dar explicaciones a la Justicia por el Memorándum con Irán, y no sé si constituye traición a… pic.twitter.com/MKUgMmyr9p
— La Derecha Diario (@laderechadiario) June 20, 2025
According to local media, Milei spoke with Israeli Prime Minister Benjamin Netanyahu on Monday to express his “support and solidarity” as the war continues to escalate.
In a statement issued last week, the Argentine leader denounced “the vile attack perpetrated by the Islamic Republic of Iran against the State of Israel, through the mass launch of missiles and drones directed at civilian populations.”
He also said that Israel is “saving Western civilization” and accused Iran of trying to destroy the country.
During his interview on Thursday, Milei held Tehran responsible for two terrorist attacks in Buenos Aires: the 1992 bombing of the Israeli Embassy and the 1994 attack on the Argentine Israelite Mutual Association (AMIA) Jewish community center.
The latter was the deadliest terrorist attack in Argentina’s history, in which 85 people were killed and more than 300 wounded.
Earlier this year, the lead prosecutor in the 1994 AMIA bombing case petitioned Argentina’s federal court to issue national and international arrest warrants for Iran’s supreme leader, Ayatollah Ali Khamenei, over his alleged involvement in the deadly terrorist attack. Milei has also activated Interpol red notices in connection with the case.
In the same interview, Milei suggested that former Argentine President Cristina Fernández de Kirchner — currently under house arrest on corruption charges — may have committed treason by signing the 2013 Memorandum of Understanding (MoU) with Iranian authorities, which was presented as a cooperation agreement to investigate the AMIA bombing.
“Cristina is going to have to give explanations to the courts about the memorandum with Iran. I don’t know if it constitutes treason, but they planted two bombs in Argentina. That’s key,” the Argentine leader said.
In 2006, former prosecutor Alberto Nisman formally charged Iran for orchestrating the 1994 terrorist attack and Iran’s chief proxy, the Lebanese terrorist group Hezbollah, for carrying it out.
Nine years later, he accused Kirchner of attempting to cover up the crime and block efforts to extradite the suspects behind the AMIA atrocity in exchange for Iranian oil, with the alleged cover-up reportedly formalized through their MoU.
Nisman was killed later that year, and to this day, both his case and murder remain unresolved and under ongoing investigation.
During his latest interview, Milei also noted that his administration has officially designated Hezbollah and Hamas as terrorist organizations — making Argentina the first Latin American country to do so, with Paraguay joining the effort in April.
Since taking office over a year ago, Milei has been one of Israel’s most vocal supporters, strengthening bilateral relations to unprecedented levels.
This month, during his 10-day international tour, Milei was awarded the $1 million Genesis Prize in Jerusalem in recognition of his unwavering support for Israel and commitment to Jewish values.
During his three-day visit to the Jewish state, Milei announced that Argentina will move its embassy to Jerusalem next year, joining the US, Guatemala, Honduras, Kosovo, Paraguay, and Papua New Guinea in doing so and recognizing the city as Israel’s capital.
The Argentine leader also signed a “Memorandum of Understanding for Democracy and Freedom” with Netanyahu to strengthen cooperation against terrorism and antisemitism.
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Israel Warns Hezbollah After Terror Group Defies Lebanon’s Calls to Stay Out of Iran War
Israeli Defense Minister Israel Katz looks on, amid the ongoing conflict in Gaza between Israel and Hamas, in Jerusalem, Nov. 7, 2024. Photo: REUTERS/Ronen Zvulun
Israeli Defense Minister Israel Katz on Friday warned the Lebanese terrorist group Hezbollah against joining Iran’s war on the Jewish state, after the Iranian proxy threatened to take action in support of Tehran’s campaign — defying the Lebanese government’s demands to keep the country out of the conflict.
“The Hezbollah Secretary-General [Sheikh Naim Qassem] has not learned the lessons of his predecessors and is threatening to act against Israel at the direction of the Iranian dictator,” Katz wrote in a post on X, referring to former leaders of the terrorist group who were killed by the Israel Defense Forces (IDF) during last year’s war.
“I advise the Lebanese proxy to be cautious and understand that Israel has lost patience with terrorists who threaten it. If there is terrorism — there will be no Hezbollah,” the Israeli defense chief wrote in a Hebrew post.
מזכ”ל החיזבאללה לא לומד לקח מקודמיו ומאיים לפעול נגד ישראל בהתאם להוראת הדיקטטור האיראני.
אני מציע לפרוקסי הלבנוני להיזהר ולהבין שישראל איבדה את הסבלנות כלפי טרוריסטים שמאיימים עליה.
אם יהיה טרור – לא יהיה חיזבאללה.
— ישראל כ”ץ Israel Katz (@Israel_katz) June 20, 2025
Last fall, Israel decimated much of Hezbollah’s leadership and military capabilities with an air and ground offensive, which ended with a ceasefire that concluded a year of fighting between the Jewish state and the Iran-backed terror group.
On Thursday, Qassem reaffirmed Hezbollah’s support for the Islamist regime in Iran in its war against Israel, following a week in which Iran suffered heavy losses from Israeli strikes. He also renewed accusations that the United States is complicit in facilitating the Israeli offensive.
Hezbollah is “not neutral, and therefore we express our position alongside Iran, its leadership and its people, and we will act as we see fit in confronting this brutal Israeli-American aggression,” the terror group’s leader said in a statement on Telegram.
“Tyrannical America and criminal Israel will not be able to subjugate the Iranian people and the Islamic Revolutionary Guard Corps,” Qassem continued. Hezbollah has a duty “to stand by Iran and provide it with all forms of support that contribute to putting an end to this tyranny and oppression.”
Qassem’s latest remarks came just a week after the Iran-backed terror group announced it would refrain from launching retaliatory strikes against Israel in support of Tehran, following a warning from the Lebanese government not to drag the country into a broader conflict.
According to the Saudi news outlet Al-Arabiya, Lebanese authorities informed the Iranian terrorist proxy that it would not tolerate its involvement in Tehran’s response against Israel, warning it would bear responsibility for dragging the country into war.
“The time when the organization bypassed the state in deciding to go to war is over,” the terrorist group was told, according to the report. “The decision of war and peace is exclusively in the hands of the Lebanese state.”
Last week, Israel launched a broad preemptive attack on Iran — dubbed Operation Rising Lion — targeting military installations and nuclear sites across the country in what officials described as an effort to neutralize an imminent nuclear threat.
The ongoing Israeli strikes killed several of Iran’s top military commanders and nuclear scientists and dealt a major blow to the country’s retaliatory capabilities, destroying not only much of its ballistic missile stockpiles but also crippling its launch platforms.
Meanwhile, US Special Envoy for Syria Thomas Barrack, who is currently visiting Beirut, met with Lebanon’s Parliament Speaker Nabih Berri, a close Hezbollah ally, and cautioned him against involving Lebanon in the escalating Israeli-Iranian conflict.
“I can say on behalf of President Trump … that would be a very, very, very bad decision,” Barrack said.
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Iranian Missile Strikes Haifa Mosque, Injures Muslim Clerics While ‘Firing Indiscriminately at Civilians’
A man walks near broken windows at a mosque that was damaged following Iran’s missile strike on Israel, amid the Iran-Israel conflict, in Haifa, Israel, June 20, 2025. Photo: REUTERS/Rami Shlush
A mosque in the Israeli city of Haifa was hit by a ballistic missile launched by Iran on Friday morning and Muslim clerics were among those injured in the attack.
Israel’s Minister of Foreign Affairs Gideon Sa’ar said Iran’s barrage of missiles targeting Haifa struck the Al-Jarina Mosque in the Wadi Nisnas neighborhood and clerics inside the mosque sustained injuries. Haifa is a port city in the north that has a mixed Arab and Israeli population.
“The Iranian regime is targeting Muslim, Christian, and Jewish civilians, as well as civilian sites. These are war crimes,” said Sa’ar in a post on X. He also shared a video of the mosque that was hit in the missile attack.
The Iranian regime launched a missile attack on Haifa and struck the Al-Jarina Mosque in the Wadi Nisnas neighborhood. The missile attack injured Muslim clerics who were in the mosque.
The Iranian regime is targeting Muslim, Christian, and Jewish civilians, as well as civilian… pic.twitter.com/aG9JRfyLP7— Gideon Sa’ar | גדעון סער (@gidonsaar) June 20, 2025
Sa’ar later arrived at the scene of the strike and gave a statement to the press.
Photos shared on social media show the mosque’s broken windows and other damage to the religious site, all as a result of the Iranian strike.
Haifa mosque was indeed hit in the last ballistic missile attack. pic.twitter.com/m0AUN8IPrY
— Open Source Intel (@Osint613) June 20, 2025
“The Iranian regime is firing indiscriminately at civilians — with zero regard for who they hit,” read a post on Israel’s official X account about the missile attack in Haifa.
Iran launched around 20 to 25 ballistic missiles at Israel on Friday and at least 19 people were wounded from the strikes in Haifa, local authorities said.
A spokesperson for Israel’s national emergency response service, Magen David Adom (MDA), said its teams treated and evacuated injuries civilians that include a roughly 40-year-old man in serious condition, a 16-year-old boy in serious condition with shrapnel in his upper body, and a 54-year-old man in moderate condition with shrapnel in his lower limbs.
Friday marks one week since the start of the Israel-Iran war, which began with the Jewish state launching pre-emptive strikes on Iranian nuclear and military targets in a campaign known as Operation Rising Lion. MDA said that since the war began on June 13, its paramedics and EMTs have treated at least 1,007 people, including 23 who have died.
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