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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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Italian rapper Ghali’s planned Winter Olympics set draws backlash over his Gaza advocacy
(JTA) — Italian rapper Ghali’s slated performance at the opening ceremony for this year’s Winter Olympics in Milan has drawn criticism from Italian leaders over his past activism against Israel.
Ghali Amdouni, a prominent Milan-born rapper of Tunisian parents, will be joined by a host of performers including Andrea Bocelli and Mariah Carey during the opening ceremony on Feb. 6. This year, nine Israelis will compete, including the national bobsled team for the first time.
The selection of Ghali drew criticism from members of Italy’s right-wing League party.
“It is truly incredible to find a hater of Israel and the centre-right, already the protagonist of embarrassing and vulgar scenes, at the opening ceremony,” a source from the party told the Italian outlet La Presse. “Italy and the games deserve an artist, not a pro-Pal fanatic.”
In early 2024, Ghali drew criticism from Italian Jewish leaders and Israel’s former ambassador to Italy, Alon Bar, after he called to “stop genocide” during his performance at the Sanremo Italian song festival. The spat later spurred protests outside the office of the Italian public broadcaster RAI.
On X, the rapper has also criticized other artists for not using their platforms for pro-Palestinian activism and appeared to refer to the war in Gaza as a “new Holocaust.”
Ghali’s selection comes as Italy has become an epicenter of pro-Palestinian activism that has been sustained even as such activism has receded in other places. In October, over 2 million Italians took part in a one-day general strike in support of Palestinians and the Global Sumud Flotilla. The previous month, a separate general strike was organized in response to call from the country’s unions to “denounce the genocide in Gaza.”
According to a study of global antisemitism published in April by Tel Aviv University, Italy was one of two countries that saw a spike in antisemitic incidents from 2023 to 2024. A September survey from the pollster SWG found that roughly 15% of Italians believe that physical attacks on Jewish people are “entirely or fairly justifiable.”
Italian Sports Minister Andrea Abodi said he does not believe Ghali will make a political statement on stage.
“It doesn’t embarrass me at all to disagree with Ghali’s views and the messages he sent,” said Abodi, according to the Italian outlet La Repubblica. “But I believe that a country should be able to withstand the impact of an artist expressing an opinion that we don’t share. And that opinion will not, in any case, be expressed on that stage.”
Noemi Di Segni, the president of the Union of the Italian Jewish Community, told Italian media that she was hopeful Ghali would receive instructions ahead of his performance.
“It is clear that I hope Ghali has received instructions or guidelines on the ‘role’ he is expected to play. So I hope he will understand what he needs to do in that context and at that moment,” Di Segni told the Italian outlet La Milano. “I am confident that he will understand what he is called upon to do in that context and at that moment.”
The post Italian rapper Ghali’s planned Winter Olympics set draws backlash over his Gaza advocacy appeared first on The Forward.
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After Alex Pretti killing in Minneapolis, Jewish gun owners confront Second Amendment tensions
(JTA) — Roberta Tarnove was horrified last week when she learned that a man protesting ICE was shot and killed in Minneapolis. And it wasn’t just because someone was dead.
The 65-year-old Jewish resident of Los Angeles was also distressed that federal officials said the agents were justified in shooting Alex Pretti because they believed he was armed. Pretti, 37, was a licensed gun owner in a state where carrying a gun openly is legal.
“I’m very sad. He certainly had every right to carry a gun,” Tarnove said.
The situation hit home for Tarnove because she, too, owns guns and has a permit allowing her to carry concealed firearms.
“As a Jewish person whose Sunday school teachers were mostly Holocaust survivors, there was something about Donald Trump’s presidential run that just hit me hard,” she said. “The dog whistles and things just sounded alarm bells in my head, and so I think I need to get a gun, not that I can overthrow the government, but just for personal protection.”
Since getting her first gun in 2015, Tarnove has been part of a Southern California Jewish gun club, Bullets & Bagels.
There was no discussion of Pretti’s killing at a Bullets & Bagels event featuring the Los Angeles district attorney on Sunday, according to the club’s founder, Fred Kogen. He said he could not comment on the specifics of the shooting.
“What happened there was that this gentleman lost his life, that’s all I know, to be honest, and that, interestingly enough, has not been a discussion within the community of Jewish shooters that I’m a part of,” Kogen said.
Tarnove wasn’t there on Sunday. But she said she wasn’t surprised by Kogen’s report.
“The reaction from the overruling gun community — and apparently the government — is, well, if you bring a gun to protest, you’re going to get shot,” Tarnove said. “So it’s Second Amendment for me, but not for thee, which is one of the things about the gun culture I really hate.”
Pretti’s killing has spurred sharp debate over whether the Trump administration’s response to armed protesters may be at odds with Second Amendment protections traditionally cherished by conservatives.
The debate is also taking place among American Jews. While American Jews have historically opposed gun ownership, Oct. 7 and the ensuing rise in antisemitism across the country has spurred many to take up arms for the first time. Now, Jewish gun owners are confronting a tension that has emerged between their right to bear arms and the federal government’s response to armed civilians.
“My personal opinion is that he was executed,” said J.N., a 59-year-old Jewish gun owner in the Washington, D.C., suburbs who requested anonymity to protect his employment. “I’ve watched the video like everybody else, his hand never went anywhere near his gun. It was handled horrifically.”
On the other hand, Bruce Cohen, a lifelong Jewish gun owner in Arizona who hosts the Facebook group Jews for the Preservation of Firearms Ownership, said he believed Pretti was “looking for trouble.”
“I don’t know if I can fault the law enforcement officer,” Cohen said. “As a libertarian, I want very, very strict limits on police powers, I do not want police to abuse or mistreat or mislead citizens or non-citizens, for that matter, but I can see how that could happen, and if that person was more careful and more friendly and exercised his freedom of speech and right to protest in a more appropriate manner then he could be protesting today.”
In the wake of Pretti’s killing, several Trump administration officials said his gun possession instigated the shooting. Homeland Security Secretary Kristi Noem claimed Pretti “attacked” officers and was “brandishing” a gun, though a preliminary report completed on Tuesday by Customs and Border Protection found he did not brandish a weapon during the encounter.
On Tuesday, President Donald Trump himself said, “You can’t have guns. You can’t walk in with guns,” in response to a question about the killing from PBS.
“My assessment is the government is lying,” said J.N. “I don’t know why he carried it, but he’s entitled to carry it, he had a concealed carry permit. The Second Amendment says that you’re allowed to carry a gun, so I can’t fathom why the government, supposedly a Republican government, would say that.”
In a post on X, the National Rifle Association took aim at the rhetoric from the federal government, writing, “Responsible public voices should be awaiting a full investigation, not making generalizations and demonizing law-abiding citizens.”
A national Jewish gun club, Lox & Loaded, echoed that sentiment.
“Lox & Loaded stands firmly behind the absolute right to bear and conceal arms in any lawful setting,” said COO Gayle Pearlstein. “The pending investigation and resulting determination of the incident involving Mr. Pretti and federal law enforcement should in no way interfere with or call into question this longstanding personal right.”
Jordan Levine, the Jewish founder of the online gun advocacy group A Better Way 2A, said he believed the shooting of Pretti “sets a precedent, because it calls into question if somebody can be murdered for simply carrying a gun.”
But Levine stipulated that he was not concerned “as of right now” about losing Second Amendment rights.
“The Trump administration, thankfully, is still a bit removed from our court systems, and we’ve seen time and time again the court’s ruling in favor of Second Amendment liberties,” Levine continued.
Cohen said he would have handled the situation differently in Pretti’s shoes.
“If I was in his situation with his motivations, I would have introduced myself to the cops. I would have shaken hands with the cops, I would have said, hey, I disagree with what you’re doing, but thank you for being professional,” said Cohen.
But others within the JPFO Facebook group were quick to decry the federal government’s rhetoric.
“I’m not going to shut up and wait when agents of an authoritarian government are violating the rights of and killing citizens,” wrote one JPFO member. “The Declaration of Independence gives us the right to fight tyranny.”
J.N., who is also a member of the JPFO group, said, “As a Jewish person, and as an American, it sickens me.”
In the wake of Pretti’s killing, many critics have likened ICE’s tactics in Minneapolis to the Gestapo in Nazi Germany. While both Trump administration officials and some Jewish voices have called such comparisons inappropriate, for J.N., the similarities rang true.
“I’m not going to call them Nazis, because nobody’s being sent to the showers and burned en masse, OK, I get the difference, but I can tell you that I feel like they are using Gestapo techniques,” J.N. said.
Cohen said the comparison was a “standard left-wing package.”
“They train people to say that stuff, and it’s hypocritical and insincere because they don’t actually believe what they’re saying,” said Cohen. “I don’t see that at all, because we’re not, you know, the Jews in Germany. We’re not illegal aliens, we’re not on welfare, we’re not doing criminal things, we’re not stealing financially.”
For Tarnove, the federal government’s rhetoric around Pretti’s gun ownership had raised alarm bells for potential restrictions against gun ownership for certain groups.
“We aren’t past the point of no return, but we are getting so darn close, and I wish that more Jews would recognize that,” said Tarnove. “When the government can go after one group of people, then they can go after any group of people, and you’re not safe.”
The post After Alex Pretti killing in Minneapolis, Jewish gun owners confront Second Amendment tensions appeared first on The Forward.
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IDF official says 71,000 killed in Gaza war, matching Gaza Health Ministry estimate
(JTA) — A senior Israel Defense Forces official told Israeli media outlets on Thursday that the military estimates a death toll in Gaza of approximately 71,000 — the same number that the Hamas-run Gaza Health Ministry announced this week.
In the past, Israeli officials have sometimes disputed Gaza Health Ministry data, accusing the ministry of inflating death tolls. Though Israeli officials have not officially disputed the overall Gaza war figures for some time, they frequently contested the toll in specific incidents, and some pro-Israel advocates have continued to challenge estimates of the death toll in Gaza as Hamas propaganda.
Now, the senior official’s disclosure underscores that there is no gap in the total number of deaths estimated by both parties to the two-year war in Gaza.
The official reportedly said the IDF was still working to determine the breakdown between combatants and civilians in the total, as well as of how many died directly from military action. The Gaza Health Ministry’s toll does not distinguish between militants and civilians.
The official’s remarks on Thursday were briefed to Israeli outlets on condition of anonymity. By Thursday evening, an IDF official told the Jewish Telegraphic Agency that the reports did not reflect an official disclosure by the army.
“The IDF clarifies that the details published do not reflect official IDF data,” the IDF official said. “Any publication or report on this matter will be released through official and orderly channels.”
Israel has not published its own data on the death toll in Gaza to refute the ministry’s, but has maintained that it has killed roughly two to three civilians for every militant.
The Gaza Health Ministry says 71,667 Gazans died between Oct. 7, 2023, when Hamas attacked Israel from the enclave, and today, including over 450 killed since the U.S.-brokered ceasefire went into effect in October. It also claims that at least 440 Palestinians have died of malnutrition and starvation, a figure that Israel denies.
Human rights NGOs and the United Nations have long said the ministry’s data is reliable. Some estimates by pro-Palestinian sources have suggested an even higher toll.
About 2 million Palestinians lived in Gaza at the outset of the war. The 71,000 figure means that about 3% of Gaza’s population was killed during the war.
The post IDF official says 71,000 killed in Gaza war, matching Gaza Health Ministry estimate appeared first on The Forward.