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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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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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Netanyahu pushes back on Vance’s claims that US is Israel’s ‘only powerful ally’
(JTA) — Israeli Prime Minister Benjamin Netanyahu has rejected Vice President JD Vance’s recent claims that the U.S. is Israel’s “only powerful ally” left in the world.
When asked on Fox News Sunday what his reaction was to Vance’s remarks, which came as Israeli ministers criticized the framework deal signed by the U.S. and Iran to end hostilities, Netanyahu replied, “I respect JD Vance. We have a very good relationship, but that doesn’t mean that I agree with everything that he says.”
“I have to point out this: Donald Trump is a great, the greatest friend we ever had in the White House, and I stand by that completely,” Netanyahu continued. “Secondly, we have some other friends, like a small country called India, you know, it has 1.4 billion people, and boy, do we have a tremendous support there.”
Netanyahu added that Israel also has the support of “many others,” but did not elaborate on which countries he was referring to.
“The relations are not quite as they appear, and we have, we have many, many friends, and I have to tell you, we also take care of our friends, especially the Christians in the Middle East,” Netanyahu said.
The prime minister also dismissed the claim that there was any rift between the United States and Israel regarding the deal with Iran, telling Fox that he and President Donald Trump were “set on the same goal.”
“President Trump is the leader of the United States. He does what’s good for America. I’m the leader of Israel, the one and only Jewish state. I do what’s good for Israel,” Netanyahu said. “Ninety-nine percent of the time, we see eye to eye, but as any, in any family, in any close friendship, there are sometimes differences of opinion, and we discuss them openly.”
Netanyahu also said that he and Trump have “common objectives” regarding the U.S. deal with Iran.
“We want to see Iran give up its nuclear weapons program. We want to see the nuclear enriched material removed. We want to see the enrichment sites for nuclear material dismantled,” Netanyahu said, adding, “as long as I’m prime minister, Iran will not have nuclear weapons.”
On Saturday, Trump told Axios that Netanyahu had requested a meeting at the White House and said that the pair gets along “very good” and that the Israeli leader “knows who the boss is.”
This article originally appeared on JTA.org.
The post Netanyahu pushes back on Vance’s claims that US is Israel’s ‘only powerful ally’ appeared first on The Forward.
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Former Israeli hostages Sasha Trufanov and Sapir Cohen wed in emotional ceremony
(JTA) — Two former Israeli hostages have wed, in the first marriage of hostages taken when Hamas attacked Israel on Oct. 7, 2023.
Sasha Trufanov and Sapir Cohen were visiting Trufanov’s family on Kibbutz Nir Oz on Oct. 7 when they were attacked and abducted to Gaza. Trufanov’s father was murdered. Cohen was freed during a temporary ceasefire after 55 days, while Trufanov was held for nearly 500 days.
They married on Sunday in Israel, in a ceremony attended by multiple former hostages as well as Israeli President Isaac Herzog, who posted a picture of himself under the chuppah, or wedding canopy, with Trufanov and Cohen.
“We prayed for your return, we were moved to tears when you came back home, and this evening we were privileged to rejoice together with you and to bless you under the chuppah on your joyous day,” Herzog wrote.
While other freed hostages have celebrated births and engagements, the wedding is the first for a former hostage. It comes just days after Israel marked the 1,000th day since Oct. 7, and as the government’s handling of the hostage crisis continues to roil Israeli politics ahead of a looming election. Last week, Nitzan Alon, an Israeli army major general who was part of a small hostage negotiation team, said at a conference that more hostages could have been returned alive had the Israeli government made different decisions, strengthening a widespread belief within Israel.
Alon, too, was present at Trufanov and Cohen’s wedding.
After Trufanov stepped on a glass, the traditional signal for the execution of the marriage, Eyal Golan’s “Am Yisrael Chai,” an anthem of Jewish and Israeli solidarity during the Gaza war, began playing.
Rom Braslavski, another hostage who was briefly held with Trufanov in Gaza, posted pictures of himself with his friend at the wedding, as well as a video of him and the newly married couple being hoisted to dance.
“Today, we are together, not in Rafah, not stuffed in a trunk, but free and you are in a beautiful groom’s suit marrying Sapir. How much you talked about her, my brother,” he wrote on Instagram. “There is nothing happier for me than accompanying you on this day, and I hope both of you will bring into the world happy little children and that they won’t know evil. May they not know war, with God’s help.”
Another wedding featuring a former hostage is scheduled for next month. Eliya Cohen, who was held for 505 days, marked his engagement to Ziv Abud in a party that took place last week. He wore a jacket that read “Bring them Home” when other grooms wore it during the hostage crisis. With all hostages out of Gaza since January, Cohen altered it to read “Dad, thank you,” a mantra that he said sustained him during his captivity.
Cohen did not know that Abud had survived the attack on the Nova music festival until after his release. While he was held hostage, she drew attention to his plight by setting a romantic table with an unfilled place on the boardwalk in Tel Aviv.
This article originally appeared on JTA.org.
The post Former Israeli hostages Sasha Trufanov and Sapir Cohen wed in emotional ceremony appeared first on The Forward.
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Hundreds of Patriot Front members march in Washington on July 4, alarming Jewish groups
(JTA) — Hundreds of people affiliated with the white supremacist group Patriot Front marched in Washington, D.C., on Saturday, in a July 4 show of force by the group founded by a veteran of a landmark 2017 far-right rally that featured an antisemitic chant.
The marchers in Washington wore masks and some carried Confederate flags, according to reports and video from the scene. At times, they chanted “Reclaim America!” — a rallying cry channeling the group’s nativist agenda.
While Patriot Front’s public activities mostly center on its anti-immigrant and anti-LGBTQ agenda, the Anti-Defamation League has repeatedly cited the group, founded in 2017, as the largest purveyor of antisemitic materials in the United States.
One of the group’s signature slogans, which members displayed on a banner in Washington in 2023, is “No Zionists in Government.”
The previous year, the group’s internal communications, obtained and leaked by an independent media collective, showed that some members used Nazi slogans and that one member was accepted on the basis of an application in which he declared that the “biggest threat to America is Jewish domination over the world.” Group leaders criticized how the chat logs had been obtained but did not challenge the veracity of their contents.
In a statement on Sunday, the ADL called Patriot Front “the most visible white supremacist group operating in the U.S. today” and noted that its previous public rallies had been much smaller.
“The size of the march is concerning,” the ADL said about the Saturday rally.
Patriot Front’s founder, Thomas Rousseau, was a leading participant in the 2017 Unite the Right rally in Charlottesville, Virginia, in which attendees chanted “Jews will not replace us” while carrying burning torches. The chant refers to an antisemitic conspiracy theory positing that Jews are engineering mass immigration in order to displace white people. Rousseau later testified that he heard the chant but thought attendees might have been saying “you will not replace us.”
The 2017 rally fueled criticism of President Donald Trump, who did not immediately comment on it and then placed blame on “both sides” while condemning the display of “hatred, bigotry and violence.” It also animated the presidential run of Joe Biden and spurred a successful lawsuit against the rally’s organizers by an advocacy group called Integrity First for America, whose leader, Amy Spitalnick, is now CEO of the Jewish Council on Public Affairs.
“Patriot Front is an offshoot of one of the white supremacist groups we (successfully) sued for orchestrating the Charlottesville violence,” Spitalnick said in a JCPA statement on Sunday. “They are emboldened because their extremism has been wholly normalized by the administration and others.”
Trump has not commented publicly on this weekend’s Patriot Front march, which took place during festivities to celebrate the United States’ 250th birthday. A top administration official did not directly answer when CNN’s Dana Bash asked him whether he would urge Trump to denounce the group.
“What they stand for is nothing that I could possibly agree with,” Secretary of the Interior Doug Burgum told Bash, who is Jewish and has made antisemitism a focus of her recent coverage. “But one of the foundational principles of the United States, which makes democracy messy, is free speech.”
This article originally appeared on JTA.org.
The post Hundreds of Patriot Front members march in Washington on July 4, alarming Jewish groups appeared first on The Forward.
