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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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Senate rejects effort to rein in Trump’s power to fight Iran alongside Israel

(JTA) — The Senate late Wednesday rejected a measure that would have required President Donald Trump to get congressional approval to continue fighting against Iran.

The measure was initiated by Democrats, who have raised questions about the process by which Trump initiated the war alongside Israel on Saturday. The War Powers Act requires U.S. presidents to seek congressional approval for wars in advance or shortly after their start unless there is an imminent threat to the United States. Trump and his administration officials have given mixed signals about whether a threat was considered direct and imminent.

The vote took place along largely partisan lines, with two exceptions. Rand Paul, the Republican from Kentucky, who tends to oppose international intervention, backed the measure. John Fetterman, the pro-Israel Democrat from Pennsylvania, voted no.

The House is expected to vote on a similar measure today. The House also has a slim Republican majority.

The votes come as multiple polls have shown that a majority of Americans, about 60%, oppose U.S. participation in the war.

The post Senate rejects effort to rein in Trump’s power to fight Iran alongside Israel appeared first on The Forward.

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Erich Wolfgang Korngold’s Broadway opus debuts in the U.S. — nearly 80 years late

In 1954, the Oscar-winning composer Erich Wolfgang Korngold staged a European homecoming with a new operetta. How this came to pass — and how his planned comeback failed to materialize — is even more convoluted than the piece’s farcical plot.

Korngold, a wunderkind and Jewish refugee from Vienna, first came to Hollywood to adapt Felix Mendelssohn’s music for Max Reinhardt’s 1935 film of A Midsummer Night’s Dream. Until then Korngold, a piano prodigy who began writing music at age 7 and had his first hit with a ballet he wrote at 11, had mostly composed for concert halls and opera houses. His ensuing career in Hollywood transformed film music by treating motion pictures as if they were “operas without singing.”

Korngold’s work on the swashbuckler Captain Blood, The Adventures of Robin Hood and later King’s Row (whose fanfare John Williams lifted for Star Wars) created a template for symphonic scores. But by the late 1940s, chafing under the Hollywood system, he set to work writing an original operetta, The Silent Serenade, that he hoped would premiere on Broadway.

The show collapsed. It’s never had a full staging in the United States or even in English.

As chronicled by the Korngold Society, the composer went through a litany of librettists to refine this tale of a love triangle and its improbable political fallout. After passing through a number of hands in English, Korngold returned it to Raoul Auernheimer, Theodor Herzl’s nephew and the original writer of the story on which the operetta was based, to translate it back to German. Korngold disagreed with the excessive demands of the producers, the Schubert Brothers, and left the project, leading the Broadway impresarios to fruitlessly search for a new composer.

Korngold, who with Reinhardt had previous success on Broadway with arrangements of other composers’ work, decided to resume a career in Europe with the piece. After delays owing to his health — a 1947 heart attack — a German version debuted on radio in 1951 and was followed by a staging in Dortmund in 1954. It bombed.

“We’re not exactly sure who it was for,” said Cris Frisco, music director at the Mannes School of Music at the New School, who is conducting the U.S. debut of The Silent Serenade at Mannes Opera. “It seems like it was given to the wrong public.”

That Germans in the post-war weren’t attuned to the piece’s sensibilities speaks poignantly to Korngold’s journey, which began at the center of Austrian high culture, orbiting names like Mahler and Artur Schnabel. “We thought of ourselves as Viennese,”said Korngold, the son of a music critic father. “Hitler made us Jewish.”

His exile in Hollywood realigned his sonic universe. As much as he changed film music, it — and America — left an impression on him.

“It is obviously influenced by Hollywood. It’s obviously coming out of those ’30s and ’40s musicals,” said director Emma Griffin, Mannes Opera’s managing artistic director. “It is a piece that is living between film and theater and opera and musical theater and operetta. It’s so emblematic of Korngold’s life, of how many different pieces of the 20th century he influenced, and this particular show is a crazy quilt of all of those influences.”

The plot of the show is, in Griffin’s words “daffy,” focusing on a Neapolitan actress, her would-be dress designer lover and her fiancé, the prime minister. Singing shopgirls, a tabloid journalist and a media circus round out the cast who perform tuneful numbers imbued with an MGM je ne sais quoi, while remaining rooted in Korngold’s post-romantic, classical mode. While Korngold’s symphonic stylings beefed up adventure films, the orchestration here is sparer, hinting at the Broadway pit for which the piece was devised.

The Mannes staging is part of a resurgence of interest in Korngold in the classical world, following decades of dismissal for his contributions to Hollywood.

It’s ironic that Korngold, who died at the age of 60 in 1957, had in Silent Serenade a profound professional frustration, given how buoyant and frothy the work is.

“It’s heartbreaking to think that he did not fully perceive the massive impact of his artistry,” said Griffin. Though he lived through hard times, Griffin says, his music has been a balm for the performers.

“The students have talked about it several times,” Griffin said, “how happy they are to be working on something where the source is joy.”

Mannes Opera’s production of  The Silent Serenade debuts March 13 and 14 with an on-demand recording to follow. Tickets and information can be found here.

 

The post Erich Wolfgang Korngold’s Broadway opus debuts in the U.S. — nearly 80 years late appeared first on The Forward.

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Shower, shelter, swipe: Israel’s ‘startup nation’ meets Iran war with a wave of apps

(JTA) — TEL AVIV — Smartphones have become as essential as shelters for Israelis riding out Iran’s missile attacks, with internet traffic up 25% since the war began on Saturday. From the screaming alerts of the military’s official app that, as one comedian put it, sound like a “baby dragon giving birth,” to bomb-shelter Tinder to multiple apps that tell you when it’s safe to shower, the startup nation is trying to digitize the panic into something more manageable.

At the serious end of the wartime app stack is Home Front Command, the Israeli army’s app available in Hebrew, Arabic, Russian and English. It uses GPS to figure out where you are and only pings you when your area is at risk, with separate alerts for rockets, missiles and terror incidents. In this war, Iran’s long-range fire has come with an extra layer of notice, a warning-before-the-warning that can buy people a few more minutes. The shorter-range threats from Hezbollah, which joined the fray on Tuesday, do not come with that same courtesy.

Bomb Shelter Locator turns shelter-seeking into a map exercise, listing around 20,000 official sites, offering offline city maps and walking routes, and estimating the time it will take to reach the nearest protected space.

For anyone who cannot sprint, Purple Vest tries to close the gap. People with disabilities or older residents can register in advance and request help during alerts, with volunteers using the app to locate them and assist with shelter access or urgent supplies.

For others, shelters are turning into accidental social spaces where people can meet-cute on a mattress. The Hooked app, originally built for speed-dating at events, now doubles as a bomb-shelter icebreaker. Shelter-goers post a QR code at the entrance, and singles who scan it can see who else in the same bunker has the same relationship status. US Ambassador Mike Huckabee — who has not been single since high school — shared it on X alongside the caption: “Someday they will tell their kids ‘we met on a dating app in a shelter while dodging ballastic [sic] missiles.’”

But for some, even showering has become its own risk calculation. Martine Berkowitz was one of many who vented after her attempts to scrub up were interrupted by missiles no less than five times on the second day of the war.

For software developer Ben Greenberg, a father of teenagers, Berkowitz’s complaint was familiar, so he built an app called Best Shower Time that spits out a percentage risk score on whether a shower is likely to be interrupted by an alert.

Posts about it spread on social media and what began as a tool for his family is now drawing about 5,000 visitors a day. Greenberg, a California native who immigrated to Israel from New York in 2018, insists it’s “not a joke app.”

“Sirens are just the ultimate example of lack of control in one’s life,” he said, describing the app as a way to “restore some level of control and predictability … in a time when that feels most vulnerable and most taken away from us.”

The app uses real-time alert data from the Home Front Command, and the score is based on four inputs: how long it has been since the last alert, the average gap between alerts over a six-hour window, whether the frequency is trending up or down, and the total alert count over the past 24 hours. Those are weighted into a single score that appears when you open the app.

Users can then set their own parameters, including how long a shower typically takes and how much buffer time they want afterward to dry off and reach shelter.

And for those who have a penchant for extended bathroom breaks, Greenberg added a separate option that relies on the same logic.

It’s not the only app homing on issues of basic cleanliness to emerge this week. Another app, Can I Shower Now?, has developed a following of its own.

Berkowitz said she was “grateful” for apps to help her navigate the question of whether to jump in the shower. After checking and seeing a 13% chance of a missile alert on Wednesday afternoon, she decided to risk it.

“I took a full 20-minute hot shower and washed my hair. It was lovely. And the next warning only came when I was finished and getting dressed,” she said.

Greenberg is piloting a new app, called Best Walking Time, based on the same principle and prompted by his wife, who regularly walks around the neighborhood during work calls but has been afraid to stray from home lest a missile head their way.

The post Shower, shelter, swipe: Israel’s ‘startup nation’ meets Iran war with a wave of apps appeared first on The Forward.

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