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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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New CD of Yiddish children’s songs by Vilna-born composer David Botwinik
A new CD was released this year of delightful Yiddish children’s songs, composed by the Vilna-born musician David Botwinik who died in 2022 at the age of 101.
The album, Zumer iz shoyn vider do, which translates to “Summer is finally here again”, was compiled by Botwinik’s son, Sender Botwinik. It features 36 tracks of melodies composed by David Botwinik set to the works of various Yiddish poets, including David Botwinik himself.
The text and music for most of the songs were originally published in Botwinik’s seminal songbook, From Holocaust to Life, published in 2010 by the League for Yiddish. On this new CD, these songs are brought to life through the voices of both children and adults, with Sender Botwinik on the piano; Ken Richmond on violin; Shira Shazeer on accordion, and Richmond and Shazeer’s son Velvel on trombone.
These recordings are valuable not only for people familiar with the Yiddish language and culture, but also for others looking for resources and inspiration. Singers, music teachers, choir conductors and Yiddish language students will find a treasure trove of songs about the Jewish holidays, family, nature and celebration.
Born in Vilna in 1920, composer David Botwinik’s life was filled with music and creativity from his earliest years. As a young child, he would walk with his father to hear the cantors at the Vilna shtotshul — the main synagogue in what is now Vilnius, Lithuania.
At age 11, he became a khazndl, a colloquial Yiddish term for a child cantor, performing in several synagogues in Vilna. At 12, he composed his first melodies. Later he undertook advanced musical study in Rome.
In 1956, he settled in Montreal, soon to become a leading figure in the city’s thriving Yiddish cultural scene. He worked as a music teacher, choir director, writer and publisher. As he wrote in From Holocaust to Life, he sought, most of all, to “encourage maintaining Yiddish as a living language.”
There are many standout pieces on the CD, but I want to point out several whose lyrics, in addition to the melody, were written by David Botwinik himself. “Zumer” (Summer), the first song on the recording, gives the CD its title. In a Zoom interview with Sender and his wife, Naomi, they said that “Zumer” won first prize in a Jewish song competition in Canada in 1975, and that he remembered singing in his father’s choir for the competition.
“Zumer” is a jaunty earworm that opens with a recording of David Botwinik reading the lyrics, followed by the song itself, performed by a magnificent chorus of children from four Yiddish-speaking families who met years ago at the annual Yiddish Vokh retreat in Copake, New York.
Another standout song is “Shabes-lid” (Sabbath Song) which David Botwinik’s grandchild Dina Malka Botwinik sings with a pure, other-worldly sound:
Sholem-aleykhem, shabes-lebn,
Brengen ru hot dikh Got gegebn,
Ale mide tsu baglikn,
Likht un freyd zey shikn.
“Sholem-aleykhem, shabes shenster,”
Shvebt a gezang durkh ale fentster,
Shabes shenster, shabes libster,
Tayerer, heyliker du.
Welcome, dear Shabbos,
Given by God to bring us rest,
To gladden those who are tired
To send them light and joy,
Welcome loveliest Shabbos,
The song drifts from every window.
Loveliest Shabbat, dearest Shabbos
Precious holy one.
Sender Botwinik’s website also includes a track of the same song recorded in the 1960s by the late Cantor Louis Danto. Both recordings are deeply moving.
As we enter the Hanukkah season, I’d like to point out my current favorite of Botwinik’s work, “Haynt iz khanike bay undz” (“Today is Our Holiday, Hanukkah”). Botwinik composed the words and music to this song shortly before his 99th birthday in December 2019.
On the CD, we hear him performing the song for his fellow residents at the assisted living facility Manoir King David, in Cote Saint-Luc, Montreal, with harmonies and accompaniment later added by his son. The lyrics are accessible and the melody is catchy, with clever compositional twists and turns.
This new CD is a beautiful homage to an extraordinary musician and a welcome addition to the world of Yiddish song.
To purchase the album, Zumer iz shoyn vider do, email info@botwinikmusic.com.
The post New CD of Yiddish children’s songs by Vilna-born composer David Botwinik appeared first on The Forward.
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Chicago Man Pleads Guilty to Battering Jewish DePaul University Students
Illustrative: Pro-Hamas protesters setting up an encampment at DePaul University in Chicago, Illinois, United States, on May 5, 2024. Photo: Kyle Mazza via Reuters Connect
A Chicago-area man has pleaded guilty to a misdemeanor battery charge he incurred last year for beating up Jewish pro-Israel students participating in a demonstration at DePaul University.
On Nov. 6, 2024, Adam Erkan, 20, approached Max Long and Michael Kaminsky in a ski mask while shouting antisemitic epithets and statements. He then attacked both students, fracturing Kaminsky’s wrist and inflicting a brain injury on Long, whom he pummeled into an unconscious state.
Law enforcement identified Erkan, who absconded to another location in a car, after his father came forward to confirm that it was his visage which surveillance cameras captured near the scene of the crime. According to multiple reports, the assailant avoided severer criminal penalties by agreeing to plead guilty to lesser offenses than the felony hate crime counts with which he was originally charged.
His accomplice, described as a man in his age group, remains at large.
“One attacker has now admitted guilt for brutally assaulting two Jewish students at DePaul University. That is a step toward justice, but it is nowhere near enough,” The Lawfare Project, a Jewish civil rights advocacy group which represented the Jewish students throughout the criminal proceedings, said in a statement responding to the plea deal. “The second attacker remains at large, and Max and Michael continue to experience ongoing threats. We demand — and fully expect — his swift arrest and prosecution to ensure justice for these students and for the Jewish community harmed by this antisemitic hate crime.”
Antisemitic incidents on US college campuses have exploded nationwide since Hamas’s Oct. 7, 2023, massacre across southern Israel.
Just last month, members of Toronto Metropolitan University’s Students for Justice in Palestine chapter spilled blood and caused the hospitalization of at least one Jewish student after forcibly breaching a venue in which the advocacy group Students Supporting Israel had convened for an event featuring veterans of the Israel Defense Forces (IDF).
The former soldiers agreed to meet Students Supporting Israel (SSI) to discuss their experiences at a “private space” on campus which had to be reserved because the university denied the group a room reservation and, therefore, security personnel that would have been afforded to it. However, someone leaked the event location, leading to one of the most violent incidents of campus antisemitism in recent memory.
By the time the attack ended, three people had been rushed to a local medical facility for treatment of injuries caused by a protester’s shattering the glazing of the venue’s door with a drill bit, a witness, student Ethan Elharrar, told The Algemeiner during an interview.
“One of the individuals had a weapon he used, a drill bit. He used it to break and shatter the door,” Elharrar said. “Two individuals were transported to the hospital because of this. One was really badly cut all his arms and legs, and he had to get stitches. Another is afraid to publicly disclose her injuries because she doesn’t want anything to happen to her.”
The previous month, masked pro-Hamas activists nearly raided an event held on the campus of Pomona College, based in Claremont, California, to commemorate the victims of the Oct. 7. massacre.
Footage of the act which circulated on social media showed the group attempting to force its way into the room while screaming expletives and pro-Hamas dogma. They ultimately failed due to the prompt response of the Claremont Colleges Jewish chaplain and other attendees who formed a barrier in front of the door to repel them, a defense they mounted on their own as campus security personnel did nothing to stop the disturbance.
Pomona College, working with its sister institutions in the Claremont consortium of liberal arts colleges in California (5C), later identified and disciplined some of the perpetrators and banned them from its campus.
In Ann Arbor, Michigan, law enforcement personnel were searching for a man who trespassed the grounds of the Jewish Resource Center and kicked its door while howling antisemitic statements.
“F—k Israel, f—k the Jewish people,” the man — whom multiple reports describe as white, “college-age,” and possibly named “Jake” or “Jay” — screamed before running away. He did not damage the property, and he may have been accompanied by as many as two other people, one of whom shouted “no!” when he ran up to the building.
Around the same time, at Ohio State University, an unknown person or group tacked neo-Nazi posters across the campus which warned, “We are everywhere.”
Follow Dion J. Pierre @DionJPierre.
