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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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UK adopts sweeping measures against antisemitism in schools
(JTA) — The U.K. has adopted sweeping measures to combat antisemitism in English schools, prompting pushback from the country’s largest teachers’ union.
The move came after a new government-commissioned review found that three in five Jewish students reported experiencing antisemitism in English schools. The most common incidents were jokes, stereotypes and comments about Jewish people. About half of respondents who witnessed or experienced antisemitism said the incidents were not reported, most often because they did not think they would be taken seriously.
The government on Wednesday accepted 27 recommendations from the report, including dedicated antisemitism training for leaders and staff, improved recording of antisemitic incidents and moves to build a better understanding of Jewish life, identity and contemporary antisemitism.
The government commissioned the report following a spate of high-profile attacks on Jews in Britain, including an attack on a synagogue in Manchester last year that left two men dead.
The report’s author, Sir David Bell, the vice chancellor of the University of Sunderland and former chief inspector of schools in England, recommended addressing antisemitism distinctly from other forms of racism. He argued that antisemitism was a “uniquely complex” problem because of intertwined racial and religious dimensions, since Jewish identity can encompass both an ethnicity and a religion, along with expressions of prejudice that hold all Jews responsible for the actions of Israel.
The government will also encourage English schools to adopt the International Holocaust Remembrance Alliance (IHRA) working definition of antisemitism. The definition is supported by many mainstream Jewish organizations and has been adopted by 47 countries, including the U.K., but critics say that it conflates some forms of antisemitism with criticism of Israel.
British Education Secretary Lucy Powell called Bell’s review a “generational moment” and said that “implementation is now my priority.”
However, the National Education Union, the largest union representing teachers, lecturers, teaching assistants and support staff in the United Kingdom and Europe, raised concerns on Wednesday about recommending the IHRA definition for schools. NEU general secretary Daniel Kebede said in a statement that the definition “risks deepening the problem rather than tackling it, and actively undermining efforts to confront antisemitism.”
“The IHRA’s contested framing risks blurring the line between antisemitism and legitimate criticism of the Israeli government and the genocide in Gaza, leaving teachers with uncertainty when they need clarity,” said Kebede. He cited a risk that “children who cannot critically explore issues through classroom discussion will instead seek their answers in online and unsafe groups.”
Kebede also encouraged Britain’s Department for Education to strengthen guidance on all forms of racism, not only antisemitism, saying that 65% of teachers report they have not received any antiracism training in the past year.
The Board of Deputies of British Jews, an umbrella organization for British Jewish communities, celebrated the antisemitism report and the government’s adoption of its proposed measures. The group specifically praised the report’s “clear recommendations that schools and local authorities follow government guidelines by adopting the IHRA Working Definition of Antisemitism as a tool to deepen understanding of contemporary antisemitism.”
“We remain concerned about undue external influence on schools driven by narrow political agendas, and tendentious materials seeping into schools and increasing disharmony, and we will continue to press for vigilance against this,” said the Board of Deputies.
The post UK adopts sweeping measures against antisemitism in schools appeared first on The Forward.
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Orthodox Jewish man stabbed in midtown Manhattan
(New York Jewish Week) — An Orthodox Jewish man is in stable condition after being stabbed on Wednesday evening in the Diamond District of midtown Manhattan. Police are investigating the attack as a possible hate crime.
Police told the Jewish Telegraphic Agency that the NYPD’s Hate Crimes Task Force is investigating the incident as a possible antisemitic attack, and Manhattan Shomrim — the Jewish community watch group — has asked people to share footage as police search for the suspect. No arrests have been made.
The victim was identified by police as a 26-year-old man, and Orthodox Jewish outlet COLLive identified him as a resident of Crown Heights, the neighborhood that is home to the Chabad-Lubavitch Hasidic movement’s headquarters.
He was taken to Bellevue Hospital in stable condition. Police said they were called at about 5:50 p.m. on Wednesday after the man was stabbed in the back with “an unknown sharp object” on 47th Street near Fifth Avenue. ABC7 reported that the victim told investigators he believed he was stabbed with a needle or syringe.
According to the Chabad website, which published an interview with the victim, he is a recently ordained Hasidic rabbi named Joseph, who commutes to Midtown each day to wrap tefillin with Jewish merchants. The attacker, Joseph told the website, was a woman who seemed to be following him prior to the stabbing.
The attack comes as Jewish New Yorkers have been targeted in more than half of the hate crimes committed in New York City this year, despite making up about 12% of the city’s population.
In July, an assailant stabbed two men on the Upper West Side, including one who was leaving a synagogue, while yelling “Allahu akbar,” and was charged with committing hate crimes.
Louis Keene contributed reporting.
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VIDEO: A Hasid gives us a tour of Morocco in Yiddish
דער ירושלימער יוטוב־שטערן וועלוול קירשנבוים האָט לעצטנס אַרויסגעשטעלט אַ ווידעאָ אויף ייִדיש פֿון אַ פּרעכטיקן וויזיט, וואָס ער האָט געמאַכט אין מאַראָקאָ. עס באַגלייט אים זײַן חבֿר אַבֿרהם פּרץ.
אינעם ווידעאָ זעט מען ווי קירשנבוים דאַוונט שחרית מיט די אָרטיקע ייִדן און באַזוכט אַ גוט אָפּגעהיטענעם בית־עולם, וווּ עס ליגן באַערדיקט גרויסע צדיקים ווי למשל הרבֿ חיים בן עתר (1696–1743), באַקאַנט ווי דער „אור החיים“. „מענטשן מיינען, אַז נאָר אין אייראָפּע זענען דאָ קבֿרים פֿון צדיקים!“ זאָגט קירשנבוים.
מיר זעען אַ גרויסע, שיינע שיל מיט אַ פֿײַנער אַרכיטעקטור אין קאַזאַבלאַנקאַ; דעם גרויסן אַראַבישן שוק, וווּ קירשנבוים קויפֿט זיך אײַן מלבושים פּונקט ווי די מאַראָקאַנער גייען אָנגעטאָן. ער באַוווּנדערט אויך די שיינע טיי־גלעזער און טשײַניקן, וואָס מע פֿאַרקויפֿט דאָרט, און באַקענט זיך מיט אַ ייִדישן סוחר וואָס האַנדלט מיט זילבער און גאָלד, פּונקט אַזוי ווי זײַן טאַטע און זיידע האָבן געטאָן פֿאַר דור־דורות.
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