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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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My irrational, possibly problematic obsession with an $85 yarmulke

Growing up, we had a rule of thumb about yarmulkes: the closer yours was to your forehead, the more strictly religious you were. The frum bochurim placed theirs practically on their noses; the boys from Conservative families bobby-pinned their kippahs on the back of their heads, like climbers gripping a rockface. The cool kids, of course, stuffed theirs in their pockets.

The Jewish skullcap, in other words, was a signifier of much more than the religious precept it embodied. Over the years not only a yarmulke’s positioning but also its style, size and material have come to place its wearer somewhere on a continuum of Jewish identity. Trends in yarmulke wearing, then, may tell us a story about where Judaism is — forgive me — headed.

So what kind of Jew wears an $85 yarmulke, and what kind of Judaism demands it? These questions gnawed at me when I first learned about Rubenstein Paris, a new kippah couturier whose ads found me on Instagram. Available in a range of expensive-looking solid colors (copper, cream, sapphire) and fabrics (velvet, corduroy, even horsehair), these kippahs are here to replace your tattered souvenirs.

“Everybody’s just walking around with their kippot from — I don’t know, Mendel and Rachel’s wedding, 2019,” Jonathan Hirsch, Rubenstein’s German-Israeli founder, told me recently. “I was like, ‘It’s such a sacred item, you know? Why isn’t there any beautiful kippah, that you can really acknowledge for what it is?’”

Hirsch and me on Zoom. Photo by Louis Keene

He’s onto something. Even as an image-conscious, Shabbat-observant millennial, I had largely neglected the yarmulke; when I wanted to look sharp, I ditched it. I was not completely out on Jew-caps, to be sure — like every other frat boy who thought Mac Miller was Moses, I went through a vintage snapback phase in college. But when I’ve had to clip up, I’ve made do with whatever I had lying around — usually something suede, dark, and folded more times than an origami fortune teller.

Hirsch offered to send a freebie, but at $85, accepting it felt compromising. The loaner we agreed to instead came in a branded drawstring bag, which was accompanied by a sleek black storage box. Though I’d secretly hoped for the horsehair model, the kippah Hirsch sent was more utilitarian: a ribbed velvet, golden brown, with the rise and structural integrity of one of those dome-houses you see in Architectural Digest. Velvet piping twisted around its circumference; its cloth inner lining depicted a globe and a shofar.

I put it on.

Skullcap semiotics

Attention to detail. Photo by Louis Keene

The story of the kippah begins in the Talmud, when 3rd-century sage Rav Huna proclaimed that he never walked more than four cubits without his head covered to symbolize that the divine presence was always above him. After rabbinic law codified the practice in the 1500s, the kippah evolved into a marker of Jewish cultural mores.

For example, 20 years ago, most Modern Orthodox boys wore black suede kippahs, but today, as people debate whether Modern Orthodoxy is dead, suede is disappearing, replaced by black velvet, the standard among Haredi Jews, and the kippah sruga — the crocheted yarmulke associated with the Israeli Religious Zionist movement. Pluralism out, orthodoxy in.

But it’s also a fraught moment to be displaying any marker of Jewish identity. Wearing a kippah in public makes you subject to a certain type of attention these days: the glare of being Jewish at a time when the Jewish state is embroiled in enormously unpopular and destructive wars. Hirsch, who is 29 and lives in Berlin, knows this firsthand — these days he doesn’t feel safe wearing a kippah in public.

And yet I suspect that growing Jewish isolation also puts the lie to our assimilation fantasies; it makes us more likely to wear the things that attach us to each other. Indeed, there is a renaissance in Judaica today driven by new designers and younger consumers finding joy in their heritage. The name Rubenstein is a play on Hirsch’s middle name, Reuven. But he also just thought it sounded cool.

All about the Benyamins

First ironically, then with some resignation, I found that the Rubenstein was the only kippah I wanted to wear — my fancy kippah became my everyday kippah. Putting it on was a daily treat — I was humored by the upgrade. I began picturing how gloomy and shallow life would be without it. I debated the unthinkable — ponying up to keep the loaner.

I was still conflicted about the idea of the object, which felt like a metaphor for the sticker-shock that accompanies Jewish life, especially Orthodox life, in the U.S. today. There’s the skyrocketing cost of real estate in Jewish neighborhoods, the eyewatering day school tuition, even the price of kosher meat and grape juice. Was it an $85 kippah, or a yeshiva-league Sorting Hat?

I put the questions to Hirsch. There are very few ritual objects, he pointed out, from the kiddush cup to candlesticks to one’s tallit, that we pride ourselves on buying cheap. Why should kippot be the exception? “You’re giving your humility a bigger meaning,” he said, “by the fact that you’re wearing this on your head.”

It was true — I felt more humble than ever before, and expected others to acknowledge my commitment and my sophistication. I can see you are a man of taste, they would say, presumably lowering a monocle. (I would nod, then dip my double-dark chocolate Milano cookie into a steaming teacup.)

It was true my designer yarmulke was not the conversation starter I’d anticipated. Only one person complimented me on it unprompted — that singular infallible judge of quality, my mother. Everyone else, I’m certain, was stealing covetous glances. But they didn’t need to praise, ask about, or even notice my beloved yarmulke, which I’m sure I’ll return soon. The premium fabrics, the shofar in the lining and the devotion it all symbolized were between me and Hashem.

The post My irrational, possibly problematic obsession with an $85 yarmulke appeared first on The Forward.

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How Iran is outsourcing terror plots against Jews

The prosecution of an Iraqi national in connection with thwarted alleged terror plots in the U.S. and Europe has put the behind-the-scenes role of Iran in the spotlight — part of what security experts say is a growing and hard-to-trace threat.

Mohammad Baqer Saad Dawood Al-Saadi, a 32-year-old Iraqi national accused of ties to an Iran-backed militia, pleaded not guilty in Manhattan federal court this week to charges linking him to a series of attacks and alleged terror plots targeting American interests and Jewish communities in Europe and the United States.

Prosecutors allege Al-Saadi was connected to attacks, including the stabbing of two Jewish men in London’s heavily Jewish Golders Green neighborhood and an arson attack on a synagogue in North Macedonia. They also accuse him of attempting to recruit individuals online to firebomb synagogues in New York, Los Angeles and Scottsdale, Arizona.

He also reportedly planned to attack Ivanka Trump, who is both the president’s daughter and an Orthodox Jew — making her a “double target,” in the words of Oren Segal, vice president at the Center on Extremism at the Anti-Defamation League.

Iranian attacks on Jewish and Israeli institutions abroad are not new. Since the 1979 Islamic Revolution, Iran and its proxies have targeted diplomats, Jews, Israelis, political dissidents and others perceived as aligned with the West.

Matthew Levitt, director of the Counterterrorism and Intelligence Program at the Washington Institute for Near East Policy, maintains a detailed database of such attacks. He told the Forward that since the current war began, such plots have significantly increased.

The Al-Saadi case is a prime example of what Levitt calls Iran’s “gig economy” model of terrorism. Rather than dispatching trained operatives directly from Iran, Iranian-linked actors and proxy groups are recruiting individuals online who live in the country they wish to target. Some are not even aware they are attacking on behalf of Iran or its proxies.

In court filings, prosecutors allege that Al-Saadi, who prosecutors link to the terror organization Kata’ib Hezbollah and Iran’s Islamic Revolutionary Guard Corps, sent maps and photographs of a prominent Manhattan synagogue and other Jewish institutions to an undercover agent he was attempting to recruit to firebomb them. He allegedly offered the agent $10,000 in cryptocurrency in exchange for carrying out the plot, and discussed whether the recruit should “set the place on fire” or use an improvised explosive device.

Iranian-linked operatives, who are either part of Iran’s security apparatus or within its network of terror proxies, reach out to potential recruits on encrypted platforms like Telegram.

According to Levitt, the operatives are ordered by “very senior” elements of the Iranian regime to find recruits. “It stretches the limits of credulity to think that plots like this in the United States could be done without very senior top-down instruction,” Levitt said. “These are not rogue actors.”

Those they manage to recruit online are often financially motivated, agreeing to carry out attacks like vandalism, surveillance, or assaults in exchange for cryptocurrency payments. Others appear driven by ideology or online radicalization. Over the years, Iran’s recruits have included teenagers as young as 13.

“These are inexpensive plots,” said Levitt. “It requires just a few people to sit at a computer and try to recruit people and direct people.”

For Iran, this method is particularly strategic amid wartime. “Iran can’t go toe to toe with the U.S. or Israeli militaries, but it can engage in these asymmetric plots to show that they can still reach out and touch us to increase the cost of continuing to prosecute the war and to make people feel afraid,” said Levitt.

By relying on online recruits and loosely connected operatives, Levitt says Iranian-linked actors can obscure their involvement and maintain reasonable deniability. The calculation, he explained, is that authorities will be satisfied with arresting and prosecuting the individual carrying out the attack, rather than blaming Iran. This allows Iran to limit the risk of direct military escalation with the United States while continuing to conduct operations against it.

The Online Battlefield 

According to Segal, Iranian influence increasingly permeates online.

“The threat to Jewish communities right now is multidimensional — Iranian-linked plots, cyberattacks, online propaganda,” he said. “They’re all converging at once, making it one of the more complex threat environments for the Jewish community in a long time.”

For years, Iranian state media outlets such as Press TV have targeted Western audiences with antisemitic content, including Holocaust denial, claims that Zionists control world events and other extremist narratives. A 2023 report by the ADL and the Center for Countering Digital Hate found that Press TV receives roughly one million monthly visits, with more than half of its traffic coming from Western countries.

Segal said Iranian-linked propaganda networks also increasingly operate in online spaces that overlap with broader activist communities. One such example is Resistance News Network, a Telegram channel with over 150,000 subscribers frequented by members of pro-Palestinian activist groups like Students for Justice in Palestine. The channel is filled with official Hamas, Hezbollah, and Houthi propaganda that is then reshared by American activists on mainstream social media accounts.

“What that does is enable the exchange of ideas, of propaganda, and of narrative that we then see show up at actual events on the ground,” he said.

Segal argues that exposure to such propaganda can make recruitment efforts easier.

“Our concerns are not only from somebody who may have been placed here or somewhere in Europe,” said Segal, “but from individuals who are animated by the propaganda they ingest every single day.”

Levitt agreed, stating that rising antisemitic and anti-Israel sentiment since the outbreak of the Gaza war has created a larger pool of individuals who may view attacks on Jewish or Zionist targets as justified.

“A lot of people are going to be much more willing to do something … especially if it’s not actually killing someone, but fire bombing something and/or targeting property that has symbolic value,” he said.

But the threat is not limited to physical violence.

Since the war began, Segal said Iranian-linked cyberattacks have “gone into overdrive.”

He says Jewish organizations and media outlets have faced hacking attempts on their websites, while Jewish individuals have had their identities stolen, with personal information being exposed online in mass doxxing campaigns.

Many such attacks are conducted by Iranian hacking collectives. One of the most notorious among them is Iranian hacker group Handala Hackers, which has conducted several attacks against Jews, Israelis and Americans. The FBI reported that in March, the group claimed to have stolen 851 gigabytes of confidential data from Sanzer Hasidic Jewish community members, which the hackers described as “documents of financial cooperation, witchcraft ceremonies, and secret correspondences with Netanyahu …” They added, “We warn the leaders and members of the Sanzer Hasidic community: No place is safe for you. Betrayal of the oppressed leads to nothing but disgrace and shame. Expect more documents to be revealed.”

Despite the growing number of plots, experts say the relative lack of successful attacks inside the United States reflects the effectiveness of American counterterrorism efforts.

Still, Jewish communities across the United States are investing heavily in security upgrades. Asher Lopatin, director of community relations at the Jewish Federation of Greater Ann Arbor, said synagogues in Michigan have increased security following a March attack on Temple Israel in West Bloomfield by a Hezbollah-linked man. Communities are installing bollards, expanding surveillance systems, and hiring additional guards.

“People are definitely doubling up on security,” Lopatin said. “Everyone is traumatized.”

Levitt says that even after the war concludes, he does not expect the plots targeting American interests and Jews to cease.

“I do not think that when the war ends, these necessarily stop,” Levitt said. “The pace may change, but Iran has a distinct interest in exacting revenge for all the damage that was done to it.”

The post How Iran is outsourcing terror plots against Jews appeared first on The Forward.

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They helped elect Los Angeles’ first Black mayor; but to him, they were just Bob and Shirley

When Joshua Silverstein, a Black Jewish theater artist, was growing up in Los Angeles, he recalls one Ashkenazi couple, to whom he refers as Bob and Shirley, that had a particularly profound effect on him.

Bob and Shirley were the type of people who greeted everyone they saw on the street; Silverstein grew up going to their get-togethers that were welcome to everyone in the neighborhood. They loved music and literature, they were “way into Theodore Bikel,” and they had a plethora of Billie Holiday records.

Bob and Shirley were also instrumental in the fight to elect Los Angeles’ first Black mayor, Thomas Bradley.

“LA’s Bob and Shirley,” which Silverstein wrote and is performing as part of a new theater compilation of Jewish stories, begins in 1946 when the couple moved to the west coast from New Jersey. Bob was a carpenter — he had wanted to be a professor, but his Jewish background made it challenging to get hired at a university. Instead, he constructed buildings across Los Angeles, only to find out that the same apartments he worked on didn’t allow Jews or other minorities to live there.

The couple ended up near Central Avenue, an epicenter of African-American culture where they rubbed shoulders with legendary Black performers and intellectuals — Duke Ellington, Langston Hughes and W.E.B Dubois. The neighborhood was in danger, though; real estate agents were pressuring residents to leave so their properties could be refurbished and sold to white homeowners.

Together, Bob and Shirley co founded the Alta Loma Democratic Club, where Thomas Bradley began to show up to meetings. At the time, he was a lieutenant in the police department who, as a Black man, experienced bigotry of his own. Bradley had a vision to preserve the neighborhood, and inspired by Bradley’s vision and spirit, Bob and Shirley encouraged Bradley to run for city council.

“At first he said no,” Silverstein said. But Bob told Bradley, “If you do it, we will get you elected.”

If it hadn’t been for the Alta Loma Democratic Club, “Tom Bradley would not have then gone on to be mayor,” Silverstein said.  “LA being this place where we feel like it’s diverse took a lot of work, and this is because of what Tom Bradley did.” His 20-year term was the longest in Los Angeles’ history.

Silverstein’s piece is just one of the many stories told in L’Chaim America, a commemoration of the United States’ 250th anniversary produced by The Braid, a Los Angeles theater company with the mission of telling Jewish stories.

“Our show is really a celebration of the diversity that makes up what America is. It is this beautiful love letter to the hope for the future,” Silverstein told me.

The Braid is a story-telling theater, and L’Chaim America is a minimalist production. Armed only with binders and their words, performers share stories commissioned by writers or solicited from community members: Author Emily Bowen Cohen explores her dual Jewish and Native American identities, Solomon Dueñas, an El Salvadoran immigrant, reconnects with his Jewish roots. Silverstein is the only writer performing his own work.

Silverstein told me his mission was twofold: He hoped to share an untold piece of Los Angeles’ history and, having Black and Jewish identities himself, to shed light on the historic Black-Jewish alliance.

“What people don’t hear often is how there were Ashkenazi Jews who were radical in their support of Blackness and other marginalized voices,” he said.

Until he started researching his piece, Silverstein never fully understood the role Bob and Shirley played in Los Angeles’ history. For him, and for members of the audience who knew and loved people like Bob and Shirley, Silverstein’s piece was a way of appreciating what they managed to achieve.

“The coalition that came together to get him elected to mayor was a coalition of Jewish people,” Silverstein said. “This wasn’t about religion. It wasn’t about culture. It wasn’t about ethnicity. It was about human beings recognizing that this is a city they love and to come together to change it for the good.”

Silverstein believes his work is significant in how “it recognizes the ugly,” but does not shy away from it in order to reveal a more realistic, yet more inspiring, picture of America. This America requires looking “at the areas that have been challenging — at the areas that have been hard and terrible — and not closing our eyes to it, but promising to do better.”

“L’Chaim America” is being performed in theaters in and across Los Angeles through June 17. On June 7, the Skirball Cultural Center will host a special production of the performance as part of a community-wide celebration in partnership with other Jewish organizations, including the Jewish Federation of Los Angeles and the Jews of Color Initiative. Additional performances will be held in Irvine on June 28 and in New York City on July 12.

The post They helped elect Los Angeles’ first Black mayor; but to him, they were just Bob and Shirley appeared first on The Forward.

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