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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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Richmond mayor facing resignation calls over posts calling Sydney massacre ‘false flag’
Bay Area Jewish leaders are calling for the resignation of Richmond Mayor Eduardo Martinez after he re-shared multiple LinkedIn posts that called Sunday’s massacre of Jewish people in Sydney an Israeli “false flag attack.”
Martinez, who was elected by the city just north of Berkeley in 2023, also shared posts claiming that “the root cause of antisemitism is the behavior of Israel and Israelis.”
Martinez has since removed the posts from his account and apologized for sharing them “without thinking” — but he did not disavow the false flag conspiracy theory about the attack. He clarified only that “we know that antisemitism was here before the creation of the state of Israel.”
“As I’ve said many times before, we should not conflate Zionism with Judaism,” Martinez wrote on LinkedIn. “They are two separate beliefs.”
He later added, “I want to assure everyone that these postings are my opinions (or my mistakes) and mine only. They are not statements from my office or the city of Richmond. If I make a mistake, that mistake is mine only. Once again, I apologize for posting in haste without full understanding of the posting.”
He did not discuss the attack, which killed 15 people and injured dozens.
The Jewish Community Relations Council of the Bay Area was outraged by Martinez’s online activity and left cold by his apology. It called for his resignation Thursday in a statement posted to JCRC social media.
“These actions reflect a consistent and deeply troubling disregard for the safety and dignity of Jewish people,” the organization wrote on Instagram. “They erode public trust and send a chilling message to Jewish residents that they are neither protected nor respected by their own mayor.”
The local chapter of the Anti-Defamation League, ADL Central Pacific, also condemned the post.
“There’s no excuse for an elected leader to be amplifying warped antisemitic conspiracy theories that seek to blame the victim,” ADL regional director Marc Levine wrote in a statement to J. The Jewish News of Northern California. “The Australian community has already faced enough tragedy over the last few days. We hope Mayor Martinez will reconsider his hurtful words, which have absolutely no place in public discourse.”
The Forward has reached out to Martinez for comment.
Martinez’s LinkedIn posts were the latest in what local leaders say is a slew of antisemitic incidents during the progressive’s tenure. In 2023, just weeks after the Oct. 7 attacks, Martinez
Martinez, a former schoolteacher, posts regularly about the Israeli-Palestinian conflict on LinkedIn, sometimes multiple times per day.
In August, speaking at the People’s Conference for Palestine in Detroit, Martinez likened the Oct. 7 attack to someone snapping after being bullied on the playground, J. reported, adding that whether he supported Hamas was “complicated.”
The post Richmond mayor facing resignation calls over posts calling Sydney massacre ‘false flag’ appeared first on The Forward.
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Mamdani appointee resigns over past antisemitic online posts about ‘money hungry Jews’
(JTA) — New York City Mayor-elect Zohran Mamdani’s pick for a crucial City Hall position resigned on Thursday, shortly after her history of antisemitic posts on X came to light.
Mamdani had announced his appointment of Catherine Almonte Da Costa as director of appointments, responsible for staffing City Hall, on Wednesday. But on Thursday, several posts on X where she peddled age-old antisemitic stereotypes were published by the Judge Street Journal, a Substack about New York City politics.
“Money hungry Jews smh,” Da Costa posted on a now-deleted account on X in January 2011, when she 19 years old.
In another post from June 2012, she wrote, “Far Rockaway train is the Jew train,” appearing to reference the large Jewish communities off the line.
The Judge Street Journal also highlighted posts that suggested an antipathy to white men by Da Costa, who has worked in diversity, equity and inclusion roles in multiple companies.
As a firestorm grew, Da Costa said she would step down.
“I spoke with the mayor-elect this afternoon, apologized, and expressed my deep regret for my past statements,” she said in a statement shared by the Mamdani transition team. “These statements are not indicative of who I am. As the mother of Jewish children, I feel a profound sense of sadness and remorse at the harm these words have caused. As this has become a distraction from the work at hand, I have offered my resignation.”
Mamdani released a statement of his own. “Catherine expressed her deep remorse over her past statements and tendered her resignation, and I accepted,” he said.
The incident came as Mamdani’s election has roiled the city’s Jewish community, with many expressing fear and discomfort over the mayor-elect’s history of anti-Israel rhetoric and policies. He has emphasized that he aims to make the city safe and welcoming for all of its residents, including Jews, and has condemned antisemitic rhetoric and displays since his election.
Still, his transition period has been dotted with tensions, including While Mamdani has made inroads in the city’s Jewish community since election night last month, the appointment of an official with a visible history of antisemitic rhetoric could pose another hurdle for his incoming term.
The New York and New Jersey branch of the Anti-Defamation League, which launched what it is calling a “Mamdani Monitor” following November’s election, called Da Costa’s posts “indefensible” in a post on X.
“We appreciate Da Costa has relationships with members of the Jewish community,” the group tweeted. “But her posts require immediate explanation — not just from Ms. Da Costa, but also from the Mayor-Elect.”
Several Jewish leaders praised Da Costa’s resignation.
The CEO of the Jewish Democratic Council of America, Halie Soifer, welcomed the news of in a statement Thursday evening.
“Glad to see that Catherine Almonte Da Costa has resigned,” said Soifer in a statement. “The views she expressed are unacceptable and intolerable. Especially at a time of rising antisemitism, she had no place in the mayor’s office of the city with the largest Jewish population in the world.”
Sara Forman, executive director of the New York Solidarity Network, which backed Mamdani’s leading opponent in the election, praised “cutting ties” with Da Costa as” the right thing to do.” But Forman speculated that “had she said ‘Zionist’ instead of ‘Jew’ the response from the incoming Mamdani administration and the outcome we just witnessed would likely have been quite different.”
Da Costa’s husband, Ricky Da Costa, is a deputy in the office of Comptroller Brad Lander, Mamdani’s most prominent Jewish backer during the campaign. He is Jewish and posted on X for the first time in more than a year in a half on Thursday afternoon, in response to the criticism of his wife.
“I don’t come back to this awful place much these days but as the Jew who married Cat, I can guarantee she has grown so much since some dumb tweets when she was 19,” he wrote. “Her remorse, like everything else about her, is deeply genuine & she works so hard for a NYC where everyone is safe.”
The post Mamdani appointee resigns over past antisemitic online posts about ‘money hungry Jews’ appeared first on The Forward.
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Belgium Reverses Decision to Cut Federal Security in Antwerp’s Jewish District Amid Community Outcry
Police officers on patrol in the Belgian city of Antwerp. Photo: Reuters / Nicolas Maeterlink
After facing strong opposition from public officials and the local Jewish community over plans to withdraw federal security in Antwerp’s Jewish district, the Belgian government announced it will maintain current security measures, keeping federal police deployed for the time being.
Belgian Interior Minister Bernard Quintin announced on Thursday that federal officers will remain deployed in the district, reversing an earlier government plan to cut the police presence there by roughly half. The reversal followed Quintin’s meeting with representatives of Antwerp’s Jewish community
Avec des représentants de la communauté juive d’#Anvers.
Leur sécurité est une priorité absolue: les dispositifs actuellement en place sont maintenus.
Je souhaite les renforcer par la présence de #militaires et espère que cette mesure pourra aboutir dans les heures à venir. pic.twitter.com/ODKh8sjMZ6
— Bernard Quintin (@BernardQuintin_) December 18, 2025
This latest decision comes just days after a deadly attack on a Hanukkah celebration at Sydney’s Bondi Beach that left 15 dead and at least 40 injured, amid ongoing concerns about threats to Jewish communities worldwide.
On Monday, the Antwerp branch of the far-right political party Vlaams Belang had called for increased protection for Jewish schools and institutions during a city council meeting, Belgian media reported.
The government had originally rejected calls to bolster security, planning instead to withdraw the federal deployment, a move that sparked outrage from city leaders and renewed concern within the Jewish community amid ongoing threats.
Addressing these concerns, Quintin stressed that protecting Jewish sites is a top priority for the government, but emphasized that the federal police presence in Antwerp is not intended as a permanent solution, with local police responsible for maintaining security on the ground.
Antwerp Mayor Els van Doesburg had condemned the government’s earlier decision as “incomprehensible,” warning that the city cannot risk a security gap, especially in the wake of the Bondi Beach attack on Sunday.
“There must be no vacuum in the safety of Antwerp’s Jewish quarter,” Doesburg told Belgian media. “This is something we have to do together. It goes beyond the Antwerp police.”
Since the deadly attack at Brussels’ Jewish Museum in 2014, security measures have been strengthened, with Belgian intelligence consistently warning of elevated threats to Jewish sites.
In response, Antwerp has long maintained a mixed model in which local and federal police share responsibility for their protection.
The federal government has now proposed an alternative plan to deploy military personnel at Jewish community sites in Antwerp to support local police and increase capacity, though a government-wide consensus has yet to be reached.
Jewish community leaders had previously sharply criticized proposals to reduce security, dismissing Quintin’s explanation and denouncing it as a “political decision.”
Ralph Pais, deputy chair of the Jewish Information and Documentation Center (JID), a Belgian nonprofit that combats antisemitism, noted that the planned withdrawal, both in its timing and execution, had heightened concern within the community.
Despite the community’s expectation that authorities would address the issue, Pais had warned that inadequate security could lead to serious problems.
Dus geen 48 uur na de verschrikkelijke aanslag op joden in Australië zet nota bene onze minister van Binnenlandse Zaken @BernardQuintin_ de federale politiebeveiliging in @Stad_Antwerpen stop!
Burgemeester @elsvandoesburg vindt het uiteraard…
— JID (@s_antisemitisme) December 16, 2025
Van Doesburg had called for federal officers to remain in place until a suitable replacement could be established, whether through increased local police staffing or the deployment of military personnel — a request now addressed by the government’s decision to maintain current measures.
The European Jewish Association (EJA) said in a statement that it “welcomed” the move to maintain current federal police levels in Antwerp, noting that the initial plan “caused deep concern within the Jewish community and beyond.”
“This decision follows direct engagement with elected officials and Jewish representatives and sends an important message: the safety of Jewish life is a core responsibility of the state and cannot be subject to uncertainty or gradual erosion,” the EJA said. “The EJA wishes to express its sincere appreciation to [Quintin] for listening carefully to these concerns and for acting decisively to prevent any security vacuum. We also commend MP Michael Freilich, who raised the issue forcefully in Parliament.”