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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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Judea Pearl: What Reason I Find for Hope After October 7

Supporters of Israel gather in solidarity with Israel and protest against antisemitism, amid the ongoing conflict between Israel and the Palestinian terror group Hamas, during a rally on the National Mall in Washington, DC, Nov. 14, 2023. Photo: REUTERS/Leah Millis

Judea Pearl’s new book, Coexistence and Other Fighting Words: Selected Writings of Judea Pearl, 2002–2025, compiles the author’s writings on topics such as Israel, Zionophobia, antisemitism, the October 7 massacre, and his son, Daniel.

Below is an excerpt from the book, which serves as its epilogue:

Epilogue: The Crater of October 7

Science tells us that the extinction of dinosaurs occurred approximately sixty-six million years ago, when an asteroid struck the Earth, forming a huge crater in the Yucatán Peninsula. An enormous dust cloud blocked the sun, cooled the planet, and disrupted food chains, ultimately leading to the extinction of about 75 percent of all plant and animal species, including the dinosaurs.

Science tells us much about disasters that occurred millions of years ago, but, sadly, it tells us almost nothing about how our lives will be shaped by the giant crater created by the blow of October 7. Looking into its depths, we find ourselves clueless and bewildered about what future might emerge from the dust cloud that still obscures our sun — and what species, movements, or ideas will perish or evolve from the darkness, winter, and confusion it has left behind.

Some say they were surprised by the brutality and hatred of October 7. Others were shocked by the scale of the operation and how close it came to its goal.

As a native Israeli, raised on the stories of the Hebron Massacre (1929) and haunted by the horrific images of the Ramallah lynching (2000), I was not surprised by the brutality and savagery of Israel’s enemies. Nor was I surprised by the depth of their hatred and inhumanity — a reality I painfully experienced in the murder of my son, Danny. Likewise, I already saw the early and deep infiltration of Hamas’ ideology into Western thought. Indeed, this book documents my premonitions about this process and the extent to which Hamas’ ideology mirrors the essential Palestinian mindset: “From the river to the sea.”

What, then, shocked me about the crater of October 7?

I was shocked by how swiftly Zionophobia — the absolute denial of Israel’s right to exist — became normalized, mainstream, and even respectable in Western discourse, precisely at Israel’s moment of greatest vulnerability.

I’ve witnessed many personal attacks on Israel before, but they always followed her victories and achievements. Those attacks I could understand; people instinctively side with the underdog. But the post-October 7 attacks were different. This time, they were driven by a wholehearted desire for Israel’s demise — with all its genocidal implications. The scent of blood, it seems, triggered a hunger for more. Hordes of predators emerged from their ideological tunnels, rushing to indict, sentence, and lynch Israel in the finest tradition of herd madness.

Can the Jewish people survive this madness? Can Western civilization endure the dangers rising from these tunnels?

Ideologies, once metastasized, are deadlier than the sword. We have heard Western intellectuals brand the Bibas family as “settlers,” thus, legitimate targets. Others went even further, labeling them “Nazi guards of a concentration camp.” A civilization capable of generating such images has lost all moral bearings and may not endure for long.

Yet I refuse to say that we are doomed.

Not because the threats aren’t real, but because alongside the spreading moral decay, I have also found islands of moral clarity, primarily among my fellow Jews, my students, and my academic colleagues. The crater of October 7 has created a deeper appreciation of Israel’s centrality in Jewish life, along with a sharper understanding of the outbreak of Zionophobia in its aftermath. This renewed awareness encompasses not only Israel’s historical, cultural, and spiritual significance to Jewish identity, but also its role as the embodiment of Jewish “normalcy.” In these islands of moral clarity, the existence of Israel is now understood to be essential to ensuring that Jews everywhere are treated as equals — not as a unique, tolerated, respected, or admired minority, but as equals. In short, no Jew can be truly equal in the family of man before Israel stands equal in the family of nations.

I cannot end without evoking the victims. I see them, the children of Western civilization, sons and daughters of Isaac and Prometheus: my son, Danny, Ilan Halimi, the Bibas family, the one thousand two hundred murdered on October 7. I imagine them standing up, waiting for me, for us, to say something meaningful. All I can say is Yitgadal Ve’Yitkadash Shmai Rabah — the Jewish prayer of mourning recited in memory of the dead. A prayer that does not mention death or mourning, but glorifies God and expresses hope for a good life and universal peace. It is a humble confession of our inability to comprehend God’s cruel ways of playing with human lives and world order.

I sang this prayer at Danny’s funeral. I said to Danny: “I’ll sing it to you in the special melody that your great-grandfather chanted on Yom Kippur.” It’s a melody that rattles the gates of Heaven and pleads for mending our broken world order.

Yitgadal Ve’Yitkadash Shmai Rabah

Judea Pearl is Chancellor’s professor at UCLA and president of the Daniel Pearl Foundation.

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He documented a changing Jewish world, and the Jewish world changed him

“I have to tell you,” Bill Aron told me as he walked around The World In Front of Me, a retrospective of his photography at the American Jewish Historical Society. “My photography allowed me to walk into rooms I might never have otherwise walked into.”

We had just looked at some of his work documenting Jews on the Lower East Side of Manhattan in the 1970s and 80s: a sofer bent over a Torah scroll, a glowering rabbi with imposing eyebrows, a Hasidic wedding in the Bobover movement. Each photo begat the next; when he showed a reticent subject the results of his film, they would invite him back to take more.

The Bobover Rebbe at the wedding of his daughter to the son of the Cheshinover Rebbe, in Borough Park, Brooklyn in 1975. Aron was invited to the wedding after photographing the rebbe buying an etrog and sending him the print. Photo by Bill Aron

Aron has become known for his work documenting Jewish communities around the world — his first book, From the Corners of the Earth, shows Jewish life in New York, Los Angeles, Cuba and the then-Soviet Union. His next, Shalom Y’all, was the result of a decade spent in the lesser-known Jewish communities of the American South.

His images are joyous and warm, portraits of resilience and invention, not dour investigations of poverty and antisemitism, offering respect to each subject he was able to meet through his work.

“American Jewish Gothic” by Bill Aron, shot on the Lower East Side in 1975. Photo by Bill Aron

But his camera didn’t just change his access to the communities he documented. It changed Aron’s own experience of his Judaism.

A series of photographs shows scenes from the New York Havurah, a lay-led, egalitarian Jewish religious movement: A rabbi stands in reverent contemplation under his tallit in a misty forest, a child smiles from her father’s shoulders during a Shabbaton. Aron was a member in the 70’s, which is how he found himself in the middle of those scenes. But, he said, he didn’t grow up observant, and without his camera, while he might have been a member, he would have been “a much more passive one,” he said.

Judi Samuels Meirowitz dancing with the Torah on Simchat Torah in 1976, at the Havurah. Photo by Bill Aron

These photos are anything but passive. People smile or glower directly into the camera, and proudly present their life to the lens — a handful of shrimp from a Jewish man who built a business selling the shellfish to New Orleans restaurants, a woman showing off a bowl full of her famous chopped liver, a woman grinning as she carries a Torah on Simchat Torah. There is a clear symbiosis between Aron and his subjects, in which they each shaped and enlivened each other.

This, Aron said, was not the style of street photography at the time he came up. People were not supposed to document their own communities, nor were they supposed to engage with their subjects.

“It was frowned upon to study your own community — you were supposed to go out,” he said. “Street photography was supposed to be dispassionate.”

But of course people saw the camera and reacted to it, so he embraced that fact, spending hours talking to his subjects and learning their stories. Now that he has bequested his work to the AJHS, those stories are now preserved not only in images but also in a podcast accompanying the exhibit, in which Aron is able to preserve the memories behind each photograph.

New Orleans, LA, Michael Shackleton, Shrimper, 1989. Aron said Shackleton found New York too crowded when he immigrated, so he ended up in New Orleans, where he set up a business selling shrimp to restaurants from the docks. Photo by Bill Aron

The stories come through in the images alone, too; each shot is redolent of Aron’s affection for his subjects. An Israeli soldier in Jerusalem’s Old City makes flirtatious eye contact with a woman as his companions smirk. An elderly man on a bench dives in to kiss his wife on the cheek. Holocaust survivors beam out from full color photos, not reduced to the numbers on their arms but presented as “people who lived lives, lived beyond their nightmares, had families where they could, given back to their communities,” Aron said.

“Border Patrol Flirt Squadron,” taken in Jerusalem’s Old City in 1980. “I wish I knew whether they ever got together,” Aron said. Photo by Bill Aron

Not every image, on its surface, seems Jewish — there isn’t always a yarmulke or a lulav or a Torah scroll in frame. Nevertheless,  Aron manages to find the sense of Jewishness that knits these images into the tapestry of Jewish life.

In a photo of a couple embracing at the liquor store they ran in Arkansas as part of the Shalom, Y’all series, Aron told me that only the husband was planning to be photographed, because his wife wasn’t Jewish. The photographer invited her anyway, and the couple ended up explaining that an Orthodox rabbi had performed their marriage ceremony. This seemed wrong to Aron — Orthodox rabbis don’t perform intermarriages — so they produced their marriage certificate to show him. As they pulled it out of the envelope, he recounted, another slip of paper fell out in which the rabbi had written that the wife had consented to become a member of the people of Israel and was now a Jew, a fact she was unaware of but delighted, Aron recalled, to discover.

“I loved interacting with people while I was photographing,” he said, “and the people became part of the portrait.” Aron did too.

The World in Front of Me is showing now through June 4 at the American Jewish Historical society. More information is available here.

The post He documented a changing Jewish world, and the Jewish world changed him appeared first on The Forward.

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Prosecutors charge Capital Jewish Museum shooter with terrorism

Federal prosecutors added two terrorism charges to the indictment against Elias Rodriguez, the Chicago man accused of killing two Israeli embassy employees outside a networking event held at the Capital Jewish Museum last May.

The new indictment, filed on Wednesday, claims that Rodriguez murdered Yaron Lischinsky, 30, and Sarah Milgrim, 26, with the intent to both influence government policy through “intimidation” and that he sought to “coerce a significant portion of the civilian population” of the United States.

“These additional terrorism-related charges carry a mandatory life sentence under D.C. Code, while also reflecting the reality that this act was in fact an act of terror,” U.S. Attorney Jeanine Pirro said in a statement.

Rodriguez, 31, who prosecutors say flew from Chicago to carry out the attack, allegedly shot Lischinsky and Milgrim repeatedly after they left a Jewish young professionals reception at the museum, hosted by the American Jewish Committee.

He then entered the museum and shouted, “I did it for Palestine, I did it for Gaza.”

While prosecutors previously charged Rodriguez with national origin-based hate crimes, they have focused on the political dimension of the attack and the indictment quotes at length from social media posts and a manifesto that law enforcement sources attribute to Rodriguez.

“I am glad that today at least there are many Americans for which the action will be highly legible and, in some funny way, the only sane thing to do,” the manifesto stated. “Free Palestine.”

Lischinsky, a German-born Israeli, worked as a research assistant at the Israeli embassy while Milgrim, who was American, worked in its department of public diplomacy.

It remains unclear whether Rodriguez, who has pleaded not guilty, intentionally targeted the young couple, who were planning to get engaged on an upcoming trip to Israel. Israeli Ambassador Yechiel Leiter initially said that Rodriguez had identified Milgrim and Lischinsky as embassy employees while mingling with attendees at the event and then waited outside for them to leave.

But other accounts say Rodriguez never made it inside the event prior to the shooting, and the Israeli Embassy later said that Leiter was merely floating “a theory that law enforcement officials are investigating.”

Prosecutors said at a September hearing that they had more than 1.5 million pages of evidence against Rodriguez, while one of his defense attorneys described receiving “trillions of gigabytes” of data from the government.

The post Prosecutors charge Capital Jewish Museum shooter with terrorism appeared first on The Forward.

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