Economy

Israel's economy sees massive shifts as a 4.5 billion shekel energy deal advances, tech firm OpenWeb faces a 177.5 million shekel debt crisis, and retail giants slash smartphone prices.

Tower Advanced Investment Solutions, part of Migdal Capital Markets, has appointed Nissim Boganim as CEO to spearhead its expansion and entry into new financial sectors.

At 90 years old, Migdal controlling shareholder Shlomo Eliahu has taken over as temporary CEO of Migdal Holdings, stepping into the role amid ongoing managerial turbulence and regulatory scrutiny.

Starbucks is reportedly exploring an acquisition of Chipotle, reconnecting CEO Brian Niccol with his former brand. While both chains expand in the Middle East, neither operates physical stores in Israel, decades after Starbucks' failed local venture.

OpenAI's annual revenue is roughly 20 billion dollars lower than previously reported, reaching close to 50 billion dollars in September. The discrepancy stems from different calculation methods compared to rival Anthropic.

Aluma Fund deepens its partnership with Discount Capital through an 81 million shekel investment in Alumnergy and a direct stake in the fund, boosting the energy platform's growth.

Terminal X has cancelled its acquisition of a controlling stake in design retailer Soho due to negotiation gaps, halting its planned expansion into home decor goods.

Terminal X has cancelled its 11 million shekel deal to acquire a controlling stake in the Soho retail chain following unresolvable gaps during negotiations.

Amos Luzon is negotiating a $6.4 million acquisition of Kohan Properties from Netanel Lorenzi, who recently seized the shares following a default by Michael Kohan. The deal echoes Luzon's past takeover of Dori Construction.

Investment firm Ariel Investments is urging toymaker Mattel to explore strategic alternatives, including a potential sale, following the departure of Israeli CEO Ynon Kreiz.

Israeli fintech startup HoneyBook is laying off 14% of its workforce, affecting around 30 to 35 employees, mostly in Israel, as part of an AI-driven reorganization.

Five years after Kenny Rosenberg rescued El Al from collapse during the pandemic, his family's investment has surged 6.6 times to $1.5 billion. Amid reduced foreign competition, the airline achieved a massive financial turnaround, though rising ticket prices spark consumer debates.

The deadline for 1,100 Dan public transport members to sell their shares in a 2.8 billion shekel valuation deal has been extended amid low initial turnout and complex tax considerations.

Alfi Bendak Portfolio Management appointed Liron Avraham, a senior tech executive formerly with Outbrain and Teads, as an external director to oversee the firm's governance.

Migdal Holdings announces that owner Shlomo Eliyahu will temporarily serve as CEO following Yossi Ben Baruch's departure. The firm approaches a 20 billion shekel market valuation.

CAL reports 200,000 users for its FlyAll club and introduces a $150 retention bonus, intensifying competition against El Al's Fly Card and Isracard.

Rotem Iram, CEO of cyber insurance startup At Bay, discusses the company's acquisition by Munich Re for 575 million dollars, navigating the post-bubble tech downturn, and his decision to return to Israel.

Horizon Capital Markets is merging with the Tel Aviv Stock Exchange cash shell Blue Wave in a deal valuing the investment house at approximately 40 million NIS.

Amazon confirmed a new round of targeted layoffs affecting under 1,000 corporate employees in its stores division, coinciding with the Prime Big Deal Days shopping event.

Samsung Electronics projects Q3 operating profits to exceed 100 trillion won, driven by soaring AI chip demand and setting a historic global tech record.

Yishpro and Tnuport are joining forces with Med-1 to build an 18-megawatt data center in Beit Lid with an 800 million shekel investment, expanding into digital infrastructure.

ROOMS, the Fattal Group's coworking network, is opening its 15th branch at Ramat Gan's Elite Tower with a 24 million shekel investment, spanning the 26th-28th floors.

A 140 million shekel class-action lawsuit was filed against EAPC in Beersheba over severe air pollution and fuel odors affecting Eilat residents.

Ondas announced over $165 million in new defense orders, bringing its total bookings since June 30 to over $270 million, driven by strong demand for autonomous systems.

Arkia CEO Oz Berlovitz revealed that a $1,200 economy ticket to New York leaves airlines with virtually zero profit amid soaring fuel costs, relying instead on business class and cargo.

Gilat Telecom plans to buy back up to 7 million shekels of its shares following a profit surge. The company cites strong cash flow and undervaluing of its stock.

Three years after October 7, Israeli venture capitalist Dudi Francès of Group 11 announced a term sheet for a $1B funding round, honoring founders who fought in the war.

Amazon faces a class-action lawsuit in Israel as a local pet supplies firm accuses the tech giant of secretly overcharging advertisers, causing tens of millions of shekels in damages.

After four decades of operation, a legendary falafel stand in Holon has closed due to light rail construction disruptions, but the historic business has now been put up for sale.

American exporter Anderson Hay faces collapse after major lender PGIM rejected its restructuring plan over a $15 million debt dispute, prompting a crucial court hearing.

IKEA is launching a home pickup buyback service and a second-hand digital marketplace in Europe, capitalizing on a booming market projected to reach 16% of furniture sales.

The Tel Aviv District Court approved an 8.3 million NIS settlement in class actions against Google over unauthorized location tracking.

As Israel's northern region rebuilds following extensive wartime devastation, local communities like Manara and organizations like the HaBayta movement are taking reconstruction into their own hands through innovation hubs, culinary academies, and grassroots resilience.

Israel Discount Bank experienced digital service disruptions affecting online platforms and ATMs due to maintenance work, shortly after announcing a merger with Mercantile Bank.

Carasso Motors acquired a 30-dunam plot in Nesher for 100 million shekels to build a massive 15,000-sq-m regional hub for freesbe, joining Colmobil and Meir Group in turning the Haifa suburb into Israel's premier automotive center.

The Central District Court ordered the liquidation of the 'Spices' kitchenware chain after it accumulated 55 million shekels in debt due to severe market pressures and the ongoing war.

Delivery platform Wolt experienced a temporary global technical glitch during peak lunchtime hours, halting delivery services worldwide while allowing only self-pickup orders.

Grail nears FDA approval with a positive advisory committee review, while PolyPid shifts its US and Canadian marketing strategy, and the Israel Innovation Authority invests in new deep-tech incubators.

Headstart crowdfunding platforms raised 117 million NIS across 1,232 war-related campaigns since October 7, 2023, reflecting unprecedented public solidarity and civic action in Israel.

NTA announced that 19 international consortia and 31 global companies have qualified for the NIS 65 billion Infra 1 tenders for the Tel Aviv Metro project.