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Yoram Ettinger
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Financial Times: boycott of Israel falters

1.  “Financial Times contacted 15 of the world’s biggest fund houses and 10 of the largest global pension funds to ask them what their stance was (on boycotting Israel).  Half declined to comment or said they had no view; the remainder did not respond to requests for comment.  A Dutch fund manager, who asked to remain anonymous, believes several senior executives at PGGM (the Dutch pension fund which was the first to announce that it would drop its holdings in five Israeli banks due to their financing of Israeli settlements) now regret excluding the five Israeli banks…. Both ABP, the biggest Dutch pension fund, and Nordea Investment Management, the large Nordic fund house, have since announced that they will remain invested in the Israeli banks….  (Financial Times, June 15, 2014).

2.   US Ambassador to Israel, Dan Shapiro (Globes, June 16, 2014) on the mutually-beneficial, win-win, two way street US-Israel relations: “Two thirds of the more than 300 foreign research and development (R&D) centers, in Israel, were established by US companies.   The key elements of US high tech products are developed in Israel.  Israeli companies operate in all 50 States.  In Massachusetts, Israeli businesses contributed over s$6bn to direct income, and generated more than 6,600 American jobs. Intel employs almost 10,000 Israelis in its four R&D centers and two manufacturing plants. In 1985, the US and Israel concluded a Free Trade Agreement, which transformed the US to Israel’s leading trade partner: a $45bn annual trade balance….”  Intel Capital and Blumberg Capital led a $10mn round of private placement by Israel’s Fortscale (Globes, June 3).   

3.  During 2013, Norway’s government-owned $900bn pension fund, which is the largest sovereign fund in the world, increased its holdings in Tel Aviv-traded stock by 43% (totaling $1bn), and its holdings in Israeli government bonds by 40% (totaling over $1bn), in addition to $200mn in TEVA Pharmaceuticals bonds.  Norwegian companies are increasingly interested in Israel’s offshore oil and natural gas explorations (Globes, June 10).

4.  A month following its acquisition of Israel’s Yad2, for $230mn, Axel Springer is offering to acquire Israel’s Zap Group for $40mn (Globes. June 10).

5.  “Hearing an Indian official talk the other day about Delhi’s booming arms trade and ever-closer relationship with Israel, I had a thought that also struck me while listening to Israeli businessmen in Beijing….. Pivot to Asia is a term that might be applied to Israel.  Its trade with China has boomed, reaching more than $8bn in 2013 from a pittance when diplomatic relations were established in 1992.  Europe huffs and puffs about the West Bank settlements; Asia does business.  India has already bought sea-to-sea missiles, radar for a missile-intercept system and communications equipment from Israel… (New York Times, Roger Cohen. April 24, 2014).   

6.  From 1984 through 2013 Israel’s population grew from 4.1mn to 8.2mn. annual inflation was reduced from 447% to 1.5%, foreign exchange reserves expanded from $3.3bn to $90bn, exports surged from $10bn to $90bn, budget deficit/GDP ratio was reduced from 17% to 2.5%, defense expenditures/GDP ratio was shrunk from 20% to 5.5%, GDP increased from $26bn to almost $300bn and GDP per capita catapulted from $7,000 to $39,000 (Sever Plocker, Yediot Achronot).




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Straight from the Jerusalem Boardroom #248
https://bit.ly/3u29k9g

Foreign investment in Israel’s high-tech companies surged to new heights in the 1st quarter of 2021 – $5.7bn in 172 deals – which is up 89% over the impressive 4th quarter of 2020 and double the volume of the 1st quarter of 2020.

2020 was the first year of surpassing $10bn in capital raised by the Israeli high-tech sector from investors in the US, Asia and Europe, who trust the maturity of Israel’s brain power. Investments in Israeli companies more than tripled in six years, reflecting the effective response by Israeli startups to the technological, medical, pharmaceutical, educational, social and digital challenges posed by Covid-19.

Israel’s economic performance in defiance of Covid-19 is presented by Dr. Adam Reuter, the Chairman and Founder of “Financial Immunities,” Israel’s largest financial-risk management firm, and the co-author of Israel – Island of Success:

  1. Israel has led the globe in the rapid administration of Covid-19 vaccinations due to effective negotiations with Pfizer and an efficient, country-wide medical infrastructure.
  2. Israel is the second lowest among OECD countries in the number of Covid-19 deaths per number of Covid-19 cases: 0.7% compared to the 2.3% OECD average. Israel features a young population (median age of 30 compared to the OECD’s 42) and an effective country-wide medical infrastructure, including top level HMOs and hospitals.
  3. Israel is ranked 12th from the bottom among the 37 OECD countries in the number of deaths per million inhabitants: 645 compared to 1,145 OECD average.
  4. The International Monetary Fund’s 2025 GDP growth forecast for OECD countries: Israel – 4%, OECD average – 2.2%, US – 1.8%, Australia – 2.5%, Ireland – 2.6%, France and Canada – 1.7%, the UK – 1.6%, Germany – 1.2%, etc.
  5. Israel’s 2020 GDP was reduced by 2.5%, compared to the OECD average reduction of 4.1%, South Korea – 1%, Norway – 0.8%, Australia – 2.6%, US – 3.5%, Japan – 4.8%, Germany – 5%, France – 8%, the UK – 10% reduction, etc. GDP growth was recorded in New Zealand – 2.4% and Ireland – 3.5%.
  6. In 2020, Israel was ranked 20th among the 37 members of the OECD in terms of GDP per capita, featuring $43,000 (GDP – $408bn), ahead of Japan, Italy and Spain, and very close behind the UK ($44,000) and France ($45,000).
  7. Israel’s debt-to-GDP ratio increased from 60% in 2019 to 72% in 2020, compared to the OECD’s average increase from 66% to 82%. The 2020’s debt-to-GDP ratio was 266% in Japan, Italy – 161%, the US – 131%, Germany – 73%, etc.
  8. Israel’s foreign exchange reserves-to-GDP ratio of 41% (3rd among the OECD countries) attests to its financial stability, and Israel’s capability to raise foreign credit promptly in a cost-effective manner. Israel’s foreign exchange reserves in March 2021 – $186bn.
  9. During the past decade, Standard and Poor (S&P) accorded Israel a positive credit rating trend, unlike the negative trend for the G-7 countries. In 2020, notwithstanding Covid-19, Israel’s credit rating (S&P) remained at AA.
  10. Some 380 global high-tech giants operate in Israel, including Microsoft, Amazon, IBM, Intel, Cisco, Apple, Verizon, Applied Materials, Dell, HP, Kodak, Oracle, Philips, SAP, Medtronics, GM, eBay, GE, etc. Israel leads the world in the ratio of research and development investment to GDP: 4.9%. 85% of this investment comes from the business sector.

 




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