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Standard & Poor has left Israel’s credit rating unchanged at A

1. Irrespective of the global economic meltdown, the war on Palestinian terrorism, the Iranian threat, regional instability and political uncertainty, Standard & Poor (S&P) has left Israel’s credit rating unchanged at A and the country forecast rating [has been sustained] as “stable.”  The rating was approved in all three criteria: Shekel debt, foreign currency debt and transfer and convertibility assessment, which remains at AA (Globes, January 20, 2009).

 

2.  Israel‘s private debt-private income ratio is 55% (private Israeli debt amounts to half of private income), compared with 170% in the US, 180% in Britain and almost 200% in Ireland.  While the ratio of government debt-gross domestic product is a critical element of national economy, the private debt/income ratio has gained in importance since private consumption has become a crucial engine catapulting or devastating national economy (Yediot Achronot, Sever Plocker, Feb. 6).

 

3.  $500MN raised – via an 11 year bond issue led by J.P. Morgan and Citigroup – by the Israel Electric Company, reflecting confidence in Israel’s long-term economy (Globes, Jan. 26).

 

4.  The New Mexico-based $34BN Thornburg Investment Management and Canada’s PAW Capital have increased their holding in Israel’s Amdocs and Radware from 4.5% to 10.1% (which amounts to $400MN in Amdocs) and from 5.1% to 7.3% ($8.2MN in Radware) respectively (Globes, Jan. 19). Britain’s Axell Wireless acquired Israel’s DekoLink for a few million dollars (Globes, Jan. 28).

 

5.   Microsoft led a $24MN round by Israel’s N-Trig (Globes, Jan. 13). EMC led a $15MN round of private placement by Israel’s Varonis.  EMC was joined by Accel Partners and other investors (Globes Jan. 23).  Mexico‘s Arancia (food additive) participated in an $11MN round by Israel’s Enzymotec (Globes, Feb. 4).  Qualcomm is investing $7MN in Israel’s Modu (Globes, Jan. 27). Germany‘s Hasso Plattner Ventures led a $6MN first round by Israel’s BrightView (Globes, Jan. 28). Samson Ventures invested $2MN in Israel’s SteadyMed (Globes, Jan. 29).  

 




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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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