Posts filed under Business

Pipeline puzzle: Who will consume Israel’s natural gas?

By 2019, Israel’s large Leviathan natural gas field is expected to transform a once resource-poor developing economy into major energy exporter. Yet for a politically isolated Jewish state—in a region of oil-rich Arab nations that have often sought Israel’s destruction—finding viable consumers of Israeli natural gas is proving both difficult and expensive.

Posted on December 22, 2017 and filed under Business, Israel, News.

Netanyahu’s bitcoin forecast puts Israel at center of financial technology revolution

As digital currencies like bitcoin make historic gains and as the “start-up nation” of Israel emerges as a key player in the blockchain field, Israeli Prime Minister Benjamin Netanyahu has become one of the first world leaders to weigh in on the cryptocurrency phenomenon, placing the country at the center of the global financial technology revolution.

Posted on December 18, 2017 and filed under Features, Business, Israel.

What Amazon’s big splash in Israel means for the ‘start-up nation’

When the online retail giant Amazon recently entered Israel’s high-tech ecosystem, it was far from business as usual in the “start-up nation.”As the conglomerate began attracting top Israeli programmers with aggressive hiring tactics and unusually high salary offerings, industry experts initiated calls for the Jewish state to expand its pool of highly skilled technology talent—which is becoming an increasingly scarce resource despite the country’s well-known penchant for innovation.

Posted on November 24, 2017 and filed under Business, Israel, Features.

Israeli economy flexes its muscle as shekel is deemed world’s 2nd-strongest currency

Deutsche Bank last week ranked the Israeli shekel as the world’s second-strongest currency, bolstering the broader outlook on the Jewish state’s economy. During the past year, the shekel has appreciated 6.1 percent against the currencies of Israel’s main trading partners, including the U.S. dollar, British pound, euro and yen. “The strength of the shekel reflects the strength of Israel’s current economic position,” said Leo Leiderman, a professor of economics at Tel Aviv University and the chief economic adviser for Bank Hapoalim, Israel’s largest bank.

Posted on November 14, 2017 and filed under Israel, Business, News.

From start-up nation to ramp-up nation: Israel’s new approach to innovation

Dan Senor and Saul Singer’s 2009 book, “Start-Up Nation,” first captured Israel’s chutzpah-driven culture of innovation. More recently, stunning multi-billion dollar acquisitions—such as Intel’s $15.3 billion purchase of Mobileye—have prompted Israelis to rethink what’s possible. “Sometimes I’m uncomfortable with the term ‘start-up nation,’” says Raphael Gross, co-founder of the Israel Aliyah Fund online platform. “People don’t realize that Mobileye was started nearly 20 years ago at Hebrew University. At what point is a venture no longer a start-up but, rather, a full-fledged company?”

Posted on October 13, 2017 and filed under Features, Business, Israel.

Leader in blockchain technology visits Israel, a key player in digital currency

In the latest development solidifying Israel as a key player in the emerging financial technology field, the founder of the Ethereum digital currency network, Vitalik Buterin, visited the Jewish state this week to meet with local digital currency and blockchain technology entrepreneurs, writes JNS's Adam Abrams.

Posted on September 13, 2017 and filed under Business, Israel.

Israel, an emerging financial tech leader, makes latest gains in digital currency

As bitcoin and other digital currencies make historic gains, the “start-up nation” of Israel is uniquely positioned to become a global leader in financial technology. In August, digital currencies exceeded a global market cap of $172 billion, meaning the combined value of all publicly traded digital currencies surpassed that amount. Alignment, Israel’s first blockchain incubator, was launched in late August. Blockchain is a distributed database for transactions made in digital currencies.

Posted on September 10, 2017 and filed under Features, Israel, Business.

Israeli start-up Bancor wants digital currency to go mainstream

The latest innovator from Israel’s “start-up nation” to score an international breakthrough is seeking to make the exchange and creation of digital currencies accessible to the masses. The Tel Aviv-based Bancor Foundation start-up recently raised $153 million on the Ethereum digital currency network, in a record-setting initial coin offering. “As the world moves into its next era of geopolitical organization, and cryptocurrencies improve in adoption, security and stability, we can imagine a new financial world order which is based on algorithmically ensured balance rather than politics,” Galia Benartzi, Bancor’s co-founder, told JNS.org.

Posted on July 12, 2017 and filed under Features, Israel, Business.

Why does America’s largest cell carrier call Israel ‘Palestine?’

When Mark Rosenblatt touched down at Ben Gurion Airport in Tel Aviv April 5 and powered on his cell phone, he got the surprise of his mobile technology life. Rosenblatt received a text message from his cell phone carrier, Verizon, reading, “Welcome to Palestine.” Attempting to explain the situation, Verizon spokesman Scott Charlston told JNS.org that Ben Gurion Airport “is close to the Israeli border [with the West Bank] and there are cell sites and wireless signals from different providers on both sides. In general, customers living in or visiting border areas occasionally receive a wireless signal from a cross-border provider.” Experts dismissed Verizon’s response on the grounds that no state of “Palestine” exists under international law.

Posted on April 14, 2017 and filed under Business, Israel, News, U.S..

Economic mission reveals strengthens, commonalities between Israel and Massachusetts

Who would ever imagine that two peoples living 5,470 miles apart (that’s 8,803 kilometers for the Israelis) would share so much in common, notably a mutual passion for innovation, a creative work ethic and a deep well of talent? Those ties that bind Israel and Massachusetts were both celebrated and strengthened during the Bay State’s Economic Development Mission to Israel last week. Massachusetts Governor Charlie Baker led a delegation of leaders from across his state—representing industry, academia, the non-profit world and government agencies—through a packed schedule of briefings, summits, forums and site visits. Participants said they were struck by the so-called “start-up nation” culture of innovation shared by Israel and Massachusetts. “The synergy between the two is amazing, especially when you consider that we come from such different backgrounds. But we have the same kind of passion for innovation,” Lior Div, CEO of the Israeli cybersecurity firm Cybereason, told JNS.org.

Posted on December 20, 2016 and filed under Business, Features, Israel, U.S..

As Berlin prices rise, Israelis turn east for German real estate bargains

Sonnenallee, a street in Berlin’s Neukölln district, looks like it comes straight out of an Arab city. Kebab and bakery shops are advertised in Arabic; men sit in men-only coffee shops; and bridal shop windows showcase glittery, not-so-stylish gowns. But take a random turn, and you’ll find a swath of bars, burger joints, and Indian restaurants where hip Berliners announce that they have arrived to urban coolness. In this gentrifying neighborhood, Israeli investors are hoping to find some of the remaining affordable gems in the German capital’s increasingly competitive housing market. According to Gili Waldman—an investment consultant for Berlin Inspiration, one of several Israeli real estate companies marketing Berlin properties to Israeli investors—Berlin property values increase at a rate of about 10 percent a year. The rising costs have made Israeli investors in Germany turn east for real estate bargains.

Posted on July 21, 2016 and filed under Features, Israel, World, Business.

Real estate moguls find ‘unpolished diamond’ in Akko, mixed Jewish-Arab city

Akko (also known as Acre), an Israeli city famous for Crusader-Muslim showdowns and Napoleon’s failed attempt to take its port from the Ottomans, is undergoing a transformation. In 2001, UNESCO named Acre as a World Heritage Site, a designation that spurred the municipality to cultivate world-class tourism attractions. Yet until now, Akko didn’t have the high-end accommodations to match the prestigious UNESCO designation. Creative entrepreneurs are increasingly realizing how this mixed Jewish-Arab city offers a model of coexistence, at a time when Muslim-Jewish tensions are heightened due to the spate of stabbings and other terror attacks against Jews in the streets of Israel. With its stone seawall recalling the city’s days as a fortress and a lively port, Akko evinces the antique charm of places like Jerusalem and Jaffa—minus the commercialization.

Posted on April 20, 2016 and filed under Features, Israel, Business, Travel.

Israeli trade winds are blowing in the Midwest

Ask the average Israeli where he or she has visited in the U.S., and you’ll likely hear New York, Los Angeles, or Washington, DC. But that’s changing, and one of the catalysts is the burgeoning economic relationship between Israel and Midwestern states. In March, Missouri Governor Jay Nixon led a delegation of state officials on a trade mission to Israel. The visit was focused on strengthening partnerships, increasing exports, and recruiting new high-tech foreign investment to the “Show Me State.” This week, from Missouri’s neighbor of Kansas, Lieutenant Governor Jeff Colyer joins a handful of other regional governors on a similar trade mission. “It sometimes kind of surprises people,” Colyer told JNS.org regarding his U.S. state’s ties with the Jewish state. “Israel is an important business relationship for us. A lot of things are happening here.” In 2015, Kansas exported around $75 million worth of goods to Israel, according to Colyer, and imported more than $80 million, according to the International Trade Administration. Missouri imported more than $161 million from Israel, Iowa a bit more than $91 million, and Indiana around $109 million.

Posted on April 8, 2016 and filed under Features, Business, Israel, U.S..

At Forbes summit in Israel, entrepreneurship is a ‘common language’

Nine months ago, Seth Cohen, director of network initiatives for the Charles and Lynn Schusterman Family Foundation, and Randall Lane, editor of Forbes Magazine, were schmoozing about the “vibrancy of Tel Aviv and soul of Jerusalem.” They dreamed about how they could bring young and innovative millennials to the “start-up nation.” From April 3-7, Forbes turned that dream into a reality. Israel played host to the first-ever Forbes Under 30 EMEA (Europe, the Middle East, and Africa) summit. Lane said that hosting the conference in Israel shows future leaders that innovation and growth can thrive even in regions marred with strife. The event hosted 300 American, 200 European, and 200 Middle Eastern and African young entrepreneurs and game-changers. “There are 40 countries represented here, and the common language is entrepreneurship,” said Lane.

Posted on April 7, 2016 and filed under Features, Israel, Business.

A date with Israel’s start-up shadchan

In 2003, Jeremy Lustman began working at the Washington, DC metro area’s DLA Piper law firm. Young and motivated, he could have never predicted the market crash that arrived in 2007. By 2009, Lustman had seen many of his colleagues laid off. While he was still gainfully employed, he decided to plan his next step. “I researched the prospect of trying to create an Israeli practice,” says Lustman. “Israel seemed to be a market that was growing dramatically...and a lot of Anglos were doing business there.” With no existing proactive law practice revolving around investment in the Jewish state, Lustman moved to Israel to try to fill the void. He says he started out with a list of 25 or 30 “random people”—and a lot of motivation. He knocked on doors; attended professional networking conferences; and tried to meet with local lawyers, investors, and venture capitalists. Ultimately, business snowballed. In just the first half of 2015, DLA Piper's Israel Country Group, led by Lustman, helped facilitate seven M&A (merger and acquisition) transactions that collectively exceeded $1.5 billion, brokered several real estate acquisitions, and helped enable three fund investments for Israeli institutions that total about $255 million. In essence, he has been a "shadchan" (matchmaker) in the Israeli start-up scene.

Posted on February 15, 2016 and filed under Features, Business, Israel.