Economy

Former Maccabi Haifa striker Dino Ndlovu lost nearly six million rand in a failed international business deal after Dubai-connected associates allegedly vanished with his funds.

Berlin's potential plan to nationalize over 140,000 apartments could cost major real estate firms like Vonovia and Heimstaden billions in massive losses, sparking intense legal and economic concerns.

American Express will lay off 5% of its workforce, about 3,800 employees, in a $336 million restructuring plan to prepare for artificial intelligence integration, despite beating Wall Street Q3 earnings estimates.

Prime Minister Benjamin Netanyahu ordered plans for a blockchain-based, sanctions-evading economic system to counter potential international banking boycotts.

Hardware wallets are facing increased scrutiny after recent security concerns. Explore five alternative Bitcoin storage options, including ETFs, passkeys, and multisig.

Israeli fintech firm Fireblocks is cutting about 70 employees globally, representing 7% of its workforce, amid strategic restructuring. The company previously denied recent rumors of acquisition talks with Visa.

Wall Street and European markets dropped amid Middle East tensions, oil price surges, and tech sell-offs. American Express announced a 5% workforce reduction following strong earnings.

Israel's renovation sector tackles severe labor shortages and unregistered operators through regulatory reforms, recruitment diversification, and the introduction of advanced construction robotics.

Swedish defense giant Saab reported third-quarter revenues and operating profit above expectations, fueled by a 215% surge in new orders driven by a Gripen fighter jet deal for Ukraine.

Heineken warns United Kingdom pubs that weight-loss drugs like Ozempic and Wegovy threaten beer sales, urging venues to adapt by offering smaller portions and alcohol-free options.

The world's richest individuals faced severe losses this week according to Forbes, led by Elon Musk losing $80 billion and drops across Amazon, Google, and Dell founders.

Private electricity supplier Super Power is acquiring competitor Paz Gas Energy for up to 25 million NIS, reducing market players from seven to six in Israel's evolving energy sector.

Volvo cuts 2,500 jobs and reports a Q3 operating loss of 5.6 billion Swedish crowns after a steep decline in China and US market pressures, sending shares tumbling 29%.

Financial institutions and receivers petitioned the Supreme Court for an expanded rehearing on a ruling affecting homebuyer rights and closed construction financing in Bat Yam, warning of severe credit market impacts.

Airbnb updated its policies to prohibit hosts from demanding guests wash dishes, strip beds, or take out trash despite paying cleaning fees, effective November 20.

Israeli urban renewal projects face widespread renegotiations as developers seek to reduce promised deliverables due to surging construction costs and unrealistic initial offers.

Local forex trading shows minor movements as the dollar trades at 3.110 shekels and the euro at 3.488 shekels. Markets react to Wall Street drops and plunging U.S. yields.

FIMI Opportunity Funds has submitted a bid to acquire a 50% stake in pool cleaning robot manufacturer Maytronics by injecting 200 million shekels at a 200 million shekel pre-money valuation.

The Nasdaq plunged 2.6% as Nvidia CEO Jensen Huang warned of capital shortages limiting AI growth, dragging down chip stocks in New York and Tel Aviv.

Israel's real estate market faces political uncertainty, potential UAE investments, surging rents, and tighter tax and mortgage regulations.

Dalia Energy has filed for London arbitration against NewMed and Ratio over the cancellation of a $6.7 billion Leviathan natural gas supply agreement for its new power plants.

This week's economic roundup covers Zara's branch closures and shipping fee hikes, KSP's price war against the new LEGO store, tax proposals to abolish the 200-shekel banknote, a major quarry acquisition by Kibbutz Kfar Giladi, and a bank compliance dispute involving rental property accounts.

Financial journalist Shaul Amsterdamski exposed a fake Facebook profile promoting fraudulent investments. Bank Leumi CEO Hanan Friedman joined the outcry, highlighting an ongoing lawsuit against the platform for profiting from financial scams.

Willifood International issued a voluntary recall for 820g cans of Beit Yehuda fruit in light syrup over concerns of polymeric particle contamination from packaging.

David Moshevitz, former co-CEO of Elite and grandson of its founder, passed away at 80. He shaped Israel's food industry across five decades of service.

Mortgage arrears in Israel rose to 4.23 billion shekels in September after three months of decline, according to Bank of Israel data. Total mortgage volume reached 8.66 billion shekels despite holiday slowdowns.

United Airlines is tackling high jet fuel prices projected through 2027 by integrating SpaceX's Starlink satellite internet across its fleet to boost customer satisfaction and market share.

Meta shares tumbled over 7% despite strong revenue growth as Wall Street questions massive AI spending. Major tech firms shed $1.36 trillion in weeks.

Moderna shares plunged over 20% following a premature leak of Phase 3 clinical trial data for its personalized skin cancer vaccine, developed alongside Merck.

Israel Securities Authority Chairman Sefi Zinger warned against extreme institutional market concentration and hinted at a potential merger of financial regulators at a Tel Aviv University conference.

Leviathan natural gas reservoir projects record Q3 revenues of $840 million amid high oil prices and expanded export capacity, yielding $200 million for the state treasury.

Israel's planned electric vehicle purchase tax hike has been postponed due to upcoming elections, giving importers relief. Meanwhile, General Motors highlights Israeli-developed tech, and major Chinese auto brands prepare Q1 launches.

Festigal ticket prices for Hanukkah 2026 have risen by 10 shekels across all seating categories. Consumer clubs, banks, and credit card companies like Isracard and Bank Hapoalim offer exclusive discounts to help families manage holiday expenses.

The Tel Aviv Stock Exchange closed lower on Thursday, with the TA-35 dropping 1.09% and TA-125 falling 0.93%. Trading volumes reached ₪3.7 billion as global markets reacted to rising oil prices and Wall Street declines.

Israel's renovation contractors warn of a severe labor crisis and foreign competition threatening small businesses at their annual conference.

Electric vehicle charging rates in Tel Aviv municipal parking lots surged by 53% to 1.24 NIS per kWh, following earlier parking tariff hikes amid rising operational costs.

Isracard has shifted its estimated 25 million shekel advertising budget to Adler Chomsky following organizational changes under CEO Itamar Furman.

Barclays plans to cut 5,000 jobs, representing 5% of its workforce, driven by artificial intelligence investments and cost-reduction efforts following third-quarter results.

A Vort AI study reveals that entry-level tech hires in Israel dropped from 29.6% in 2018 to 14.9% in 2025. As AI reshapes recruitment and favors senior talent, tech firms increasingly source candidates through active profiling and military alumni networks.