Economy

A review at Tomer Food found inventory-handling gaps at its subsidiary Tomer Import Food and alleged interference by CEO and chairman Doron Kimelov in setting inventory values. CPA Guy Fridman was appointed, trading was halted, and the Audit Committee expanded checks to revenue and related-party transactions.

Harel Insurance Group announced a 10,000 shekel bonus for employees following a strong quarter featuring a 30% profit surge to 1 billion shekels. The company also shifted to a quarterly dividend policy after its stock surged over 65%.

Prof. Avi Simhon clashed with Electricity Authority chair Amir Shabith over data-center expansion and grid capacity. Simhon said the Authority “ignores government decisions” after a July stop on new connection requests. Shabith called the remarks “nonsense” and cited approved investments of over ₪100 billion.

Noble Supply & Logistics, a major Pentagon contractor, has filed for Chapter 11 bankruptcy after the US Defense Logistics Agency declined to renew a $1.2 billion aerospace contract and canceled $400 million in tactical orders.

Isrotel has acquired a 50% stake in a new 171-room hotel in Athens for tens of millions of euros. The historic property will open in 2027 under the ALUMA brand and a Radisson franchise.

Dor Alon Energy has reported a suspected 40 million NIS cash embezzlement by its employees at several gas stations. The company has filed a complaint with the Israel Police.

Pasternak Shoham completed a 70 million NIS IPO on the Tel Aviv Stock Exchange, ending a decade-long dry spell for new investment houses. The offering attracted prominent backers, including Allied Holdings and insurance executive Itzik Oz.

Nofar Energy, owned by Ofer Yannay, secured 850 million NIS in early commitments during its Series F bond tender, which drew 1.18 billion NIS in institutional demand.

Angel Bakeries Group has raised its fire damage estimate to 100 million NIS as its insurer refuses to pay the policy. The company reported an 11.1 million NIS net loss for the first half of the year.

Tidhar Group has raised 1.5 billion NIS in the institutional stage of its bond offering, drawing 2.1 billion NIS in total bids. The capital raised will fund ongoing operations and debt refinancing.

Former Bank Leumi executive Ronen Mahleb has been appointed to lead the mortgage and credit advisory division at Credit Group after a 32-year career at the bank.

The Via Nova consortium is appealing its disqualification from the 2 billion NIS Highway 6 North tender, claiming its bid would yield 750 million NIS more for the state than the winning proposal by Shapir.

Econergy secures a €160 million investment from The Phoenix Group for its Romanian renewable energy portfolio, alongside an additional €43 million under an expanded framework agreement.

The finalists for the ISRAEL BRAND AWARD 2026 have been announced ahead of the annual branding conference on November 19 at Cinema City Glilot, highlighting AI integration and business innovation.

Adidas apologized after pro-Palestinian activists and actor Javier Bardem called for a boycott over a campaign featuring Shalev Biton, a disabled former IDF soldier.

Grindr will pay £26 million to settle a UK lawsuit over sharing sensitive user data, including HIV status, prior to 2020. The settlement benefits 12,000 plaintiffs represented by Austen Hays.

Adva Tzmicha investment fund invests 500,000 NIS in MOLET to expand its wooden pallet upcycling business to northern Israel and the Western Negev. The fund's founder, Edward Mizrahi, focuses on peripheral growth.

IBI Investment House has acquired a nearly 7% stake in Jeen Technologies for 14.1 million NIS. The generative AI firm is experiencing rapid growth, driven by major defense contracts and civilian sector expansion.

The NONO Group is expanding beyond Tel Aviv, opening new Taqueria and GDB branches in Kiryat Ono and Ramat Gan by early 2027 to establish a broader presence in Gush Dan.

Harel Insurance has increased its stake in Shikun & Binui to 8.43% after acquiring 17.91 million shares for 320 million NIS in an off-market transaction completed on September 3, 2026.

JLR, the parent company of Land Rover and Jaguar owned by Tata Motors, will lay off 4,000 employees to save $2.3 billion. The British automaker faces a lack of new Jaguar models and high US tariffs under President Donald Trump.

The Fadlon Group has won two major Ministry of Health tenders to expand Shamir and Sheba medical centers in projects valued at hundreds of millions of shekels.

Gal Naor, daughter of billionaire Yitzhak Tshuva, is in advanced talks to buy a 50%-60% stake in the Hamat Gader resort for 100-150 million NIS to fund a major wellness expansion.

The Femina Group has launched Liminal, a new loungewear and lifestyle brand, backed by a 3 million NIS investment in 2026. The brand opened its e-commerce site and its first physical store at Azrieli Ayalon Mall in Ramat-Gan.

AY Solar has appointed Meirav Itzhaki as its new CEO. Itzhaki, who previously served as Deputy CEO, will lead the solar technology company's expansion in Israel and international markets.

Novo Nordisk has canceled two clinical trials for cardiovascular drugs after disappointing results, dealing a direct blow to its strategy to expand beyond weight-loss treatments.

Meitav is acquiring an 11.5% stake in Shapir Engineering's infrastructure partnership for 109.25 million NIS. The deal brings total institutional ownership of the highway portfolio to 70%, valuing the partnership at 950 million NIS.

Energy Minister Eli Cohen warned that algae mitigation efforts have not yet succeeded, with potential filter repair costs reaching tens of millions of shekels, while Israel pledges to maintain water supply agreements.

Israeli houseware chain Spices has filed for liquidation with 55 million NIS in debt. Owner Guy Morag cited high mall rents, pandemic losses, the ongoing war, and online competition for the total financial collapse.

NVIDIA CEO Jensen Huang claims AGI will arrive by 2026, revealing OpenAI's GPT-6 Astra was trained on Blackwell chips. Despite record $89B quarterly sales, OpenAI remains cautious amid reports of scaled-back chip purchases.

Spacecom director Jon Rosenberg bids to buy Eurocom's 31.4% stake, valuing the company at 140 million NIS, as receiver Hagai Ullman prepares a competitive public tender.

Former News 13 anchor Netali Shem Tov reached a confidential settlement in her 3.5 million NIS lawsuit against the network, which News 13 is now seeking to cancel over disputed claims.

Former NBA player Omri Casspi is on track to join the billionaire club through his venture capital fund Swish Ventures, which manages $800 million and holds a portfolio valued over $60 billion.

Arab-owned supermarket chain King Store plans a Tel Aviv Stock Exchange IPO within two years. The chain, generating 1.1 billion NIS annually, unveiled a 10 million NIS flagship store in Rosh HaAyin and seeks a major Tel Aviv location.

Swiss reinsurance giant Swiss Re is downgrading its management presence in Israel as Hillel Demlin steps down after 20 years, with no direct successor appointed to his country manager role.

Hapag-Lloyd and FIMI have been granted a 30-day extension by the Government Companies Authority to submit an improved $4.2 billion acquisition proposal for ZIM, addressing state concerns over the golden share and maritime security.

The Ministry of Energy recommends relocating the Bazan oil refineries from Haifa Bay to Mishor Rotem in the Negev for $5-6 billion, citing critical energy security lessons from recent conflicts.

The Tel Aviv District Court rejected Luzon Ronson's bid to block former Or Yehuda Mayor Yitzhak Buchovza from advising residents on a 744-unit urban renewal project, citing resident autonomy.

Asaf Ben-Dov steps down as Teva Naot Global CEO after less than a year. He will be succeeded by Ayelet Lax, daughter of the owners, returning the footwear brand to family management.

Israir, owned by Rami Levy, opens ticket sales for Tel Aviv-New York flights on its newly acquired Airbus A330 fleet. Flights start September 15, 2026, with prices ranging from $1,600 to $1,900.