Economy

Bank of America shares dropped over 7% after reporting a 17% profit fall due to a $1.2 billion regulatory fine. Meanwhile, Morgan Stanley and BlackRock beat expectations.

Israeli actor and businessman Modi Safuri has launched the ARUSA bridal and production complex in Jaffa, investing hundreds of thousands of shekels in the new venture.

Chip inspection manufacturer Camtek raised its financial outlook, reporting expected third-quarter revenues of 160-161 million dollars and projecting 2027 revenues above 800 million dollars.

Israeli energy company EirEnergy announced the appointment of businessman Shahar Mahat to its board of directors. Mahat will actively drive business growth as the company expands its renewable energy projects in Israel and Europe.

Netflix is cutting about 6% of its global workforce, laying off around 1,000 employees amid growth slowdowns. Co-CEOs Greg Peters and Ted Sarandos announced the major cuts ahead of earnings.

Israeli fashion chain Tamnoon opened its largest-ever branch at the G Complex in Kfar Saba, spanning 2,000 square meters across two floors with a 7 million NIS investment.

Bitcorp Capital sold its Indian Airtouch operations for 14 million shekels while its subsidiary Proxybit secured an expanded digital asset license from the Capital Market Authority.

Fattal Hotel Group announced a major expansion strategy in Israel featuring 12 new hotels by 2030 and two new hospitality collections: Fattal Limited Edition and Fattal Colors.

Tomer Mazon posted a 21.3 million shekel loss in the first half of the year amid an inventory scandal and suspended trading. The food importer is overhauling its governance and negotiating bank waivers.

The Via Nova consortium has petitioned the court against the Highway 6 northern extension tender, challenging Shapir's victory over a 683 million shekel fee gap.

Elbit Systems Sweden announced plans to build Europe's first production and maintenance center for Laser Warning Systems by 2027, bolstering NATO defense capabilities.

Shmuel Donnerstein returns as chairman of Rav-Bariach, while Tal Kenani takes over as CEO of the door and building-products manufacturer early next year.

Microsoft reports a record-breaking $130 billion in new data center leases, pushing uncommenced lease commitments to $329.1 billion to fuel surging AI infrastructure demand.

AutoDepot launched its largest concept store in Haifa with a 5 million shekel investment. The store combines automotive retail, workshop services, and a new drift racing team partnership.

Energean is advancing a $1.2 billion development of the offshore Katlan gas reservoir to strengthen Israel's energy supply, with first gas expected in 2027 amid rising local electricity demands.

Real estate investment platform Iintoo, founded by former Bank Hapoalim CEO Dov Kotler, faces severe distress, heavy leverage, and extensive portfolio delays following its takeover by Yoni Sade.

George Horesh and Discount Bank are attempting to revive their 4 billion shekel CAL acquisition deal by introducing a third-party investor to overcome competition authority objections.

Bank Leumi CEO Hanan Friedman's recent entry into platform X has sparked massive public engagement, combining direct customer feedback with viral humor and parodies.

Israel's electricity consumption is projected to surge 85% by 2040, reaching 150.7 billion kWh, driven by AI data centers and electric vehicles, according to a BDO forecast.

Two years after an investigation into waste management firm Veridis concluded, the prosecution has yet to decide on indictments, while the state weighs a settlement over withheld millions.

SVCollege collapses as rescue talks fail, leaving hundreds of students who paid thousands of shekels facing lost tuition and preparing for legal action amid impending insolvency.

Israeli cybersecurity firm XM Cyber has sold its intellectual property to CrowdStrike for $600 million in cash and stock, resulting in massive layoffs that left only 50 of its 300 local employees.

The Azrieli Group has dropped residential plans for its 91-story Spiral Tower in Tel Aviv, converting the space entirely to offices amid a luxury housing glut.

A new IFR report reveals that 94% of English football clubs operate at a loss, with over a quarter unable to survive a month without owner funding.

Tel Aviv University celebrates its 70th anniversary, Zoglbek CEO Ron Ackerman steps down after six years, and Kardan Real Estate warns of shrinking state land marketing.

Alfred Akirov is advancing his plan to delist Alrov Properties from the Tel Aviv Stock Exchange through a tender offer worth up to 788.4 million shekels. The move aims to bypass regulatory hurdles and bring him closer to controlling Clal Insurance.

A new external audit report reveals that the Israeli Ministry of Defense's debt to state defense companies has soared to billions of shekels, driving up massive financing costs and threatening supply chains.

Netflix has acquired exclusive broadcasting rights for the 2030 FIFA World Cup in Spain and Andorra, securing all 104 matches in a major sports streaming expansion.

Infrastructure firm Y.K.R. Brashi has filed for insolvency at the Central District Court over 27.8 million NIS in debts, citing fallout from the COVID-19 pandemic and ongoing war.

Delek Israel Properties completed the acquisition of the Nachshon Junction gas station complex in partnership with Delek Israel for 31.6 million shekels, aiming to develop a commercial and service hub.

The succession battle at eyewear giant EssilorLuxottica escalated after heir Leonardo Maria Del Vecchio criticized CEO Francesco Milleri in a revealing podcast interview. Del Vecchio discussed his troubled past, criticized his late father, and warned management over declining holding values.

Britain has approved the massive Sea Lion oil field development near the Falkland Islands, backing Israeli energy firm Navitas Petroleum despite objections from Argentina.

Founder Mike Cohan is fighting to reclaim control of Cohan Properties after the US-focused commercial real estate firm was acquired by the Luzon Group following a messy debt default and ownership takeover.

Manif Financial Services and Clal Insurance have expanded their real estate financing partnership by 250 million NIS, bringing the total joint credit framework to 550 million NIS.

Israeli model and entrepreneur Bar Zomer has launched a two-month pop-up store for her cosmetics brand BARBIZ at Ben Gurion Airport's duty-free.

Israeli fintech Pagaya Technologies completed a $650 million auto loan ABS deal, marking its 100th securitization and pushing 2026 issuance past $10 billion.

Dubi Amitai has been unanimously elected to a third term as Chairman of the Business Sector Presidency, continuing his leadership through economic and wartime challenges.

Sela Real Estate and its management company expand share acquisitions, reaching 31 million NIS in total buybacks amid strong financial results and a 7% dividend yield.

Rivka Neuman and her family sold the historic Nahshon Junction gas station to Delek Assets and Delek Israel for 31.5 million shekels. The buyers plan to build a commercial complex yielding roughly 8.5%.

Getty Images plans to file for Chapter 11 bankruptcy and go private following the collapse of its Shutterstock merger, saddled by 2.1 billion dollars in debt and AI competition.