Economy

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%.

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.

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.

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.

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.

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.

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.

Billionaire investor Bill Ackman praised Israel's economic potential and AI talent density at the ARC Summit, discussing investments, global politics, and a new AI-focused brain research institute.

Visa is reportedly in advanced talks to acquire Israeli fintech Fireblocks for $2.5 billion, marking a potential second major Israeli acquisition following BioCatch.

Asaf Rappaport, co-founder of Wiz, is expanding his business empire into retail, media, and credit following his massive exit to Google, with a net worth estimated at $2.3 billion.

Sheba Medical Center sold its ARC Global innovation arm to American firm Redesign Health for tens of millions of dollars, retaining a stake as Prof. Eyal Zimlichman assumes a leadership role.

The Privacy Protection Authority fined Menora Mivtachim Holdings 256,000 NIS for failing to immediately report a severe data security incident involving 138 policyholders.

Transportation Minister Miri Regev officially opposed the proposed sale of ZIM, citing risks to Israel's national maritime independence and foreign regulatory dependencies.

Kfar Giladi Quarries secured the Qaddirim quarry tender for 24 years, ensuring a 40-million-ton raw material reserve and supporting northern infrastructure projects.

Hagag Group is selling a 7.5% stake in Rani Zim Shopping Centers back to Rani Zim Holdings for 75 million shekels at a 1 billion shekel valuation, maintaining joint control.

Reuven Abelgon launches Tavor Capital Partners, a new investment fund targeting 200 million shekels to invest in mid-market industrial and service companies.

The Capital Market Authority opposed Phoenix Holdings' 150 million NIS acquisition of insurance comparison site Wobi, citing objectivity concerns despite prior antitrust approval.

Meta disclosed that CEO Mark Zuckerberg considered leaving California over a proposed 5% wealth tax, prompting an agreement requiring him to stay for eight years in exchange for a stock restructuring.

Zoglovek completed a new 120 million NIS sausage plant in Shlomi near the northern border, overcoming wartime delays to boost high-tech production and expand its market leadership.

Bank Leumi CEO Hanan Friedman lashed out at Facebook over fake accounts and financial scams, announcing that the bank has filed a lawsuit and inviting others to join the legal battle.

Global Wine & Spirits secured a 25 million shekel deal to become the main alcohol supplier for Tel Aviv's NOX Group, ending a 15-year supplier partnership.

Meta reported third-quarter revenues of $64.6 billion, beating analyst estimates by a 26% year-over-year surge, alongside strong fourth-quarter guidance and a new $25 billion fine in New Mexico.

Elron Ventures chairwoman Lisi Bakar Manoch was ousted by co-controllers Arik Bentov and Evan Rennert, sparking potential legal action. The bitter shareholder dispute involves a 100 million shekel debt to Phoenix Holdings and boardroom restructuring.

Hachshara Insurance and Finance won four prestigious awards at the MIL Excellence in Service competition, reflecting its successful strategic transformation.

Slice administrator Efi Sandrov petitioned the Tel Aviv District Court to uncover the funding behind an anonymous ad campaign targeting him and Commissioner Amit Gal, allegedly financed by Finbert entities to force a disadvantageous settlement.

Israeli cafe chain Bagel Cafe is investing 8 million shekels to open 8 new branches, expanding its total footprint to 20 locations nationwide by mid-2027.

Haifa Municipality summoned Bazan Group management to a hearing following a severe benzene leak that closed Kiryat Ata schools, threatening to revoke business licenses.

The Supreme Court rejected Dead Sea Works' request for an additional hearing, cementing a ruling that requires ICL to pay half a billion shekels for water usage.

Adv. Simon Jaffe, co-founder of Barnea Jaffe Lande law firm, is leaving after 23 years following a joint decision. The firm counts 150 lawyers and 56 partners.

IBI Investment House is closing its mutual fund launched with Prof. Dan Ariely after generating near-zero returns over five years and managing only 2 million shekels.

US investors claim rights over assets pledged to bondholders in the Cohan Properties scandal, alleging former chief Mike Cohan unauthorized mortgages.

Migdal Insurance has overtaken Menora Mivtachim in managed provident assets for the first time since 2014, while Clal leads inflows and outflows persist at Altshuler Shaham.

eBay is cutting 9% of its workforce, laying off approximately 1,100 employees in a new restructuring wave. The company is also closing its development center in Israel.

Partner Communications received court approval to distribute a 500 million NIS special dividend after executing early bond redemptions to bypass creditor objections.

Kfar Giladi kibbutz won a 542 million shekel tender to operate the Kedari quarry in the Galilee for 24 years, expanding its dominant position in Israel's infrastructure gravel market.

Canadian fintech Nuvei obtained an Israeli clearing license from the Securities Authority after agreeing to acquire Payoneer for 2.75 billion dollars. The expansion will lower transaction costs for global retailers operating in Israel.

Mediterranean Towers raised 285 million shekels in an institutional bond offering after receiving 612 million shekels in demand. The company reported strong financial results for the first half of 2026 and plans to expand its retirement home network.

The concentration committee will review Shapir Engineering's bid for Ashdod refinery control after selling its gas assets to Allied for 230 million NIS.