Staying Real in Israel
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Israeli Arab citizens second class citizens? I don’t think so.
In fact, in some ways the JEWISH Israelis are discriminated against in favor of the Arabs.
For instance, in my community, Beduin families, Muslim Beduin families freely buy homes and move in to my neighborhood. In the surrounding Beduin cities, one of which is less than 500 yards from my home, nary a Jew to be found. They would not dare. The protests, threats and violence would be unbelievable, as previous attempts by Jews to move in to “Arab” cities in Israel have proven.
Nevertheless, the government of Israel continues to take international abuse from all quarters as being racist, discriminatory and apartheid…

Arab Businessman

Israeli minister: New fund to benefit Arabs


An Israeli Cabinet minister says a new government fund for the Arab sector could go a long way toward improving relations between the country’s Jews and Arabs

Reprinted from Businessweek.com

Avishai Braverman, the minister for minority affairs, said Monday the $214 million fund will boost economic growth and help make up for past discrimination against Israeli Arabs.

The Cabinet approved the fund Sunday. The money will be pumped into 10 Arab municipalities to create jobs, build new homes, improve public transportation and beef up security.

Arabs make up about 20 percent of Israel’s population. Their towns have frequently suffered from lower budgets than their Jewish counterparts.

Braverman said tapping into the Arab sector could bring tremendous economic benefit to Arabs and the country as a whole.

It’s official…Great news for the Israeli economy…Five more years of Stanley Fischer heading the Bank of Israel

Fischer to serve 2nd term as Bank of Israel governor


‘There is no disagreement in the whole world that he does an excellent work,’ prime minister says in press conference announcing his support of central bank head. ‘Now he just has to say yes’

Reprinted from YNet News Zvi Lavi

Stanley Fischer will likely serve as the Bank of Israel’s governor for another five years. Prime Minister Benjamin Netanyahu announced Wednesday in a press conference at the Knesset that he will recommend that Finance Minister Yuval Steinitz appoint Fischer for another term as governor.

As expected, Fischer agreed to the offer after the new Bank of Israel law was passed Tuesday in the Knesset. Fischer is slated to receive the letter of appointment from President Shimon Peres soon.

Fischer’s current term as governor is slated to end on April 30. He will be instated to his second term on May 1.

“This is a man on whom there is no disagreement in the whole world that he does excellent work,” said the prime minister, noting that the Fischer’s recommendation for another term was mutually made between him and the finance minister. “Now all that’s left is for you to say yes,” Netanyahu addressed Fischer, who was sitting next to him on the stage.

“I thank you for the recommendation, and I will continue to fill my position in accordance with the challenges presented by the new Bank of Israel law,” responded Fischer.

“When Netanyahu offered me the position, I couldn’t have imagined what happened in the first run. But it was a challenging period, the height of which was the financial crisis, which we handled well and also came out of.”

Hints dropped recently by the governor to the effect that he would not agree to serve another five years without a new Bank of Israel law spurred the cabinet to submit the bill for the Knesset’s approval before leaving for Passover recess.

The new law, which replaces the 56-year-old Bank of Israel Act, cements the Bank’s independence and instates a regular monetary committee to decide on interest rates and makes provisions regarding Bank employees’ salaries, thus comparing them to other public sector employees.

There was some uncertainty in recent months whether Fischer would continue on for another term, and not just because of the Bank of Israel law. Fischer’s wife and family were pressuring him not to act another term, but the governor insisted that he would remain in the position of the Bank of Israel law were passed so that he could oversee putting the new structure of the bank into action, as detailed in the law.

In the past, Fischer implied that the decision to serve another term would be easier if it were shortened to a period of two years. However, doubts regarding the length of Fischer’s term were also dissipated when he accepted the appointment as he assured in his speech that he would serve the full five year term.

About two years ago, Fischer threatened to resign over the crisis between the Bank of Israel and the Finance Ministry around the signing of a new salary agreement. Prolonged and exhaustive negotiations ensued between the two bodies regarding whether the Finance Ministry would continue its oversight over Bank of Israel salaries. Then Prime Minister Ehud Olmert stepped in and convinced Fischer to withdraw his resignation threat.

‘Fischer among best in world’

Knesset Finance Committee Chairman MK Moshe Gafni praised Fischer’s decision to stay on for another term. Gafni said, “The governor is a professional of the first degree and a leader in the entire world.”

“Stanley Fischer is a real asset to the State of Israel. The Israeli economy owes him a lot for its stability throughout the global financial crisis over the past year. There is no doubt that his staying on for another term will contribute significantly to the Israeli economy and its standing in the world,” said Gafni.

Defense Minister Ehud Barak also welcomed Fischer’s acceptance of another term as bank governor.

“Stanley Fischer is considered one of the most outstanding and professional governors that the Israeli economy has known since the establishment of the state. Governor Fischer successfully handled the financial crisis in a manner that deserves respect. He was among those who helped the Israeli economy get through it strong and secure,” said Barak.

More good news that the Israeli economic recovery is right on track..getting stronger and stronger.
And, the best news of all, looks like immigrant-from-America Bank of Israel Head, Stanley Fischer, will be staying on for another term…One of the best things that can happen to the Israeli economy, promising an even stronger recovery…Good things for the future…

Fischer hopes for return to ‘normalcy’


“The Bank of Israel is trying to bring interest rates back to a ‘normal’ level, which would bring inflation back down into the target range, and to support the recovery of the economy and financial stability,” Bank of Israel Governor Stanley Fischer told a central bank conference in Tel Aviv yesterday.

Reprinted from Haaretz.com Eytan Avriel

“All the while we will follow what’s going on in the world and take into consideration the shekel exchange rates,” Fischer told the conference, entitled “Challenges for the Future.”

“The central bank of a small, open economy cannot be indifferent to the exchange rate,” he said. When things start going back to normal, the bank will probably intervene less in the foreign currency market.

“We can reduce in stages the frequency of our interventions in the foreign exchange market, but it’s dependent on other considerations such as the interest rate, as well as the international and Israeli economy,” he said.

Fischer also addressed the challenges facing him at the beginning of a second term as bank governor. The first challenge involves the internal management of the bank.

Fischer also mentioned that discussions on the new Bank of Israel Law had just finished in the Knesset Finance Committee; next week the bill is expected to pass its second and third readings in the full Knesset to become law. The bill has been one of Fischer’s conditions for accepting a second term. Soon the bank will face the challenge of implementing it – “building a modern Bank of Israel, which the Israeli economy needs for the 21st century,” Fischer said.

The second challenge is fiscal and monetary policy as the world recovers from the financial crisis, he said. “There are countries that are managing to recover better … and there are countries that are having more difficulties…. During the crisis, the European nations handled it better, but now they’re having trouble,” he said.

Great for Israel’s economy…VERY bad for MY waistline!!
I guess it will be even easier to grab some of that yummy Ben and Jerry’s ice cream now…Just when I was achieving reasonable success fighting off the urge for that delish designer frozen yogurt stuff…

Ben & Jerry’s to open new factory in Beer Tuvia

Ice-cream giant to invest NIS 8 million in new production facility that will employ dozens of workers, comply with international exporting standards. Sixteen retail stores, kiosks throughout country also slated to open in near future

Reprinted from YNet News Navit Zomer

Ben & Jerry’s ice-cream company will open a new factory in the Beer Tuvia area in southern Israel, near Kiryat Malachi, in a facility that up until recently served as a soup factory and logistic center for food manufacturer Vita Pri Hagalil.

Some NIS 8 million (appoximately $2 million) will be invested in the new facility, which will employ dozens of workers, and comply with standards set by the global Ben & Jerry’s corporation as well as the European markets and US food authorities.

The company’s previous factory in Yavne was shut down after it did not hold up to the exporting standards set by the ice-cream giant.

The new plant will produce Ben & Jerry’s ice-creams as well as baked frozen items that are marketed in Israel under the brand name “Rosie’s” and include pancakes, blintzes, bagels and more. In addition, the company will open a new retail store in the central city of Modiin.

According to Ben & Jerry’s General-Manger Avi Zinger, another retail store is slated to open next month at the new Cinema City in Rishon Lezion, in addition to the one already operating in Glilot.

The company is currently holding negotiations for opening another store in Jerusalem as well. Ben & Jerry’s annual turnover in Israel is estimated at some NIS 30 million (appox. $8 million).

Along with the expansion of production facilities, Ben & Jerry’s is also planning on expanding to 16 ice-cream parlors and selling kiosks. According to Zinger, “Ice-cream parlors have regained momentum in recent years, and we have also returned to full activity.

“Ben & Jerry’s opened its first store in Israel in 1988 and operated 16 branches at its peak. In 2001 it began to close down its stores dew to losses suffered with the break of the intifada and the era of increased terror attacks,” Zinger said.

When Stanley Fischer immigrated to Israel from America in 2005, it was one of the best things that could have happened…both for the Jewish State AND for Stanley Fischer. Israel gained one of the top financial minds in the world to run the Bank of Israel and Fischer got to live in his homeland and raise his family in the best place in the world for Jews. We can only hope that he takes on another 5-year term as governor…

Money managers: Stanley Fischer

Will Stanley Fischer stay on for a second term as governor of the Bank of Israel? A cool 100% of the investment managers polled by the CFO Forum said they hoped so.

Haaretz.com

The question posed by the forum of money managers was, “Do you think that it would be good for the Israeli economy if Prof. Stanley Fischer accepts a second term as governor of the Bank of Israel?” All said yes.

The survey was conducted on February 21, and polled 120 top money managers in corporate Israel. Among the respondents, 42% belong to companies with annual turnovers greater than $200 million, 44% work for companies with turnovers ranging from $40 million to $200 million, and the rest work for companies with revenues below $40 million.

Fischer joined the Bank of Israel on May 1, 2005. Under the law, his tenure is limited to five years, meaning his contract expires on May 1, 2010. Government officials have been sending feelers to Fischer to see if he’d agree to stay: So far he hasn’t issued any statements. Meanwhile, ahead of that date, the CFOs Forum, representing 650 money managers in corporate Israel, decided to check and see how they feel about his performance.

In answer to the question, “Did Prof. Fischer’s policy contribute to the State of Israel’s ability to cope with the global economic crisis?”, zero checked the “Not at all” square; one, or 0.8% of respondents, answered that he contributed “a little” and 26% said that it “contributed.” The majority, 73%, answered that it “contributed greatly”.

Looking at the CFOs Forum surveys over the years, Fischer has been a resounding success throughout. From the start of his term in 2005 to date, their respect for the Bank of Israel has constantly increased, while respect for other economic policy-makers has sharply declined.

Housing one of the top 25 banks in the world is no small feat for a tiny country of 7 million in a perpetual state of war with its neighbors. More evidence that someone is doing something right running the State of Israel. More reasons for you to “come home”, my fellow Jews…

Israel gets representation on list of best banks

Mizrahi-Tefahot on list of 25 best banks in 2010 in developed markets put out by Global Finance magazine. Israeli bank ranked among financial heavy-hitters J.P. Morgan, Credit Suisse, and HSBC

Y-Net

The international magazine Global Finance chose Mizrahi Tefahot as the “Bank of the Year in Israel.” An article published over the weekend highlighted a list of 25 banks chosen as the best for 2010 in developed markets.

The list included leading banks in the world from North America, Europe, Asia and the Middle East.

According to Global Finance, the banks chosen were the ones who attended to their customers’ needs with caution and responsibility during a period of “difficult markets,” and who reached the highest results while laying the foundations for their future success.

The magazine’s editors noted that the banks were chosen both by objective, quantitative criteria – such as growth in assets, profitability, geographic reach, strategic relationships, new business development, innovation and the banks’ ability to conduct and fund themselves in the current environment – and by subjective criteria – such as extensive consultations with bankers, corporatists and equity and credit analysts.

The magazine report noted: “The mix of these factors yields leading banks that may not be the largest, the oldest or the most diversified in a given country, but rather the best — the banks with which corporations around the world would most likely want to do business.”

“We recognize these banks for their outstanding accomplishments,” said Global Finance’s publisher, Joseph D. Giarraputo. “Global financial markets are extremely difficult and conditions in each market may have differed but the winning banks were all noteworthy in their dedication to satisfying their customers’ needs.”

Other banks recognized on the 2010 list include J.P. Morgan, HSBC, Royal Bank of Canada, and Credit Suisse.

I’m not exactly sure just what makes a road “green”..is it anything like what I remember they did on 5th Avenue in New York for St. Patrick’ Day, when they painted the line green?,,,whatever…I’m happy to see some of Al Gore’s hard-earned(?) dollars invested here, in Israel…
Oh, and anything that might reduce traffic deaths in Israel is CERTAINLY welcome…

Al Gore invests in Israeli road tech start-up

Generation Investment Management led a $10 million investment in GreenRoad Technology

Shmulik Shelah–Globes

Israeli start-up GreenRoad Technologies Ltd. has raised $10 million in a financing led by Nobel Peace Prize Laureate and former US Vice President Al Gore’s cleantech fund Generation Investment Management LLP. GreenRoad’s current investors Benchmark Capital, DAG Ventures, Balderton Capital, Amadeus, and Sir Richard Branson’s Virgin Green Ventures, are participated in the round.
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