Israeli airlines are facing new waves of mass layoffs and potential collapse as the global aviation market continues to be pummeled by the COVID-19 pandemic, the Jerusalem Post reported. With long lists of travel restrictions and dashed dreams for summer tourism due to the emergence of the delta variant, millions around the world are in immediate danger of losing their jobs.
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There was a 38% increase in the number of Israelis filing for bankruptcy and opening debt cases with legal aid in 2020 during the coronavirus crisis, a market study has found, the Jerusalem Post reported. Oded Chen law firm, one of the country’s leading law firms in the field of insolvency, bankruptcy and debt cancellation, found that approximately 24,000 debt cases were opened with legal aid in 2020, of which about 9,000 were bankruptcy and insolvency proceedings of individuals.
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The chief executive of Unilever on Thursday said the global consumer goods giant remains “fully committed” to doing business in Israel, distancing himself from this week’s announcement by Ben & Jerry’s ice cream brand that it would stop serving Israeli settlements in the occupied West Bank and contested east Jerusalem, the Associated Press reported. But CEO Alan Jope gave no indication that Unilever would force Ben & Jerry’s to roll back its controversial decision.
Israel’s aviation industry is in danger of collapse, airline company heads told the country’s coronavirus airport commissioner, the Jerusalem Post reported. A solution to allow air travel, despite fears of new coronavirus variants and rising case numbers, must be found quickly, the airline heads told Maj.-Gen. (res.) Roni Numa ahead of the coronavirus cabinet’s meeting. Numa met with the heads of El Al, Israir, and Arkia and international carriers in order to hear their feedback and ask for solutions ahead of the meeting.
After Ben & Jerry’s, a Vermont-based ice-cream company and wholly owned subsidiary of global consumer-products giant Unilever that prides itself on its progressive politics, announced Monday that it is cancelling its license with its Israeli affiliate, a move that amounts to a boycott of Israel, a wave of legal and regulatory issues for its Dutch-American parent was triggered, the Wall Street Journal reported.
Israel’s prime minister vowed Tuesday to “act aggressively” against the decision by Ben & Jerry’s to stop selling its ice cream in Israeli-occupied territories, as the country’s ambassador to the U.S. urged dozens of state governors to punish the company under anti-boycott laws, the Associated Press reported. The strong reaction reflected concerns in Israel that the ice cream maker’s decision could lead other companies to follow suit. It also appeared to set the stage for a protracted public relations and legal battle.
Ben & Jerry’s said Monday it was going to stop selling its ice cream in the Israeli-occupied West Bank and contested east Jerusalem, saying the sales in the territories sought by the Palestinians are “inconsistent with our values,” The Washington Post reported. The announcement was one of the strongest and highest-profile rebukes by a well-known company of Israel’s policy of settling its citizens on war-won lands. The settlements are widely seen by the international community as illegal and obstacles to peace.
Israel will sign a free trade agreement with South Korea this week, marking the first such arrangement with an Asian market, Israel's economy ministry said on Sunday, Reuters reported. The deal is meant to bolster bilateral trade by cutting out customs duties and offering safety nets on investments. Bilateral trade reached about $2.4 billion in 2020, about two thirds of it goods and services imported into Israel, the ministry said. The deal will be signed this week in Seoul during a visit by Israel's foreign affairs and economy ministers.
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The Biden administration moved on Monday to reimpose financial sanctions on an Israeli mining executive who had turned to a team of lobbyists to have the measures eased during President Donald J. Trump’s final days in office, the New York Times reported.
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Satellite operator Intelsat SA said on Friday it has filed a restructuring plan backed by some of its creditors, in a bid to reduce debt and emerge from bankruptcy in the second half of the year, Reuters reported. The plan aims to reduce debt by more than half to $7 billion and has the support of holders of about $3.8 billion of its debt, the company said. It has sought a hearing on Mar. 17 for a court approval to solicit votes on the plan.