Selina Israel Ceases Operations After Global Hospitality Chain Crumbles

At the end of 2022, the Selina hospitality chain went public on Wall Street through a merger with a Special Purpose Acquisition Company (SPAC) at a value of $1.2 billion. Founded and managed by Israelis Daniel Rudasevski and Rafi Museri, Selina was one of the hottest brands in the market, presenting investors with plans for a novel hospitality experience. However, its performance did not meet expectations, and within less than two years, the chain fell into insolvency, Calcalistech.com reported. By the end of August, all its assets were sold.
Israel
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Bank of Israel Holds Rate as Uncertainty Shrouds Fiscal Policy

Israel’s central bank left interest rates unchanged, seeking to balance the impact of rising inflation against weak growth as uncertainty surrounds fiscal policy, Bloomberg News reported. The monetary committee kept its benchmark rate at 4.5% on Wednesday for a fifth straight meeting. In a statement accompanying the decision, policymakers largely repeated previous guidance, saying the focus should be on stabilizing markets, controlling price rises and supporting economic activity. Inflation has been on the rise, mostly linked to the war against Hamas.
Israel
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Israeli Synthetic Diamond Company Faces Insolvency

Lusix, the synthetic diamond company founded by Benny Landa, is on the brink of filing for insolvency. The company has informed its creditors of its intention to do so, though the timing remains uncertain, YNetNews.com reported. Sources have told Calcalist that Lusix informed its shareholders last week that it urgently needs to raise $15 million to continue operations. Without this capital infusion, the company will likely become insolvent. Although some investors have considered providing additional funds, it is not believed that this has materialized.
Israel
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