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Israel
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Selina Networks filed for bankruptcy on Monday, citing a 95% drop in stock value since its IPO, massive debts, and an inability to meet financial obligations with its investors, the company informed the Inter-American Development Bank, YnetNews.com reported. Listed on NASDAQ 18 months ago with a valuation of $1.2 billion, Selina's stock price has plummeted by 99%, leaving the company valued at about $20 million. Facing potential delisting from NASDAQ, the company's stock price has fallen below the minimum threshold.
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The Bank of Israel (BOI) remains committed to plans for a digital shekel currency to improve Israel's payments system and foster innovation, but is unlikely to launch one ahead of other advanced economies. "We’re all waiting for the first western central bank to pull the trigger, which is almost certainly going to be the ECB. And then you may see a rush of countries going forward with it," Bank of Israel Deputy Governor Andrew Abir told Reuters.
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Israel’s central bank unveiled a new outlook that assumes the country faces a longer and more intense war, as it held interest rates for a fourth consecutive time, Bloomberg News reported. Governor Amir Yaron, speaking to reporters on Monday after leaving the benchmark at 4.5%, said officials now expect the conflict against Hamas in Gaza to wind down only in early 2025. The latest staff projections from the bank showed the key rate will probably be at 4.25% in the second quarter of 2025, a more hawkish path than implied earlier.
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Israel’s southern Port of Eilat has declared bankruptcy because of the lack of commercial and trade activity, countercurrents.org reported. Eilat Port CEO Gideon Golber said, “The port is completely closed, and there has been no activity in the port for eight months, due to the failure of the coalition countries in the Red Sea.
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Israel refrained from cutting interest rates on Monday, with the central bank focusing on heightening inflation expectations as the war in Gaza shakes the economy and defense spending surges, Bloomberg News reported. The Bank of Israel’s Monetary Policy Committee left its key rate at 4.5% for the second consecutive meeting. Only a narrow majority of analysts predicted the move, with the others expecting a cut of 25 basis points. The shekel extended its gains after the decision. It rose 2.4% to 3.68 per dollar as of 4:20 p.m. in Tel Aviv, heading for its best daily performance this year.
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