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.

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.

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.

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.

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.

Israel’s central bank left interest rates unchanged, opting against a second straight cut because of concern that inflation might accelerate again as the war against Hamas continues, Bloomberg News reported. The monetary committee left the key rate at 4.5%, a surprise for most economists in a Bloomberg survey who had predicted a reduction of a quarter percentage point. The shekel initially pared losses after the announcement before trading 0.3% weaker against the dollar as of 5:30 p.m. local time.

A unit of Israel Shipyards Industries is among the potential bidders for Croatian shipbuilder Uljanik Brodogradnja 1856, Jutarnji List reported, citing Eytan Zucker, chief executive officer of the Haifa-based company, Bloomberg News reported. An auction for Uljanik is expected on March 4, following previous, failed attempts to divest the debt-laden company, according to the Zagreb-based newspaper. Other potential bidders include Slovenia’s Eko Bor, Croatia-registered Adria Mont, Romania’s GSP Offshore, Italy’s Micoperi based in Ravenna, and La Maison from Cyprus.

The Israeli securities watchdog's new chairman, Seffy Zinger, heads to the United States next week to woo U.S. investors and reassure them that it is business as usual despite Israel's three-month war with Palestinian militant group Hamas, Reuters reported. The past year was for Israeli markets, with the main Tel Aviv 125 index dropping 15% following the Oct. 7 attack on Israel by the Palestinian militant group which led to the war in Gaza. The index subsequently rebounded to end 2023 up 4% but still significantly lagged U.S. indices. It is now trading at pre-war levels.

The Bank of Israel lowered short-term borrowing rates for the first time in nearly four years on Monday, becoming the first developed country to ease policy, while urging lawmakers to rein in spending that has soared during Israel's war with Hamas, Reuters reported. In reducing interest rates for the first time since April 2020, the central bank cited a stabilisation of financial markets since the outbreak of the war on Oct. 7, declining inflation and weaker economic growth.