Israel Financial News

By Sheila Dang and Ari Rabinovitch

Elon Musk, the head of electric carmaker Tesla, to establish a factory in Turkey. Erdogan, is currently in the US to attend the UN General Assembly. During the meeting, the two of them discussed about potential cooperation between Musk's space exploration firm SpaceX and Turkey's space program.

By Chandni Shah and Daren Butler

report by Financial Times. Turkey has pushed against the proposed India-Middle East-Europe corridor that was agreed upon this month during the G20 Summit held in New Delhi. The India-Middle East corridor would transport goods from the subcontinent through the United Arab Emirates (UAE), Saudi Arabia, Jordan, and Israel to European markets.

The Jerusalem Post citing the report, Riyadh has communicated through the United States that the "extremist" character of Israel's right-wing government, led by Prime Minister Benjamin Netanyahu, is obstructing any potential improvement in relations with the Palestinians, consequently affecting ties with Saudi Arabia. The report also mentioned that Saudi Arabia was discouraged from pursuing a potential peace agreement because of Netanyahu's willingness to accommodate the demands of individuals like National Security Minister Itamar Ben-Gvir and Finance Minister Bezalel Smotrich, whom the Saudis perceive as being from the "far-right" political spectrum.

X Corp has introduced government-ID-based verification checks for X premium users, as it aims to curb impersonation on its platform and doll out more benefits to them like «prioritised support». ID Verification is currently available in numerous countries and will soon be extended to include more, such as the European Union, European Economic Area (EEA), and the UK, according to the company.

Israel has announced a comprehensive three-day closure of the West Bank and Gaza Strip during the upcoming Jewish New Year holiday, as tensions continue to escalate in the region. The closure, initiated upon the directive of the political leadership, is scheduled to commence just after midnight on Friday and will conclude before midnight on Sunday.

Israeli Prime Minister Benjamin Netanyahu's office says he will meet billionaire businessman Elon Musk during a trip to the United States next week

Roni Cohen-Pavon, the former chief revenue officer of cryptocurrency lending firm Celsius, has reportedly pleaded guilty to charges related to fraud and price manipulation.

Israeli Prime Minister Benjamin Netanyahu's office says he will meet billionaire businessman Elon Musk during a trip to the United States next week

(Reuters) -Israeli Prime Minister Benjamin Netanyahu will meet X owner Elon Musk on Monday in Silicon Valley, an official in Netanyahu's office said on Thursday, and Musk said their talks would focus on artificial intelligence technology.

According to the press release published on Sept. 13, the fund will possess a $100 million investment budget with Krating Poonpol, a Chairman of KBank Business Technology Group, in charge of the enterprise. In Poonpol’s words:

Adobe, IBM, Nvidia and five other companies have endorsed U.S. President Joe Biden's voluntary artificial intelligence (AI) commitments, including watermarking AI-generated content. 

A collaboration between the Bank for International Settlements (BIS) and the central banks of Hong Kong and Israel has demonstrated that central bank digital currencies (CBDCs) can settle on centralized ledgers without compromising privacy.

EPIC Foundation, a not-for-profit organization founded by industry veterans and co-founders of HCL, Ajai Chowdhry and Arjun Malhotra, have announced the launch of two ‘Made In India’ products by signing an MOU with Karnataka Digital Economy Mission (KDEM). Their aim is to turn India into a global hub for electronic hardware product design and manufacturing while imparting education and empowerment. With a skilled young workforce, combined with partnerships and government support, the foundation believes India can emerge as a dominant player in the electronics industry, contributing significantly to a US $400 billion Electronics sector. According to a statement, as part of this initiative, the foundation has announced the launch of two products- a) LED Driver Chip, designed by a startup in Bengaluru, to replace a Chinese counterpart and b) 100% designed in India tablet with unique features such as repairability and upgradability while aligning with the principles of sustainability. Ajai Chowdhry, Chairman of EPIC Foundation and a member of the MeitY task force, said in a statement, «EPIC Foundation aims to be the interface between Industry and State Government with MEITY, Niti Aayog DST and DPIIT to address key challenges and recalibrate the policies.

The Bank for International Settlements and the central banks of Hong Kong and Israel released the results of Project Sela on Sept. 12. The project was a public-private partnership that used private intermediaries to create a retail central bank digital currency (rCBDC) combining the desirable characteristics of cash and the advantages of digitalization.

Project Sela leaned on the Bank of Israel's cyber security expertise and ongoing work on the digital shekel and the Hong Kong Monetary Authority's (HKMA) learnings from Project Aurum and e-Hong Kong Dollar. In Sela, the rCBDC ledger is operated by the central bank without compromising end user privacy as personal identifiers are obfuscated.

G20 Summit in Delhi was the committment to build a rail-and-port network that will connect India to the Middle-East and the Middle-East to Europe and the US. It has been named the India-Middle East-Europe Economic Corridor (IMEC).

Indian Railway Finance Corporation’s market capitalization cross the Rs 1 lakh crore-mark for the first time ever since the company went public in 2021. Shares of the company were locked in the 10% upper circuit on Monday at Rs 84.80 on the National Stock Exchange. At the lifetime high of Rs 84.80, the stock more than trebled in value from its issue price of Rs 26. Year-to-date, the stock has risen a whopping 158%. The government’s increasing focus on boosting infrastructure spending in the country has played a major role in lifting railway and rail-related stocks on Dalal Street. In the Union Budget for 2023-24 (April-March), the government announced an outlay of Rs 2.40 lakh crore for Indian Railways, which is the highest capital outlay for railways and is 9x over FY14 allocation. The ongoing G20 Summit was nothing less than a shot in the arm as the government announced a shipping and rail transportation corridor linking countries across the Middle East, South Asia and Europe on the sidelines of the Summit in New Delhi over the weekend. The announcement of a new corridor will lead to a comprehensive rail and shipping connectivity network linking US, India, Saudi Arabia and Gulf and Arab states, and European Union. The plan aims to integrate railway routes and port linkages, spanning from India to Europe, traversing through the United Arab Emirates, Saudi Arabia, Jordan, and Israel. Not only IRFC, but all other rail-related stocks danced on Dalal Street on the back of this news. Shares of Rail Vikas Nigam rallied more than 9% while Titagarh Wagons rose 5%.

Narendra Modi as an agreement signed with the US, the UAE, Saudi Arabia, France, Germany, Italy and the EU Commission, we have hope that such a modern “Silk Route" can get the better of China’s Belt and Road Initiative. For one, the logic here is trade connectivity, not loan entrapment or power projection by anyone.

Nazis during World War II for hiding Jews, will be beatified Sunday, the first time an entire family is given one of Catholicism's highest honours. The ceremony in the family's hometown of Markowa in south-east Poland will be attended by over 30,000 people, including 80 bishops, 1,000 priests, the country's chief rabbi and an Israeli delegation. It was there, on March 24, 1944, that German police acting on a tip-off shot dead Jozef Ulma and his wife Wiktoria, who was seven months pregnant and partially gave birth during the execution. Their children, Stanislawa, Barbara, Wladyslav, Franciszek, Antoni and Maria, aged between two and eight, were killed too, along with the eight Jews the family had been hiding in the attic. The eight — Shaul Goldmann and his five children, including his daughter Lea Didner and her five-year-old daughter, and Golda Gruenfeld — were also shot, before the family farmhouse was looted and set on fire.