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May 28, 2016 / 20 Iyar, 5776

Posts Tagged ‘exports’

Russia Punishes Turkey by Importing Tomatoes from Israel

Thursday, November 26th, 2015

Russia may be giving a Thanksgiving turkey to Israel in the form of tomatoes that it will import following a sudden ban on accepting produce from Turkey, another punishment for Ankara’s downing a Russian plane this week.

Now that Turkey is a rotten tomato for Russia, Israel will benefit from the need to find 360,000 tons of tomatoes to replace the banned imports.

Russian President Vladimir Putin already has ended security cooperation with Turkey and has asked Russians not visit the country. Moscow invented a diplomatic reason for the ban of food imports from Turkey, claiming that 15 percent of the agricultural imports from Ankara suddenly do not meet “sanitary regulations.”

Kremlin spokesman Dmitry Peskov told journalists:

We’re not imposing any embargo.

These (restrictions) are introduced due to an increasing danger from various manifestations of extremism. Of course, additional control measures are taken. This is rather natural, especially taking into account the unpredictable actions of the Republic of Turkey.

Turkish media quoted a member of the Turkish Exporters Association as saying:

Turkish vegetables account for 20 percent of the total Russian imports of vegetables. Import of vegetables, tomatoes in the first place, will be substituted with those from Iran, Morocco, Israel, Azerbaijan, Uzbekistan.

Israel’s benefiting from Turkey’s intercept of the Russian is a double punishment for Turkish President Recep Erdoğan, whose wounds from the Russian reaction will be salted with the bonus for Israel.

He has not forgiven Israel for boarding the IHH-terrorist infested Mavi Mamara ship five years ago and killing 10 IHH terrorists who tried to kill Navy officers stopping the vessel from breaking the maritime embargo on Hamas-controlled Gaza.

The only negative might be a rise in the price of tomatoes in Israeli supermarkets because of the increased demand from Russia.

Tzvi Ben-Gedalyahu

Shekel-Dollar Rate Hits Three-Year High at 4.01

Friday, March 6th, 2015

The dollar was trading at 4.01 shekels shortly before noon Friday, the highest rate since 2012.

The Bank of Israel reported Friday that it bought $1 billion worth of dollars last month in its currency war to make the shekel cheap and increase exports.

The shekel-rate sneaked across the 4.00 level last week but quickly receded.

The recent buying binge of dollars by the Bank of Israel has increased Israel’s currency reserves to a whopping $85 billion.

The shekel-dollar rate could rise as far as 4.10 or 4.20, according to some analysts, but a currency bubble is developing to the point that if and when the Americans stock market starts to tumble, investors in Israel will cash in and bring home shekels. The result would be a dive in the shekel-dollar rate, with the Bank of Israel being left with a huge pile of cheaper dollars that it can’t sell without driving the rate down even further.

Tzvi Ben-Gedalyahu

Israeli Wine Exports Sparkle [video]

Monday, January 26th, 2015

L’chaim.

Israel wine exports rose 10 percent last year and reached $40 million and total sales were $220 million.

The Israel Export and International Cooperation Institute announced the figures on Monday at the start of the two-day Tel Aviv Sommelier Wine festival.

There is a growing demand from North America, Europe and Asia for Israeli wines, some of which have won dozens of prizes and are rated with top wines from California and France.

“In recent years Israeli won has won international recognition and the rise in wine exports to Asia where the kosher market is insignificant demonstrates the strength of Israel’s wine brand around the world,” the Export Institute Wine Department’s head Ya’ara Shimoni told Globes business newspaper.

Israel has 250 wineries, half of which are commercial operations.

Several wineries produce products from grapes grown n the Golan Heights and Judea and Samaria, where dry summers, cold winters and high altitudes contribute to the grapes’ high quality.

God has not cooperated with the Boycott Israel movement.

This winter has been usually cold and wet, just what the grape vines before waking up in the Spring.

Tzvi Ben-Gedalyahu

Dollar-Shekel Rate Breaks 4.0 Barrier

Sunday, January 25th, 2015

The Dollar-Shekel exchange rate broke the 4.0 barrier over the weekend reaching 4.0090 — where 1 US dollar is equal to 4 Israeli Shekels.

This is the first time since September 2012 that the dollar-shekel rate broke the 4.0 mark. The 4.0 mark is considered a significant psychological barrier, and it may mean the dollar will continue to strengthen against the shekel.

A stronger dollar is good for tourists visiting Israel and Israeli exporters.

Economists don’t necessarily believe that a weak shekel is is a bad sign for the Israeli economy, as a variety of factors are influencing the exchange rate, and Israel’s fundamentals are solid.

Jewish Press News Briefs

Shekel-Dollar Rate Soars to 3.96 on Election Talk

Tuesday, December 2nd, 2014

The shekel-dollar rate soared to more than 3.96 on Tuesday for the first time in two years as investors dumped shekels and bought dollars due to the almost certain break-up of the government coalition and the need for new elections that will leave the country without a bona fide budget.

The rate rose by one more than 1 percent. An increase of that size has been very rare since nearly a decade ago when the only question was not whether the shekel would weaken but by how much.

The 2015 budget has not been passed, and new elections are exactly what the economy does not need, except for the media that will profit from advertising and the printing presses that will be running day and night to trash the country with party propaganda.

The big winner of the cheap dollar is exporters. A strong currency makes people feel proud, but a cheap currency always boosts exports since the incoming dollars are converted to shekels. The more shekels the dollar is worth, the more profits a company makes.

The downside is that consumers have to pay more shekels for imports.

Globes quoted FXCM as saying, “If we do have elections before the budget is approved, this will be disastrous for the Israeli economy and will severely damage market confidence, both locally and globally, in the Israeli leadership.”

 

 

Tzvi Ben-Gedalyahu

Shekel Dollar Rates Breaks Year High at 3.64

Tuesday, September 16th, 2014

The shekel-dollar rate continued its non-stop climb Monday and reached beyond 3.64 shekels to the dollar but is near a short-term resistance level of 3.66

The rate two months ago was 3.40, and analysts were predicting a further drop, but The Jewish Press reported here before the recent rise that the situation of everyone being of the same opinion was a sure sign that a reversal to the upside was in sight.

However, our previous report saw resistance around 3.62, a level that easily was broke but still is only 2 cents from the next level of 3.66

The dollar has risen against almost all foreign currencies this summer after years of being in the doldrums. The Federal Reserve Bank has given clear signals that the  near-zero prime interest rate will rise next year, which will give investors a higher return for putting dollars in the bank.

The shekel had been strong, translated into a low shekel-dollar rate, for several years until this summer. The Israeli currency was strengthened in part by the prospect of Israel becoming an exporter of natural gas, but a slowdown in the economy, hastened by the war in Gaza, regional turmoil, and the tough government choice of having to raise taxes or the debt ceiling have combined with the strong dollar to send the shekel-dollar rate north.

This is good news for anyone with money in shekels or who gets paid in dollars because the conversion rate back into shekels is becoming higher each day.

That is equally true for Israeli-based international companies, whose earnings have taken a hit in recent years because of a decline in the shekel-dollar rate.

A cheaper shekel helps increase exports and tourism because more dollars buy more shekels.

On the downside, the higher shekel-dollar rate reflects pessimism over the local economy, which until last year was one of the strongest and most stable in the world, surviving quite well even the global bust in 2008.

“The economy is slowing down sharply, and when you combine this with the fact that Israel is part of the global picture, it’s likely that the shekel will continue to weaken,” Robert Carmeli, overseas funds manager at Migdal Capital Markets to told Globes business newspaper.

He and others are predicting that the shekel-dollar rate will approach 3.80 by the end of the year.

Tzvi Ben-Gedalyahu

Intel Says It Exported $35 Billion from Israel in 40 Years

Sunday, January 26th, 2014

Intel is celebrating its 40th year in Israel with a report that it has exported one billion silicon processors worth $35 billion .

Last year, $3.5 billion worth of Intel products were exported from Israel, said the chip-making giant, which has received from the government billions of dollars in grants and enticements to locate and expand in Israel.

Intel has grown into Israel’s largest private employer, with 9.800 workers.

“Without innovation in Israel, the company has no right to exist,” said  Intel Israel president Mooly Eden. “Even as we develop and are at the spearhead of fab technology, we’re constantly moving on to the next technology.”

Intel is in the process of asking the Israeli government for $900 million in grants in return for building another new fab plant in Kiryat Gat, located next to the high-speed north-south Highway 6 that connects Be’er Sheva with access roads to Ben Gurion Airport, Jerusalem and Tel Aviv.

Referring to Intel’s not having caught the fad for mobile devices and tablets, Eden told Globes, “There have been several revolutions. We didn’t respond fast enough, and now that there is a new revolution – wearable technology – the expectation is that we will respond more quickly. The fact that we have to close gaps is not part of Intel’s DNA. We are good in offense, not defense, and we should run faster in the next two years, and show that we’re not just closing gaps, but that we’re leading new trends, such as wearable technology and security.”

Jewish Press News Briefs

Printed from: http://www.jewishpress.com/news/breaking-news/intel-says-it-exported-35-billion-from-israel-in-40-years/2014/01/26/

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