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July 28, 2015 / 12 Av, 5775
At a Glance

Posts Tagged ‘shekel’

Lapid is Still on a Roll, Poll Says

Sunday, May 5th, 2013

As many of you have known for a long time, I’m as out of the box as they come. My opinions rarely are the popular ones. If the Smith poll, which IMRA wrote about here, had asked me my opinion wouldn’t be like most others.

The poll shows/indicates that Yair Lapid’s Yesh Atid political party is gaining in support and would receive as many seats as the combined Likud Beitenu (Likud and Yisrael Beiteinu). Many of the new voters would be those who are abandoning Kadima and Tzipi Livni’s Movement.

Here are the poll’s results:

If elections held today (expressed in Knesset seats) Current Knesset seats in [brackets]. Please note: There are 120 seats in the Knesset. Parties must receive a minimum of 2% of the valid votes cast in the elections to be included in the Knesset – this comes to 2.4 seats. After elections are held the coalition forming a government must receive 61 votes in a vote of confidence in the Knesset. 30 [31] Likud Beiteinu (Likud and Yisrael Beiteinu) 30 [19] Lapid “Yesh Atid” Party 13 [12] Bayit Yehudi 12 [15] Labor 10 [11] Shas 07 [07] Yahadut Hatorah 07 [06] Meretz 00 [06] Livni party “Hatnua” Party 00 [02] Kadima 11 [11] Arab parties

Of course this poll is just taking into account the political parties in today’s Knesset. Every time we have new elections, new parties sprout up like weeds. And to be super honest, I don’t see a party I’d vote for.

Actually, Lapid as Finance Minister, isn’t doing all that well. After campaigning to reduce the budget, he’s now raising it. Actually he had planned on increasing it much more but was taught that Israel would suffer in terms of its rating.

Following a downgrade to Israel’s S&P credit rating Thursday night, Finance Minister Yair Lapid on Friday backed down on his proposal to raise the 2013 deficit target to 4.9% of GDP from its current 3%, agreeing to set it at 4.65% instead. [Jerusalem Post]

Arutz 7 reports something very troubling about Lapid and how he’s functioning as Finance Minister.

“On Thursday it was reported that Lapid planned to increase the deficit target for 2013 to 4.9%. The move was met with anger because Lapid did not involve Prime Minister Benjamin Netanyahu in his deliberations.

Lapid’s decision surprised Bank of Israel head Stanley Fischer as well. Fischer reportedly first heard of the news on Thursday evening as he landed in the United States.”

It would be better if Lapid was more a team player. He’s not supposed to be making such policy decisions on his own. Of course this is my opinion, and not all Israelis seem to agree with me.

Visit Shiloh Musings.

Warren Buffet Buys Out Israeli Firm for $2 Billion

Wednesday, May 1st, 2013

Warren Buffett’s Berkshire Hathaway is paying $2.05 billion for the remaining 20 percent of IMC International Metalworking Co, otherwise known as Isracar, completing the buyout that began with the giant $4 billion purchase of 80 percent of the company in 2006.

“We are delighted to acquire the portion of the company that was retained by the Wertheimer family when IMC first became a member of the Berkshire group of companies,” Buffett said Wednesday in a statement.

“As you can surmise from the price we’re paying for the remaining interest, IMC has enjoyed very significant growth over the last seven years,” Buffett, 82, said.

Isracar employs more than 2,000 people in Israel and 7,500 others around the world.

Buffett has literally fallen in love with Israel. The 2006 purchase of most of Isracar was Buffett’s largest-ever investment outside of the United States.

When he visited Israel prior to the spectacular purchase of the precision carbide cutting tools company, he said, “If you’re going to the Middle East to look for oil, you can skip Israel. If you’re looking for brains, look no further. Israel has shown that it has a disproportionate amount of brains and energy.”

Since then, an American-Israeli consortium drilling off the Haifa coast has made the world’s largest discovery of natural gas in the past 20 years, with a strong possibility of commercial quantities of oil.

Buffet’s purchase of the rest of Isracar on Wednesday helped strengthen the shekel against the dollar, with the going rate for a greenback now less than 3.58 shekels.

Next Israel Shekel Bills to Feature Sephardi Jew

Sunday, April 28th, 2013

The Netanyahu government is going “politically correct” and will make sure the next serious of Israel shekel bills will feature a Sephardi Jew following last year’s four new banknotes that featured only Ashkenazi Jews.

Prime Minister Binyamin Netanyahu said on Sunday he personally prefers that the “Sephardi shekel bill” feature poet Rabbi Yehuda HaLevy, calling his poetry “genius.”

Knesset Member Aryeh Deri of the Shas Sephardi religious party sharply criticized the monopoly of Ashkenazi Jews on the most recent series.

“Money adorned with an image of a Mizrahi figure is not worth less,” he said.

The Rambam, Moses Maimonides, was featured on a banknote in 1980 but is only widely-known Sephardic to be seen on Israel money.

Fischer Launches New War on Shekel-Dollar Rate

Monday, April 8th, 2013

Bank of Israel Governor Stanley Fischer launched a new war on the falling shekel-dollar rate Monday and ordered the purchase of $100 million of greenbacks, soon after the rate dropped close to 3.59 shekels to the dollar for the first time in nearly two years.

The massive purchase catapulted the rate from the 18-month low of 3.592 to 3.62 in only a few minutes.

The shekel has strengthened this year, receiving recent support from expectations of positive fallout from the beginning of the flow of Israeli natural off-shore gas.

A strong shekel is great news for consumers buying items imported from the United States, but it sends shivers through Israeli companies with revenues in dollars. After converting income to shekels, the firms are left with less money, and their executives are constantly pressuring the Finance Ministry and the Bank of Israel to take measures to raise the currency rate.

Upside-Down Coffee

Monday, October 22nd, 2012

This is a normal cup of Israeli coffee, the kind you can order practically anywhere. This particular shop, in fact, is usually associated with gas stations. It’s called Kafe Hafuch or Upside-down coffee, the local equivalent of the French café au lait. It goes for between 8 and 14 shekel, or $2 to $3.5.

Here’s the HUGE difference, though, between the average Israeli coffee and its American counterpart: the average, lowly, gas station coffee in Israel beats by far the most expensive coffee shop coffee in New York. I don’t even want to mention a certain Seattle-based coffee shop chain where they burn the coffee so bad you can hear the cries coming up from below the floor boards. I’m talking about every doughnut shop or coffee shop in the city (depending on your kashrut standards, obviously) – in all those places the coffee has usually stood up on the heating pad for half a day, it’s sour and bitter, and you drink it basically for the kick you need so desperately before going into an important meeting.

But in Israel (depending on your kashrut standards, obviously), with very few disappointing exceptions, the coffee is delicious. It has just the right amount of kick, it’s made fresh at the espresso machine, and if you’re lucky the counter person knows how to make those lovely illustrations in the foamy milk that break your heart when you end up drinking their art.

Nancy says it’s all about the milk, meaning that Israeli coffee is, basically half milk, steamed, so no matter how lousy the coffee underneath is, the milk covers it up. Maybe she’s right. Maybe it also explains why I shell out 11 shekel per cup (just under $3), but I’ll tell you, I’m happy to pay knowing my coffee will be good every time.

Except for the guy at the lobby of the Maccabi HMO offices in Netanya, whose coffee is bitter. So stay away from coffee shops in HMO buildings, otherwise, trust me, Israeli coffee is the best.

Shekel Up Against Dollar Post-Rosh Hashanah

Wednesday, September 19th, 2012

The shekel strengthened against the dollar and euro in trading after the Rosh Hashana holiday.  Tel Aviv’s foreign currency exchange market was closed Monday and Tuesday for the Jewish New Year.

In trading on Wednesday morning, the shekel-dollar rate dropped by 0.38% to 3.895 shekels to the dollar.

The Euro also strengthened against the dollar to $1.308 to the euro following a four-month low by the dollar against the euro last week.

Netanyahu Releases 250 Million Shekel Advance to PA

Wednesday, September 12th, 2012

After consulting with Finance Minister Yuval Steinitz, Prime Minister Binyamin Netanyahu released on Tuesday a 250 million shekel advance to the Palestinian Authority, due to concerns that public Arab protests against the PA may lead to anarchy in Judea and Samaria.

The money will be used to shore PA President Mahmoud Abbas’s government, and will be funneled into the various departments by PA Prime Minister Salam Fayyad.

Reports indicate that the PA is still in arrears of payment to the Israel Electric Company by 700 million shekels.

The majority of aid to the Palestinian Authority comes from the United States and European Union. Only 22 percent of the PA’s funding came from Arab donors in 2010.

Printed from: http://www.jewishpress.com/news/netanyahu-releases-250-million-shekel-advance-to-pa/2012/09/12/

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