Latest news with #StevenScheer
Yahoo
3 days ago
- Business
- Yahoo
Israeli Finance Minister says banks should not obey EU sanctions on settlers
By Steven Scheer JERUSALEM (Reuters) -Israel's Finance Minister Bezalel Smotrich on Thursday condemned the country's banks that have refused to provide services to Israeli settlers sanctioned by the European Union and warned they may have to pay compensation to them. The EU last year imposed sanctions on five Israeli settlers for violence against Palestinians and Smotrich said there were reports of sanctions being considered against other settlers. But in a letter to the banking supervisor, he said Israeli banks should not follow a "zero risk" policy since it leads to the abandonment of Israeli clients "under the guise of compliance with foreign sanctions." In a statement quoting his letter to the regulator, Smotrich called on banks to use their legal, economic, and international strength to fight "unjust sanctions". "The banks' enormous profits enable them to take measured risks on behalf of their clients — especially when it comes to a national moral injustice," Smotrich, who leads the far-right Religious Zionism party, said. Should banks continue to comply with sanctions and harm clients, Smotrich said he intended to promote immediate legislation that would require banks to pay substantial compensation to affected customers. He also intends to require the Bank of Israel itself to offer banking services to citizens targeted by sanctions. Responding to the letter, the Bank of Israel said that while banks must comply with international sanctions to avoid an array of risks, a draft directive it published on Thursday aimed to ensure appropriate banking services were available for the affected customers. "Circumventing foreign sanctions regimes through the Israeli banking system exposes banking corporations to multiple risks, including compliance risks, anti-money laundering and counter-terror financing risks, legal risks, and reputational risks," the central bank said. But it said it has taken steps to comply with sanctions "without banks resorting to blanket refusals to serve such customers." While the sanctions in question concern Israeli settlers, the EU is reviewing its broad pact governing its political and economic ties with Israel in the face of mounting international pressure on Israel amid complaints about the lack of humanitarian aid reaching Gaza in the wake of the war triggered by Hamas' Oct. 7, 2023 attack.
Mint
18-05-2025
- Business
- Mint
Israel's Q1 GDP rises 3.4% in 2025 amid ongoing war against Hamas
Reuters Published 18 May 2025, 04:41 PM IST JERUSALEM, May 18 (Reuters) - Israel's economy grew moderately in the first three months of 2025, as the war in Gaza against Palestinian Islamist group Hamas continues to take its toll. The Central Bureau of Statistics said in an initial estimate on Sunday that gross domestic product grew by an annualised 3.4% in the January to March period from the fourth quarter, largely in line with a 3.5% consensus in a Reuters poll. On a per capita basis, GDP gained 2.2% in the first quarter. The war in Gaza broke out after Hamas' cross-border attack on southern Israel in October 2023. A ceasefire that came into effect on January 19 this year ended in mid-March, although a ceasefire with Hezbollah in Lebanon since late November has held up. (Reporting by Steven Scheer Editing by Gareth Jones)
Yahoo
07-05-2025
- Business
- Yahoo
Teva Pharm first-quarter profit rise tops estimates
JERUSALEM (Reuters) -Teva Pharmaceutical Industries reported a slightly larger than expected rise in first-quarter profit, helped by strong sales gains in a trio of its branded drugs to treat migraines, Huntington's disease and schizophrenia. The world's largest generic drugmaker said on Wednesday it earned 52 cents per diluted share, excluding one-time items, in the January-March quarter, up from 48 cents a share a year earlier. Revenue rose 2% to $3.89 billion. Analysts had forecast earnings of 46 cents per share ex-items for the Israel-based company on revenue of $3.99 billion, LSEG I/B/E/S data showed. Teva said that confirmed U.S. tariffs were expected to have an immaterial financial impact. (Reporting by Steven Scheer, Editing by Louise Heavens)
Yahoo
05-05-2025
- Business
- Yahoo
Flights again halted to Israel after Houthi missile lands near airport
By Steven Scheer JERUSALEM (Reuters) -European and U.S. carriers cancelled flights for the next several days after a missile fired by Yemen's Houthi rebels on Sunday landed near Israel's Ben Gurion Airport, the country's main international travel gateway. Many foreign airlines subsequently suspended flights to and from Tel Aviv after the missile hit, sending a plume of smoke into the air and causing panic among passengers in the terminal building. Following a ceasefire deal with Palestinian militant group Hamas in January, foreign carriers had begun to resume flights to Israel after halting them for much of the last year and a half since the Oct. 7, 2023 Hamas attack. That left flag carrier El Al Airlines - along with smaller rivals Arkia and Israir - with a near monopoly. El Al's shares rose 7%, while Israir gained 4.1% in a flat broader Tel Aviv market on Sunday. Delta Air Lines said it cancelled Sunday's flight from JFK in New York to Tel Aviv and the return flight from Tel Aviv on Monday. United cancelled its twice daily flights between Tel Aviv and Newark while it monitors the situation. Earlier, flights from Tel Aviv on Delta and United on Sunday morning departed about 90 minutes late. Lufthansa Group, which includes Lufthansa, Swiss, Brussels and Austrian, said it had halted flights to and from Tel Aviv through Tuesday due to the current situation. ITA said it had cancelled flights from Italy to Israel through Wednesday, while Air France cancelled flights on Sunday, saying customers were transferred to flights on Monday. TUS flights to and from Cyprus were cancelled through Monday, while Air India flights from New Delhi were halted on Sunday. Ryanair suspended flights on Sunday but flights are still scheduled for Monday, according to the Israel Airports Authority. Wizz also halted flights. "I'm afraid it's going to be very difficult to go back to France because all European carriers, from what I see on the information (board), have cancelled. Lufthansa have cancelled, Swiss have cancelled, Brussels (Airlines), so no connection is possible," said Michael Sceemes, 56, whose Air France flight was cancelled. Aegean, flydubai and Ethiopian did not cancel flights. El Al said it would reintroduce rescue flights to Israel from Larnaca and Athens for passengers stranded by foreign carriers at a cost of $99 and $149, respectively. Udi Bar Oz, head of Ben Gurion Airport, said the airport was up and running less than 30 minutes after the missile hit a road nearby. Claiming responsibility for the strike, the Houthis' military spokesperson, Yahya Saree, said Israel's main airport was "no longer safe for air travel". The Houthis, who control swathes of Yemen, began targeting Israel and Red Sea shipping in late 2023, during the early days of the war between Hamas and Israel in the Gaza Strip. U.S. President Donald Trump in March ordered large-scale strikes against the Houthis to deter them from targeting commercial shipping in the Red Sea. Prime Minister Benjamin Netanyahu vowed to respond to the Houthis. "We attacked in the past, we will attack in the future ... There will be more blows," he said.
Yahoo
04-05-2025
- Business
- Yahoo
Flights again halted to Israel after Houthi missile lands near airport
By Steven Scheer JERUSALEM (Reuters) -European and U.S. carriers cancelled flights for the next several days after a missile fired by Yemen's Houthi rebels on Sunday landed near Israel's Ben Gurion International Airport, the country's main international airport. Many foreign airlines subsequently suspended flights to and from Tel Aviv. Following a ceasefire deal with Palestinian militant group Hamas in January, foreign carriers had begun to resume flights to Israel after halting them for much of the last year and a half, although with less capacity and frequency. That left flag carrier El Al Airlines - along with smaller rivals Arkia and Israir - with a near monopoly, full flights and higher air fares. Delta Air Lines said it had cancelled Sunday's flight from JFK in New York to Tel Aviv and the return flight from Tel Aviv on Monday. United, though, had yet to cancel its flights from Newark. Flights from Tel Aviv on Delta and United departed about 90 minutes late. Lufthansa Group, which includes Lufthansa, Swiss, Brussels and Austrian, said it had halted flights to and from Tel Aviv through Tuesday due to the current situation. ITA said it had cancelled flights from Italy to Israel through Wednesday, while Air France cancelled flights on Sunday, saying customers were transferred to flights on Monday. TUS flights to and from Cyprus were cancelled through Monday, while Air India flights from New Delhi were halted on Sunday. Ryanair suspended flights on Sunday but flights are still scheduled for Monday, according to the Israel Airports Authority. Aegean, flydubai and Ethiopian did not cancel flights. Udi Bar Oz, head of Ben Gurion Airport, said the airport was up and running less than 30 minutes after the missile hit a road nearby. He said the airport and Transportation Minister were providing information to carriers to minimize damage to flight schedules in the coming days. Claiming responsibility for the strike that sent a plume of smoke into the air and caused panic among passengers in the terminal building, the Houthis' military spokesperson, Yahya Saree, said Israel's main airport was "no longer safe for air travel". The Houthis, who control swathes of Yemen, began targeting Israel and Red Sea shipping in late 2023, during the early days of the war between Hamas and Israel in the Gaza Strip. U.S. President Donald Trump in March ordered large-scale strikes against the Houthis to reduce their capabilities and deter them from targeting commercial shipping in the Red Sea. Prime Minister Benjamin Netanyahu vowed to respond to the Houthis. "We attacked in the past, we will attack in the future ... There will be more blows," he said.
