Governor of the Bank of Israel Amir Yaron says action must be taken to restore confidence in Israel's economy, but adds that it is capable of recovering rapidly after the war.
The cancellation of a highway project in Ethiopia and the devaluation of the Nigerian currency are weighing heavily on the Israeli construction company.
In a major blow to Israel's economy, the international ratings agency has also lowered Israel's outlook to negative, after a review for downgrade initiated after the start of the war.
Analysts say the surprise was not the downgrade but the negative outlook. Israel Business Forum: It's not too late for the government to change budget priorities.
Reacting to the cut in Israel's rating from A1 to A2, Minister of Finance Bezalel Smotrich said the agency's announcement contained no serious economic arguments.
Israel's fiscal deficit widened to 4.8% of GDP at the end of January 2024, the Ministry of Finance Accountant General has reported, up 0.6% from 4.2% at the end of December 2023.
Israel’s foreign exchange reserves at the end of January 2024 stood at $206.125 billion, up $1.442 billion from their level at the end of December 2023, the Bank of Israel reports.
The move follows an interview with "Globes" in which Livne said that finding a new CEO would take time and that he would remain the company's "spiritual father".
Zwi Williger, founder and chairman of food importer G. Willi Food International has submitted a bid to buy a 24.9% controlling stake in Shufersal at a company valuation of NIS 6.5 billion.