Israel Active

Jerusalem’s Mahane Yehuda street market is one of the Capital city’s famous icons. It is currently celebrating its centenary year of business. Here are several articles, plus Jacob Richman’s colorful photos of the market and its wares.

Israel’s Nextferm (see previously) has signed an agreement with India’s Kothari Fermentation and Indian subcontractor Biochem, to produce Nextferm’s flagship product ProteVin - a vegan, yeast-based non-GMO fermented protein powder.

US venture capital fund General Catalyst is to finance 80% of the cost of acquiring new customers for Israeli insurtech company Lemonade – approximately $150 million. In return, the US company will receive 16% of the premiums generated from the policies they helped finance.

HSBC (UK) and Leumi (Israel) are providing $1.1 billion of finance for Tel Aviv’s light railway. The 46 stations, 18-mile-long Purple Line will connect central Tel Aviv to Yehud, Kiryat Ono, Ramat Gan, Givatayim, Bar Ilan University, Sheba Medical Center, and Shuk Hacarmel.

El Al Israel Air Lines and Delta Air Lines have announced a “strategic partnership” that they say will make traveling easier for passengers flying between Israel and the United States. It offers more flights, convenient connections, reciprocal air miles and more.

Icelandic flag carrier Icelandair has launched Tel Aviv - Reykjavik flights. The new seasonal service will operate on Weds, Fri, and Sun until end-Oct. Estimated flight time is seven hours. There is a high demand from Israeli tourists wanting to visit Iceland, and for connections to North America.

Two Israeli banks are to pay interest to customers with credit balances in their current accounts.  Bank Leumi has many conditions, but Bank Mizrahi Tefahot will pay 2% on balances up to NIS 25,000 provided the customer has at least NIS 50,000. Both banks are to reduce interest on overdrafts.

The Israel Innovation Authority’s “State of High Tech” annual report show that in 2021, Israel’s hi-tech industry earned 50% more than the next sector – trade & retail.  In 2022 the gap was 90%. Israeli hi-tech is worth 18.1% of GDP - in the USA it is only 10%, and in Europe it’s under 6%.

Israeli digital insurance company Lemonade (see previously) is claiming a new record after settling a claim in just two seconds to a customer whose bicycle was stolen in the UK. Lemonade’s AI system assessed, checked, and paid the customer in just two seconds.

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