The Dutch Disease

After several decades in which Israel’s ‘energy sector’ comprised a bunch of half-baked local companies (legally structured as partnerships, but let’s skip the niceties) in the “oil exploration sector”, Israel is on the way to becoming an energy producer and an energy exporter. The process began in 1999, when deposits of natural gas were discovered offshore by the ‘Yam Thetis’ […]

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The almighty shekel

This week, the shekel reached its highest value against the US dollar in almost ten years, at about 3.78 shekels to the dollar. The seemingly relentless rise of the Israeli currency was interrupted on Thursday afternoon, when Bank Hapoalim shocked the local market by announcing another massive write-off of securitised American loans that it had unwisely invested in (so-called subprime, […]

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