Economy

Property and Building Corp closes the sale with New York-based real estate firm Innovo Property Group, recording a net loss of $45 million.

Known as "Bikurim: The Economic Zionist Initiative," its mission is to develop and deliver technology tools required for family-run small businesses to widen their consumer markets and attract more customers.

Fund intends to invest in 15 to 25 companies founded by Israeli entrepreneurs, with investment amounts up to $1 million per venture as a first investment.

PayPal survey on Israelis and online shopping finds average Israeli consumer spends 642 shekels on average a month, a dramatic 31% increase over the 491 shekels reported last year.

European retailer Schwarz Group acquires XM Cyber, an Israeli cybersecurity company that was co-founded by former Mossad chief Tamir Pardo in 2016.

Transportation Minister Merav Michaeli said the plan balances the government's responsibilities with those of the controlling shareholders in El Al, Arkia, and Israir.

Bilateral trade reached roughly $610 million between January and July 2021, while imports from the UAE to Israel totaled $400 million.

Investments in Israeli cyber have so far reached $6 billion, Prime Minister Naftali Bennett says. Israel has recently been named as one of the strongest cyber powers in the world by the International Institute for Strategic Studies.

Bank of Israel intervenes by purchasing tens of millions of dollars to stem the shekel's rise.