In a bold appeal for expanded energy initiatives, Mathios Rigas, CEO of the Israel-focused gas giant Energean, has called on the Israeli government to intensify offshore oil and gas exploration efforts. Speaking to Reuters on Thursday, Rigas emphasized the urgent need for new exploration licenses to meet skyrocketing energy demands across the eastern Mediterranean.
Read more: Energean Urges Israel to Expand Gas Exploration Amid Rising Demand
Following a recent and scathing State Comptroller report that criticized the Israel Tax Authority's lagging response to the burgeoning digital asset market, the government is taking decisive steps to close the crypto-taxation gap. The Ministry of Finance, in collaboration with the Tax Authority, has introduced draft legislation aimed at formally defining digital assets within Israel’s Income Tax Ordinance. This pivotal move will bring cryptocurrency and digital assets firmly under the scope of Israel’s tax laws, particularly capital gains tax, potentially unlocking billions of shekels in revenue for a state balancing economic demands amid pressing national security concerns.
Read more: Israel Moves to Tax Crypto Gains with New Legislation Following Criticism
In a dramatic downturn, oil prices dropped by over $3 per barrel on Monday as Israeli airstrikes on Iran avoided key oil and nuclear sites, easing market fears of supply disruptions from the Middle East. While the strikes were a sharp response to recent escalations, Israel's decision to steer clear of Iran’s crucial energy infrastructure and nuclear facilities brought an unexpected calm to the volatile oil market.
Read more: Oil Prices Down, Stocks Go Higher After Israel's Precision Strikes on Iran
In a stunning show of progress, Israel's electricity market reform has seen over 100,000 households and businesses switch from the Israel Electric Corporation (IEC) to private suppliers—well ahead of schedule. Initially set as the ambitious target for the end of 2024, this milestone has already been surpassed, prompting the Ministry of Energy and Infrastructure to raise its goal to 200,000 customers.
Read more: Israel’s Electricity Conversion Outpaces Initial Expectations
In a move that has sent ripples through the global financial community, Moody's Investors Service has downgraded Israel’s credit rating, citing a grim mix of economic challenges and political instability. The decision, spearheaded by Kathrin Muehlbronner, Senior Vice President of Moody’s Sovereign Risk Group, has sparked widespread debate over Israel’s future economic trajectory and its capacity to rebound from the ongoing crisis.
Read more: Moody's Explains Their Rationale For Surprise Israel Downgrade
