Latest news with #Calcalist
Saba Yemen
11 hours ago
- Politics
- Saba Yemen
losses of "Weizmann" Institute about two billion shekels due to Iranian bombing
Occupied Quds - Saba: The Israeli economic newspaper "Calcalist" reported, in a report, Thursday, that the estimates at the Weizmann Institute of Science indicate that "the extent of the damage caused to him, as a result of a missile injury, last Sunday, is two billion shekels." The report indicates that three research buildings are damaged, and another large number of buildings were injured. This estimate includes "material damage, only, which were caused by the infrastructure at the institute, and does not include the grave losses caused by scientific research, due to the loss of rare samples and materials that were developed at the institute, or were used as a basis for advanced research," according to the newspaper. An official told Calcalist, "The cost of establishing an empty laboratory building may reach 50 million dollars, and with advanced equipment, the cost may rise to 100 million dollars." Whatsapp Telegram Email Print
News18
3 days ago
- Business
- News18
Billions & Counting: How Much Are Gaza, Iran Wars Costing Israel? Explained
Last Updated: Apart from the billions in direct military spending, the two wars are affecting Israel's economic productivity, straining state resources and triggering national concerns Israel is facing an unprecedented period of conflict – first, the prolonged military operations in Gaza and then the recent escalation with Iran. Apart from the billions in direct military spending, the two wars are affecting economic productivity, straining state resources and triggering national concerns on long-term fiscal planning. THE COST OF GAZA WAR The cumulative cost of the Gaza war reached 250 billion shekels (over $67.5 billion) by the end of 2024, according to a January report by Israeli business outlet Calcalist. This figure only accounts for military operations, civilian expenditures, and revenue losses. THE COST OF IRAN WAR The war with Iran is costing the nation almost $725 million a day for military costs alone, revealed Brig. Gen. (res.) Re'em Aminach, a former senior defense officer and financial consultant to the IDF chief of staff, reported Ynet News. Aminach estimated that the first 48 hours of fighting cost about 5.5 billion shekels (roughly $1.45 billion), split evenly between offensive and defensive actions. Israel's attack alone is said to have cost around 2.25 billion shekels ($593 million). These are considered only direct military costs, with indirect economic damage yet to be measured. Meanwhile, according to an economist advising the government, just the direct cost of jet fuel and munitions involved in the campaign against Iran is estimated at around $300 million per day. Other experts have calculated that the daily cost of the Iran war is closer to 2.75 billion shekels ($725 million). HOW IS ISRAEL MANAGING THE BUDGET? The Israeli Finance Ministry set a deficit ceiling of 4.9 per cent of GDP for the fiscal year, equating to approximately 105 billion shekels ($27.6 billion). While the government had included an emergency reserve, much of it had already been depleted by the war in Gaza. Despite a recent increase in projected tax revenues — from 517.1 billion to 538.6 billion shekels — the state's 2025 growth forecast was revised downward from 4.3 per cent to 3.6 per cent, largely due to the continuation of reserve call-ups. According to the Arab Center Washington DC, reservist mobilisation has been one of the war's major financial drains. In the early stages of the Gaza war, the government recalled around 300,000 reservists. The Israeli Ministry of Finance estimated that each day involving 100,000 reservists costs the state about 70 million shekels in wages, with actual total costs closer to 100 million shekels daily after including food and shelter. Additionally, the loss of economic output from workers pulled out of the civilian workforce contributed to another estimated 100 million shekels in indirect costs per day. The Israeli Tax Authority's Compensation Fund disbursed 2.4 billion shekels from January through May 2025 to cover civilian property damage. Net withdrawals reached 3 billion shekels during this period. Although these funds are not reflected in the official fiscal deficit due to controversial accounting methods, they are counted as public debt and contribute to the broader economic burden. To accommodate the increased military demands, defence spending has soared. The Israeli Ministry of Defence's 2023 budget stood at 60 billion shekels. For 2024, it was raised to 99 billion, and 2025 projections suggest it could reach 118 billion shekels — nearly double the pre-war figure. Analysts expect the security budget to absorb around 7 per cent of GDP in 2024, a share second only to Ukraine globally. THE IMPACT ON ISRAEL Shachar Turjeman, president of the Federation of Israeli Chambers of Commerce, warned in a letter to Economy and Industry Minister Nir Barkat that business closures during the state of emergency could lead to massive layoffs, reported The Jerusalem Post. Barkat responded by noting that he had met with business leaders to create joint solutions and highlighted the need to provide conditions that allow the economy 'to continue to function even in an emergency". The sustained cost of warfare has led to heated discussions about redirecting revenues from natural gas resources — previously intended for healthcare and education — to military uses. With Agency Inputs Get Latest Updates on Movies, Breaking News On India, World, Live Cricket Scores, And Stock Market Updates. Also Download the News18 App to stay updated! tags : israel Israel Iran tension Location : New Delhi, India, India First Published: June 17, 2025, 19:03 IST News explainers Billions & Counting: How Much Are Gaza, Iran Wars Costing Israel? Explained
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First Post
3 days ago
- Business
- First Post
First Gaza, now Iran: What two back-to-back wars will cost Israel
The war in Gaza had cost Israel over 250 billion shekels ($67.5 billion) by the end of 2024. The initial Iran conflict cost an estimated 5.5 billion ($1.6 billion) shekels in just two days. Defence budgets have surged from 60 billion ($17.1 billion) to a projected 118 billion shekels ($33.6 billion) in 2025, while daily costs of reserve call-ups and missile operations continue to mount read more Smoke and fire rise at an impacted facility site following missile attack from Iran on Israel, at Haifa, Israel, June 15, 2025. File Image/Reuters Israel's prolonged military operations in Gaza and the recent escalation with Iran have plunged the country into the most expensive conflict period in its history. The dual warfare fronts are not only costing billions in direct military spending, but they're also dragging down economic productivity, straining state resources and triggering national concerns on long-term fiscal planning. The cumulative cost of the Gaza war alone reached approximately 250 billion shekels (over $67.5 billion) by the end of 2024, according to a January report by Israeli business outlet Calcalist. STORY CONTINUES BELOW THIS AD This figure accounts for military operations, civilian expenditures, and revenue losses, but still doesn't capture the full scope of economic repercussions. Now, the confrontation with Iran has introduced new budgetary challenges — and the price tag is rising fast. How much is a war going to cost Israel? Israel's have added substantially to wartime expenditures. A report by ynet news cited Brig. Gen. (res.) Re'em Aminach, a former financial adviser to the IDF Chief of Staff, who estimated that the first 48 hours of fighting cost about 5.5 billion shekels (roughly $1.45 billion), split evenly between offensive and defensive actions. Israel's attack alone is said to have cost around 2.25 billion shekels ($593 million). These are considered only direct military costs, with indirect economic damage yet to be measured. Shachar Turjeman, president of the Federation of Israeli Chambers of Commerce, warned in a letter to Economy and Industry Minister Nir Barkat that business closures during the state of emergency could lead to massive layoffs, reported The Jerusalem Post. He urged the government to ease restrictions and enable businesses to reopen with safety protocols in place, stressing, 'Allowing for economic activity in the market, including commerce, is necessary for the citizens, the workers, and the economy, as every day like this costs the economy a fortune and harms the business sector.' STORY CONTINUES BELOW THIS AD Barkat responded by noting that he had met with business leaders to create joint solutions and highlighted the need to provide conditions that allow the economy 'to continue to function even in an emergency.' Meanwhile, according to an economist advising the government, just the direct cost of jet fuel and munitions involved in the campaign against Iran is estimated at around $300 million per day. Other experts have calculated that the daily cost of the Iran war is closer to 2.75 billion shekels ($725 million). How is Israel budgeting its wars? The Israeli Finance Ministry set a deficit ceiling of 4.9 per cent of GDP for the fiscal year, equating to approximately 105 billion shekels ($27.6 billion). While the government had included an emergency reserve, much of it had already been depleted by the war in Gaza. Despite a recent increase in projected tax revenues — from 517.1 billion to 538.6 billion shekels — the state's 2025 growth forecast was revised downward from 4.3 per cent to 3.6 per cent, largely due to the continuation of reserve call-ups. According to the Arab Center Washington DC, reservist mobilisation has been one of the war's major financial drains. In the early stages of the Gaza war, the government recalled around 300,000 reservists. STORY CONTINUES BELOW THIS AD The Israeli Ministry of Finance estimated that each day involving 100,000 reservists costs the state about 70 million shekels in wages, with actual total costs closer to 100 million shekels daily after including food and shelter. Additionally, the loss of economic output from workers pulled out of the civilian workforce contributed to another estimated 100 million shekels in indirect costs per day. The Israeli Tax Authority's Compensation Fund disbursed 2.4 billion shekels from January through May 2025 to cover civilian property damage. Net withdrawals reached 3 billion shekels during this period. Although these funds are not reflected in the official fiscal deficit due to controversial accounting methods, they are counted as public debt and contribute to the broader economic burden. To accommodate the increased military demands, defence spending has soared. The Israeli Ministry of Defence's 2023 budget stood at 60 billion shekels. For 2024, it was raised to 99 billion, and 2025 projections suggest it could reach 118 billion shekels — nearly double the pre-war figure. Analysts expect the security budget to absorb around 7 per cent of GDP in 2024, a share second only to Ukraine globally. STORY CONTINUES BELOW THIS AD What do the wars in West Asia mean for oil prices? The sustained cost of warfare has led to heated discussions about redirecting revenues from natural gas resources — previously intended for healthcare and education — to military uses. The Nagel Committee recently proposed an additional 275 billion shekels ($74 billion) in defence spending over the next decade, recommending yearly increases of 27.5 billion shekels ($7 billion). This would support air defence systems like Iron Dome and new laser interceptors, along with building a fortified barrier along the Jordan Valley. Internationally, the Israel-Iran conflict is also reverberating through energy markets. Iran, despite facing sanctions, continues to export oil extensively. Oil Minister Javad Owji said exports generated over $35 billion in 2023. Reports by energy analysts indicate that from January to May 2024, Iran exported an average of 1.56 million barrels per day, largely to China — often using a 'dark fleet' of sanctioned ships that disguise their cargo origins. As tensions rise in the region, global concerns have grown over t he security of the Strait of Hormuz, a narrow but vital maritime chokepoint through which about one-third of the world's seaborne oil supply travels — roughly 21 million barrels per day. STORY CONTINUES BELOW THIS AD Any disruption here could send oil prices soaring, and Brent crude already rose to $74.60 per barrel early in the current crisis. Critics of Israel's war effort have described the expense as a 'heavy burden' and put a spotlight on the structural shift underway in Israel's budget — one that may sideline social services in favour of defence for years to come. And as military operations continue on both fronts, there is still no firm estimate of the total indirect losses, including damage to GDP, business output and long-term economic momentum. With inputs from agencies
Saba Yemen
22-05-2025
- Business
- Saba Yemen
Airlines Extend Suspension to Israel: Lufthansa Postpones Resumption of Flights to June 9
Occupied Quds - (Saba): The German airline Lufthansa Group announced the postponement of its return to Israel until June 8, while other companies extended their suspension of flights to and from the entity due to the impact of Yemeni missile strikes. The Lufthansa Group includes five of its affiliated airlines (Lufthansa, Austrian Airlines, Eurowings, Press Airlines, and Swiss). According to the Hebrew newspaper Calcalist, the summer season is approaching, but many airlines continue to postpone their return to operations in Israel, in light of the ongoing bombing from Yemen and the missile attack on Ben Gurion Airport, as well as the expansion of the fighting in Gaza. On the other hand, other airlines have already begun to return. Also, other airlines have not yet resumed operations in Israel: Air India – until May 25; Iberia – until May 31; and Iberia Express – until June 1. Ryanair - until June 4; United Airlines - until June 13; British Airways - until June 14; EasyJet - until June 30; and Air Canada has suspended flights until September 8. LOT Polish Airlines has decided to continue suspending flights until May 26. Italian airline ITA was expected to resume operations today, but it has extended its flight cancellations until May 25. The Hebrew website "Ace" reported that "Italian airline ITA Airways, a strategic partner of the Lufthansa Group, also announced this morning the cancellation of all its flights to Israel until June 8. Thus, the company aligns with Lufthansa's decision and joins a growing wave of international airlines choosing to suspend their operations in Israel, at least temporarily." According to the Hebrew newspaper Calcalist, the Greek airline Aegean Airlines, which was scheduled to resume flights to Israel yesterday (May 19), has decided to cancel them as of today (May 20) and has not yet announced its further intentions. The Hebrew newspaper reported that Delta Airlines has renewed its daily direct flights to Israel from John F. Kennedy Airport in New York as of today (May 20). Delta stated that the decision to resume flights was made after a comprehensive risk assessment, and that the company continues to monitor developments in the security arena on an ongoing basis and conducts operational assessments in accordance with security guidelines and intelligence reports. Other airlines, such as Wizz Air, Spanish Air Europa, Azerbaiin Airlines, and Ethiopian Airlines, have also already resumed flights to Israel. Israeli enemy airlines El Al, Israir, and Arkia, as well as foreign airlines Bluebird and TUS, continued their regular flights even after the missile struck Ben Gurion Airport. The Hebrew website "Ace" reported: "The wave of flight cancellations to Israel continues and deepens, as additional airlines announced the extension of the cancellation of flights to Ben Gurion Airport." It added: "Lufthansa is not alone. In the past 24 hours, other airlines have announced similar steps: Air Baltic canceled its flights until June 2, while Ethiopian Airlines announced a reduction in flights on the Addis Ababa-Tel Aviv route." It added: "Although these cancellations are in most cases merely temporary, aviation industry sources estimate that the return of these airlines to regular operations depends on two main criteria: the improvement and stabilization of the security situation in Israel over time, along with renewed passenger demand." Meanwhile, the Hebrew-language website Passport News, which specializes in covering tourism news, confirmed that Air France has postponed the resumption of its flights to Israel again until May 25, due to security tensions in the region. The statement read, "Air France reminds that the safety of its customers and crew is its top priority. The company is constantly monitoring developments in the geopolitical situation in the region to ensure the highest levels of safety and security on board its flights." The suspension of flights began after the Yemeni missile launch on May 4. The missile landed near Ben Gurion Airport, causing a drop in passenger numbers. Whatsapp Telegram Email Print more of (Reports)
Reuters
18-05-2025
- Business
- Reuters
Israel's Cyera valued at $6 billion in funding round, Bloomberg News reports
May 18 (Reuters) - Israel's data security firm Cyera is set to be valued at $6 billion after it raised $500 million in a new investment round, Bloomberg News reported on Sunday, citing people familiar with the matter. Reuters could not immediately confirm the report. Israeli news website Calcalist earlier reported some of the details of the investment, the report added.
