On thursday, a US warship intercepted missiles fired by Houthi rebels apparently towards Israel. Does this action amount to America joining the war? Here's what Priyanka Sharma has to say.

Israel-Palestine war: US President Biden urges Congress to pass defence spending package | Gravitas

Foes for centuries, Russia and its "dear friend" China have begun to find common ground with the Middle East countries that have voiced support for Palestine amid the Israel-Hamas war.

The counter-offensive by Israel has presented&nbsp;an opportunity for both Moscow and Beijing to come up as the champs of the developing world as Washington has fairly and squarely backed its ally Tel Aviv.

Though China has repeatedly called for restraint and a ceasefire, it has also strongly denounced Israel over its bombardment of the besieged Palestinian enclave.

"Israel's actions have gone beyond the scope of self-defence," Chinese Foreign Minister Wang Yi said earlier this week, calling on it to stop its "collective punishment" of Gaza residents, Chinese state media reported.

Russia, amid the conflict, has expressed sympathy for the Palestinians while condemning the United States, stating that the upsurge of violence and tensions between Israel and Hamas showed the failure of the United States' Middle-East policy.

Russian President Vladimir Putin also stated that Washington sought to monopolise the international efforts aimed at forging peace in the region, further condemning the US for not seeking compromises acceptable to both sides.

"I think that many people will agree with me that this is a vivid example of the failure of United States policy in the Middle East," Putin had told Iraqi Prime Minister Mohammed Shia Al-Sudani last week.

"The US tried to monopolise the solution (of the crisis between Israel and Palestinians), but, unfortunately, was not concerned with finding compromises acceptable to both sides, but, on the contrary, promoted its own ideas about how it should be done and put both sides under pressure. That's both sides, at one or another," he said.

Both Putin and Chinese President Xi Jinping have strived to strengthen links to the global south, witnessing economic prospects and conceivably a way to negate the diplomatic influence of the United States and its allies. This strategy was on its full display earlier this week as China hosted a summit for Xi's Belt and Road Initiative, which has loaned hundreds of billions of dollars for infrastructure projects across the Middle East, Africa, Latin America and Asia.

Putin attended and met Xi for three hours of talks that included "an in-depth exchange of views on the Palestinian-Israeli situation", China said.

Also read:&nbsp;<a href="https://www.wionews.com/world/us-president-joe-biden-asks-congress-for-105-bln-security-package-includes-funds-for-ukraine-and-israel-649351">Biden asks Congress for $105 bln package, including funds for Ukraine, Israel</a>

"China and Russia still see (the crisis) more in terms of the United States than in terms of either Palestine or Israel," said Jon Alterman, director of the Middle East Program at the Center for Strategic and International Studies in Washington.

"If the United States can effectively rally the world, it's bad for them. If the US and its allies grow increasingly isolated, they see that as good for them."

<h2>China and Russia's support for Palestine</h2>

The way both Moscow and Beijing operate in the Middle East has a lot in common. Russia has been a staunch critic of the United States, however, China has mainly opted to bypass denouncing the US.

This year, China signalled its growing influence in the Middle East when it announced a deal on the restoration of ties between Saudi Arabia and Iran.

On the other hand, Russia too has been enhancing its relationship with Iran via its move to back Syrian President Bashar al-Assad and supplies of Iranian drones.

Both Moscow and Beijing have strongly voiced support for Palestinians and are critical of what they say is the stigmatisation of them by the United States.&nbsp;

"There's clearly a shared interest in emphasising the negative role of the US in the conflict," news agency Reuters quoted Jean-Loup Samaan, senior research fellow at the Middle East Institute of the National University of Singapore, as saying.

"And that fits within their broader narrative on the need to build an alternative world order to the US."

Earlier, Putin, accusing the West of not taking into consideration the fundamental interests of Palestinians, had stated that it was necessary to "implement the decisions of the UN Security Council on the creation of an independent sovereign Palestinian state."

Russian Foreign Minister Sergei Lavrov also echoed the same sentiment saying that the creation of a Palestinian state was the "most reliable" solution for peace in Israel.&nbsp;

"Creation of a Palestinian state that would live side by side with Israel.. is the most reliable path to solve (the conflict). We cannot agree with those who say that security can only be ensured through a fight with terrorism," he said.

Meanwhile, Chinese media covered the Hamas assault and since then has been carrying reports containing images of Palestinians suffering, with some even citing Palestinian sources as saying Israel was responsible for the violence.

"None of the reality that shocked much of the world on October 7 is in Chinese news. Instead, the news features Israeli bombing of Gaza without explaining that the target is only Hamas infrastructure," Reuters quoted Carice Witte, director of the SIGNAL Group, a Sino-Israel relations think tank based in Tel Aviv as saying.

(With inputs from agencies) 
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Foes for centuries, Russia and its "dear friend" China have begun to find common ground with the Middle East countries that have voiced support for Palestine amid the Israel-Hamas war.

Foes for centuries, Russia and its "dear friend" China have begun to find common ground with the Middle East countries that have voiced support for Palestine amid the Israel-Hamas war. The counter-offensive by Israel has presented an opportunity for both Moscow and Beijing to come up as the champs of the developing world as Washington has fairly and squarely backed its ally Tel Aviv. Though China has repeatedly called for restraint and a ceasefire, it has also strongly denounced Israel over its bombardment of the besieged Palestinian enclave. "Israel's actions have gone beyond the scope of self-defence," Chinese Foreign Minister Wang Yi said earlier this week, calling on it to stop its "collective punishment" of Gaza residents, Chinese state media reported. Russia, amid the conflict, has expressed sympathy for the Palestinians while condemning the United States, stating that the upsurge of violence and tensions between Israel and Hamas showed the failure of the United States' Middle-East policy. Russian President Vladimir Putin also stated that Washington sought to monopolise the international efforts aimed at forging peace in the region, further condemning the US for not seeking compromises acceptable to both sides. "I think that many people will agree with me that this is a vivid example of the failure of United States policy in the Middle East," Putin had told Iraqi Prime Minister Mohammed Shia Al-Sudani last week. "The US tried to monopolise the solution (of the crisis between Israel and Palestinians), but, unfortunately, was not concerned with finding compromises acceptable to both sides, but, on the contrary, promoted its own ideas about how it should be done and put both sides under pressure. That's both sides, at one or another," he said. Both Putin and Chinese President Xi Jinping have strived to strengthen links to the global south, witnessing economic prospects and conceivably a way to negate the diplomatic influence of the United States and its allies. This strategy was on its full display earlier this week as China hosted a summit for Xi's Belt and Road Initiative, which has loaned hundreds of billions of dollars for infrastructure projects across the Middle East, Africa, Latin America and Asia. Putin attended and met Xi for three hours of talks that included "an in-depth exchange of views on the Palestinian-Israeli situation", China said. Also read: Biden asks Congress for $105 bln package, including funds for Ukraine, Israel "China and Russia still see (the crisis) more in terms of the United States than in terms of either Palestine or Israel," said Jon Alterman, director of the Middle East Program at the Center for Strategic and International Studies in Washington. "If the United States can effectively rally the world, it's bad for them. If the US and its allies grow increasingly isolated, they see that as good for them." China and Russia's support for Palestine The way both Moscow and Beijing operate in the Middle East has a lot in common. Russia has been a staunch critic of the United States, however, China has mainly opted to bypass denouncing the US. This year, China signalled its growing influence in the Middle East when it announced a deal on the restoration of ties between Saudi Arabia and Iran. On the other hand, Russia too has been enhancing its relationship with Iran via its move to back Syrian President Bashar al-Assad and supplies of Iranian drones. Both Moscow and Beijing have strongly voiced support for Palestinians and are critical of what they say is the stigmatisation of them by the United States. "There's clearly a shared interest in emphasising the negative role of the US in the conflict," news agency Reuters quoted Jean-Loup Samaan, senior research fellow at the Middle East Institute of the National University of Singapore, as saying. "And that fits within their broader narrative on the need to build an alternative world order to the US." Earlier, Putin, accusing the West of not taking into consideration the fundamental interests of Palestinians, had stated that it was necessary to "implement the decisions of the UN Security Council on the creation of an independent sovereign Palestinian state." Russian Foreign Minister Sergei Lavrov also echoed the same sentiment saying that the creation of a Palestinian state was the "most reliable" solution for peace in Israel. "Creation of a Palestinian state that would live side by side with Israel.. is the most reliable path to solve (the conflict). We cannot agree with those who say that security can only be ensured through a fight with terrorism," he said. Meanwhile, Chinese media covered the Hamas assault and since then has been carrying reports containing images of Palestinians suffering, with some even citing Palestinian sources as saying Israel was responsible for the violence. "None of the reality that shocked much of the world on October 7 is in Chinese news. Instead, the news features Israeli bombing of Gaza without explaining that the target is only Hamas infrastructure," Reuters quoted Carice Witte, director of the SIGNAL Group, a Sino-Israel relations think tank based in Tel Aviv as saying. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Explained | How Russia and China found common cause in conflict between Israel, Hamas

Palestinian militant group Hamas, on Friday (Oct 20), released a statement saying that it had released two American hostages out of the 200 captives it kidnapped following an unprecedented attack against Israel.

"In response to Qatari efforts, (Ezzedine) al-Qassam Brigades released two American citizens (a mother and her daughter) for humanitarian reasons," Hamas said in a statement posted on Telegram.

The militant group did not share details on how and when the hostages were released.

Earlier on Friday, the Israeli military said that most of the hostages abducted to Gaza were still alive.

"The majority of the hostages are alive. There were also dead bodies that were taken... to the Gaza Strip," an army statement said.

The army said that more than 20 hostages were minors, while between 10 and 20 were over the age of 60.

The Israeli military has carried out air raids on thousands of Hamas targets in Gaza, said the spokesman.

"They include quality targets such as drone facilities, they include naval facilities, they include command and control facilities, they include all of the rocket facilities," Lerner said.

Also read:&nbsp;<a href="https://www.wionews.com/world/us-president-joe-biden-asks-congress-for-105-bln-security-package-includes-funds-for-ukraine-and-israel-649351">Biden asks Congress for $105 bln package, including funds for Ukraine, Israel</a>

"Our assessment suggests that at this time Hamas are in a state of disarray, they have no idea what the situation is above ground, they have escaped into the tunnels."

<h2>'Any help from New Delhi is welcome' for release of hostages, says Israel envoy to India</h2>

Israel's Ambassador to India, Naor Gilon, while speaking to Indian Express, stated that Israel would welcome any help from India for the release of over 200 Israeli hostages, including several foreign nationals.&nbsp;

He further said that Israel was "moved that the first reaction from Prime Minister Narendra Modi came on the same afternoon, even before the full picture was out".

Gilon added that Indian Prime Minister Narendra Modi again "expressed solidarity" after speaking to Israeli Prime Minister Benjamin Netanyahu a few days later. He said, "Not just the Indian PM, we have got a show of support from all levels here — officials, ministers, civil society, and even people on social media."&nbsp;

(With inputs from agencies)

Disclaimer: WION takes utmost care to accurately and responsibly report ongoing developments on the Israel-Palestine conflict after the Hamas attacks. However, we cannot independently verify the authenticity of all statements, photos and videos.

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Palestinian militant group Hamas, on Friday (Oct 20), released a statement saying that it had released two American hostages out of the 200 captives it kidnapped following an unprecedented attack against Israel.

Palestinian militant group Hamas, on Friday (Oct 20), released a statement saying that it had released two American hostages out of the 200 captives it kidnapped following an unprecedented attack against Israel. "In response to Qatari efforts, (Ezzedine) al-Qassam Brigades released two American citizens (a mother and her daughter) for humanitarian reasons," Hamas said in a statement posted on Telegram. The militant group did not share details on how and when the hostages were released. Earlier on Friday, the Israeli military said that most of the hostages abducted to Gaza were still alive. "The majority of the hostages are alive. There were also dead bodies that were taken... to the Gaza Strip," an army statement said. The army said that more than 20 hostages were minors, while between 10 and 20 were over the age of 60. The Israeli military has carried out air raids on thousands of Hamas targets in Gaza, said the spokesman. "They include quality targets such as drone facilities, they include naval facilities, they include command and control facilities, they include all of the rocket facilities," Lerner said. Also read: Biden asks Congress for $105 bln package, including funds for Ukraine, Israel "Our assessment suggests that at this time Hamas are in a state of disarray, they have no idea what the situation is above ground, they have escaped into the tunnels." 'Any help from New Delhi is welcome' for release of hostages, says Israel envoy to India Israel's Ambassador to India, Naor Gilon, while speaking to Indian Express, stated that Israel would welcome any help from India for the release of over 200 Israeli hostages, including several foreign nationals. He further said that Israel was "moved that the first reaction from Prime Minister Narendra Modi came on the same afternoon, even before the full picture was out". Gilon added that Indian Prime Minister Narendra Modi again "expressed solidarity" after speaking to Israeli Prime Minister Benjamin Netanyahu a few days later. He said, "Not just the Indian PM, we have got a show of support from all levels here — officials, ministers, civil society, and even people on social media." (With inputs from agencies) Disclaimer: WION takes utmost care to accurately and responsibly report ongoing developments on the Israel-Palestine conflict after the Hamas attacks. However, we cannot independently verify the authenticity of all statements, photos and videos. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Hamas releases two American hostages from Gaza

A convoy of 20 trucks, carrying humanitarian aid, entered the Gaza Strip from Egypt through the Rafah crossing on Saturday (Oct 21), confirmed the Palestinian terrorist group Hamas in a statement.

Israel-Palestine war | Trucks, filled with humanitarian aid, enter Gaza through Rafah crossing

At least 81 Palestinians have been killed by Israeli troops or settlers in the occupied West Bank since the beginning of the war between Israel and the Palestinian militant group Hamas, said the Palestinian health officials in Ramallah, on Friday (Oct 20).&nbsp;

The death toll following an arrest raid in the <a href="https://www.wionews.com/world/israel-hamas-war-at-least-7-palestinians-killed-across-west-bank-10-israeli-officers-injured-amid-clashes-648878">Nur Shams refugee camp</a> near the city of Tulkarem by Israeli troops, on Thursday also rose to 13, said the Palestinian officials in the West Bank.&nbsp;

Meanwhile, Israeli authorities said that one border officer was killed and nine others were injured after intense clashes during the raid.&nbsp;

The Israel Defense Forces (IDF) said that’s troops have arrested over 580 wanted Palestinians across the Palestinian territory.

<h2>Death toll rises to 13</h2>

According to the Palestinian health ministry, over 13 people, including five children were killed after Israeli troops stormed Nur Shams camp. The Palestinian Authority said that Israel carried out a rare drone strike which killed at least 12 Palestinians.&nbsp;

The IDF said that it carried out an air strike which killed “a number of terrorists” in Nur Shams. It added, “Exchanges of fire with armed gunmen, which included explosive devices being thrown at Israeli security forces, took place.”&nbsp;

The Palestinian media outlets also reported gunmen shooting at the Israeli forces and setting off explosive devices in the area.&nbsp;

The Palestinian health ministry said Israeli forces shot dead a 17-year-old in Dheisheh refugee camp and a 32-year-old in Budrus, west of Ramallah, during clashes earlier Thursday.&nbsp;

According to the Israeli military, people hurled “molotov cocktails and other objects” like burning tires which prompted its troops to open fire.&nbsp;

This comes amid unrest and protests across the West Bank since October 7 when Hamas attacked Israel and the latter has since retaliated with constant bombardment of Gaza. Palestinians across the West Bank have held rallies in solidarity with Gaza’s 2.4 million people.

<h2>More than 580 Palestinians arrested: IDF</h2>

The clashes also led to the death of one Israeli border police personnel who was identified by the police as Master sergeant Maxim Razinkov. He was said to be fatally wounded by an improvised explosive device hurled at the Border Police forces. At least nine other officers were lightly wounded, said the Israeli police.&nbsp;

The IDF said that they have arrested 584 wanted Palestinians across the West Bank, including over 375 who are said to be associated with Hamas. Around 47 alleged Hamas members were arrested overnight, said the Israeli military on Friday.

The IDF also arrested an 18-year-old Palestinian from Ramallah claiming that he had been staying in Israel illegally and was suspected of having stolen the vehicle with the intention of carrying out a ramming attack against Israeli forces at the West Bank’s Hizma checkpoint near Jerusalem.&nbsp;

(With inputs from agencies)

Disclaimer: WION takes utmost care to accurately and responsibly report ongoing developments on the Israel-Palestine conflict after the Hamas attacks. However, we cannot independently verify the authenticity of all statements, photos and videos.

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At least 81 Palestinians have been killed by Israeli troops or settlers in the occupied West Bank since the beginning of the war between Israel and the Palestinian militant group Hamas, said the Palestinian health officials in Ramallah, on Friday (Oct 20).

At least 81 Palestinians have been killed by Israeli troops or settlers in the occupied West Bank since the beginning of the war between Israel and the Palestinian militant group Hamas, said the Palestinian health officials in Ramallah, on Friday (Oct 20). The death toll following an arrest raid in the Nur Shams refugee camp near the city of Tulkarem by Israeli troops, on Thursday also rose to 13, said the Palestinian officials in the West Bank. Meanwhile, Israeli authorities said that one border officer was killed and nine others were injured after intense clashes during the raid. The Israel Defense Forces (IDF) said that’s troops have arrested over 580 wanted Palestinians across the Palestinian territory. Death toll rises to 13 According to the Palestinian health ministry, over 13 people, including five children were killed after Israeli troops stormed Nur Shams camp. The Palestinian Authority said that Israel carried out a rare drone strike which killed at least 12 Palestinians. The IDF said that it carried out an air strike which killed “a number of terrorists” in Nur Shams. It added, “Exchanges of fire with armed gunmen, which included explosive devices being thrown at Israeli security forces, took place.” The Palestinian media outlets also reported gunmen shooting at the Israeli forces and setting off explosive devices in the area. The Palestinian health ministry said Israeli forces shot dead a 17-year-old in Dheisheh refugee camp and a 32-year-old in Budrus, west of Ramallah, during clashes earlier Thursday. According to the Israeli military, people hurled “molotov cocktails and other objects” like burning tires which prompted its troops to open fire. This comes amid unrest and protests across the West Bank since October 7 when Hamas attacked Israel and the latter has since retaliated with constant bombardment of Gaza. Palestinians across the West Bank have held rallies in solidarity with Gaza’s 2.4 million people. More than 580 Palestinians arrested: IDF The clashes also led to the death of one Israeli border police personnel who was identified by the police as Master sergeant Maxim Razinkov. He was said to be fatally wounded by an improvised explosive device hurled at the Border Police forces. At least nine other officers were lightly wounded, said the Israeli police. The IDF said that they have arrested 584 wanted Palestinians across the West Bank, including over 375 who are said to be associated with Hamas. Around 47 alleged Hamas members were arrested overnight, said the Israeli military on Friday. The IDF also arrested an 18-year-old Palestinian from Ramallah claiming that he had been staying in Israel illegally and was suspected of having stolen the vehicle with the intention of carrying out a ramming attack against Israeli forces at the West Bank’s Hizma checkpoint near Jerusalem. (With inputs from agencies) Disclaimer: WION takes utmost care to accurately and responsibly report ongoing developments on the Israel-Palestine conflict after the Hamas attacks. However, we cannot independently verify the authenticity of all statements, photos and videos. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Israel-Hamas war: Over 80 Palestinians in West Bank killed by Israeli troops, settlers, claims health ministry

U.S. President Joe Biden on Friday said he believed that trucks carrying aid will get through to Gaza in the next 24 to 48 hours, as he met with leaders from the European Union at the White House to discuss the war in the Middle East.

Joe Biden says he thinks aid trucks will get through to Gaza within 2 days

President Joe Biden returned to the United States from Israel, without meeting Arab and Palestinian Authority leaders, despite days of shuttle diplomacy by Secretary of State Antony Blinken.

Israel-Palestine war: US President Joe Biden returns from Israel

Meta has apologised for adding "terrorist" to the biographies of some Instagram users describing themselves as Palestinian.

Meta sorry for adding 'terrorist' to some Palestinian user bios

In the midst of the growing conflict between Israel and the Palestinian militant group Hamas, global financial markets are challenged with uncertainty fuelled with concerns regarding inflation and geopolitical risks. &nbsp;

Recent reports highlight this unease, showing that a significant amount of inflows have been taken out of the iShares MSCI Israel exchange-traded fund (ETF), which is the largest ETF with investments in Israeli stocks, due to the ongoing situation in Gaza. Additionally, the Israeli shekel has reached its lowest value in nearly eight years compared to the U.S. dollar.&nbsp;

Israel's economy, once considered one of the strongest in the world, is now in a precarious position. The stability and growth it has built over the years are at risk as the country's central bank grapples with the challenging task of predicting the economic consequences of the ongoing conflict.&nbsp;

In this edition, we explore the history of Israel's economic development since its independence in 1948 to the complex challenges it faces today.&nbsp;

Post-Independence struggles (1948-1967)&nbsp;

The immediate years following Israel's declaration of independence in 1948 were marked by a host of complex economic challenges. The country was embroiled in a war with its Arab neighbours, demanding substantial financial resources for military efforts. Simultaneously, Israel faced the formidable task of absorbing a massive wave of immigrants and providing for the basic needs of this growing population.&nbsp;

To meet these demands, Israel implemented strict austerity measures and turned to inflationary government finance, which was kept in check through price controls and rationing of essential goods. However, addressing the housing crisis and employment shortages brought on by the population surge proved to be prolonged endeavours.&nbsp;

The early Israeli economy was fundamentally shaped by two pivotal factors: immigration and military expenditures. The influx of immigrants brought not only human capital but also substantial capital inflows, contributing to economic growth. Concurrently, Israel actively pursued self-sufficiency and embarked on a journey of industrialisation, laying the foundations for a more resilient economy. &nbsp;

Post-Six-Day war boom (1967-1980)&nbsp;

The Six-Day War of 1967 had a profound and, in many ways, positive impact on Israel's economy. The acquisition of new territories, including the West Bank and Gaza Strip, significantly altered the economic and political dynamics in the region. Israel assumed responsibility for both the economic and political life in these areas, resulting in the establishment of Jewish settlements and the unification of the Arab sections of Jerusalem with the Jewish sector.&nbsp;

This period witnessed substantial growth in high-tech and defence industries, with foreign aid and investments, particularly from the United States, playing a crucial role in sustaining Israel's economy. The post-war boom fuelled the nation's economic development, and the construction of Jewish settlements in the occupied territories emerged as a critical element of the region's economic landscape.&nbsp;

Economic crisis and stabilisation (1980-1990)&nbsp;

The 1980s were marked by significant economic turmoil in Israel, characterised by high inflation and mounting budget deficits. To counter the inflationary spiral and bring economic stability, Israel embarked on a comprehensive economic stabilisation plan in the mid-1980s. This ambitious program included exchange rate stabilisation, budgetary restraint, wage and price freezes, and tight monetary policies that succeeded in significantly reducing the inflation rate.&nbsp;

Technological advancements and export-orientation (1990-2000)&nbsp;

Starting in the 1990s, Israel began a transition towards a more market-oriented economy. The emphasis on innovation and technological advancements resulted in the rapid growth of the high-tech sector. Israel's contributions to the global technological landscape gained international recognition, making it an attractive destination for investors and entrepreneurs alike. During this period, trade liberalisation and globalisation played an increasingly pivotal role as Israel sought to establish a solid presence in the global economy.&nbsp;

High-tech hub and economic growth (2000-2010)&nbsp;

The 21st century brought the emergence of Israel as a global high-tech hub, renowned for its innovation and entrepreneurial spirit. The booming tech industry, characterised by start-ups, cutting-edge research, and technological breakthroughs, played a central role in driving economic growth. Israel's success in attracting venture capital and fostering entrepreneurship solidified its place on the world stage.&nbsp;

However, the global financial crisis of 2008 did have an impact Israel's economy, leading to a period of economic uncertainty and necessitating adaptability.&nbsp;

Contemporary economic landscape (2010-present)&nbsp;

Israel's economy has continued to evolve. Its reputation as a hub for start-ups and innovation has grown, with the nation consistently at the forefront of technological advancements. However, Israel still faces challenges, including income inequality and soaring housing costs. &nbsp;

With the war at hand, media reports say that The Bank of Israel and the Ministry of Finance are making economic forecasts. Uncertainty on how long the conflict will last persists. The main scenario expects intense fighting in the south for up to six months, involving a large number of reservists. This will hurt the economy, causing a 1 per cent drop in GDP, mainly due to reduced consumer spending.&nbsp;

To cover the cost of rehabilitation and compensation, the government may have to reallocate funds from other budget areas. As a result, the Bank of Israel is expected to lower interest rates by at least 50 basis points to counter the economic impact of the conflict.&nbsp;

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In the midst of the growing conflict between Israel and the Palestinian militant group Hamas, global financial markets are challenged with uncertainty fuelled with concerns regarding inflation and geopolitical risks.

In the midst of the growing conflict between Israel and the Palestinian militant group Hamas, global financial markets are challenged with uncertainty fuelled with concerns regarding inflation and geopolitical risks. Recent reports highlight this unease, showing that a significant amount of inflows have been taken out of the iShares MSCI Israel exchange-traded fund (ETF), which is the largest ETF with investments in Israeli stocks, due to the ongoing situation in Gaza. Additionally, the Israeli shekel has reached its lowest value in nearly eight years compared to the U.S. dollar. Israel's economy, once considered one of the strongest in the world, is now in a precarious position. The stability and growth it has built over the years are at risk as the country's central bank grapples with the challenging task of predicting the economic consequences of the ongoing conflict. In this edition, we explore the history of Israel's economic development since its independence in 1948 to the complex challenges it faces today. Post-Independence struggles (1948-1967) The immediate years following Israel's declaration of independence in 1948 were marked by a host of complex economic challenges. The country was embroiled in a war with its Arab neighbours, demanding substantial financial resources for military efforts. Simultaneously, Israel faced the formidable task of absorbing a massive wave of immigrants and providing for the basic needs of this growing population. To meet these demands, Israel implemented strict austerity measures and turned to inflationary government finance, which was kept in check through price controls and rationing of essential goods. However, addressing the housing crisis and employment shortages brought on by the population surge proved to be prolonged endeavours. The early Israeli economy was fundamentally shaped by two pivotal factors: immigration and military expenditures. The influx of immigrants brought not only human capital but also substantial capital inflows, contributing to economic growth. Concurrently, Israel actively pursued self-sufficiency and embarked on a journey of industrialisation, laying the foundations for a more resilient economy. Post-Six-Day war boom (1967-1980) The Six-Day War of 1967 had a profound and, in many ways, positive impact on Israel's economy. The acquisition of new territories, including the West Bank and Gaza Strip, significantly altered the economic and political dynamics in the region. Israel assumed responsibility for both the economic and political life in these areas, resulting in the establishment of Jewish settlements and the unification of the Arab sections of Jerusalem with the Jewish sector. This period witnessed substantial growth in high-tech and defence industries, with foreign aid and investments, particularly from the United States, playing a crucial role in sustaining Israel's economy. The post-war boom fuelled the nation's economic development, and the construction of Jewish settlements in the occupied territories emerged as a critical element of the region's economic landscape. Economic crisis and stabilisation (1980-1990) The 1980s were marked by significant economic turmoil in Israel, characterised by high inflation and mounting budget deficits. To counter the inflationary spiral and bring economic stability, Israel embarked on a comprehensive economic stabilisation plan in the mid-1980s. This ambitious program included exchange rate stabilisation, budgetary restraint, wage and price freezes, and tight monetary policies that succeeded in significantly reducing the inflation rate. Technological advancements and export-orientation (1990-2000) Starting in the 1990s, Israel began a transition towards a more market-oriented economy. The emphasis on innovation and technological advancements resulted in the rapid growth of the high-tech sector. Israel's contributions to the global technological landscape gained international recognition, making it an attractive destination for investors and entrepreneurs alike. During this period, trade liberalisation and globalisation played an increasingly pivotal role as Israel sought to establish a solid presence in the global economy. High-tech hub and economic growth (2000-2010) The 21st century brought the emergence of Israel as a global high-tech hub, renowned for its innovation and entrepreneurial spirit. The booming tech industry, characterised by start-ups, cutting-edge research, and technological breakthroughs, played a central role in driving economic growth. Israel's success in attracting venture capital and fostering entrepreneurship solidified its place on the world stage. However, the global financial crisis of 2008 did have an impact Israel's economy, leading to a period of economic uncertainty and necessitating adaptability. Contemporary economic landscape (2010-present) Israel's economy has continued to evolve. Its reputation as a hub for start-ups and innovation has grown, with the nation consistently at the forefront of technological advancements. However, Israel still faces challenges, including income inequality and soaring housing costs. With the war at hand, media reports say that The Bank of Israel and the Ministry of Finance are making economic forecasts. Uncertainty on how long the conflict will last persists. The main scenario expects intense fighting in the south for up to six months, involving a large number of reservists. This will hurt the economy, causing a 1 per cent drop in GDP, mainly due to reduced consumer spending. To cover the cost of rehabilitation and compensation, the government may have to reallocate funds from other budget areas. As a result, the Bank of Israel is expected to lower interest rates by at least 50 basis points to counter the economic impact of the conflict. WATCH WION LIVE HERE

Flashback Friday: Looking at the Israeli economy from 1948 to the present 

Israel's currency, the shekel, has plunged to an eight-year low, prompting swift action from the country's central bank. The Central Bank is likely to keep the benchmark interest rate unchanged. The Shekel's weakness is a growing concern among economists and traders, but the Central Bank's focus is clear: Stabilise the markets and provide maximum certainty to the economy and the public.

Bank of Israel's wartime policy

In the early hours of October 7th Israelis living near the border with Gaza awoke to sounds of Hamas militants terrorizing killing and kidnapping their neighbours as the hours stretched on. Israelis hid in fear and Terror at the atrocities they wondered if they would even live through this nightmare. 11 days after the Hamas attack on Israel the situation for the hostages remained grim.

Israel-Palestine war: IDF notifies families of hostages being held in Gaza

The Israel-Hamas War entering it is 13th day US President Biden is expected to ask Congress in the near future to approve about a hundred billion do in an emergency fund for arms. Israel as we told you Ukraine and Taiwan as well as to fortify the US-Mexico border the funding request which lawmakers expect to receive by Friday morning.

Israel-Palestine war: Iran warns of consequences if Israel invades Gaza

Gunmen from the Palestinian group Hamas took at least 200 hostages and killed about 1,400 people during an Oct. 7 dawn raid carried out from the Gaza Strip on communities and military bases in southern Israel.

Hamas hostages: What we know so far

Violent clashes erupted in the West Bank region which has claimed eight lives. After the Gaza hospital blast, frustration is mounting on the ground among the people. And it is not just directed against Israel, locals are also questioning their own leadership.

Israel-Palestine war: Situation intensifies in West Bank after Gaza hospital massacre

As Israel prepares for a ground offensive in Gaza, hundreds of tanks have been deployed near the border.

Israel deploys massive weapon platforms at Gaza Strip as ground offensive ‘looms’

Could Hezbollah's entry tilt the scales against Israel? The group has trained, battle-hardened fighters. Hezbollah is the world's most heavily-armed non-state actor. It is believed to have 130,000 missiles. How big of a challenge does Hezbollah pose to Israel? Listen in to Priyanka Sharma.

Gravitas: Israel vs Hamas: Could Hezbollah tilt the scales against Israel?

Is Israel prepared for a ground operation in Gaza? IDF has massed troops and tanks at the border. But analysts point at the number of conscripts and reservists in the ground force, they say, this may be a disadvantage, especially when going against Hamas operatives or Hezbollah fighters who train regularly. Priyanka Sharma tells you more.

Israel-Palestine war: Is Israel ready for a ground operation in Gaza? | Gravitas

Israel-Palestine war: Has America joined the Israel-Hamas war? | Gravitas

Egypt has allowed Anti-Israel protests to take place. UAE has called an emergency UNSC meeting. Bahrain has sacked an Indian-origin doctor over an anti-Palestine post. Riyadh has put normalisation of ties with Israel on back burner. Priyanka Sharma asks: Is the Muslim world uniting?

Gravitas: Are Islamic nations uniting against Israel and the US?

World leaders in Israel douse war fire; from humanitarian groups to world leaders here's how top diplomats react to the Israel-Palestine war. While India's Prime Minister Narendra Modi expresses shock at the loss of lives in an attack on the Gaza hospital, US President Joe Biden assures aid into the Gaza enclave. Iran on the other hand warns, "with every drop of Palestinian blood spilled on the ground, the Zionist regime is one step closer to its fall."

World leaders seek to contain Israel-Palestine war | World News | WION

Germany's interior minister Nancy Faeser said that those backing Hamas must be deported from the country.

"If we are able to deport Hamas supporters, we must do this," Faeser reportedly said after speaking with officials at the Federal Criminal Police Office. "Our security authorities have currently placed an even stronger focus on the Islamist scene," Faeser added.

The minister also spoke of the recent killings in&nbsp;Brussels, indicating that there is a rise in tensions in the wake of the Israel-Hamas conflict.

<h2>Worldwide protests&nbsp;</h2>

There are rallies being organised all across the world with some supporting Israelis while others backing Palestinians and there&nbsp;is a widespread concern over heightened antisemitism in Germany.

Also Read |&nbsp;<a href="https://www.wionews.com/world/republicans-obstructs-jim-jordans-third-bid-to-become-house-speaker-25-votes-against-him-649375">Republicans obstruct Jim Jordan's third bid to become House speaker, 25 vote against him</a>

Recently, there was an attempted attack on a Berlin synagogue with petrol bombs. Clashes between pro-Palestinian protesters and police also erupted in Berlin and other cities.

As the war between Israel and Hamas is nearly in its third week, the US also issued a worldwide caution for American citizens who are traveling overseas. FBI alerted saying that there is a potential for terrorist attack on Jewish and Muslim Americans.&nbsp;

In the same vein, the German minister Faeser made an appeal to citizens to inform authorities if they see any ongoing "propaganda" supporting Hamas. Social&nbsp;media platforms have also come under the scrutiny of regulators for failing to tackle the menace of disinformation being propagated on them against the backdrop of the Israel-Hamas war.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/world/explained-russia-detains-another-american-journalist-heres-what-we-know-649362">Explained: Russia detains another American journalist. Here’s what we know</a>

The house of a 38-year-old German national was raided and searched following an Instagram post where he allegedly defended October 7 Hamas&nbsp;attack on Israel which resulted in the killing of innocent civilians, including women and children.&nbsp;

"We will not allow this vile hatred and horrific violence to spread," Faeser reportedly said.

Watch |&nbsp;<a href="https://www.wionews.com/videos/human-rights-watch-accuses-israel-of-using-phosphorus-bombs-world-at-war-world-at-war-649381">Human Rights Watch accuses Israel of using Phosphorus Bombs |World at War | World at War</a>

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She also said that German police have recorded over 1,100 offences in connection to the Israel-Gaza war since the deadly strikes in early October.&nbsp;"These are preliminary figures... and investigations are underway everywhere," Faeser said.&nbsp;

(With inputs from agencies)

Disclaimer: WION takes utmost care to accurately and responsibly report ongoing developments on the Israel-Palestine conflict after the Hamas attacks. However, we cannot independently verify the authenticity of all statements, photos and videos.

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Germany's interior minister Nancy Faeser said that those backing Hamas must be deported from the country. "If we are able to deport Hamas supporters, we must do this," Faeser reportedly said after speaking with officials at the Federal Criminal Police Office.

Germany's interior minister Nancy Faeser said that those backing Hamas must be deported from the country. "If we are able to deport Hamas supporters, we must do this," Faeser reportedly said after speaking with officials at the Federal Criminal Police Office. "Our security authorities have currently placed an even stronger focus on the Islamist scene," Faeser added. The minister also spoke of the recent killings in Brussels, indicating that there is a rise in tensions in the wake of the Israel-Hamas conflict. Worldwide protests There are rallies being organised all across the world with some supporting Israelis while others backing Palestinians and there is a widespread concern over heightened antisemitism in Germany. Also Read | Republicans obstruct Jim Jordan's third bid to become House speaker, 25 vote against him Recently, there was an attempted attack on a Berlin synagogue with petrol bombs. Clashes between pro-Palestinian protesters and police also erupted in Berlin and other cities. As the war between Israel and Hamas is nearly in its third week, the US also issued a worldwide caution for American citizens who are traveling overseas. FBI alerted saying that there is a potential for terrorist attack on Jewish and Muslim Americans. In the same vein, the German minister Faeser made an appeal to citizens to inform authorities if they see any ongoing "propaganda" supporting Hamas. Social media platforms have also come under the scrutiny of regulators for failing to tackle the menace of disinformation being propagated on them against the backdrop of the Israel-Hamas war. Also Read | Explained: Russia detains another American journalist. Here’s what we know The house of a 38-year-old German national was raided and searched following an Instagram post where he allegedly defended October 7 Hamas attack on Israel which resulted in the killing of innocent civilians, including women and children. "We will not allow this vile hatred and horrific violence to spread," Faeser reportedly said. Watch | Human Rights Watch accuses Israel of using Phosphorus Bombs |World at War | World at War × She also said that German police have recorded over 1,100 offences in connection to the Israel-Gaza war since the deadly strikes in early October. "These are preliminary figures... and investigations are underway everywhere," Faeser said. (With inputs from agencies) Disclaimer: WION takes utmost care to accurately and responsibly report ongoing developments on the Israel-Palestine conflict after the Hamas attacks. However, we cannot independently verify the authenticity of all statements, photos and videos. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. ×

'We must do this': German minister supports deportation of those backing Hamas

United Nations Secretary-General Antonio Guterres&nbsp;on Friday (Oct 20)&nbsp;visited the Rafah border crossing and said that the trucks loaded with aid for Gaza should move into the conflict-torn region as soon as possible from Egypt to alleviate a humanitarian crisis.

Guterres flew to Egypt to oversee preparations for the delivery of aid.

"These trucks are not just trucks - they are a lifeline, they are the difference between life and death to many people in Gaza," he said, speaking on the Egyptian side of the crossing.

"To see them stuck here makes me very clear - what we need is to make them move, to make them move to the other side of this wall to make them move as quickly as possible and as many as possible," he added.

He said it must be "a sustained effort" with not just one convoy crossing but for many "to be authorised in a meaningful number to have enough trucks to provide support to Gaza's people".

Guterres also called for a swift system of verification of the aid shipments.

Also read:&nbsp;<a href="https://www.wionews.com/world/majority-of-israelis-held-hostage-in-gaza-are-alive-says-israeli-military-649277">'Majority of Israelis held hostage in Gaza are alive', says Israeli military</a>

"We are now actively engaging with all the parties, actively engaging with Egypt, with Israel, with the US, in order to make sure that we are able to clarify those conditions...in order to have as soon as possible these trucks moving to where they are needed," he said.

<h2>EU says two flights of Gaza aid land in Egypt</h2>

The European Union, on Friday (Oct 20), said that two flights carrying 54 tonnes of aid for Gaza had landed in Egypt and were ready for delivery to Gaza once access was possible.

The aid included water, food, shelter and sanitary materials and would be distributed by the Egyptian Red Cross, an EU Commission spokesperson told a news briefing.

"Overall, we are talking about 54 tonnes of humanitarian supplies. This includes water, This includes food, shelter, hygiene items and sanitary materials. Now in terms of these 54 tonnes, we are going to work through the Egyptian Red Cross," said the EU Commission spokesperson.

On Thursday (Oct 19), truckloads of aid carrying food and medical supplies designated for Gaza remained on the Egyptian side of the border after United States President Joe Biden struck a deal with Israel to allow relief into the war-torn region.

Biden, during his visit to Tel Aviv on Wednesday (Oct 19), said that Egyptian President Abdel Fattah al-Sisi had agreed to "let up to 20 trucks through, to begin with," to the heavily bombarded Gaza Strip, starting Friday, giving authorities time to repair roads.

(With inputs from agencies)

 
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United Nations Secretary-General Antonio Guterres on Friday (Oct 20) visited the Rafah border crossing and said that the trucks loaded with aid for Gaza should move into the conflict-torn region as soon as possible from Egypt to alleviate a humanitarian crisis.

United Nations Secretary-General Antonio Guterres on Friday (Oct 20) visited the Rafah border crossing and said that the trucks loaded with aid for Gaza should move into the conflict-torn region as soon as possible from Egypt to alleviate a humanitarian crisis. Guterres flew to Egypt to oversee preparations for the delivery of aid. "These trucks are not just trucks - they are a lifeline, they are the difference between life and death to many people in Gaza," he said, speaking on the Egyptian side of the crossing. "To see them stuck here makes me very clear - what we need is to make them move, to make them move to the other side of this wall to make them move as quickly as possible and as many as possible," he added. He said it must be "a sustained effort" with not just one convoy crossing but for many "to be authorised in a meaningful number to have enough trucks to provide support to Gaza's people". Guterres also called for a swift system of verification of the aid shipments. Also read: 'Majority of Israelis held hostage in Gaza are alive', says Israeli military "We are now actively engaging with all the parties, actively engaging with Egypt, with Israel, with the US, in order to make sure that we are able to clarify those conditions...in order to have as soon as possible these trucks moving to where they are needed," he said. EU says two flights of Gaza aid land in Egypt The European Union, on Friday (Oct 20), said that two flights carrying 54 tonnes of aid for Gaza had landed in Egypt and were ready for delivery to Gaza once access was possible. The aid included water, food, shelter and sanitary materials and would be distributed by the Egyptian Red Cross, an EU Commission spokesperson told a news briefing. "Overall, we are talking about 54 tonnes of humanitarian supplies. This includes water, This includes food, shelter, hygiene items and sanitary materials. Now in terms of these 54 tonnes, we are going to work through the Egyptian Red Cross," said the EU Commission spokesperson. On Thursday (Oct 19), truckloads of aid carrying food and medical supplies designated for Gaza remained on the Egyptian side of the border after United States President Joe Biden struck a deal with Israel to allow relief into the war-torn region. Biden, during his visit to Tel Aviv on Wednesday (Oct 19), said that Egyptian President Abdel Fattah al-Sisi had agreed to "let up to 20 trucks through, to begin with," to the heavily bombarded Gaza Strip, starting Friday, giving authorities time to repair roads. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

UN Chief Guterres visits Rafah border crossing, pushes for aid to move into Gaza

The Israeli shekel plummeted to its lowest point in almost eight years against the U.S. dollar on Monday, driven by escalating conflict in the Middle East.&nbsp;

Hamas militants launched an attack, resulting in the death of 700 Israelis and the abduction of dozens. In retaliation, Israeli airstrikes targeted housing blocks, tunnels, a mosque, and Hamas officials' homes in Gaza. These events have significantly impacted the Israeli shekel's value, with a decrease of over 3 per cent against the dollar, reaching a rate of 3.9581, Reuters reported.&nbsp;

A Times of India report said that The Bank of Israel has made its first-ever foreign exchange sale, intending to sell up to $30 billion of foreign currency in the open market. The move aims to maintain financial stability amid the ongoing conflict with Palestinian militants in Gaza.&nbsp;

The shekel has already weakened by 10 per cent in 2023 due to political instability, and with the anticipated duration of the conflict with Hamas in Gaza, further depreciation is expected.&nbsp;

Media reports quote Golan Benita, head of the Bank of Israel's markets department, as saying that the central bank aims to reduce market volatility and potential overreactions, ensuring regular market activity. Additionally, the bank also intends to provide liquidity through swap mechanisms in the market, with a commitment of up to $15 billion.&nbsp;

Israeli stock and bond markets faced a 7 per cent decline, but key Tel Aviv share indices rebounded by 1 per cent in afternoon trading on Monday, and government bond prices displayed mixed trends.&nbsp;

Israel has amassed substantial forex reserves, exceeding $200 billion, which is about 40 per cent of its GDP. These reserves were built up over the years to prevent the shekel from appreciating too sharply, particularly affecting exporters in the tech sector.&nbsp;

While the shekel is expected to remain weak in the medium term, Citi economists do not anticipate sustained periods of shekel weakness. Israel's robust position in emerging markets, with substantial reserves, allows it to meet various metrics comfortably.&nbsp;

In a sign of market confidence, Israel successfully sold 2 billion shekels ($508 million) of bonds locally on Monday, even amid these challenging times.&nbsp;

(With inputs from Reuters)&nbsp;

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The Israeli shekel plummeted to its lowest point in almost eight years against the U.S. dollar on Monday, driven by escalating conflict in the Middle East. Hamas militants launched an attack, resulting in the death of 700 Israelis and the abduction of dozens.

The Israeli shekel plummeted to its lowest point in almost eight years against the U.S. dollar on Monday, driven by escalating conflict in the Middle East. Hamas militants launched an attack, resulting in the death of 700 Israelis and the abduction of dozens. In retaliation, Israeli airstrikes targeted housing blocks, tunnels, a mosque, and Hamas officials' homes in Gaza. These events have significantly impacted the Israeli shekel's value, with a decrease of over 3 per cent against the dollar, reaching a rate of 3.9581, Reuters reported. A Times of India report said that The Bank of Israel has made its first-ever foreign exchange sale, intending to sell up to $30 billion of foreign currency in the open market. The move aims to maintain financial stability amid the ongoing conflict with Palestinian militants in Gaza. The shekel has already weakened by 10 per cent in 2023 due to political instability, and with the anticipated duration of the conflict with Hamas in Gaza, further depreciation is expected. Media reports quote Golan Benita, head of the Bank of Israel's markets department, as saying that the central bank aims to reduce market volatility and potential overreactions, ensuring regular market activity. Additionally, the bank also intends to provide liquidity through swap mechanisms in the market, with a commitment of up to $15 billion. Israeli stock and bond markets faced a 7 per cent decline, but key Tel Aviv share indices rebounded by 1 per cent in afternoon trading on Monday, and government bond prices displayed mixed trends. Israel has amassed substantial forex reserves, exceeding $200 billion, which is about 40 per cent of its GDP. These reserves were built up over the years to prevent the shekel from appreciating too sharply, particularly affecting exporters in the tech sector. While the shekel is expected to remain weak in the medium term, Citi economists do not anticipate sustained periods of shekel weakness. Israel's robust position in emerging markets, with substantial reserves, allows it to meet various metrics comfortably. In a sign of market confidence, Israel successfully sold 2 billion shekels ($508 million) of bonds locally on Monday, even amid these challenging times. (With inputs from Reuters) WATCH WION LIVE HERE

Israeli shekel falls to 8-year low amid escalating conflict: Report  

On the 14th day of the Israel-Hamas conflict, airstrikes continued in Gaza, even in areas that Israel had declared as safe zones.

Israel-Palestine war: Several killed in Israeli strike at Gaza church, Hamas claims

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