The shekel was sharply weaker against the dollar today. The Bank of Israel set the shekel-dollar representative rate up 2.237% this afternoon at NIS 3.474/$, and against the representative rate of the euro was set up 0.695% at NIS 3.739/€. In late afternoon inter-bank trading the shekel remains stable. Analysts believe the shekel depreciation today was due to several factors. These include strong macroeconomic data published in the US on Friday about unemployment and new jobs created, which has strengthened the dollar on world markets. A second reason is jitteriness among domestic investors due to concern about the implications of the government's planned judicial reform for the Israeli economy. Despite today's losses, the shekel still remains 2% stronger than the dollar since the start of 2023, and 3% stronger against the US currency than it was in early November, just after the Knesset elections.
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Candidate Brandon Johnson released a budget plan that promises
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Candidate Brandon Johnson released a budget plan that promises to “eliminate the city’s structural deficit, clearing the deck to make historic new investments” without raising property taxes. Johnson, however, said he would reinstate the per-employee corporate head tax on large companies for workers who perform 50% or more of their work in Chicago and would tax jet fuel at 9.2 cents per gallon, “making big airlines pay for polluting the air in our neighborhoods.” Johnson, a Cook County commissioner, also proposed a 1.6% “mansion tax” on real estate transfers valued at more than $1 million, a new $1 or $2 charge on securities trades and an increase in the hotel accommodations tax, from 4.5% to 6%. Green responded bluntly: “Ridiculous. Tax. Tax. Tax. HELL NO. Brandon is BAD for Chicago.” Green has some unconventional ideas on economic revitalization. He proposed a city-owned bank that would prioritize affordable housing, home ownership, new development projects and small busi...