Live updates: Follow the latest news on Israel-Gaza
Israel's central bank held its benchmark borrowing rate for the third consecutive meeting following a review of interest rates more than two weeks after attacks by Hamas prompted policy measures to stabilise markets.
The Bank of Israel held its short-term borrowing rates unchanged at 4.75 per cent. Borrowing costs are at their highest level since 2006.
“In view of the war, the monetary committee’s policy is focusing on stabilising the markets and reducing uncertainty,” it said.
“The war is having various economic effects, both on real activity and on the financial markets.”
Inflation is moderating, reaching an annual 3.8 per cent in September, but remains above the target range of 1 per cent to 3 per cent, data showed.
Israeli policymakers left interest rates unchanged as their focus remains on propping up the shekel.
The Israeli currency declined as much as 0.15 per cent to 4.0635 per dollar, extending its run of losses to an 11th day, the longest since 1984.
Slower economic growth
The Bank of Israel's research department on Monday cut its forecast for economic growth to 2.3 per cent this year and 2.8 per cent next, down from its July projection of 3 per cent for both years, due to the war’s macroeconomic impact.
The forecast is based on the assumption that most of the war’s direct impact on the economy will be seen in the fourth quarter of 2023 and that the conflict will be concentrated in the country's southern front.
“The impact is expected to be reflected in a further weakening of private consumption, due to the decline in demand for consumption and supply-side restrictions,” the Bank of Israel said.
“These restrictions are due to the absence of workers as a result of emergency mobilisations and the closure of educational institutions, as well as damage to physical capital and the ability to work in combat areas and threatened areas.”
Israel has called up 360,000 reservists – one of the biggest mobilisations in the past 50 years – as the conflict continues, following Hamas’s deadly assault on October 7. This reserve force draws on Israelis from all walks of life who work in every sector of the economy, including technology, tourism and start-ups.
Disruptions to manufacturing and supply chains are also expected, the central bank said.
“Industrial investment is expected to be harmed due to uncertainty and the increase in financing costs, as reflected in the increase in yields in the corporate bond market,” it said.
Investment in construction is also expected to be hurt due to restrictions on the entry of labourers and “due to the complete cessation” of employment of workers from Gaza, the banking regulator said.
Tourism is also set to suffer and, based on previous conflicts, this impact is expected to be prolonged, it said. With this decline in demand, imports are also expected to drop.
“Our assessment is that unemployment in the prime working ages will increase during the first part of 2024, before resuming its decline,” the Bank of Israel said.
Unemployment is forecast to reach 3.2 per cent in 2023 and 3.6 per cent in 2024, data showed.
The government budget deficit, meanwhile, is forecast to widen to 2.3 per cent of gross domestic product in 2023 and 3.5 per cent of GDP in 2024, from minus 0.6 per cent in 2022, according to the data.
Factors contributing to the budget deficit increase include a decline in tax revenue in the fourth quarter of 2023 and mainly in 2024 due to reduced economic activity.
“Our assessment in this forecast is that the government will, to some extent, reduce its other expenditures in order to offset some of the expenses and the increase in debt deriving from the war,” the central bank said.
“Furthermore, we assume that most of the defence expenditures in 2023 will be covered by allocations from within the budget and some use of assistance from the US government, but that starting in 2024, the defence budget will increase, which will result in an increase in the budget deficit.”
Government debt is expected to increase to 62 per cent of GDP at the end of 2023 and 65 per cent of GDP at the end of 2024.
“If the government decides to further increase expenditures and/or to avoid reducing other expenditures, the deficit and debt are expected to increase further accordingly,” the regulator said.
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
The biog
Favourite books: 'Ruth Bader Ginsburg: A Life' by Jane D. Mathews and ‘The Moment of Lift’ by Melinda Gates
Favourite travel destination: Greece, a blend of ancient history and captivating nature. It always has given me a sense of joy, endless possibilities, positive energy and wonderful people that make you feel at home.
Favourite pastime: travelling and experiencing different cultures across the globe.
Favourite quote: “In the future, there will be no female leaders. There will just be leaders” - Sheryl Sandberg, COO of Facebook.
Favourite Movie: Mona Lisa Smile
Favourite Author: Kahlil Gibran
Favourite Artist: Meryl Streep
UAE currency: the story behind the money in your pockets
The five pillars of Islam
The British in India: Three Centuries of Ambition and Experience
by David Gilmour
Allen Lane
SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
%3Cp%3E%3Cstrong%3EProcessor%3A%3C%2Fstrong%3E%20Apple%20M3%2C%208-core%20CPU%2C%20up%20to%2010-core%20CPU%2C%2016-core%20Neural%20Engine%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%2013.6-inch%20Liquid%20Retina%2C%202560%20x%201664%2C%20224ppi%2C%20500%20nits%2C%20True%20Tone%2C%20wide%20colour%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMemory%3A%3C%2Fstrong%3E%208%2F16%2F24GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStorage%3A%3C%2Fstrong%3E%20256%2F512GB%20%2F%201%2F2TB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EI%2FO%3A%3C%2Fstrong%3E%20Thunderbolt%203%2FUSB-4%20(2)%2C%203.5mm%20audio%2C%20Touch%20ID%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EConnectivity%3A%3C%2Fstrong%3E%20Wi-Fi%206E%2C%20Bluetooth%205.3%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%2052.6Wh%20lithium-polymer%2C%20up%20to%2018%20hours%2C%20MagSafe%20charging%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECamera%3A%3C%2Fstrong%3E%201080p%20FaceTime%20HD%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EVideo%3A%3C%2Fstrong%3E%20Support%20for%20Apple%20ProRes%2C%20HDR%20with%20Dolby%20Vision%2C%20HDR10%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAudio%3A%3C%2Fstrong%3E%204-speaker%20system%2C%20wide%20stereo%2C%20support%20for%20Dolby%20Atmos%2C%20Spatial%20Audio%20and%20dynamic%20head%20tracking%20(with%20AirPods)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EColours%3A%3C%2Fstrong%3E%20Midnight%2C%20silver%2C%20space%20grey%2C%20starlight%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIn%20the%20box%3A%3C%2Fstrong%3E%20MacBook%20Air%2C%2030W%2F35W%20dual-port%2F70w%20power%20adapter%2C%20USB-C-to-MagSafe%20cable%2C%202%20Apple%20stickers%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh4%2C599%3C%2Fp%3E%0A
Tomb%20Raider%20I%E2%80%93III%20Remastered
%3Cp%3EDeveloper%3A%20Aspyr%0D%3Cbr%3EPublisher%3A%20Aspyr%0D%3Cbr%3EConsole%3A%20Nintendo%20Switch%2C%20PlayStation%204%26amp%3B5%2C%20PC%20and%20Xbox%20series%20X%2FS%0D%3Cbr%3ERating%3A%203%2F5%3C%2Fp%3E%0A
Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
Timeline
1947
Ferrari’s road-car company is formed and its first badged car, the 125 S, rolls off the assembly line
1962
250 GTO is unveiled
1969
Fiat becomes a Ferrari shareholder, acquiring 50 per cent of the company
1972
The Fiorano circuit, Ferrari’s racetrack for development and testing, opens
1976
First automatic Ferrari, the 400 Automatic, is made
1987
F40 launched
1988
Enzo Ferrari dies; Fiat expands its stake in the company to 90 per cent
2002
The Enzo model is announced
2010
Ferrari World opens in Abu Dhabi
2011
First four-wheel drive Ferrari, the FF, is unveiled
2013
LaFerrari, the first Ferrari hybrid, arrives
2014
Fiat Chrysler announces the split of Ferrari from the parent company
2015
Ferrari launches on Wall Street
2017
812 Superfast unveiled; Ferrari celebrates its 70th anniversary
Temple numbers
Expected completion: 2022
Height: 24 meters
Ground floor banquet hall: 370 square metres to accommodate about 750 people
Ground floor multipurpose hall: 92 square metres for up to 200 people
First floor main Prayer Hall: 465 square metres to hold 1,500 people at a time
First floor terrace areas: 2,30 square metres
Temple will be spread over 6,900 square metres
Structure includes two basements, ground and first floor
When is VAR used?
• Goals
• Penalty decisions
• Direct red-card incidents
• Mistaken identity
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
McLaren GT specs
Engine: 4-litre twin-turbo V8
Transmission: seven-speed
Power: 620bhp
Torque: 630Nm
Price: Dh875,000
On sale: now
'The worst thing you can eat'
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
UAE currency: the story behind the money in your pockets
TO A LAND UNKNOWN
Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
