Connect with us

Tech

Israeli justice reforms spark tech investor flight fears

Published

on

Israeli justice reforms spark tech investor flight fears

Barak Eilam, a former Israeli intelligence officer who now heads cloud-based software provider NICE (NICE.TA), says he has never had problems selling Israel as an investment destination.

But on a call last week, Eilam sensed this may be changing when major investors he had partnered with for years began asking pointed questions about a radical judicial overhaul.

“For now, they re not pulling out any investment but they are kind of watching it carefully,” the 47-year-old said.

The proposals by the new right wing government of Prime Minister Benjamin Netanyahu to strengthen political control over judicial appointments while weakening the Israeli Supreme Court s ability to overturn legislation or rule against government action have brought tens of thousands onto the streets of Tel Aviv and other cities over fears they will politicize the judiciary and compromise its independence.

Advertisement

Yoav Tzruya, general partner at venture capital fund JVP, said investors were mainly worried about stability, corruption and a reliable judicial system.

“I think there will be some investors that, given concerns about stability about corruption or whatever might put more hurdles in front of especially a new fund manager,” he said.

Earlier this week, an open letter from a group of more than 270 business and economy experts, including former central bank officials and Netanyahu advisers, said the judicial reforms represented “a danger to Israel s economy”.

Netanyahu s office did not immediately comment when approached by Reuters on Friday, but during a meeting with dozens of senior businessmen, he said the judicial reforms would boost growth while the legal system would remain independent.

“Not only will the reform not harm the economy, it will jumpstart it,” he said in a statement.

Advertisement

For Israel s tech companies, an independent legal system is crucial to protecting their main asset, intellectual property (IP), with some executives saying they may consider domiciling abroad as a result of the Netanyahu government s plans.

On Thursday, a day after Netanyahu and Finance Minister Bezalel Smotrich dismissed concerns that the proposals would harm the economy, Anat Guez CEO of Papaya Global announced she was taking her payroll systems group s money out of Israel.

“Everybody knows Israel is never on safe ground because of the complicated diplomatic issues,” Guez told Reuters. “But now we re adding this reform which is ultimately emerging as harming democracy, that s a fatal blow.”

Netanyahu s administration says the overhaul is needed to rein in activist judges who it says have encroached into political decision making.

“Nobody will harm intellectual property rights and the honoring of agreements, values which are sacred to us and which are the critical test,” Netanyahu said on Wednesday.

Advertisement

Hillel Fuld, a start-up marketing adviser, also dismissed the outcry as “unnecessary hysteria”.

“We are still building the best tech in the world. Israeli tech isn t going anywhere. If people pull money then it s their loss, not ours”, he said.

Tech

Lunar racer car will take Moon astronauts to mysterious destinations ‘unreachable’ by foot

Lunar racer car will take Moon astronauts to mysterious destinations ‘unreachable’ by foot

Published

on

By

Lunar racer car will take Moon astronauts to mysterious destinations 'unreachable' by foot

Nasa has picked three companies to develop a new lunar racer car that Artemis astronauts will use to traverse the Moon in the 2030s.

It will help astronauts reach mysterious, never-before-explored destinations that are deemed unreachable by foot.

The lunar terrain rover (LTV) will be an essential string in Nasa’s bow in terms of scientific research and exploring the Moon’s south pole during the Artemis V mission.

The south pole is, scientists believe, the most promising location for water-based ice, which will be key to future human habitation on the Moon.

Advertisement

The concentration of precious lunar materials in the polar region is also of interest to the US government, experts say.

We will use the LTV to travel to locations we might not otherwise be able to reach on foot, increasing our ability to explore and make new scientific discoveries, says Jacob Bleacher, Chief Exploration Scientist At Nasa.

Intuitive Machines, Lunar Outpost and Venturi Astrolab have been tasked with developing an autonomous vehicle as part of a $4.6billion contract over the next 13 years.

The trio will now launch a year-long study to develop a system that meets Nasa’s requirements.

Nasa has said that the Moon car must be able to accommodate two suited astronauts, and withstand extreme conditions.

Advertisement

Temperatures can drop to as low as -230 degrees Celsius (-382 degrees Fahrenheit in shadowed regions of the lunar south pole.

It must also be able to work autonomously, so controllers on Earth can continue to explore the lunar surface without astronauts.

“We will use the LTV to travel to locations we might not otherwise be able to reach on foot, increasing our ability to explore and make new scientific discoveries,” Jacob Bleacher said.

“With the Artemis crewed missions, and during remote operations when there is not a crew on the surface, we are enabling science and discovery on the Moon year-round.”

Nasa’s Artemis V mission in 2029 will see two astronauts land on the Moon to explore, and another two astronauts set up the ESA’s refuelling module onboard Gateway – the first-ever lunar space station.
I
n 2026, Nasa will launch its Artemis III mission, the first human assignment on the Moon since Apollo 17.

Advertisement

The third Artemis mission forms part of a decade-long programme that is hoped to culminate with a permanent lunar base.

Continue Reading

Tech

Brief disruption in internet services in Pakistan

Brief disruption in internet services in Pakistan

Published

on

By

Brief disruption in internet services in Pakistan

 Internet services were disrupted in several parts of the country on Tuesday.

According to Downdetector, there was a disruption in services in Lahore, Karachi, Rawalpindi and Peshawar.
Internet services across the country were restored after a brief outage. 

Continue Reading

Tech

EU regulators assess Apple’s plan for complying with music streaming order

EU regulators assess Apple’s plan for complying with music streaming order

Published

on

By

EU regulators assess Apple's plan for complying with music streaming order

 EU antitrust regulators are checking to see if an Apple (AAPL.O) proposal would comply with their order to let Spotify (SPOT.N) and other music streaming services inform users of payment options outside its App Store, the European Commission said on Monday.

The iPhone maker risks antitrust charges and fresh fines if its proposal announced last Friday fails to satisfy the EU competition enforcer, which issued its order together with a 1.84 billion euro ($2 billion) fine last month

Under Apple’s proposal, the Swedish music streaming service Spotify and others can include a link to their websites to inform users of other ways to purchase digital goods or services, away from Apple’s App Store.

They can also invite users to provide their email address to be sent a link to the platform’s website to buy digital music content or services. Such links, however, carry a 27% fee to Apple, including for subsequent auto-renewing subscriptions.

Advertisement

“We are currently assessing whether Apple has fully complied with the decision,” a Commission spokesperson said.
“In general, if the Commission suspects that there is non-compliance with an adopted decision, it will send the undertaking concerned a Statement of Objections …”

Spotify bemoaned the fact that it was still waiting for Apple to comply with the EU order, five weeks on.

Continue Reading

Trending

Copyright © GLOBAL TIMES PAKISTAN