E-LETTER (5.02.2023) on Business&more from Israel&Abraham Accords by 'VonNaftali' /#16

What's in: J.P. Morgan, the Media and Israel, EU finances Islamic Terrorism, Does SIEMENS Boycott Israel?

Israel&Judicial Reform: J.P. Morgan: “We would expect only modest reactions in Israel’s rates markets” and “Israel’s credit ratings stand comfortably”

In many newspapers, a leaked memo of J.P. Morgan is summarized with headlines like: “JPMorgan warns of growing risk to investing in Israel due to judicial shakeup plans” (Times of Israel) or “J.P. Morgan: Judicial reform could hit Israel’s credit rating” (GLOBES) or “JP Morgan: Israeli judicial reform will negatively impact economy” (Jerusalem Post)

Who is J.P. Morgan? Is it an entity on moral and legal high grounds? Is it a source to be taken as unchallenged granted? Well, let us take a look at recent history. Let us start with the year 2020.

J.P. Morgan Securities admitted manipulative trading according to an official release by the US-State authority SEC: “The Securities and Exchange Commission today announced charges against J.P. Morgan Securities LLC, a broker-dealer subsidiary of JPMorgan Chase & Co., for fraudulently engaging in manipulative trading of U.S. Treasury securities. J.P. Morgan Securities admitted the findings in the SEC’s order, and agreed to pay disgorgement of $10 million and a civil penalty of $25 million to settle the action.

But let us leave the question of credibility aside. Let us look into the document. Does J.P. Morgan really actually say what is summarized as headlines by some newspapers or is it grossly misleading, even wrong?

According to the leaked memo, the wording of J.P. Morgan is very cautious and very vague. J.P. Morgen wrote. On page 1 of the memo dated to the 2nd of February 2023, J.P. Morgan wrote: “First the judicial reforms can have (stress by VonNaftali) medium-term investment and growth implications that are hard to quantify. (stress by VonNaftali)”

No warning of growing risks, no “will negatively impact”, no hitting, and other scaremongering headlines of doom. Instead, judicial reform can have implications which hard to quantify. Not even the word ‘negative’ was used. Wow. Read more on VonNaftali

Outrageous: The EU gives 296 million Euro to the PA out of a Total Sum of 1,177 billion Euro of Taxmoney for Terrorism

After the terrorist attacks in Jerusalem by anti-Semitic, Islamist terrorist organizations PA, Hamas & Co, continued land grabbing with EU funds and EU financing of anti-Semitic textbooks (UNRWA), the EU has nothing better to do than to continue to provide this wrong policy with large financial resources.

These funds are used exclusively for the fight against the State of Israel and unfortunately do not benefit the “Palestinian” aka Arab population, who are kept in their bonded status as permanent refugees by UNRWA, PA, Hamas & Co.

The EU wrote in its press release that PA&Co will receive more than a billion euro of taxmoney: “The EU remains a steady supporter and one of Palestine’s main development partners. It foresees to provide up to 1.177 billion EUR in financial support from 2021 to 2024. A main objective of EU’s financial support is to establish accountable institutions for a future Palestinian State and to support the emergence of a self-sustaining economy.” The headline of the EU press release is already a lie which says: “EU announces €296 million of support to the Palestinian people”. No, it’s support for a corrupt antisemitic political entities like PA, UNRWA and Hamas&Co and unfortunately not for the “palestinian people”, which are a fake, an invention by islamists and communists under the lead of Arafat. 114.2 million Euro alone are for salaries and pensions of the PA. Read more on VonNaftali

SIEMENS Boycotts Israel? Germany seems fine, but not the State of Illinois (Developing Story)

According to research by the German public broadcast ‘SWR‘, SIEMENS formed a Turkish a subsidiary – Siemens AŞ – which won in 2018 the tender from the Turkish state railway TCDD. The SIEMENS subsidiary signed a contract for the delivery of ten high-speed trains in April 2018. The said order volume: 341 million Euros.

In order to get the tender, the Turkish subsidiary of SIEMENS signed to boycott Israel, which on the first glance contradicts German laws. The declaration to boycott Israel by the Turkish SIEMENS subsidiary was a prerequisite, since the project was co-financed by the ‘Saudi Arabian Islamic Development Bank’ (IDB). One of their terms of business is that you do not business with Israel.

But, this contradicts German law: §7 of ‘Außenwirtschaftsverordnung (AWV)’ says: “Die Abgabe einer Erklärung im Außenwirtschaftsverkehr, durch die sich ein Inländer an einem Boykott gegen einen anderen Staat beteiligt (Boykott-Erklärung), ist verboten. Satz 1 gilt nicht für eine Erklärung, die abgegeben wird, um den Anforderungen einer wirtschaftlichen Sanktionsmaßnahme eines Staates gegen einen anderen Staat zu genügen, gegen den auch 1. der Sicherheitsrat der Vereinten Nationen nach Kapitel VII der Charta der Vereinten Nationen, 2. der Rat der Europäischen Union im Rahmen des Kapitels 2 des Vertrags über die Europäische Union oder 3. die Bundesrepublik Deutschlandwirtschaftliche Sanktionsmaßnahmen beschlossen haben.” Read more on VonNaftali