Factbox-What are global firms with presence in Israel doing after Hamas attack

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By Robert Fofana

Factbox-What are global firms with presence in Israel doing after Hamas attack
© Reuters. A rocket launched from the Gaza Strip strikes an area near Sderot, southern Israel October 9, 2023. REUTERS/Amir Cohen

(Reuters) -Several global companies have temporarily shut some operations in Israel and asked employees to work from home as the country goes on war footing in response to a surprise attack by the Palestinian Islamist group Hamas over the weekend.

Following are the steps taken by the companies ranging from airlines to banks:

TRAVEL

Several Asian, European and U.S. airlines have suspended direct flights to Tel Aviv.

Delta Air Lines (NYSE:):

The airline has decided to cancel Delta-operated Tel Aviv flights through Oct. 31 as it monitors events in the region.

El Al:

The airline said it would run more flights to take reservists back to Israel to help in the largest mobilisation in the country’s history.

Royal Caribbean (NYSE:):

The cruise operator said it was adjusting several itineraries in the area and that impacted guests were being notified directly.

Carnival (NYSE:):

The cruise liner said it has adjusted its cruise itineraries and is not making calls to ports in Israel at this time.

Norwegian Cruise Line (NYSE:) Holdings:

The company said it has modified or redirected sailings that visit Israel in October and will evaluate the situation.

OIL MAJORS

Chevron (NYSE:):

The No. 2 U.S. oil and gas producer has been instructed by Israel’s energy ministry to shut down the Tamar field off the country’s northern coast, a company spokesperson said on Monday.

BANKS

JPMorgan Chase (NYSE:):

The Wall Street bank has asked more than 200 employees in Israel to work from home, a source familiar with the matter told Reuters.

Goldman Sachs:

The bank’s employees at its office in Tel Aviv have been asked to work from home, a spokesperson said.

Bank of America:

The Tel Aviv office will remain closed for the time being, and the bank will continue to closely monitor the local situation in the upcoming days, according to an internal memo, seen by Reuters.

Morgan Stanley:

Bloomberg News reported that the bank has an office in Israel and has also told its staff to work from home for the foreseeable future.

Citigroup (NYSE:)

Citigroup, whose local website said it has the largest presence among foreign financial institutions in Israel, had offered flexibility for staff in the country to work from home or office, a source told Reuters.

Bank of America

The bank’s Tel Aviv office will remain closed for the time being, the bank told staff in an internal memo seen by Reuters.

LOGISTICS

Adani Ports:

Indian billionaire Gautam Adani’s Adani Ports, operator of the Haifa Port in northern Israel, said the port was operational but added it was closely monitoring the situation and is prepared with a business continuity plan.

FedEx (NYSE:):

The global delivery firm has suspended its service in the country.

UPS:

The world’s largest parcel delivery firm said it was closely monitoring the situation and had temporarily suspended flights in and out of Israel.

While service disruptions may occur, UPS said it has contingency plans to move shipments that are already in Israel to their destinations as quickly as it is safe to do so.

TECH

Nvidia (NASDAQ:):

The world’s largest maker of chips used for artificial intelligence and computer graphics said it had canceled an AI summit scheduled for Tel Aviv next week. CEO Jensen Huang was scheduled to speak at the conference.

CONSUMER AND RETAIL

H&M (ST:):

The clothing company said its local franchise partner has temporarily closed all stores in Israel.

Inditex (BME:) SA:

“Our stores will remain temporarily closed and return timeframes will be extended by 30 days from their reopening,” a message on Zara-owner Inditex’s website in Israel showed.

The world’s biggest fashion retailer has 84 stores in Israel, all operated under franchise.

PHARMA

Eli Lilly (NYSE:) and Co:

The pharmaceutical company said it was closely monitoring the evolving situation in Israel and will take all necessary steps to ensure safety of colleagues in and near the affected areas.

It is also working to ensure all critical operations remain in place to provide an uninterrupted supply of Lilly medicines to patients in the region.

SOURCE

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