Economy
US President George W. Bush will probably ask Congress to approve a $200 million aid package for Israel to fight terrorism.
Full Story The Central Bureau of Statistics predicts another bleak year for the Israeli economy in 2002, with the economy shrinking by 0.8%.
Full Story Meanwhile, the International Monetary Fund estimates that the Israeli economy will grow by 1.9-2% next year, Hebrew daily “Yediot Ahronot” reported. This compares with the Finance Ministry’s 1% forecast.
Full Story Israel's Ministry of Industry and Trade supports a Qualifying Industrial Zone (QIZ) between Israel and Turkey. Such a zone will allow Israeli products sent to Turkey for further processing to enter the US under free trade terms.
Full Story The "Israeli incubator" in Singapore was launched last week. The binational incubator is the joint venture of two companies: TechMach of Israel and SME Techventure of Singapore.
Full Story The average wage in Israel plunged 5.8% in the second quarter of 2002, compared with the corresponding period last year. The average gross salary in June was NIS 7,606.
Full Story Israel’s total overseas assets were $71.1 billion at the end of June, according to Bank of Israel figures. The country's gross external debt rose by $2.1 billion in the first half of 2002 to $66 billion.
Full Story Israeli government tax receipts in January-August 2002 amounted to NIS 98.6 billion, 6% less than the corresponding period last year in real terms.
Full Story Israel’s population grew 2.1% over the past 12 months, reaching a total of 6.59 million on the eve of Rosh Hashana 5763. 5.34 million were Jewish (81%), and 1.25 million were Arab.
Full Story The Israel Airports Authority claims the opening of the new Ben Gurion 2000 terminal - already four years behind schedule - could be further delayed beyond the third quarter of 2004 because of a shortage of labor.
Full Story General business
A consortium headed by businessmen Haim Geyer and Eyal Yona is about acquire Tara Agricultural Producers Cooperative Society for NIS 220 million, after raising its initial offer by 20%.
Full Story The government is tending towards deciding in favor of having most of the natural gas pipeline run under water, as originally planned. Opponents of the plan say it will strengthen Israel Electric Corporation's monopoly.
Full Story Brothers Eddie and Sol Zakay , owners of one of the UK's largest real estate companies, are in advanced negotiations to buy office and commercial space in Tel Aviv in a deal valued at $41-48 million.
Full Story Rafael (the Israel Armament Development Authority) beat three rivals to win a $50 million tender from the Australian Ministry of Defense to supply cannons for warships.
Full Story Air France (CAC: AF), the French national carrier, will be offering Electric Fuel's (Nasdaq: EFCX) Instant Power 3-in-1 Cellphone Chargers to passengers on its flights as of October 2002.
Full Story Friendly Robotics , which developed a robotic lawnmower, is causing headaches for its investors. Technoplus Ventures allowed NIS 12.8 million for its investment, while Kardan Technologies allowed NIS 4 million.
Full Story Union Bank , Israel's sixth largest bank, lost NIS 21 million in the second quarter of this year, compared with a NIS 13 million net profit in the second quarter of 2001. Doubtful debts surged 92.9% to NIS 54 million.
Full Story Customers of the Industrial Development Bank of Israel withdrew deposits totaling NIS 750 million from August 25 to the same period the following week. Deposits at the bank, which is due to close, are guaranteed by the Bank of Israel.
Full Story Oil Fields and Ratio Oil Exploration abandoned the Kishon Yam 1 drillings after only two weeks, after finding no evidence of natural gas reserves at depths of 1,800 meters.
Full Story Ilan Gat Building's accountants have raised doubts about the real estate company’s ability to continue as a going concern. Ilan Gat's flagship project, Jaffa's Andromeda Hill, wrote down NIS 20 million on apartment values.
Full Story Noga Electro-Mechanical Industries published a severe profit warning, stating it would post a second quarter 2002 loss of NIS 40-60 million. The company also reported cash flow problems.
Venture capital investments
Axerra Networks completed a $10 million financing round, led by European fund TLcom Capital Partners. Axerra's product enables telecom providers to offer older and existing services on advanced IP networks.
Full StoryStart-up MemCall, a developer of solutions that increase the working speeds of computer software, is holding a $6-8 million financing round.
Full StoryMedia streaming company BitBand raised $6 million in a secondary capital raising round, led by the Challenge Fund - Etgar. Other investors include Fantine Fund, Kardan and Sequoia Capital Seed Fund.
Full StoryKiryat Atidim-based Magnifire Websystems raised $3 million from existing investors Lucent Venture Partners and Jerusalem Venture Partners. Magnifire develops content delivery acceleration for hosted web sites.
Full StoryStart-up SupplyScience completed a $2.5 million financing round led by Israel Seed Partners. The company, which develops Internet-based inventory management systems, has a development center in Netanya.
Full StoryCardiology stent developer Neovask said it completed a $700,000 seed financing round. The company will start operations at the Incentive Technology Incubator in Ariel.
Full StoryErnst & Young Israel director of high-tech Yoram Tietz says venture capital firms have overcharged investors for management fees. Tietz expects the fees model to change substantially in the coming years.
Full StoryApax Partners Ventures partner Allan Barkat told "Globes" that without a complete turnaround, the Israeli venture capital industry could disappear in 3-4 years.
Full StoryPrivate equity fund Apax Partners will probably open an investment office in a Scandinavian country, Apax Partners (Israel) partner Allan (Hanoch) Barkat told ''Globes''.
Full Story44% of venture capital fund managers believe the economic climate will deteriorate in the next six months, according to a survey by consultants Deloitte and Touche - Brightman Almagor.
Full StoryInformation technology
After recording consistent revenue growth quarter after quarter, TTI Telecom (Nasdaq: TTIL) is liable to report a decline in revenue for the first time in years.
Full StoryComverse (Nasdaq: CMVT) has reached the final stage of a $10 - $30 million deal in the Asia-Pacific region, after more than six months with virtually no sales to the telecom market.
Full StoryCheck Point (Nasdaq: CHKP) CFO Eyal Desheh reaffirmed the company's third quarter financial outlook. Desheh told Reuters the company's third-quarter business environment was similar to that seen in the second quarter.
Full StoryIsraeli IT firm Ness Technologies has acquired a Czech software company for several million dollars. The Czech firm has 180 employees and operates in the ERP and CRM fields.
Full StoryBilling solutions company Amdocs has won a contract in the West Indies with Cable and Wireless. "Globes" reported in April that the deal was in the offing.
Full StoryAmdocs VP marketing and sales Yigal Bar-Yossef is resigning his position to enter private business in the communications field.
Full StoryCommunications systems company OnePath Networks fired half of its workforce and organized changes in its management, after terminating its HomePath product line due to insufficient sales.
Full StoryENTEL, an Italia Telecom subsidiary, selected ECI Telecom (Nasdaq: ECIL) optical networking equipment for a network that will initially connect New York and Miami to several cities throughout Latin America.
Full StoryMedcon Telemedicine Technology , a developer of software for medical applications, is negotiating with a leading international concern in its field to collaborate in marketing in Europe.
Full StorySapiens International (Nasdaq: SPNS) has attained Premier Partner status for IBM's PartnerWorld for Software. The two companies will cooperate in providing technology solutions for the insurance sector.
Full StoryA US Congressional investigation into banking corporations has asked Goldman Sachs to submit documents concerning the issues of companies, one of which is Israeli company BackWeb Technologies (Nasdaq: BWEB).
Full StoryYokne’am-based Oplus Technologies , a provider of systems-on-chip and software solutions for digital displays, said JVC was using its Rembrandt-1 multimedia display processor to power 42 inch Plasma monitors.
Full StoryData security company SuperCom (Nasdaq Europe: SPRC) has initiated procedures for listing on the Nasdaq Market in New York. CFO Eyal Tuchman told “Globes” he hopes the process will be completed by the end of the year.
Full StoryTelecoms
Cellcom , Israel's largest mobile phone operator, will lay off hundreds of employees by year's end as part of a new streamlining and restructuring plan.
Full StoryHerzl Ozer resigned as GoNext CEO after mobile phone operator Pele-Phone decided to halt its marketing and sales backing of the company.
Full StorySouth Korea's SK Telecom has failed to respond to overtures by Minister of Communications Reuven Rivlin to participate in the tender for the controlling interest in Bezeq .
Full StoryHealthcare
Israeli drug maker Agis Industries said it was negotiating to buy a European manufacturer of active raw materials for the pharmaceutical industry. The company said it may spend up to $10 million on the deal.
Full StoryIsraeli biotechnology start-up MediWound's therapy for burns could receive exclusivity and patent protection for ten years in the EU, after it gained "orphan drug" status.
Full StoryBiotech firm Microbia today announced a collaboration with Teva (Nasdaq: TEVA) to develop improved, higher-yielding biomanufacturing processes using Microbia's Precision Engineering technology.
Full StoryIn its latest report on Teva , Goldman Sachs's analysts have remained cautious on valuation while awaiting the decision on GlaxoSmithKline's fight against generic Augmentin.
Full StoryThe US Food and Drug Administration has approved Teva's generic drug application for Fenofibrate Capsules, 67 mg. Annual sales for that strength of the brand product are about $14 million.
Full StoryFeatures
“Our contract guarantees Toshiba won’t take over the market”
M-Systems CFO Ronit Maor: Our share of sales will be substantial. Toshiba’s share won’t exceed 50-60% of the market, unless we agree, and we obviously won’t do that, unless it suits our interests.
Full StoryComverse’s triple loss
Why suing Bezeq over its contract with CTI² was such a bad idea.
Full StoryNon-invasive innovator
Oded Tamir, VP Finance and Operations at non-invasive surgery pioneer InSightec: “We expect $5-10 million in sales in 2003, $20-30 million in 2004”.