Tag Archive for Israel business

Israel’s Leviathan gas field reported 16% larger than previous estimate

Shares in Leviathan partner companies rallied Sunday in Tel Aviv trading upon release of report. Field worth $2.9 billion – $4.4 billion more.

By and Reuters


The size of natural gas reserves in Israel’s Leviathan offshore natural-gas field is 16.4% bigger than previously estimated, partners in the field said on Sunday.

Drilling platform of the Leviathan natural gas field.

Drilling platform of the Leviathan natural gas field. – Photo: Albatross

Based on an updated analysis by consultant Netherland Sewall & Associates, the reserves’ “best estimate” was increased to 21.93 trillion cubic feet (620 billion cubic meters) from 18.91 tcf. The high estimate was raised by 10% to 26.52 tcf, while the low estimate was increased by 11% to 16.58 tcf.

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Eilat hotels looking for Jordanians to fill needed jobs

Proposal for Jordanian manpower is meant to address an acute shortage of hotel workers that has left the tourism sector on the verge of collapse, report hoteliers.


A proposal in the works would allow hotels in Eilat to hire up to 1,500 workers from neighboring Jordan, amid a shortage of hospitality employees in Israel’s southernmost city.

Eilat workers

African migrants at work in an Eilat hotel. Since the dismissal of thousands of African employees, the resort city has had an acute shortage of manpower. – Photo: Olivier Fitousi

Tourism Minister Uzi Landau and Interior Minister Gideon Sa’ar intend to hand the proposal to the cabinet on Sunday.

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U.S. strikes Israel from patent blacklist

American drug manufactures no longer worry over Teva Pharmaceutical Industries ability to operate without legislative parameters since the Knesset passed patent changes in 2011.



Israel has been removed from a U.S. government blacklist of countries that allegedly condone the violation of intellectual property rights, Washington announced over the weekend.

teva  lab technician

A Teva lab technician. Intellectual property rights are important for Israeli R&D, too. – Photo: Ofer Vaknin

Israel had been on the list for years, in part due to pressure from U.S. drug manufacturers contending that Israeli legislation let Teva Pharmaceutical Industries violate patents. Teva is the world’s largest maker of generic drugs.

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In Stiff competition: Teva will sell Generic Viagra-impotence drug from 2017

The sales of Teva’s Generic Viagra could provide the company with succor from the specter of generic competition to its Copaxone.

By Reuters and  


Teva Pharmaceutical Industries may sell a generic form of Viagra starting in late 2017, Pfizer said on Tuesday. The announcement marks the end of protracted patent litigation between the two drugmakers.


Teva’s plant in Jerusalem. – Photo: Bloomberg

Pfizer’s U.S. patent on Viagra only lapses in 2020, including a six-month extension granted for having tested the medicine in young patients. But now, following its agreement with Pfizer, the Israeli drugmaker may launch its copycat version of the impotence drug years before other generic drugmakers.

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Israel’s Elbit Systems profit soars as do their UAVs


Business & Finance News: One of Israel’s top Defense electronics firm reports higher than expected quarterly profit due to sales growth in airborne systems, UAVs & cost cutting measures.

By Reuters



Israeli defense electronics firm Elbit Systems reported higher quarterly profit that beat estimates due to sales growth in airborne systems and unmanned aerial vehicles (UAVs) as well as cost cutting measures.

Elbit drone

Elbit drone

Elbit earned $1.32 per diluted share excluding one-time items in the third quarter, up from $1.18 a share a year earlier, the company said on Thursday.

Revenue grew to $730.6 million from $677.5 million. Continue Reading »

Israeli agritech company improves crop harvests without genetic modification

The Israeli agritech firm Kaiima reports that it is developing a technology that will replicate natural processes to produce stronger, bigger plants for growing & hungry world.

By Reuters


Israeli enterprise Kaiima believes it has found a way to improve crop harvests by replicating and accelerating a natural genetic phenomenon in the laboratory.

Wheat fields in Israel's Negev Desert.

Wheat fields in Israel’s Negev Desert. – Photo: Eliyahu Hershkovitz

The future of growing sturdier, sustainable crops for an increasingly hungry world is represented in their rice fields. Most plants evolve via a process called genome doubling, where over time, two species become one with a single genome comprising the strongest features of each parents. Continue Reading »

Apple acquires Israeli company in $345 million deal

The appeal for Apple is the company’s advanced body-movement tracking technology bringing 3D sensing & natural interaction such as in interactive living room and mobile devices.

By and Reuters


Israeli news and financial newspaper Calcalist reported Sunday that Apple has acquired PrimeSense, a motion-tracking company based in Tel Aviv, in a $345 million deal.


Israeli Uzi Breier, employee of PrimeSense, uses his hands to control a screen in the company offices in Tel Aviv. Photo: Ariel Schalit

PrimeSense is best known for licensing the hardware design and chip used in Microsoft’s Kinect motion-sensing system for the Xbox 360 from 2010. Continue Reading »

New Israeli banknotes raise Ashkenazi-Sephardi friction

The Bank of Israel presents a new set of bills amid accusations of cultural discrimination, that feature the likenesses of only famous Ashkenazi poets.


The cabinet authorized on Sunday the issuance of newly designed paper money for NIS 50 and NIS 200 notes.

A stack of shekel bills.

A stack of shekel bills. – Photo: Moti Kimche

The new bills are to enter circulation at the end of 2013. Their designs feature the likenesses of famous Hebrew poets. Criticism has been aired at the selection of the poets, who are all Ashkenazi Jews.

According to the plan that Bank of Israel Governor Stanley Fischer presented to the cabinet, Shaul Tchernichovsky is to feature on the new NIS 50 note, which will be green. Continue Reading »

17 Israelis make Forbes’ list of billionaires

In Forbes’ annual survey, the Ofer family topped the list of the wealthiest Israelis. The world’s richest man for the 4th year in a row is Mexico’s Carlos Slim Helu, with assets of about $73 billion.

By Nadan Feldman


The second generation of the Ofer family are the richest Israelis on Forbes’ 2013 list of the world’s billionaires. Together, the magazine said, Idan and Eyal Ofer are worth $12.5 billion.

Idan Ofer

Idan Ofer – Photo: Moti Kimche

Fifteen other Israelis also made Forbes’ list of the world’s billionaires.

Idan Ofer, who heads the Israel Corporation, is ranked 182 overall on the magazine’s list of the world’s richest people, with assets totaling $6.5 billion. Continue Reading »