Holocaust survivors to get 50% off their electricity bills

Holocaust survivors will receive a 50-percent discount on their electricity bills in an effort to improve their living conditions, the Finance Ministry announced Thursday.

'Israel's high-tech industry mired in adolescence'

While Israel boasts the most high-tech start ups per capita in the world, its high-tech industry is mired in adolescence, as successful companies are generally acquired by larger, foreign corporations rather than remaining in Israel to grow to maturity, the Wall Street Journal report Thursday.

Is the electric car feasible for Israel?

The National Infrastructures Ministry on Thursday issued a tender for a consultant to do an economic analysis of the feasibility of electric cars compared to gasoline-powered and other alternative energy vehicles.

Steinitz at budget: taxes will increase

The government is to impose cuts on the public and increase taxes to a total of 8.8 billion shekel in the next two years according to a treasury report published Sunday.

BoI: Negative income tax could lift some out of poverty

The Bank of Israel is urging the government to expand the negative income tax credit pilot program nationwide and increase the size of the credit as a way to help the working poor and reduce poverty.

El Al to begin flights to Eilat in August

 Launch will be accompanied by a media campaign under the slogan, “Like flying abroad, only shorter,” intending to play on El Al’s strength as an international carrier. 

Deutsche Bank divests from Elbit

Largest bank in Germany succumbs to NGO pressure. 

Good for tourists, bad for exports

Euro low against shekel- snap up summer vacations! 

PM: Israel's OECD membership will bring investment

At official ceremony in Paris, Netanyahu hails investment opportunities. 

Israel inaugurates Expo stand

Steinitz, Erdan cut ribbon at the Israeli stand in Shanghai. 

Investment firms promote ‘kosher’ funds

Badatz certifies mutual funds that invest according to Halacha. 

TASE down on Europe debt crisis jitters

Steinitz: Greece’s debt crisis shouldn’t have much of an effect on Israel at this point, due to its "restrained" economic policies. 

Teva drops 2.5% after US jury rule

Jury decides Teva's rival firms have valid patents for heartburn drug Protonix. 

IMI prepare initial public offering, cuts

Gov't owned Israel Military Industries Ltd. reportedly plans early retirement for 950 employees. 

BoI leaves interest rate unchanged

Bank concerned a strengthening shekel may undermine exports and damp economic growth. 

Dankner tops list of best executives

IDB Holding Corp. chairman Nochi Dankner has been named the country’s most respected executive by Business Data Israel Coface for the second consecutive year.

Taub report: Economy faces existential problems

A 350-page report released Tuesday by the Taub Center for Social Policy Studies paints a grim picture of Israel’s prospects for economic sustainability and warns of increasing gaps between Israel and the developed countries of the world.

Record 313,000 foreign tourists visit in March

Continuing this year’s trend of record-breaking numbers of incoming tourists, March 2010 boasted the highest March monthly total ever, with 313,000 foreign visitors entering Israel throughout the month.

Microsoft’s new Israeli heart

At the heart of Microsoft Xbox’s next-generation technology is PrimeSense, a five year-old Tel Aviv-based company with a cutting edge, 3D motion-sensing camera.

Campaign to ensure better conditions for security guards

Global security expert Arik Arad, an adviser to New York-based private equity firm Pegasus Capital Advisors, which invests in Israeli companies, is launching a campaign to improve minimum salary requirements and social conditions for Israel’s poorly paid security guards.

‘Big brother’ methods used in retail sales market research

Commercial espionage is gaining ground in Israel as a way of battling fierce competition in the retail sales market.

Knesset okays 1st reading of bank law

Legislation will make it more likely Stanley Fischer will serve second term in office.

012.Smile closes Bezeq deal

Bank Hapoalim will serve as the manager of the loan and will provide the 012.Smile with a shortterm loan of NIS 700 million.

Trade gap widens as imports increase

“We expect imports to grow by more than exports this year,” Michael Sarel, chief economist at Harel Insurance Investments & Financial Services, says.

Comverse to fire 500 employees globally in February

Move to be made before communications giant publishes their financial report for first time in three years. Managers in Israel asked to prepare for layoffs

IMF: Israeli growth seen rising to 4% in 2011

International Monetary Fund forecasts for Jewish state see economic growth nearly doubling next year as exports, consumption and domestic credit recover from global financial crisis

Bank of Israel: Rates to gradually return to 'normal'

In keeping interest rate at 1.25%, central bank said inflation in first quarter is expected to be low

Economic hardship changes marriage trends in Jordan

New study in Hashemite Kingdom uncovers rise in average age of marriage, along with increasing number of single men, women. Changes attributed to lack of employment opportunities, rising prices

4% drop in new unemployment claims

Some 15,400 people turn to National Insurance offices newly seeking unemployment benefits in December versus 16,000 in November. Second half of 2009 sees drop from 97,000 claims in June to 86,000 claims in December

Foreign direct investment $560M in November

Bank of Israel says direct investment in 11th month of 2009 was mostly in financial, high-tech industries

Syrians selling jewelry due to rising price of gold

Chairman of the Syrian Goldsmiths Association says many citizens selling their valuable items to merchants smuggling goods to Lebanon, blames government for banning exports and imposing heavy tax on imports

iPhone to make Israel debut this week

Country's three main carriers to start selling Apple Inc's coveted smartphone two and a half years after its initial launch

IMI granted NIS 120M government loan

Cabinet approves Military Industries financial aid bid, meant to keep company afloat pending conclusion of privatization negotiations

Jordan says export to Israel to blame for cucumber price hike

Sources in Hashemite Kingdom say Israeli merchants willing to pay more per five-kilo box of cucumbers due to unstable harvests; trade continues despite protest from groups opposed to normalization of ties with Jewish state

New for Hanukkah: Vodka donuts

Don't eat and drive: Latest holiday trend to hit bakeries is vodka-infused sufganiya, with alcohol content equal to that of bottle of beer

Pfizer inks $115M deal for Israeli firm's experimental drug

World's biggest drugmaker says deal with Protalix BioTherapeutics 'groundbreaking' technology, first to use plant cells to make protein-based drugs

Israeli banks: Dubai crisis won't affect us

Country's three largest banks rush to allay fears in wake of Dubai crisis

Tnuva, Tara raise yogurt prices

Prices of dairy products, including soft white cheese, up 1.8-5.8%. Companies say move implemented due to inflation, need to adapt costs

Africa Israel warns may not last as 'going concern'

Real estate developer says its ability to continue as successful business at risk as it reports narrower quarterly loss

Osem to export dairy products to Britain

Food company's subsidiary will export Gad Dairy products to UK with objective of breaking into kosher food and ethnic food categories

Turkey 'gives Israel deadline' for drone delivery

Turkish defense minister quoted as saying Israel Aerospace Industries, Elbit have 50 days to fulfill deal for delivery of 10 drone aircraft for Turkish army, says 'if this does not bear fruit, the tender may be cancelled'

Shekel's 'fair' value is 21% higher on economy

The shekel's "fair" value is 21 percent higher than the present rate as Israel's current account surplus is poised to triple this year, Bank of America Corp. Merrill Lynch said.

Arison says will keep contol of Hapoalim

Richest woman in Israel says plans to continue being controlling shareholder in country's second-largest bank, but may bring in partner later on

Economy grows annual 2.2% in Q3

Israel emerging from a recession. Growth led by large quarterly gains in consumer spending, exports, imports and investments in fixed assets

From 2010: No tax on Israeli food sold in Europe

Following new agricultural trade agreement signed between Israel and EU, chocolate, pastries, pasta, coffee and other products exported to continent will enjoy tax exemptions as of January 1

Teva wants to expand Copaxone patent lawsuit

Israeli pharmaceutical company says Momenta, Sandoz violating 10 patents on its multiple sclerosis drugs

Should Jordan keep exporting olives to Israel?

Official report of rising rates of olive export from Hashemite Kingdom to Israel, amounting to some 300 tons exported per day, awakens public debate on whether trend should be allowed to continue, as it \'comes at the expense of Palestinians brothers\'

Ministers approve Bank of Israel policy reforms

Government panel okays long-awaited proposal that would revamp framework for policymaking at Israel\'s central bank. Finance Minister Steinitz says reforms will benefit economy

Unemployment rises 0.5% in September

Over half of layoffs were women, many aged 25 to 34

Bank of Israel warns of phishing scam

Hackers are luring people through e-mail messages to give information to a fake central-bank Web site.

Employers reluctant to hire Ethiopians, haredim and Arabs, study shows

TV, advertising sector most discriminatory, banking and finance not far behind.

Treasury counts on BoI to solve Discount Bank affair

Government to sell Discount, Leumi stakes in 2010.

Israel, EU sign agri-trade pact

Israeli trade officials say new deal will achieve greater liberalization of reciprocal trade, boost competition and sales of Israel's food industry and exports to Europe.

Local VCs cut investment in start-ups

Software in the doldrums, but life sciences, clean-tech attract interest.

Israel needs to increase liquidity to compete as 'developed market'

Milken Institute report: "Increasing transparency and liquidity can ... attract international investors."

Africa Israel, bondholders near deal but hurdles remain

Company's shares on Tel Aviv Stock Exchange jump more than 6 percent to NIS 52.50 at close.

Intel strengthens 3Q exports

Strong growth in exports of electronic components follows the launch of production at the new Intel factory in Kiryat Gat.

Africa Israel posts largest gain in 6 months

Realestate developer proposes a restructuring of almost NIS 7 billion of debt.

012 Smile buys Bezeq stake for NIS 6.5b.

012 Smile surged 36 percent to NIS 53 at the close in Tel Aviv

Netanyahu calls on Abbas to 'end this conflict once and for all'

PM tells audience at president's 'Facing Tomorrow' conference, "It's possible to change the world"; Obama praises Peres as "excellent statesman."

Government to subsidize professional training programs for unskilled Israeli job seekers

New employment track will train Israeli job seekers and provide an incentive for employers to hire Israelis, says Minister Ben-Eliezer.

BoI eschews shekel-dollar target, 'exceptional' intervention to continue

"Bank of Israel will hike the policy rate by 25 basis points later this month," analysts say.

Kibbutzim to narrow salary gaps, help elderly

New measures intended to avert 'disintegration of society in the kibbutzim'.

New York to get Israeli-style diamond exchange

$750m. office tower will be located in heart of city's Diamond District

Israeli flag at Abu Dhabi energy parley

J'lem has no official ties with UAE, flag flown there for 1st time; Israeli delegation received graciously.

One-third of Wall Street expects bigger bonus in '09

About 36 percent of 1,074 people say they're anticipating a bigger annual payout from their companies.

Business risk level drops in September

More companies expected to collapse in crisis aftermath.

Steinitz announces 'clear signs of recovery' in past three months

The economy has shown "clear signs of recovery" in the past three months, though caution is "still essential," Finance Minister Yuval Steinitz said on Tuesday.

Nevzlin donates $6M to 'Museum of the Jewish People'

Donation announced by Russian-born businessman during event celebrating his 50th birthday at Beth Hatefutsoth

Israel to supply radar systems to S. Korea

Under two contracts worth $280 million, IAI subsidiary ELTA Systems to develop and supply advanced radar system, air defense system to Seoul

Ne'eman backs financial court bill

Justice minister continues efforts to ease case load of general courts; says will push for new division meant to solely handle financial cases

Africa Israel to bondholders: Payment improbable from 2011

Africa Israel Investments Ltd., diamond mogul Lev Leviev's real-estate developer, said it's "improbable" the company will be able to repay bondholders the debt that is due starting in 2011.

'The party has not started yet'

Despite positive indicators in the local economy over recent months, there is still a high level of uncertainty overshadowing global markets, Treasury Director-General Yarom Ariav said Monday.

Ofra Strauss named 46th most powerful women in the world

Fortune Magazine publishes annual 50 post powerful businesswomen in US, worldwide lists, names Strauss Group chairwoman among latter. Co-president of Oracle Safra Catz ranks 12 on US list

Gov't approves 'Blue and White' plan to create jobs

The cabinet on Sunday approved a four-year plan by the Industry, Trade and Labor Ministry to increase sales of domestically made products as a way to create thousands of jobs.

Israeli mogul's empire foundering

Shares in one of Jewish state's largest companies, Africa Israel Investments Ltd., plummet by one-third in two days after its diamond tycoon owner Lev Leviv acknowledges possible problems paying off billion of dollars in company debts

Smuggling of meat from PA thwarted

Agriculture Ministry's Wildlife Supervision Department, Border Police seize 3,500lbs of uneatable beef at checkpoint near Jerusalem

Israelis urged to boycott IKEA

Thousands of people sign internet petition calling for consumers' boycott on Swedish companies. IKEA unmoved: 'We are not political, and we'll continue our excellent relations with Israeli consumers'

Steinitz: Encouraging signs, but unemployment still lurks

Despite encouraging signs of an economic recovery, uncertainty remains, and rising unemployment is delaying an exit out of the crisis, Finance Minister Yuval Steinitz said Sunday.

Hamas to grant workers $100 each for Ramadan

Ruling Gaza government pledges to grant special holiday aid at start of Muslim holy month, says will give $50 worth of food products to 78,000 needy families

'Hapoalim Switzerland misled clients'

Zurich lawyer Daniel Fischer claims Hapoalim's Swiss branch persuaded clients to make high-risk investments with US holding giant Lehman Brothers just prior to it filing for bankruptcy. Bank claims allegations groundless

Steinitz: Financial crisis not over yet

Finance minister, top industrialists say that while CBS data indicating market growth in Q2 2009 positive, it is still too early to say recession is over

Comverse considers firing 10% of workforce

In three previous rounds of layoffs, high tech company fires hundreds of employees in Israel and abroad. Last year, Comverse CEO Andre Dahan writes in letter to employees, 'We are expecting drop in our business activity'

Israel signs tax treaties with Estonia, Georgia

Israel has signed a tax treaty with Estonia and has reached an agreement on new tax relief clauses with Georgia, as part of the government's efforts to provide incentives for mutual investments and facilitate the activities of Israeli companies abroad.

28 percent of 500 top local companies lost money in 2008

Profits at nearly a third of the 500 leading companies in the economy - those with the largest turnover - were hit in 2008 by the recession that gained momentum in the second half of last year, compared with 9 percent in the previous year, Business Data Israel reported on Sunday.

Bezeq controlling shareholder to sell stake

Bezeq Israeli Telecommunication Corp., the country's largest telecommunications provider, said its controlling shareholder agreed to sell a 5.6 percent stake for NIS 1.12 billion.

Israelis suspected of US tax return fraud arrested

Police raid homes of suspects who allegedly cooperated with Americans to swindle tens of millions of dollars from IRS, transfer money to Israeli bank accounts. Police suspect 62-year-old American Jew who fled to Israel as head of operation

Victoria's Secret products to be sold on El Al planes

Israeli airline to offer American retailer's beauty products on its flights as of September; lingerie to be introduced later on

Channel 10 gets last-minute reprieval

Shareholders, Treasury, Communications Ministry reach compromise aimed at enabling commercial station's broadcasting to continue

Gov't to allot NIS 300M aid to periphery

Treasury, Industry Ministry launch program meant to assist companies in building R&D centers in periphery. Funds to be funneled through Office of the Chief Scientist over three-year period

Sharp drop in exports eases in second quarter

The sharp fall in exports since the start of the economic crisis ended in the second quarter of this year, the Israel Export Institute reported Sunday.

ITL Optronics awarded $10M US Military contract

Israeli defense systems group wins its third contract with US ground forces since beginning of 2009; will supply American Military with state of the art electro-optic system via subsidiary Fraser-Volpe

Bonds rise on speculation that price growth may be contained

Bonds rose on bets domestic consumer price growth may be contained, allowing the central bank to leave rates on hold after the US Federal Reserve predicted "limited" inflation in the world's largest economy.

2,800 metal workers laid off this year

The metals and electrical industry dismissed 2,800 employees in the first four months of the year as exports plunged 32 percent and production dropped 20%, the Israel Manufacturers Association said Wednesday.

Bank of Israel is creating a bubble, Excellence says

The Bank of Israel\'s low interest rate is creating an asset bubble in the real estate market as investors are driven to buy stocks and apartments, Excellence Nessuah Investment House said Wednesday.

Max Brenner opens chocolate bar in Philadelphia

Chain's new branch includes chocolate drinks, restaurant and store for chocolate and spa products. This is Max Brenner's third branch in US, 24th in world

Cisco Israel fires dozens

Layoffs in Cisco continue as company fires dozens of employees from its development center in Israel. company also lays off thousands around world

H&M to replace cinema in Tel Aviv, Jerusalem malls

Popular Swedish fashion chain to launch its first two Israel flagship stores in Tel Aviv's Azrieli Mall, Jerusalem's Malcha Mall in spring 2010. Additional stores to open in Haifa, Petah Tikva, Rehovot and Netanya

Toyota looking for Israeli development

Senior representatives of Japanese multinational corporation to visit Israel soon in a bid to look into options of cooperation with Israeli companies

Finance Committee okays deal on child care bill

The Knesset Finance Committee on Sunday unanimously approved an amended version of a bill to recognize child care as a tax deductible expense for working mothers after a compromise deal was struck with the Finance Ministry.

Industrial sector laid off 5,000 in March-April

The economic crisis continues to hit the economy as thousands of workers are being laid off across the majority of industrial sectors, the Israel Manufacturers

Contractors bemoan foreign-worker fees

Doubling fees and taxes for hiring foreign workers will raise the price of an average apartment by NIS 25,000, building contractors warned Tuesday.

Intrigue surrounds sale of Israeli heart-attack patch patent

A reported $370 million biotech transaction that sent the Israeli market's heart racing now seems to be far from the done deal the media hyped it up to be.

Tel Aviv most expensive city in Mideast, No. 17 in world

Tel Aviv is the 17th most expensive city to live in and has a higher cost of living than Dubai, according to a worldwide cost of living survey by Mercer, a human resources and financial services firm.

Madoff sentenced to 150 years in jail

A federal judge rejected Bernard Madoff's plea for leniency Monday, sentencing the 71-year-old swindler to spend the rest of his life in jail for an "extraordinarily evil" fraud that took a staggering toll on thousands of victims.  

Produce growers, sellers steamed over VAT proposal on fruits, vegetables

Growers, sellers and buyers gathered at Jerusalem's Mahaneh Yehuda Market Monday afternoon to protest against the government's proposal to put a value-added tax on fruits and vegetables. The measure is to be discussed by the Knesset Finance Committee on Tuesday.

ExcelHT awards Druse students scholarships to land hi-tech jobs

When Amir Zhereldin told his family that he wanted to study mechanical engineering, they were taken aback.

Treasury defeats BoI in salary battle

The Finance Ministry will continue to oversee the salaries of Bank of Israel (BoI) employees, Prime Minister Binyamin Netanyahu ruled Monday night, seemingly ending a dispute between the two bodies regarding the mechanism for setting central bank salaries as proposed in the new Bank of Israel Law.

48,000 more jobs at risk

Despite cautious optimism on the financial markets, the Israel Manufacturers Association warned Monday that 48,000 more workers will lose their jobs by the end of the year.

European Commision, Israel sign financing accord for twinning projects

The European Commission and Israel on Monday signed a financing agreement for the development of two twinning projects in the areas of equal employment opportunities and veterinary services aimed at fostering economic integration.

The Treasury is initiating a "war" over

disagreements regarding the mechanism for setting central bank salaries as proposed in the new Bank of Israel Law, Bank of Israel Governor Stanley Fischer said Sunday.

Nestle producing new breakfast cereal in Sderot

New product based on Israeli-developed technology used in nougat-filled Bamba to be on shelves as early as this week

Barkat to raise NIS 100 million for capital's biomed industry

Jerusalem Mayor Nir Barkat announced on Monday that NIS 100 million will be invested in the development of the capital's biomedical industry over the next five years to create jobs and attract foreign businesses to establish their presence in the city.

Histadrut fights Sonol firings

The Histadrut on Sunday night convened an emergency meeting over 20 Sonol gas station managers who were allegedly fired as they were seeking to unionize and set up a workers committee.

Saudi's Kingdom Holding reaches for the sky

The Saudi investment firm run by a Saudi billionaire with a big Citigroup stake is pressing ahead with plans to build the world's tallest building despite the global meltdown.

Minister: 10.5% of businesses to close this year

Industry, Trade and Labor Minister Ben-Eliezer warns of collapse of small businesses, says over 47,000 businesses expected to shut down in 2009

13,000 workers laid off in April

More than 13,000 workers joined the ranks of job seekers in April, the Employment Service reported Sunday.

Economic crisis spurs spike in 'suburban survivalists'

Six months ago, Jim Wiseman didn't even have a spare nutrition bar in his kitchen cabinet.

Stellar Start-Ups: A better way to do lunch: Online menu system

Meetings, phone calls, e-mails. Getting chewed out by the boss. Listening to client complaints and counting the days until vacation. Yep, it's another typical morning in the office, enough to make you scream. In fact, you're about to scream, when... saved by the bell! It's lunch time!

State freezes funds to small aid associations

We can learns that regulation to cut off funding of ministry-run association projects with a budget of under NIS 500,000 passed by limited forum of three MKs. Hundreds of projects to be halted; thousands of people to suffer as a result

Israel ranks 20th on IMD 'stress test'

Swiss business school IMD presents analysis of which of world's leading economies are better equipped to fare through global financial crisis: Denmark ranked first, followed by Singapore and Qatar. Israel precedes US, Germany and Britain on list

Hi-tech pay plunges 25% in April

The average salary in the hi-tech sector dropped 25 percent in April compared with the same month a year ago as a wave of layoffs contines to spread across the labor market, the Jobby on-line employment center reported on Sunday.

Number of foreign workers rose 12.5% last year

The number of foreign and refugee workers rose 12.5 percent to 225,000 in 2008, nearly half of whom were illegal workers, according to a survey by the Industry, Trade and Labor Ministry.

Central Bureau of Statistics: Israel officially in a recession

Israel's economy contracted for a second consecutive quarter, plunging the economy into a recession for the first time in eight years, as exports plummeted and investment in fixed assets slumped, the Central Bureau of Statistics reported Sunday.

Steinitz: Stabilizing businesses, curbing unemployment first priority

Finance minister presents budget bill to Knesset's Finance Committee; latter promises formidable debate in arrangements law.

Flu to halt Arab countries' import of pigs

American document reveals United Arab Emirates imported some 54 tons of pork from US between January and February for $139,000; imports expected to be halted on backdrop of swine flu epidemic.

Israel, China to map the world

Survey of Israel signs agreement for cooperation with its Chinese counterpart. Deal is first agreement of its kind to be signed between China, Western country

Poll finds 67% rise in café visitors

People from some 500,000 households visited coffee shops in 2008 compared to people from 300,000 households in 2000. Industry, Trade and Labor Ministry report shows Israelis spend total of $314 million in cafés per year

Digital World: Don't count Israeli hi-tech out just yet, says top VC chief

Israeli hi-tech may be down, but it certainly isn't out, and the coming months could see local technology development roaring back stronger than ever.

Local recession to end in 2010 - survey

The Israeli economy will emerge out of the recession in 2010, but more layoffs will take place, according to a survey of capital-market analysts and investment houses. The appointment of Yuval Steinitz as finance minister failed to instill confidence in a majority of the respondents.

Fake 'Israeli citrus fruit' sold in Iran

Oranges imported to Islamic republic from China bearing a Jaffa label stir row in Tehran. Iranian official accuses opposition of 'citrus plot'

Financial markets stabilizing but more layoffs can be expected, Fischer says

The financial situation is beginning to stabilize, both here and across the globe, but the real economy will continue to deteriorate and unemployment will continue to rise over the next few months, Bank of Israel Governor Prof. Stanley Fischer said Sunday.

Tshuva mulls exporting natural gas

Owner of group that controls Delek and Tamar-1 drill sites, where large quantities of natural gas were recently discovered, says 'examining possibility of exporting natural gas to other countries'. Delek Energy CEO says plans to be able to meet all of Israel's gas needs by 2012

Madoff trustee sues to recover $255m.

The trustee appointed to liquidate Bernard L. Madoff Investment Securities LLC sued Kingate Management Ltd. for the return of $255 million transferred to the firm's funds in the months before Madoff's collapse.

Israeli products popular worldwide

Comprehensive study conducted by Foreign Ministry in world's 13 biggest markets reveals 59% of consumers 59% hold positive attitude towards products made in Israel

13 Israeli companies on Forbes Global 2000

Only 10 Israeli firms included in US magazine's annual ranking last year. Teva leads Israeli corporations on list, ranked 381st

Gaydamak sells 10% of his media corp for $1

Ten percent of United Media shares to be sold to company's directors for symbolic price. Corp lost $1.2 million in 2008

Israeli job losses reach all-time high

A record of 20,072 people lost their jobs in March, the highest-ever number in a single month, the Employment Service reported Sunday.

Agritech expected to attract 4,000 visitors from abroad

An estimated 4,000 tourists are expected here May 5-7 for the 17th International Agricultural Exhibition (Agritech) in Tel Aviv, a fair that is held every three years.

Steinitz: This is the time to roll up our sleeves

Bank of Israel Governor Stanley Fischer urged incoming Finance Minister Yuval Steinitz on his first day in office to take the necessary steps to help the economy emerge from the crisis as soon as possible.

Johnson & Johnson closing Israeli headquarters

All of pharmaceutical company's workers in country, including CEO, discharged after global firm decides to shut down all branches with sales of less than $50 million a year

Rafael reports 21% increase in profits

State-owned Rafael Advanced Defense Systems on Sunday reported a 21 percent increase in its profits in 2008, closing the year with earnings of NIS 166 million.

Bank of Israel may lower key rate to record low

The Bank of Israel will probably cut its benchmark lending rate to a record low as Governor Stanley Fischer seeks to bolster a contracting economy, according to economists surveyed by Bloomberg..

Libyan citizens won't receive oil revenues

Gaddafi's plan to hand out some $32 billion directly to his country's residents dealt a blow in parliament. According to plan, each Libyan citizen was to get about $23,000

Super-Pharm to sell designer sunglasses at half price

Leading drugstore chain to import high-fashion brands such as Prada, Roberto Cavalli, D&G from Italy to go on sale as of next week, at prices 50% lower than market

Madoff sent to jail as furious victims applaud

Wall Street financier who cheated billions of dollars out of investors pleads guilty in court, says he is 'deeply sorry and ashamed' for his actions, but refuses to implicate anyone else in the scam

Purim holiday sweetens business activity amid crisis

The Purim holiday promises a sweet break from the impact of the economic crisis for businesses in the trade and hospitality services sector, with merchants expecting a 40 percent increase in sales of sweets and a 5-7% rise in the sales of hamantaschen.

Africa Israel sees loss on 'NY Times' building writedown

Africa Israel Investments Ltd. will post a fourth-quarter loss of about NIS 2.7 billion after the value of a landmark property, the former New York Times building, fell by $380 million.

Prices of regulated bread to drop even more

Industry, Trade and Labor Minister Eli Yishai on Monday signed an order reducing the prices of subsidized bread by 4.35%. The price reduction will take effect after the order is signed by the finance minister.

Comverse to fire hundreds – many in Israel

Economic crisis continues to claim victims as international high-tech company prepares for third wave of layoffs in recent months, with reportedly 400-500 workers throughout the world, including Israel, to be sent home

Netanyahu says will cut taxes in 2009

Cuts in income, corporate tax rates planned despite Finance Ministry's suggestion to freeze cuts due to deepening recession; prime minister-designate's office says he will also work to increase completion in electricity market

Recession? Not at Abu Dhabi's arms show

Drop in revenues from oil does not stop United Arab Emirates country from ordering weapons for billions of dollars. Exhibition's grounds doubled, with some 900 exhibitors from 50 countries taking part in display

First bank privatization in Iran fails

According to original plan, 10% of Bank Mellat's shares to be offered for sale later this year, but plan may not materialize due to investors' unenthusiastic response

Cabinet allots IDF NIS 2.45 billion in auxiliary funds

Government approves defense establishment's motion for additional budget meant to help military restock on weapons, supplies used during Gaza campaign, restore full operational capabilities

Petrol price falls by 0.79%

Octane-95 gasoline now costs NIS 5.04 per liter in self-service fueling; addition for service will not exceed 13 agorot per liter

Olmert on economic downturn: State won’t dodge responsibility

PM tells Manufacturers Association Israel must 'change patterns of behavior according to the changed reality'

Lehem Erez wants to go kosher

In attempt to increase sales targeting hotels and party halls, popular bakery chain closes factory on Shabbat in effort to receive kosher certificate

New lottery lowers chances of winning

Mifal Hapais National Lottery launches new version this week, with 35% lower chance of winning, but higher prizes for those who do, with minimum first prize of NIS 5 million. Price of ticket to remain unchanged

Abu Dhabi to subscribe to Israeli satellite service

United Arab Emirates state said to sign contract with Israel's ImageSat International giving it access to images taken by Eros-B satellite. Deal estimated at $20 million per year

Emoze wins prize for best mail application

Israeli telecom vendor wins prize at Mobile Innovation Global Competition at largest annual event in industry for its innovative email retrieval application for mobile devices

Fischer cuts interest rate by 0.25%

Bank of Israel chief sets interest rate at 0.75%, says market's standing calls for it. Move's efficiency questioned as analysts deem cuts futile

Obama's bailout plan may hurt Elbit

White House plan to cut 10% of US defense budget may inflict losses on Israeli subcontractors involved with US defense forces, but its industrial stimulus package stands to benefit Israeli pharmaceutical companies

Nearly 20,000 fired in January

Israeli Employment Service reports of 15.1% increase in unemployment rates compared to same time in 2008. New number sets all-time high

Saudi contractors afraid to visit Gaza

King Abdullah pledges $1 billion in aid to Palestinians, but his country's construction contracting companies unenthusiastic about rebuilding Strip due to security situation

Cleveland physicians explore cooperative ventures in Israel

Some 130 Israeli medical, biotech and venture capital professionals attend Cleveland Clinic Innovation Summit in Tel Aviv focusing on cardiovascular and orthopedic innovations

Lawsuit: Spain stole Israeli fruitCitrus Growers’ Association files lawsuit against Spanish grower

Citrus Growers’ Association files lawsuit against Spanish growers accused of stealing branches of patented Israeli development of new tangerine species, costing local growers some $49,000 a year

Israel giving up on exports to Japan, Russia?

In wake of financial crisis, Export and International Cooperation Institute decides to freeze transfer of NIS 12 million allotted for encouragement of exports to two countries

Investment houses size up the election

A fragmented right-wing government could threaten the country's image of having a stable economy and deter investors, according to some investment houses.

Gaza exports 25,000 flowers to Europe

For first time since Hamas took control of Strip, Israel allows transfer of carnations through Kerem Shalom crossing ahead of Valentine's Day

Malls are Election Day's biggest winners

Despite stormy weather, Israelis took advantage of election holiday to flood shopping centers, restaurants and movie theaters, which report dramatic rise in sales

Official: Israel-Turkey trade severely damaged

Political tension between Jerusalem, Ankara said to have serious effects on years of prolific commerce relations. Agricultural, chemical exports note drop; industry fears defense exports may suffer next

Military allotted NIS 2.4B to recoup operational capabilities

Defense establishment awarded auxiliary funds meant to reimburse military for Gaza offensive expenses; funds to come out of pending 2009 State budget

Teva's acquisition of Barr spurs foreign investment in Israel

Foreigners invested a net $3.9 billion in Israel in December after Teva Pharmaceutical Industries Ltd., the world's biggest generics maker, bought Barr Pharmaceuticals Inc. for cash and stock.

Bank chiefs lambaste government inaction

The heads of the country's leading banks on Wednesday criticized the government's and the Bank of Israel's handling of the economic crisis. They also expressed frustration at the Treasury's refusal to include the business sector in consultations over rescue packages.

Banks boosting credit, lowering rates

Israeli banks are increasing lending and lowering the cost of credit, but it's still insufficient to make up for the collapse of the nonbanking sources, according to the Bank of Israel.

Madoff tipster assails SEC

The man who waged a decade-long campaign to alert regulators to problems in the operations of fallen money manager Bernard Madoff told Congress Wednesday that he had feared for his physical safety.

Teva launches generic schizophrenia drug

Israel-based pharmaceutical company says received approval to begin marketing low-cost version of Risperdal in US

Government to boost airline security

The cabinet on Sunday approved a plan to increase government subsidies for security on Israeli airlines, including El Al Israel Airlines Ltd., the country's largest carrier.

Foreign banks to fund Tel Aviv Light Rail

Project's contractor MTS presents Finance Ministry with letters from nine foreign banks wishing to fund €930 million project at high interest rates. Ministry says long road ahead before financial closure

Aztek signs NIS 12M deal with Turkey

Israeli licensing solutions provider chosen to supply small, medium-size businesses in Turkey with Microsoft products. 'Doing business in Turkey has definitely become much harder,' says company official. 'We even had two clients, who came outright and told us, 'We don’t want to work with you because you're Jewish'

Interest rate reaches new record low of 1%

Bank of Israel drops short-term borrowing rates by three-quarters of a point, expressing deep concern that global downturn is pushing Jewish state into recession

Soglowek to bid for biggest US kosher meat company

Israeli meat products manufacturer said to be one of dozen companies bidding in tender to buy Agro Processors that recently went into receivership

Nokia, Intel slump torpedoes Israeli economy

At Orbotech Ltd.'s Yavne headquarters, 40 kilometers north of the Gaza Strip, photocopied signs pointing to the nearest bomb shelter were pasted on the walls three weeks ago as Israel launched its offensive against Hamas.

Central bank survey points to recession

Business growth in all sectors of the economy contracted significantly in the fourth quarter of 2008, pointing to growing signs of a recession in the economy, according to the Bank of Israel's quarterly companies survey.

Will Obama continue financial aid to Israel?

US aid in form of $3 billion annual arms package likely to remain unchanged. 'Package bound by decade-long contracts,' says former financial attaché to US.

Large quantities of natural gas found off Haifa coast

More than 3 trillion cubic feet of natural gas discovered at well off of Israel's Mediterranean coast. 'This appears to be the largest discovery in the company's history,' says Noble Energy president

Egyptians conflicted over Israel boycott

Powerful organizations in Egyptian market not moved by public's pressure to impose trade boycott on Israel, say they cannot force members to do so, decision is a personal choice

$2 billion aid package to rebuild Gaza

Arab League states meet for economic summit in Kuwait to discuss global economic crisis' effect on Arab world

Campaign urges boycott of US firms over Gaza op

Various elements in Arab, Muslim world use social networks, text messages and leaflets to call for boycott of American products, companies such as McDonald's and Starbucks

Aladdin agrees to $160M private equity buyout

Israel-based computer security company to be bought by investors led by Vector Capital

Fear: Turkey may pull deals with Israel

Defense establishment says Ankara's growing vex with Israel's Gaza offensive may result in canceling ongoing contracts, suspending future negotiations.

Rocket damages lead to 1,120 property tax suits

Some 28 families evacuated to hotels after their homes destroyed by rockets since start of Gaza operation; 891 claims filed with tax authorities deal with damage caused to buildings.

State urges southern event halls to refund cancellers

Industry, Trade, Labor Ministry's Consumer Protection supervisor and Consumer Council head urge southern event hall owners to allow customers booking events before Gaza op to back out without paying cancellation fees

'Credit crunch, Gaza don't pose threat to rating'

Moody's, the global credit rating agency, has sent a signal of confidence in the economy's ability to weather political and financial shocks exacerbated by the Gaza conflict and the global credit crunch.

Madoff, thumbing nose, gives gifts, deserves jail

Madoff, thumbing nose, gives gifts, deserves jailHoled up in his Upper East Side apartment as 2008 drew to a close, Bernard Madoff thought it a good idea to bestow on friends certain items.

UK company boycotts Israeli consumers

Israeli computer engineer discovers he cannot order scarf online from London-based Pashmina company because it has joined Muslim consumer boycott against IDF operation in Gaza

Treasury puts pressure on bond issuers

The Finance Ministry and the Israel Securities Authority are advancing the implementation of broader disclosure regulations to govern corporate bond offerings and help protect investors.

Income from Gaza tunnels some $650 million a year

Residents of Rafah are concerned by damage done to cash cow tunnels that lead to increased employment and prosperity in city, especially or tunnel owners and merchants. According to Palestinian research institute, tunnels contributed to worsening poverty in Gaza, but played important role in dealing with blockade

Treasury approves NIS 8m. for South

Additional budget will be used to equip shelters with mattresses, blankets, heaters.

Teva settles Medicaid fraud suit for $7m.

The suit claimed Teva charged illegally inflated prices to Massachusetts's Medicaid program.

Leviev attempting to shed Apthorp building

Last week Africa Israel owner Lev Leviev motioned a New York court to rule him the sole owner of the Apthorp.

Gaza operation pushes oil prices up

Oil prices jump to nearly $40 a barrel in Asia, jumping for second trading day as widening conflict between Israel, Hamas raise tensions in oil-rich Middle East

British telecom firm severs ties with Israeli counterparts

UK's FreedomCall informs Israeli company of decision via email, blames Gaza operation

Mobileye awarded $150m contract

Israeli developer of on-board driving assistance systems signs three-year, multi-million distribution deal with leading Italian company

US court: Ex-Agriprocessors manager to remain jailed

Magsitrate judge dismisses argument that prosecutors labeled exec a flight risk because he is Jewish.

Elbit, IAI awarded $141m deal with Turkey

Companies' subsidiaries to supply Turkish Air Force with space imagery intelligence systems across four years

St. Jude acquiring MediGuide for $283 million in cash

The $283 million purchase will enable St. Jude Medical to gain technology in tracking needles, catheters and guide wires inside the body.

Check Point to buy Nokia business

Purchase will add more than $100 million to revenue in 2009

El Al to cut fuel surcharges

Global drop in fuel prices prompts Israel airline to significantly reduce fuel surcharges, leading to drop in airfare prices. Meanwhile, airport tax to rise next month

'Obama may adopt Israeli electric car'

The incoming Obama administration is "closely monitoring" the innovative electric car project being developed by Israel's Better Place company, "and may be adopting it," Idan Ofer, chairman of Better Place explained.

U.S. Jews ponder 'catastrophic' effects of Bernard Madoff affair

Investors from the U.S. and Israel had more than $24 billion in funds overseen Bernard Madoff.

Financial woes could force cuts in Birthright Israel trips

Casino mogul's could default on $20 million pledge to initiative which offers free trips for young Jews.

Israeli stocks fall on concerns about investments linked to Madoff

Harel, the country's third-biggest insurer, said its units have a total of NIS 55m. of exposure to Madoff Investment Securities LLC.

Yeshiva U. may be victim of $50b. scam

Yeshiva University is trying to determine whether it was among countless investors whose savings may have been wiped out in a $50 billion Wall Street investment swindle that may be the largest in history.

Jewish charities suffer from fraud case

Days after the arrest of former NASDAQ chairman, Jewish-American Bernard Madoff, for fraud charges involving $50 billion, the effects of the financial disaster have begun to show.

Fischer defends Gaza cash transfer

Bank of Israel Governor: We can't be responsible for the collapse of a banking system that uses the Israeli shekel.

Halperin Optics opens stores in Bulgaria

Israeli optics chain opens two new branches in Sofia under brand name 'Optic 1' at investment of half-a-million euros. Three more branches in Varna, Bulgaria in planning

Babylon: Google, emerging markets to boost sales

Babylon Ltd., the Israeli translation software developer, said it will repeat sales growth of 45 percent next year.

Merrill Lynch sees help for Israeli exporters

Israeli exporters will get a boost in the fourth quarter from a weaker shekel, which has depreciated by 12 percent against the dollar.

Department chain H&M to open branch in Israel in 2010

Swedish department store to open in Israel

Funding crisis threatens winter birthright trips

Dec., Jan. trips funded but Feb., March and summer trips in question.

Report: Israeli mineral water company closes site due to Scottish boycott

Pro-Palestinian groups in Europe increasing awareness and boycotting against Israeli mineral water company

Israeli company leading next generation of solar technology

3GSolar may be closest company in the world to offer dye solar cells.

Fischer: Olmert, Bar-On's bailout plans similar

Bank of Israel governor tells reporters pension funds' safety net plans devised by prime minister, finance minister vary only slightly. 'I'm all for providing a safety net, but we have to limit its scope,' he says

Africa Israel posts steep loss in Q3

Israeli real estate developer reports net loss of NIS 2.1 billion, at top end of profit warning

Bank of Israel to boost foreign currency reserves to $44b.

The Bank of Israel will boost foreign-currency reserves to between $40 billion and $44b. through the daily purchase of $100 million of foreign currencies.

Teva raided in EU antitrust probe

Teva Pharmaceutical Industries Ltd., the world's biggest generic-drug maker, France's Les Laboratoires Servier and Slovenia's Krka Group d.d. have been raided by European Union regulators as part of an antitrust investigation.

Despite economic crisis, Israelis send more Christmas gifts

Thousands of kilograms of citrus fruits, wines, chocolate and Israeli products are sent to destinations across the world ahead of Christian holidays despite tough financial situation.

PM rejects 'inadequate' Treasury pension safety plan

Prime Minister Ehud Olmert on Wednesday night declined to approve the Treasury's limited pension safety net plan in favor of a broader program, in an effort to avert a general strike in the public sector.

Treasury submits new 'safety net' plan

Bowing to public pressure, the Finance Ministry and the Bank of Israel have advanced the approval of a plan to boost investment in the capital market, including a limited pension safety net, as the Histadrut Labor Federation on Sunday declared a work dispute in the public sector.

Social groups seek PM's help to stay afloat

Leading social organization send Olmert letter pleading for monetary assistance during rough financial times; ask he includes them in market stimulus plan, set up emergency aid fund.

Citigroup gets guarantees on $306 billion of assets

The US government unveiled a bold plan Sunday to rescue troubled Citigroup, including taking a $20 billion stake in the firm as well as guaranteeing hundreds of billions of dollars in risky assets.

Israeli company to secure Vatican

Herzliya-based smart cam company gets contract to secure sensitive areas of Vatican City. Deal estimated at $4-$5 million

Egypt to appeal ban on natural gas deal with Israel

Egyptian authorities said to appeal Cairo Court decision to suspend gas deal with Israel. Analysts say decision may prompt renegotiation of terms

Netanyahu offers to help Olmert combat financial crisis

Likud chair meets with PM, offers his party's support for measures meant to secure public's savings in pension, retirement funds. Prime Minister's Office welcomes initiative

Price of subsidized bread to drop by 3%

Industry, Trade and Labor Ministry economists reconsider last week's decision to reduce bread costs by 7.4% in order to equalize losses suffered by bakeries in past year

Las Vegas site hasn't dropped in value, claims IDB group firm

Property & Building will be attaching an evaluation of the Las Vegas land it bought with Elad Properties to its third-quarter financial statement. In a surprise to capital market circles, based on a third-party evaluation, the IDB group company means to argue that the land hasn't dropped in value.

UN mulls buying Israeli defense systems

International body delegation to visit Israel, review drones, airborne electronics, intelligence gathering systems ahead of possible contract with local manufacturers

New guidelines for unemployment benefits planned

Recent layoffs prompt social affairs minister to instruct National Insurance Institute to formulate new, flexible directives meant to make stipends more accessible, especially for low-income workers

Employment Service seeks government intervention

Hundreds of workers are fired each day in Israel due to economic crisis. Employment Service Director General Yossi Farhi says government intervention is needed to solve situation.

Britain honors Israeli shipping tycoon

Businessman Sammy Ofer awarded honorary KBE by Queen Elizabeth in recognition of his services to UK maritime heritage

Obama mulls naming Jewish economist secretary of treasury

Former Fed chair, who headed committee tasked with securing Swiss restitution funds for Holocaust survivors, shortlisted for two of new administration's top financial positions.

Central bank chief says Israeli economy resilient

Country's conservative, tightly-supervised banking system prevented kind of collapses seen elsewhere,' Stanley Fischer tells reporters. Adds: Central bank expects to see Israeli economic growth slowing to 2.7 percent in 2009

Treasury helps corporate-bond market

The Finance Ministry will allow institutional investors to buy new corporate bonds set at their book purchase price.

Price of subsidized bread to be reduced by 5%-10%

Industry, Trade and Labor Ministry slated to announce decision on matter later this week following drop in global wheat, fuel prices

New Jerusalem MBA program will stress Jewish ethics in business

Course at JCT (also known as Machon Lev) in the capital's Givat Mordechai neighborhood is the first of its kind in Israel.

Remedia trial underway

Remedia, Health Ministry execs indicted for negligent homicide, consumer fraud for respective parts in distribution of faulty baby formula in 2003. Court grants defense's continuance, pushes trial to March 2009

Jewish Agency cuts $45 million from 2009 budget

But treasurer Hagai Meirom vows none of agency's flagship activities will be harmed due to cutbacks.

Gas prices to drop 12% next week

Even though oil prices have dropped 50% from their record high of $147 a barrel, Israeli gas prices will have fallen only about 20%.

Fischer cancels approval for Poalim buy of Ukrainian bank

Hapoalim subsidiary Tarshish was supposed to buy 76% of the bank for $116 million, for a total valuation of $150 million.

Early elections likely to cost the economy NIS 2 billion

Early elections will exact a heavy price on the Israeli economy.

Remedia trial underway

Remedia, Health Ministry execs indicted for negligent homicide, consumer fraud for respective parts in distribution of faulty baby formula in 2003. Court grants defense's continuance, pushes trial to March 2009

'Jewish banks masterminded crisis'

As world financial crisis continues to show little improvement, websites continue to be flooded with anti-Semitic conspiracy theories accusing financial leaders of Jewish heritage of orchestrating global economy to tune of all-encompassing Zionist plot

Warning: Israel may face power shortage

Israel Electric chairman says unless government steps up, agrees to fund costs of company's emergency contingency plan, future demand may exceed supply to point of lengthy blackouts

World financial crisis may put 4,000 Israeli jobs on the line

National Insurance Institute predicts job crunch despite Tel Aviv's relatively modest stock market decline.

Roman Abramovich loses £12billion in Russian share plunge

Roman Abramovich has lost £12billion on the Russian stock exchange, it was revealed earlier this week.

Peres: Drop in global oil price serious blow to Iran

Visiting sukkah of chief rabbis, president says Iran will struggle with costs following tumbling prices.

Israel on standby as global financial rescue takes shape

Israeli economic leaders remain tensely on watch as the debate rages over the merit of the coordinated move

AM:PM faces new boycott for employing Jews on Yom Kippur

Army Radio: Convenience-store chain paid workers triple wages to unload goods, clean during holiday.

Hamas blames Jews for global crisis

Spokesman says bad management, systems of "Jewish lobby" responsible for financial meltdown.

Tnuva ordered to pay NIS 55m. damages

Court ruling closes 1994-5 silicon-contaminated milk class action case; consumers to enjoy benefits.

Boaz Yona seeks forgiveness

Yona asked for forgiveness for fraud and theft he committed to innocent home buyers

Tel Aviv markets plummet across the board as TA-25 plunges 6.3%

Not only Sunday, but throughout the past few weeks, Israel's major "tycoons" have been taking a beating in the markets.

Leviev seen mortgaging more shares

The liabilities of Lev Leviev's Africa-Israel total NIS 8.6 billion, and it has been trying to realize assets.

Dexia Israel in shadow of parent's rescue

Dexia Israel Bank will be trading on the Tel Aviv Stock Exchange today under the shadow of the global financial crisis, which has slammed into its parent bank.

Sheldon Adelson sinking $475m into Sands

Adelson has injected $475 million in the casino operator so it could pay down debt and maintain leverage ratios

Sad loss for Israeli industry

The collapse of Lehman Brothers is of particular significance to Israeli industry, especially hi-tech.

Market Report / TA-25 up 2.2%, Africa Israel jumps 12%, Delek surges 14%

The Tel Aviv Stock Exchange closed its trading week yesterday with sharp gains as Wall Street opened strongly.

Segev buys Ocif from Gaydamak

Arcadi Gaydamak's lawyer, Yossi Segev, offered yesterday to purchase Gaydamak's holdings in the publicly traded company Ocif for NIS 110.5 million.

Arison buys 800,000 Hapoalim shares

The September 18 purchases increased the stake of Arison Holdings Ltd., her investment vehicle, to 20.03 percent.

Tel Aviv stocks soar back up on US rescue plan

Shares post biggest gains in more than 4 years after US announces plan to buy $700b. in bad assets

Stolen-car wave in Brazil spurs Israeli company's tracking service

Brazil is Ituran Location and Control Ltd.'s second-largest market after Israel and may boost its Brazilian client base to 500,000 in five years.

Bank Leumi to sue Lehman Brothers

Bank claims fallen American holdings company failed to implement sale order given just days prior to its filing for bankruptcy

Fischer holds emergency meeting in wake of Wall Street crisis

Bank of of Israel chief summons heads of Israel's seven leading banks for risk assessment meeting following continuing crisis in US, world markets

Libyan Jews demand compensation

Are Jews who immigrated to Israel from Libya about to receive a large sum of money from Libyan leader Muammar Gaddafi?

Nestle, Osem buy 51% of Materna

The companies acquired the stake from Maabarot Products Ltd., which retained 49% of the Israeli baby-formula maker Materna.

Chicken prices climb 40% before holidays

Chicken prices may soon reach NIS 24 a kilogram.

TA stocks slip in Wall Street's shadow, Bank Hapoalim drops 6.8%, Delek Group plunges 7.8%

Bank Hapoalim's exposure to Lehman Brothers is believed to be the highest of Israel's major banks.

Tel Aviv catches the global cold

TASE hits 18-month low on American and international financial woes

Adelson pledges another $30M to Birthright

The latest pledge consists of a $20 million contribution for 2009 and $10 million for 2010.

Arison invests $100 million in new water company

Shari Arison bought water companies for $100 million and combined them into new global services firm that will make more acquisitions.

Israeli hi-tech stocks feel pinch of slow US market

"Israeli technology companies are feeling an impact from the slowdown in the US hi-tech sector"

Apple to open store in Ramat Aviv Mall, first store in Israel.

The first bricks-and-mortar Apple Store is set to open on September 18 at the Ramat Aviv Mall.

Red Hat buys Qumranet for $107m.

Red Hat, the world's biggest seller of Linux software, has bought Ra'anana-based Qumranet Inc., a developer of desktop virtualization solutions, for $107 million.

Bank of Israel to stop buying dollars on Nov. 12

The Bank of Israel will apparently stop soaking up foreign currency on November 12.

Report: Social gaps in Israel widening

National Insurance Institute published 2007 poverty reports, notes vast sectorial difference between seculars and religious communities, Jewish and Arab ones

Imploding airline Alitalia could strand thousands of Israelis

Travel agents recommend pre-booked ticket holders to 'fly and pray' in case Alitalia suspends operation.

Teva says its Parkinson's drug is the first to slow disease

Company hopes sales of custom-designed Azilect will cross $1 billion.

Government approves 2009 State Budget

Following more than 16 hours of discussion, prime minister and finance minister manage to convince opposing ministers from Kadima and Pensioners Party to support budget proposal.

Lowest unemployment rate in 20 years

Israel’s Central Bureau of Statistics reveals statistic showing amount of jobless people in second quarter of 2008 is lowest in two decades

Israel gets low ranking in business index

The Israeli entrepreneurial spirit is well-known around the world, but a global report by business research firm Dun & Bradstreet shows that the rate of active businesses measured in proportion to the country's population is relatively low compared to the majority of countries in Central Europe and North America.

US Airways seeks Philadelphia-Tel Aviv route

US Airways announced Tuesday plans to operate nonstop service between its Philadelphia hub and Tel Aviv, Israel, as the carrier moves to expand its international service.

Army loses battle over budget as gov't moves to make defense cuts

The cabinet Monday approved the budget proposal for 2009 by a narrow majority of one vote.

Bank of Israel workers to return NIS 100 million of excess pay

Labor Judge Eyal Avrahami ruled that excessive payments and pension contributions will have to be repaid retroactively from 1998.

Tourists flock to Golan's upgraded attractions

In past 3 years, gov't invested NIS 26 million in improving Golan tourist infrastructure.

Bananas, dates are threatened by drought

Tens of acres of bananas, dates and other tree crops at Kibbutz Gesher, in the Jordan Valley, were deprived of water for 10 days this month.

Central bank defends bank-fee reform

Supervisor of Banks Rony Hizkiyahu on Sunday defended the controversial bank-fee reform after the consumer price index for July showed a rise in the cost of banking services.

Israel Chemicals is most traded stock on TASE

According to TASE data of stock performances in the first six months of the year, its average daily trading volume jumped 160% compared to 2007.

Travelers seek refunds for canceled Georgia trips

Israeli consumers who have booked plane tickets or organized trips to Georgia should not carry any financial responsibility, according to a legal opinion.

2008 tourism to Israel on the way to record

Some 1.7 million tourists visited Israel between January and July this year, up 41 percent compared to the same period last year, the Central Bureau of Statistics reported Thursday.

El Al reports $11.2m. loss in Q2

El Al reported $11.2 million in losses for the second quarter of 2008, despite record revenues of $557m., blaming the losses on rising fuel costs.

Out of cash, fast-food Burger Ranch chain closes doors

One day after the Paz Oil company sued to have a receiver appointed for the Burger Ranch fast-food chain that it used to own, some of the branches were already closed and major suppliers were refusing to deliver buns, burgers and special sauce.  

Croatian unit hurt Barr Labs in second quarter

A month after its acquisition by Teva Pharmaceutical Industries was announced, Barr Laboratories has released its quarterly financials, beating analyst expectations - but also revealing profitability problems in Europe.

Israelis may soon import U.S.-compliant Asian cars

The Transportation Ministry plans to establish a committee to draw up standards for vehicle imports from the U.S. and Europe, widening the pool of options.

Gaydamak to pay NIS 50 million for abandoning phosphate deal

An arbitrator has ordered businessman Arcadi Gaydamak to pay NIS 50 million to local businessman Joseph Troim, ending the dispute over the sale of a phosphate plant in Kazakhstan.

Treasury aims to strangle building in central Israel

The Finance Ministry plans to change Israel’s demographic map, by aggressive means if it has to.

Government cuts budget cuts

Cabinet goes back on original decision to laterally cut 6% of bureaus' budgets, settles on cutting half; making $89 million of its financial reserves available to make up difference

Tel Aviv to introduce congestion charge by 2009

Motorists will need to pay to enter Tel Aviv, as officials seek to fight traffic congestion.

El Al and AA announce cooperation deal

El Al strikes deal with American Airlines - largest US flight carrier. Agreement, to take effect on Sept. 2, replaces code-share deal with Delta that expired last year

The bank job

Bank of Israel committee tasked with finding next director- general approached by unprecedented number of applicants; 12 make initial cut, only three expected to make to final stage

Israeli company to build hydraulic power plant in China

Sea Desalination Energy awarded Chinese governmental bid to supply southern province with hydroelectric power. Company to build 100 additional plants across China should project prove successful.

Israel's Orbotech buys US-based Photon Dynamics for $290M

Teva to buy Barr Pharma for more than $7 billion

Israeli drugmaker says will purchase rival generic drug company in move to expand its presence in US, Eastern European markets.

UNICEF cuts ties to Israeli billionaire Leviev

Microsoft buys Israeli start-up for $25 million

Gaydamak ordered to sell stock in Israeli radio station