web analytics
October 23, 2014 / 29 Tishri, 5775
At a Glance
News & Views
Sponsored Post
Meir Panim with Soldiers 5774 Roundup: Year of Relief and Service for Israel’s Needy

Meir Panim implements programs that serve Israel’s neediest populations with respect and dignity. Meir Panim also coordinated care packages for families in the South during the Gaza War.



Teva Cost-Cutting Means Lost Israeli Jobs

Teva Pharmaceutical Industries Ltd. (TEVA) is probably preparing to cut jobs in its home market of Israel, according to Bloomberg, at a time when Israeli politicians are criticizing the company for paying less than its fair share in taxes.

Teva, the world’s biggest manufacturer of generic drugs, is determined to cut costs by $2 billion over five years, to increase profitability. Ronny Gal, an analyst at Sanford C. Bernstein & Co, expects those savings will have to come, at least partially, at the expense of Israel’s job market.

“I don’t see how they can meet their sizeable cost cut goals without cutting costs in Israel significantly,” Gal said at an annual conference organized by Tel Aviv-based health-care hedge fund Sphera Funds Management Ltd. “Cutting costs here in Israel is going to be a true test for them.”

Firing workers or closing down factories in Israeli would prove politically troublesome for Teva—based in Petach Tikva—because it is already the subject of intense criticism from Labor leader Shelly Yacimovich, over its lower than usual tax payments.

Yachimovich has called on the Finance Ministry to investigate Teva’s tax reports. Israeli newspapers Globes and TheMarker criticized Teva after an annual statement showed the company paid about $5 million, or less than 1 percent of its annual income, in taxes for 2012.

Teva argued that its operations in Israel generate tax revenue of more than 3 billion shekels ($806 million).

About the Author: JewishPress.com brings you the latest in Jewish news from around the world. Stay up to date by following up on Facebook and Twitter. Do you have something noteworthy to report? Submit your news story to us here.


If you don't see your comment after publishing it, refresh the page.

Our comments section is intended for meaningful responses and debates in a civilized manner. We ask that you respect the fact that we are a religious Jewish website and avoid inappropriate language at all cost.

If you promote any foreign religions, gods or messiahs, lies about Israel, anti-Semitism, or advocate violence (except against terrorists), your permission to comment may be revoked.

No Responses to “Teva Cost-Cutting Means Lost Israeli Jobs”

Comments are closed.

SocialTwist Tell-a-Friend

Current Top Story
Chaye Zisel Braun
Funeral for Chaye Zisel Braun Underway [photos]
Latest News Stories
Chaye Zisel Braun

The funeral for Chaye Zisel Braun began at midnight Wednesday night.

Car in Light Rail Runover

Al-Shaloudi was the nephew of the former Hamas chief and bombmaker Mohiyedine Sharif.

Aftermath of the vehicular terrorist attack at the light rail station near Ammunition Hill, Jerusalem, Oct. 22, 2014.

Arab media describes Hamas vehicular terrorist attack as ‘Palestinian ‘shot dead’ by Israeli police.’

Clashes in Silwan

Police tried to reach the home of the driver in Wednesday’s attack.

Hundreds of Jewish leaders from around the world who are part of the Jewish Agency for Israel Board of Governor will convene in Ashkelon, one of Hamas favorite targets for rockets and missiles, next week. The Board had been set to meet in Mexico as part of its annual rotation amongst the world’s Jewish communities, […]

With all due respect to the IDF, since when is drug smuggling not linked to terror?

A demonstration by 10,000 in Isfahan for women’s rights has morphed into a protest against Iran’s regime.

Syria says it bombed the jets as they were landing in Aleppo.

The baby that was injured in the suspected terror attack this evening died in the hospital.

The train company’s video of the event in Jerusalem that left 8 people injured.

Haifa-based Elbit Systems won an $88 million from an unnamed Asian country for various projects, most of them for an F-5 aircraft avionics upgrade program and the supply of electro-optic and communications systems, Elbit announced Wednesday. The F-5 fighter jet has been in operation for more than 40 years four decades, and is used by […]

Wouldn’t be a lot easier if fanatic Haredim would simply charter their own planes?

One dead, 8 injured, 2 seriously when a car (purposely?) drove into a group of people waiting for a train in Jerusalem.

Please see this article for the latest update. Updates as soon as available. UPDATE 4, 6:42 p.m. Israel Time: Official word from Superintendent Micky Rosenfeld, Israel Police Foreign Press Spokesman is that nine people were injured by a vehicle which struck people at the light rail station. The shots people heard were ones fired at the […]

A Canadian soldier was injured after being shot on Canada’s Parliament Hill.

More Articles from Jewish Press News Briefs
Chaye Zisel Braun

The funeral for Chaye Zisel Braun began at midnight Wednesday night.

Car in Light Rail Runover

Al-Shaloudi was the nephew of the former Hamas chief and bombmaker Mohiyedine Sharif.

Police tried to reach the home of the driver in Wednesday’s attack.

Hundreds of Jewish leaders from around the world who are part of the Jewish Agency for Israel Board of Governor will convene in Ashkelon, one of Hamas favorite targets for rockets and missiles, next week. The Board had been set to meet in Mexico as part of its annual rotation amongst the world’s Jewish communities, […]

Syria says it bombed the jets as they were landing in Aleppo.

The baby that was injured in the suspected terror attack this evening died in the hospital.

The train company’s video of the event in Jerusalem that left 8 people injured.

Haifa-based Elbit Systems won an $88 million from an unnamed Asian country for various projects, most of them for an F-5 aircraft avionics upgrade program and the supply of electro-optic and communications systems, Elbit announced Wednesday. The F-5 fighter jet has been in operation for more than 40 years four decades, and is used by […]

Printed from: http://www.jewishpress.com/news/breaking-news/teva-cost-cutting-means-lost-israeli-jobs/2013/03/07/

Scan this QR code to visit this page online: