web analytics
August 21, 2014 / 25 Av, 5774
Israel at War: Operation Protective Edge
 
 
At a Glance
News & Views
Sponsored Post
Jerusalem Mayor Nir Barkat (L) visits the JewishPress.com booth at The Event. And the Winners of the JewishPress.com Raffle Are…

Congratulations to all the winners of the JewishPress.com raffle at The Event



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
An IDF patrol along the Gaza border.
Ground Op on Horizon with Emergency Orders to 10,000 IDF Reservists
Latest News Stories

The White House has unblocked the weapons shipment to Israel that they had recently blocked.

Rocket remainder

10:58pm Negev 10:32 pm Eshkol 9:38 pm Ashdod, Ashkelon, Ashkelon Coast 8:47 pm Modiin-Maccabim-Reut, and area. Iron Dome Interception. 8:46 pm Beit El 20:00 pm  Iron Dome downs two rockets over Be’er Sheva; three others explode in open areas. 19:42 pm     Two warnings of rockets in Be’er Sheva, warnings of rockets Hatzerim , site […]

An IDF patrol along the Gaza border.

The IDF readies what it does not want unless there is no alternative – a deep ground invasion of Gaza. Hamas also is ready.

If “the only thing we have to fear is fear itself,” Diaspora Jews are in big trouble.

The security cabinet authorised Thursday the emergency call-up of 10,000 IDF reservists. Defense Minister Moshe Ya’alon said Israel would continue to pursue Hamas leaders anywhere and at any time, and added that the current campaign would “take time.” Ya’alon called on the Israeli public to display patience and strength while the army deals with the […]

The Jewish community in Belfast, Northern Ireland is bracing for violent backlash as the city prepares for an appearance by radical British MP George Galloway on Saturday night. Last month, Palestinian supporters smashed windows twice at the Belfast Hebrew Congregation following a pro-Palestinian demonstration in the city. Now, representatives for Galloway say the 1,000-seat Ulster […]

Israeli school year will begin as planned, and schools “are prepared for any security-related events.”

Gaza workers continue to search for the body of Hamas military chief Mohammed Deif after an IAF air strike August 20.

PA Arabs stoned an Egged bus near Halhoul, north of Hebron Wednesday. The attack took place near the site where the bodies of Eyal Yifrah, Gil-Ad Sha’ar and Naftali Fraenkel were discovered on June 30. No injuries or property damage were reported.

Non-stop rockets on south; Yadlin: Hamas rocket stockpiles dwindling.

Prime Minister Netanyahu praised joint IDF, Shin Bet efforts ending in terror deaths.

Three more terrorists killed in IAF air strike on Sheikh Radwan section of Gaza City Thursday.

One Israeli man was wounded Thursday making sure children escaped rocket fire in time.

Raed al-Attar was an extremely dangerous, sophisticated Hamas terrorist. But he is dead.

Royal Jordanian Airlines has again canceled flights to Tel Aviv over fears of rocket fire from Hamas.

More Articles from Jewish Press News Briefs

The White House has unblocked the weapons shipment to Israel that they had recently blocked.

Rocket remainder

10:58pm Negev 10:32 pm Eshkol 9:38 pm Ashdod, Ashkelon, Ashkelon Coast 8:47 pm Modiin-Maccabim-Reut, and area. Iron Dome Interception. 8:46 pm Beit El 20:00 pm  Iron Dome downs two rockets over Be’er Sheva; three others explode in open areas. 19:42 pm     Two warnings of rockets in Be’er Sheva, warnings of rockets Hatzerim , site […]

The security cabinet authorised Thursday the emergency call-up of 10,000 IDF reservists. Defense Minister Moshe Ya’alon said Israel would continue to pursue Hamas leaders anywhere and at any time, and added that the current campaign would “take time.” Ya’alon called on the Israeli public to display patience and strength while the army deals with the […]

Rabbi Yehuda Glick, a licensed tour guide and head of Haliba mvt for Jewish rights, has ‘sparked unrest’ by praying.

PA Arabs stoned an Egged bus near Halhoul, north of Hebron Wednesday. The attack took place near the site where the bodies of Eyal Yifrah, Gil-Ad Sha’ar and Naftali Fraenkel were discovered on June 30. No injuries or property damage were reported.

Three more terrorists killed in IAF air strike on Sheikh Radwan section of Gaza City Thursday.

IAF fighter pilots eliminate 20 terror targets in Gaza since midnight, killing six in the region.

Pro-Hamas activists hung a 200 foot PA flag from the Brooklyn Bridge.

    Latest Poll

    Do you think the FAA ban on US flights to Israel is political?






    View Results

    Loading ... Loading ...

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: