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April 20, 2014 / 20 Nisan, 5774
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Posts Tagged ‘economy’

Bennett Says China to Study Free Trade Proposal

Tuesday, July 9th, 2013

Minister of the Economy Naftali Bennett announced during his visit to China that Beijing officials have agreed to carry out a survey to determine the value of a free trade policy.

China previously has rejected approaches from Israel that it conduct a study, and this week’s agreement, a pre-condition for a trade agreement,  was unexpected.

It probably will take one to two years to complete the survey, which will be the basis for a free-trade agreement with Israel if the results are positive.

Bennett told Globes, “Trade between Israel and China totals about $8 billion annually, and forecasts are that such an agreement would considerably increase the amount so that more and more small and medium Israeli companies could become involved in bilateral economic activities with China.”

Israel’s exports to China in 2012 rose 0.9% to $2.74 billion, with a large part attributed to  exports from Intel and Israel Chemicals.

“The Chinese pay major attention to Israel. The Chinese government has taken a strategic decision to strengthen economic relations with Israel and good things are happening between the two countries in this sphere” an official accompanying Bennett told Globes.

Delaware Top Destination for Israeli Firms Incorporating in US

Monday, July 8th, 2013

Governor Jack Markell, the only sitting Jewish Governor in the United States, and a delegation of Delaware entrepreneurs and business leaders are visiting Israel on a week-long economic development mission.

The trip highlights Delaware’s strong economic ties to Israel and aims to further raise Israeli business interest in the State.

The delegation will be meeting with Israeli Prime Minister Binyamin Netanyahu, President Shimon Peres, U.S. Ambassador Daniel Shapiro, financial and stock exchange officials as well as with DuPont Israel, Delaware’s largest commercial presence in Israel.

Thousands of Israeli-based businesses are incorporated in Delaware, which Gov. Markell said ”is an ideal choice for Israeli companies seeking to enter the U.S market.”

“We are one of the smallest U.S. states, but have succeeded in building an effective system that minimizes red tape for businesses, eliminates archaic regulatory hurdles, and provides business leaders with easy access to senior state officials,” he explained.

Israeli-Founded Traffic Safety ‘Mobileye’ Firm Raises $400 Million

Monday, July 8th, 2013

The Israeli-founded Mobileye firm, which develops camera-based program for the auto industry to assist drivers, has raised $400 million through five investors, including Enterprise Rent A Car, to raise the company’s value to $1.5 billion.

“This successful transaction is a testament to the strength of our business and the company’s future prospects. We are excited to have such world-class investors joining forces with us as we move into the next growth phase of our company,” said Mobileye CEO and co-founder Ziv Aviram.

The company plans an IPO, probably in New York, by the end of 2014 to help it introduce more products and reach out to more international markets.

The New York Times reported that the new investors are three of the largest asset management firms in the United States – BlackRock, Fidelity Management and Wellington Management, the Chinese investment company Sailing Capital, and Enterprise.

Samsung Buys Israeli Web TV Startup Boxee

Wednesday, July 3rd, 2013

Samsung acquired the Israeli streaming media startup Boxee for $30 million.

The Israeli business site The Marker reported the acquisition by the Korean electronics giant on Wednesday and added that Samsung will continue to employ Boxee’s 40 employees.

Boxee, based in Tel Aviv, offers a device that connects to televisions and allows streaming videos from the Internet and personal computers. It also offers media applications and social media connectivity.

Last month, it was reported that Boxee was seeking buyers or additional funding to the $30 million it has raised since its establishment in 2007.

Iran Still Imports $18.6 Million of US Goods in Two Months

Tuesday, June 25th, 2013

American sanctions on trade with Iran have enough exceptions that the Islamic Republic imported from the United States 4,000 tons of goods valued at $18.6 million in the last two months, Iran’s Mehr News Agency reported Tuesday.

Iran measures the two-month period from March 21, the beginning of its calendar year. The imports of approximately 4,000 tons of goods included packed butter, pharmaceutical and food complementary products, alloy sheets, vegetable seeds, antibiotics, and medical equipment

The news agency also said that in the same period, Iran exported to the United States 42 tons of goods worth $106,000, mainly carpets, saffron, and raisin.

Netanyahu Wants Harvard Prof. Helpman as New Head of Bank

Thursday, June 20th, 2013

Prime Minister Binyamin Netanyahu is trying to recruit Harvard Prof. Elkhanan Helpman, who previously moved to Israel form the Soviet Union, to replace Stanley Fischer as head of the Bank of Israel.

Helpman also was the Prime Minister’s first choice to head the Bank seven years ago, but after Helpman’s refusal, Fischer was imported from the United States. For his efforts, Fischer, had to take out Israeli citizenship to qualify for the post, but after seven years, he wants to return to the United States.

Helpman already has told Prime Minister Netanyahu he still is not interested in the job, but Globes reported that the Prime Minister is hoping a personal appeal based on Zionism will convince the professor to change his mind.

Helpman is considered to be on the world’s 25 most respected macro-economists. He also is thought to be a candidate for the Nobel Prize, a goal that could be blocked if the Israeli economy were not to show economic growth if he were in charge of the Bank of Israel.

Netanyahu Limits Gas Exports to 40 Percent

Wednesday, June 19th, 2013

Offshore gas fields should be allowed to export no more than 40 percent of the natural gas they produce, Prime Minister Binyamin Netanyahu announced Wednesday. The Cabinet is expected to approve the recommendation at Sunday’s weekly session.

The limit is more restrictive than the 53 percent that was suggested by a committee set up to come up with proposals on how to manage Israel’s newly discovered energy fields, but opponents nevertheless  protests in Tel Aviv Wednesday night, insisting  all the gas should be kept in Israel for domestic needs in the future.

The Prime Minister, after consulting with Finance Minister Yair Lapid and Energy and Water Resources Minister Silvan Shalom, and Finance Minister Yair Lapid, said, “The State of Israel received a gift from nature in large quantities of natural gas…. We have jointly decided to significantly increase the amount of gas for Israel’s use. This will supply our needs for 25 years.”

He estimated that Israel will receive approximately $60 billion from the gas fields over the next 25 years.

Israel Will Be ‘First Totally Digital Country,’ Says Cisco CEO

Wednesday, June 19th, 2013

Cisco’s CEO touts Arab-Jewish teamwork, meet with Peres, announces an innovation venture with   Bezeq communications system, and predicts Israel will be the world’s first totally digital country.

Cisco CEO John Chambers, speaking about his company’s involvement in Israel Electric Corporation’s fiber optic venture, predicted on Wednesday, “Israel is about to become the first fully digital country in the world.”

“This is something that most countries do a little at a time; you are going to do everything at once,” he added.

Cisco also announced it is opening a new innovation center with Israel’s Bezeq communications system and its mobile cell division Pelephone and will test on Pelephone’s live production network the world’s first self-optimizing heterogeneous configuration that combines small-cell, Wi-Fi and macro technologies, Globes business newspaper reported.

Last February, Cisco paid $475 million for Israel’s Intucell company.

Chambers. who attended President Shimon Peres’ pre-90th birthday celebrations Tuesday night, said after meeting with Wednesday with Prime Minister Binyamin Netanyahu that Cisco intends to make available $15 million for funds “that support integration of Israeli Arabs, and development of innovative security technologies.”

Cisco already employs approximately 200 people in Israel and intends to hire 100 more,

Printed from: http://www.jewishpress.com/news/israel-will-be-first-totally-digital-country-says-cisco-ceo/2013/06/19/

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