News

Hewlett Packard announced it will collaborate with 300-400 select Israeli high-tech startups in the creation of a new International Technology District.

The program will offer small and mid-sized Israeli firms access to labs, consultants and other necessary resources in return for integrating HP technology. To date, the company has invested $6 billion in high-tech companies in Israel and employs 4,000 people.

VersaMed Corporation, an Israeli maker of portable critical care ventilators, has been acquired by GE Healthcare Israel, a unit of the General Electric Company, for an undisclosed sum.

Producing software-based smart mechanical life-support ventilators, VersaMed's flagship product, the iVent 201, is designed for field use and emergency care. It has been approved by the US Food and Drug Administration (FDA).

Moody's Investor Service has upgraded both Israel's foreign and local currency bond ratings, as well the foreign currency ceiling for bank deposits from A2 to A1 respectively, citing the country's resiliency to political and economic shocks.

A recent Economist Intelligence Unit survey ranks Israel in 22nd place in business climate outlook for the next five years (2008-2012). This is up from 25th position in the 2003-2007 study.

The authors credit the upgrade in part to structural reforms in Israel’s economy and improvements in the security situation. The survey examined a number of different categories, including political and macroeconomic environments, market opportunities, policy towards free enterprise and competition, foreign investment policy, foreign trade and exchange controls, taxes, financing, the labor market and infrastructure.

There are more personal computers-per-capita in Israel than in any other country, says the World Economic Forum. According to a new WEF report, there are seven PCs per every 100 people in Israel.

GE has completed its acquisition of Versamed, a producer of portable life-support ventilators.

GE’s Healthcare unit plans to extend its capabilities in respiratory care management as a result of the purchase.

Teva Pharmaceutical Industries is acquiring New Hampshire-based Bentley Pharmaceuticals.

Bentley manufactures and markets some 130 generic and branded pharmaceutical products primarily to Spain, but also to other EU nations. The $360 million deal gives Teva greater access to the Spanish market. This is Teva’s second acquisition this year; the company purchased CoGenesys for $400 million in January.

Israel will introduce a new 500 shekel bill and update the look of other bills with new images.

The updated shekels will feature historic sites, scenic views, and social and cultural figures, rather than just political leaders. The Bank of Israel said the changes will be introduced by 2010. Images of astronaut Ilam Ramon and former Jerusalem Mayor Teddy Kollek are under consideration.

MTV has launched www.mtv.co.il a Hebrew web site containing thousands of music clips from Israel, the U.S. and around the world.

The web site also offers original productions, a social network, and the ability to create personal playlists.

Yarom Ariav, Director General of Israel’s Ministry of Finance, met with an advisory board comprised of investors and business executives in New York City to explore strategies to expedite Israel’s full integration into global capital markets and establish Israel as a center for financial services.

According to Zvi Chalamish, Chief Fiscal Officer of the Ministry of Finance in New York, the goal of of the forum was to identify barriers to foreign investment in Israel and to evaluate new opportunities for growth. Mr. Ariav also visited Boston where he met with investors and spoke at an event with Massachusetts State Treasurer Timothy P. Cahill.

The International Monetary Fund (IMF) calls Israel’s 2007 economic performance “exceptional” in a new report.

The IMF cites Israel’s sound monetary policy and strong global growth as two key drivers for the economy’s success. To read the full report, click here.

Fitch Ratings has upgraded the State of Israel’s foreign currency Issuer Default rating to ‘A’ from ‘A-‘ (A minus), and its Outlook to Stable.

According to Fitch, the upgrade is a result of the rapid decline of public debt to GDP.

 Fitch Ratings Upgrades Israel (14 KB)

A delegation of 15 Chief Financial Officers from Israel visited New York City from February 4-7 to learn more about the opportunities and challenges presented by the U.S. market.

The four-day mission, organized by the Israel Economic Mission in New York and the Israel Export Institute in Tel Aviv, included a visit to NASDAQ on Wednesday, February 6, where Yair Shiran, Economic Minister to North America, presided over the Opening Bell. Shiran spoke about the fact that "NASDAQ is home to 70 Israeli companies -- more than any country outside of the U. S." Noting that this year Israel celebrates its 60th anniversary, he said that investor interest in Israel is higher than ever, with technology serving as the growth engine of the economy.

Yahoo has acquired Israel's FoxyTunes, a company described by Yahoo as "the world's most popular media toolbar."

FoxyTunes is a plug-in for Firefox and Internet Explorer, and according to Yahoo, "Adds useful functionality to more than 30 media players, including iTunes, Winamp, and Pandora."

eBay subsidiary PayPal has acquired FraudSciences Corp., an Israeli fraud detection software start-up, for $169 million.

The company will become PayPal’s local R&D center. Founded in 2001, Fraud Sciences’ technology can differentiate between real and fraudulent transactions accurately. eBay expects the company’s risk tools and analytics to enhance eBay and PayPal’s proprietary fraud management systems and accelerate the development of next generation fraud detection tools. Scott Thompson, PayPal’s President said, “Integrating Fraud Sciences’ risk tools with PayPal’s sophisticated fraud management system should allow us to be even more effective in protecting eBay and PayPal's hundreds of millions of customers around the world."