I reported previously on Israel’s Neuroderm and its innovative treatments for Parkinson’s sufferers. Neuroderm has just been bought by Japan’s Mitsubishi Tanabe for $1.1 billion – a record for an Israeli life-science company. It should bring products to market faster.
Intel Israel has announced that it will open a new microprocessor manufacturing plant in Kiryat Gat that will employ 1,500 workers. Production at the new plant is expected to begin by 2018.
Ryanair, Europe's largest low-cost carrier, is to launch a daily Tel Aviv-Rome route from October 29 with fares starting from €17 in each direction. Ryanair CEO David O’Brien praised Israel’s transport and tourism ministers for opening the skies and for promoting Israel as a tourist destination.
Israel’s Finance Ministry has canceled the 12% customs duty imposed on shoes. Its aim is to reduce the gap in prices between Israel and abroad without hurting domestic industries.
Through its InMotion Ventures, Tata Motors (owner of Jaguar Land Rover) has invested in the $40 million VC fund of Israel’s Maniv Mobility. This invests in autonomous driving, connected cars and vehicle data and already has investments in Israeli startups Otonomo and Cognata.
I reported previously on Israeli cyber-security startup Checkmarx which is preparing a NASDAQ listing. Checkmarx has just taken over the UK’s Codebashing, whose software trains programmers to write secure code, by use of Codebashing’s interactive game-like app.
Cyberbit, a subsidiary of Israel’s Elbit Systems, is opening new offices in Singapore which it sees as an important center for cybersecurity technologies in the Asia Pacific region. Elbit acquired Cyberbit from Israel’s Nice Sysems in 2015 and it already has offices in the US and Europe.
Israel’s Tower Semiconductors, which specializes in analog chips, has seen its share price double over the past year. It is now valued at NIS 9.5 billion ($2.6 billion). First quarter profit rose nearly 60% to $45.5 million. The demand for analog chips has soared, even in the digital world.
Israel’s Ministry of Economy and Industry has set up Maof - The Agency for Small and Mid-Sized Enterprises. Maof has 40 branches, providing subsidized consulting, help to raise funds, organizing conferences, courses, training and special projects.
The Israel Water Authority Council has reduced the rate for the first 3.5 cubic meters of water per person for household consumers by 14.5%. The cost to farmers has been cut by 20%.