Urban renewal of South Tel Aviv
The Tel Aviv-Jaffa Local Planning and Building Commission recently approved an urban development plan for the derelict area of South Tel Aviv. It will add many apartments and offices, plus large amounts of public and open space.
Lumenis exits for $1.2 billion
Israel’s medical-device pioneer Lumenis (reported previously) is being acquired by Baring Private Equity Asia for approximately $1.2 billion. Subject to the customary regulatory approval process, it will be one of the 15 biggest acquisitions in Israeli history.
Olympus Corp to open Israeli innovation office
Japanese life science company Olympus Corp is to open an innovation office in Tel Aviv. Olympus is looking for Israeli technologies and startups in the digital health and med-tech fields, particularly in prostate stent technologies. Over 70 Japanese companies have offices in Israel.
Currency reserves at new record
The Bank of Israel increased its reserves of foreign currency by a massive $1 billion last month. Their value at the end of November was over $122 billion – a new record.
Upbeat assessment from Moody’s
International credit rating agency Moody's has reaffirmed Israel’s A1 sovereign debt rating with a positive outlook. Its report went even further, stating, "Israel's economic growth has outpaced most other advanced industrial countries over the past decade.”
Unemployment at 3.4% – lowest in 40 years
Israel’s unemployment rate fell from 3.6% in September to a record low of 3.4% in October.
Sodastream plans $92 million expansion
PepsiCo is planning a $92 million expansion of its Sodastream plant in Rahat, southern Israel. It will hire an additional 1,000 employees; approximately one third of its current 1,500 strong workforce is comprised of Bedouin Arabs from the surrounding area.
Vayyar raises $109 million
As reported previously the technology from Israel’s Vayyar Imaging can see through walls and other materials. Its 4D radar can also detect a patient falling and alerts an emergency contact. Vayyar has just raised $109 million and is opening new offices in Jerusalem and Haifa.
Teaming up to protect hospital systems
As reported previously, Israel’s Medigate protects medical devices from cyber-attack. It has now partnered with Japan’s Sompo Risk Management and Israeli private hospital chain Assuta Medical Centers to develop cybersecurity services for hospitals.
AstraZeneca launches digital health program
AstraZeneca previously teamed up with Jerusalem’s Hadassah hospital to develop new treatments. It has now started a NIS 10 million program for investing in Israel’s digital health sector. It will provide Israeli startups with funds, mentorship and training.