Toyota Importer Warns that Shortage of Cars is Expected
Israel's importer of Toyota cars has warned its dealerships that car deliveries will be cut back and that the local market will see a shortage in May and June, Globes reports. Toyota manufactures cars after they have been orders, and the company's recent month-long shutdown could result in a shortage of some 2,000 cars – mostly Corolla models – even if the factory resumes full-scale production next week, as scheduled. Most Japanese car manufacturers shut down or cut back production after the catastrophic earthquake and tsunami that hit the country on March 11, resulting in an ongoing nuclear crisis, and other Israeli importers of Japanese vehicles have warned that the drop in production could result in shortages.
Elbit Wins $24 Million Artillery Contract in African Nation
Elbit has won a $24 million contract to supply its Soltam self-propelled artillery and accompanying systems to an unnamed African country, the company announced Wednesday. This is Soltam's first contract since it was acquired by Elbit Systems, which will be in charge of training and maintenance for the project. Elbit Systems Executive VP Bezalel Machlis said that the new contract highlighted the "high synergetic value within [the company's] various land activities."
Finance, Industry Ministries and Orbimed Sign Off on Biotech Fund
Israel's finance and industry, trade, and labor ministries signed an agreement Wednesday with Orbimed to set up an Israeli biotech fund, talniri.co.il reports. Orbimed is the world's largest investor in the life sciences, with over $5 billion worth of investments in life sciences companies. To start, the Israeli fund will have $200 million to work with, a sum that could increase later on. The fund will invest in life sciences, and much of the investment will go toward the bio-pharm field. The deal calls for a $40 million investment from Orbimed. All told, the fund's total capital will make it one of the largest venture capital funds in Israel.
Berlusconi Prostitution Trial Opens, Adjourns After 10 Minutes
The trial of Italian Prime Minister Silvio Berlusconi, who is charged with sex with an underage prostitute and abuse of power opened Wednesday and adjourned after 10 minutes, to resume on May 31. Lawyers for Ruby el Mahroug have refused to sue Berlusconi for damages, saying that such a move would admit that el Mahroug is a prostitute, which she denies. Berlusconi's attorney is arguing that because none of the victims are seeking damages, no damage has been caused. The women's group Arcidonna, meanwhile, has filed a civil suit against Berlusconi for allegedly demeaning women over the course of 25 years.
IEC Cuts Electricity to Rambam's Grave over Unpaid Bill
The Israel Electric Corporation has cut off the power supply to the grave of the 12th-century sage Maimonides, or Rambam, in Tiberias, due to an unpaid electric bill of NIS 40,000 Ha'aretz reports. Rabbi Israel Deri, deputy director-general of the agency charged with preserving the gravesite, said that the organization did not understand how such a debt could have accrued over only 10 months and said that it had asked the IEC to check the possibility that someone had been stealing electricity from the site. According to legend, the Rambam died in Egypt in 1204 and his students brought his remains to Tiberias for reburial seven years later.
Source: www.israelidiamond.co.il
Israel's importer of Toyota cars has warned its dealerships that car deliveries will be cut back and that the local market will see a shortage in May and June, Globes reports. Toyota manufactures cars after they have been orders, and the company's recent month-long shutdown could result in a shortage of some 2,000 cars – mostly Corolla models – even if the factory resumes full-scale production next week, as scheduled. Most Japanese car manufacturers shut down or cut back production after the catastrophic earthquake and tsunami that hit the country on March 11, resulting in an ongoing nuclear crisis, and other Israeli importers of Japanese vehicles have warned that the drop in production could result in shortages.
Elbit Wins $24 Million Artillery Contract in African Nation
Elbit has won a $24 million contract to supply its Soltam self-propelled artillery and accompanying systems to an unnamed African country, the company announced Wednesday. This is Soltam's first contract since it was acquired by Elbit Systems, which will be in charge of training and maintenance for the project. Elbit Systems Executive VP Bezalel Machlis said that the new contract highlighted the "high synergetic value within [the company's] various land activities."
Finance, Industry Ministries and Orbimed Sign Off on Biotech Fund
Israel's finance and industry, trade, and labor ministries signed an agreement Wednesday with Orbimed to set up an Israeli biotech fund, talniri.co.il reports. Orbimed is the world's largest investor in the life sciences, with over $5 billion worth of investments in life sciences companies. To start, the Israeli fund will have $200 million to work with, a sum that could increase later on. The fund will invest in life sciences, and much of the investment will go toward the bio-pharm field. The deal calls for a $40 million investment from Orbimed. All told, the fund's total capital will make it one of the largest venture capital funds in Israel.
Berlusconi Prostitution Trial Opens, Adjourns After 10 Minutes
The trial of Italian Prime Minister Silvio Berlusconi, who is charged with sex with an underage prostitute and abuse of power opened Wednesday and adjourned after 10 minutes, to resume on May 31. Lawyers for Ruby el Mahroug have refused to sue Berlusconi for damages, saying that such a move would admit that el Mahroug is a prostitute, which she denies. Berlusconi's attorney is arguing that because none of the victims are seeking damages, no damage has been caused. The women's group Arcidonna, meanwhile, has filed a civil suit against Berlusconi for allegedly demeaning women over the course of 25 years.
IEC Cuts Electricity to Rambam's Grave over Unpaid Bill
The Israel Electric Corporation has cut off the power supply to the grave of the 12th-century sage Maimonides, or Rambam, in Tiberias, due to an unpaid electric bill of NIS 40,000 Ha'aretz reports. Rabbi Israel Deri, deputy director-general of the agency charged with preserving the gravesite, said that the organization did not understand how such a debt could have accrued over only 10 months and said that it had asked the IEC to check the possibility that someone had been stealing electricity from the site. According to legend, the Rambam died in Egypt in 1204 and his students brought his remains to Tiberias for reburial seven years later.
Source: www.israelidiamond.co.il
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