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Business & Economics, Israel


The new Palestinian government inherited a debt of more than 4 billion US dollars, it said Tuesday as it held its first meeting, dpa reported.

Finance Minister Shukri Bishara told the cabinet that the government's debt totalled 4.2 billion dollars and more than a quarter of it was owed to Palestinian banks, another quarter to foreign organizations, a quarter to the retirement fund and the rest to Palestinian businesses, Deputy Prime Minister for Economic Affairs Muhammad Mustafa said.


Prime Minister Benjamin Netanyahu Monday proposed 3 billion shekels (0.8 billion dollars) of cuts to Israel's defence budget as the cabinet prepared to vote on a controversial austerity budget for 2013-14, dpa reported.

"I believe that the path that I propose is the right balance between the needs of our economy and our defence needs," he said, noting the need to streamline operations while still providing enough funding for key projects, like the Iron Dome missile defence system.


An Israeli delegation began talks in Turkey on the issue of granting compensation to the families of deceased crew members of the Freedom Flotilla, TRT Haber reported on Monday.


Cooperation between Israel and Turkey on gas pipeline construction and the supply of Israeli gas to Turkey is not possible due to political disputes, Turkish Energy and Natural Resources Minister Taner Yildiz said on Friday, Anadolu agency reported.

"As long as Israel does not fulfill Turkey's conditions put forward after the "Flotilla of Freedom " incident, cooperation in the energy sector between Turkey and Israel is out of the question," Yildiz said.


The Israeli government has not yet decided whether to transfer tax revenues to the Palestinian Authority this month, the spokesman of the Israeli Prime Minister said Thursday Maan reported.

Ofir Gendelman told Ma'an the government will announce its position in the coming days.

In December, the Israeli government seized Palestinian tax revenues it collects on behalf of the PA under international agreements. Foreign Minister Avigdor Lieberman warned at the time that the monthly payments would not resume until at least April.


A leading Israeli company "Life Watch Technologies", specializing in mobile medical technology for about 20 years is going to present new smartphone of medical direction in Azerbaijan, the president of the company Yair Tal said during the meeting with Azerbaijani journalists.

The company intends to introduce a new model in Azerbaijan, and believes that the Azerbaijani consumers will be interested in it.

The new model, called the "Life Watch" is both a normal smartphone, and a kind of medical device, that is, medical direction software is added to the smartphone.


Israel has held discussions with the Palestinian Authority (PA) over plans to develop a gas field off the coast of the blockaded Gaza Strip, Israel's foreign ministry said in a report Al Jazeera reported

Prepared for a gathering of donors to the PA in New York, the report released on Sunday said initial negotiations have begun on the controversial issue.

"Following an approach by the Palestinian Authority, Israel confirmed its intention to engage in a meaningful discussion with the aim of developing the Gaza Marine gas field," the report said, according to the AFP news agency.


Israel, aiming to avoid further damage to its troubled ties with Cairo, said on Monday it saw the Egyptian termination of a deal to supply Israel with natural gas as part of a business rather than a diplomatic dispute Maan Reported

Foreign Minister Avigdor Lieberman told Israeli radio stations the cancellation of the deal was "not a good sign," but added "We want to understand this as a trade dispute. I think that to turn a business dispute into a diplomatic dispute would be a mistake."


Energy Ministers from Greece, Israel and Cyprus promised Wednesday to increase cooperation to exploit natural gas deposits in the Mediterranean, but warned that large-scale exports could take a decade, AP reported.

Greece, whose economy has been ravaged by a financial crisis, hopes to eventually start its own gas production and act as a transit point for supplies from Israel and Cyprus. It has no plans, however, to abandon more advanced gas projects it is involved with in Azerbaijan and Russia.


A number of leading Israeli companies will be ensuring the safety of Georgia's infrastructure projects. In this regard, Georgian Regional Development and Infrastructure Minister Ramaz Nikolaishvili met with heads of companies manufacturing high-tech appliances for the protection and safety of Nais and Disentek.

As Nikolaishvili said, mostly the Georgian infrastructure projects which require the use of these safety mechanisms, were discussed.