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☆ Analysis: Israel's tech sector reels from SVB collapse, proposed judicial reform
▼ + stars: | 2023-04-03 | by ( Steven Scheer | ) www.reuters.com time to read: +7 min

In an industry of around 400,000 there are currently around 6,000 vacant tech jobs, according to government data. More than half of the country's startups held an account with SVB, companies and venture capital investors said, in some cases their only U.S. banking facility although the amounts involved are not fully known. Tech companies and investors alike said SVB was a rarity in the banking industry, familiar with Israel's tech ecosystem and offering loan terms unmatched by other banks. Citing the judicial reforms, Adam Fisher, a partner at investment firm Bessemer Venture Partners, said fewer American banks may be willing to lend to Israeli companies, which means less competition and more onerous terms. Israel's tech companies are therefore likely to flock to register as U.S. companies, while keeping R&D back home, said Yaron Samid, managing partner of the TechAviv Founder Partners fund.

Such "skinny labels" typically allow generic drugmakers to launch their products earlier while avoiding liability for infringing brand-name drugmakers' patents. GSK sued Teva for patent infringement in Delaware federal court in 2014 over its generic version of Coreg. In its petition to the Supreme Court last year, Teva said the ruling would cause "havoc" for skinny labels, which it said are "extraordinarily common" and "save patients and the federal government billions." GSK countered that the case does not threaten generic drugmakers that "operate properly under the law." The Biden Administration backed Teva on Wednesday, arguing generic drugmakers should be entitled to rely on the FDA's carve-out instructions, which are based on brand-name drugmakers' own statements to the agency.

☆ Asia's 'best restaurants' list is out — and it's no surprise which country made the list 17 times
▼ + stars: | 2023-03-29 | by ( Goh Chiew Tong | ) www.cnbc.com time to read: +10 min

William Drew, director of content for Asia's 50 Best Restaurants, said Japan's strong performance is "no surprise." The top 50 restaurants in AsiaThis year commemorates the 10th anniversary of the "Asia's 50 Best Restaurants" list. Asia's top 50 restaurantsThe list of "Asia's 50 Best Restaurants" for 2023 are: 1. Ten restaurants that ranked among Asia's best 50 restaurants last year fell into the 51-100 ranking this year. Asia's 50 Best Restaurants 2023Labyrinth also rose 29 spots to No.11, winning the "Highest Climber" award.

☆ US FDA approves first OTC opioid overdose reversal drug
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +2 min

[1/2] A box of NARCAN nasal spray is photographed at an outpatient treatment center in Indiana, Pennsylvania, U.S. on August 9, 2017. The approval for OTC use of the naloxone-based nasal spray will help align the federal government's stance with states that have provisions to offer the drug without prescription at pharmacies. Drug-related overdose deaths in the United States rose about 15% year-over-year to more than 100,000 in 2021, as per official data. While the approval puts Emergent ahead in the OTC product race, analysts have said it is not likely to derive significant sales from the approval. Benchmark analyst Robert Wasserman said ahead of the approval that Narcan sales peaked in 2020 and have declined since.

☆ Lenders, energy stocks help London stocks extend gains
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +1 min

SummarySummary Companies FTSE 100 up 0.6%, FTSE 250 adds 0.2%March 28 (Reuters) - UK shares extended gains on Tuesday, supported by an upbeat performance in energy heavyweight BP, while lenders gained following reassuring comments by Bank of England Governor Andrew Bailey on the stability of the banking sector. The pound strengthened 0.3% as traders weighed the prospects of higher interest rates. The blue-chip FTSE 100 (.FTSE) rose 0.6%, while FTSE 250 (.FTMC) climbed 0.2% by 0718 GMT. Energy stocks (.FTNMX601010) rose 1.6%. Reporting by Johann M Cherian in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

☆ BP, ADNOC’s Mediterranean debut ticks three boxes
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +2 min

LONDON, March 28 (Reuters Breakingviews) - BP (BP.L) and the Abu Dhabi National Oil Company (ADNOC) are tying the knot. The duo plan to set up a joint venture to buy gas assets in the eastern Mediterranean. On the other hand, the $4 billion NewMed net asset value implied by BP and ADNOC’s bid is some way ahead of the $2.6 billion estimated by hedge fund Palliser during NewMed’s autumn dalliance with Capricorn Energy (CNE.L). And after rethinking the speed with which it’s cutting its oil and gas production, BP wants to show investors that it can identify suitable fossil fuel projects. NewMed shares only jumped 38% to around 10 shekels on Tuesday, implying doubt about whether the deal will happen.

LONDON, March 28 (Reuters) - BP (BP.L) and Abu Dhabi's state oil giant on Tuesday offered to acquire 50% of Israeli offshore natural gas producer NewMed Energy (NWMDp.TA) for around $2 billion, making their entry into Israel's growing energy sector. The offer would involve acquiring NewMed's free floating shares and taking the company private. BP shares gained 2% by 0810 GMT while NewMed shares were up around 30%. For BP, the deal highlights the British company's focus on growing natural gas production after Chief Executive Bernard Looney last month slowed down its shift away from fossil fuels. After the deal closes NewMed will become a private corporation equally held by the BP-ADNOC JV and Delek Group (DLEKG.TA), which holds the remaining 50%.

☆ Morning Bid: Swinging between bank fears and rate risks
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +5 min

A look at the day ahead in U.S. and global markets from Mike DolanMarkets seem caught between the devil and the deep blue sea. Easing concerns about bank stability this week have merely re-introduced interest rate risk, reining in any suggestion of a runaway relief rally as the first quarter closes on Friday. While nerves persist over March bank failures and contagion fears, central banks are still faced with punchy growth and inflation and will likely switch attention back to cooling that down once they're assured banks can take the strain. But interest rate markets are already correcting as signs of stability in the banking arena emerge. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

March 21 (Reuters) - The U.S. International Trade Commission said on Tuesday it would ban imports of SharkNinja Operating LLC robot vacuums that infringe a patent owned by Roomba maker iRobot Corp (IRBT.O). The full commission upheld part of a trade judge's October decision that SharkNinja violated two of its rival's patents, affirming that SharkNinja's devices mimicked iRobot navigation technology. Bedford, Massachusetts-based iRobot filed the ITC complaint in 2021 along with a lawsuit against SharkNinja in Boston federal court. Another patent lawsuit iRobot brought against SharkNinja in 2019 has also been paused during related proceedings at the U.S. Patent and Trademark Office. The ITC case is In the Matter of Certain Robotic Floor Cleaning Devices and Components Thereof, U.S. International Trade Commission, No.

☆ How the banking crisis clipped the Fed's wings
▼ + stars: | 2023-03-22 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

The message was clear: Buckle up, America — we are going to keep raising rates and get inflation down, come hell or high water. Silicon Valley Bank collapsed, followed by Signature Bank, stirring fears of a 2008-like financial calamity. “We no longer state that we anticipate that ongoing rate increases will be appropriate to quell inflation,” Powell said. How’d Wall Street take the news? But the mood on Wall Street turned sour in response to both Powell’s comments and remarks from Treasury Secretary Janet Yellen, who was testifying before Congress at the same time.

☆ Government vows aid for tech firms but Israel stocks slide on SVB collapse
▼ + stars: | 2023-03-12 | by ( Steven Scheer | ) www.reuters.com time to read: +5 min

Israel's tech sector is the country's main growth engine, and its relationship with the Silicon Valley region is strong. NextVision (NXSN.TA), a maker of micro stabilised cameras, said in a regulatory filing in Tel Aviv that it withdrew on Thursday almost all of the $2.7 million it held in SVB. The Tel Aviv index of the five largest banks (.TELBANK5) was down 4% in afternoon trading, while the index of eight insurers (.TAINS) fell 4.7%. Israel's two largest banks, Leumi (LUMI.TA) and Hapoalim (POLI.TA), said their tech banking arms would issue loans to startups and other tech firms that were without access to credit in the wake of SVB's collapse. Reporting by Steven Scheer; Editing by Hugh Lawson, Frank Jack Daniel and Raissa KasolowskyOur Standards: The Thomson Reuters Trust Principles.

☆ Israel stocks slip on SVB failure, government vows aid for tech firms
▼ + stars: | 2023-03-12 | by ( Steven Scheer | ) www.reuters.com time to read: +3 min

[1/2] A Tel Aviv Stock Exchange sign is seen at the bourse in Tel Aviv, Israel November 4, 2020. With Israel's trading week running Sunday through Thursday, it was the first opportunity for Tel Aviv investors to react to the failure of Silicon Valley Bank, the largest bank to fail since the 2008 financial crisis. Israel's tech sector is the country's main growth engine and its relationship with the Silicon Valley region is strong. NextVision (NXSN.TA), a maker of micro stabilised cameras, said in a regulatory filing in Tel Aviv that it withdrew on Thursday almost all of the $2.7 million it held in SVB. The Tel Aviv index of the five largest banks (.TELBANK5) was down 2.5% at midday, while the index of eight insurers (.TAINS) fell 4.2%.

☆ 'Huge uncertainty' for investors and economy as Israel's government pushes for controversial reforms
▼ + stars: | 2023-03-01 | by ( Natasha Turak | ) www.cnbc.com time to read: +6 min

Thousands of Israeli protesters rally against Israeli Goverment's judicial overhaul bills in the coastal city of Tel Aviv on February 25, 2023. Gili Yaari | Nurphoto | Nurphoto | Getty ImagesPrime Minister Netanyahu has labeled the protests — which are now approaching their third month — an attempt "to create anarchy" and trigger another election. In short, the proposed judiciary overhaul will severely limit the Israeli Supreme Court's ability to review and strike down laws that it deems unconstitutional. The Knesset — Israel's parliament — voted last week to advance a major part of the reforms. The prime minister himself is currently under investigation on numerous counts of corruption and other charges, meaning he would likely benefit from a weaker judiciary.

☆ Oman opens airspace, joining Saudi in Israeli airline corridor
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +2 min

DUBAI, Feb 23 (Reuters) - Oman's Civil Aviation Authority (CAA) on Thursday said the Gulf Arab state's airspace will be open for all civilian carriers, a move that would enable Israeli airlines to utilise a Saudi-Oman corridor to cut flight times to Asia. Saudi Arabia, which like Oman does not have formal ties with Israel, last summer said it would open its airspace to all air carriers, but Israeli officials had said the corridor could not be implemented until Oman consented. Israeli Foreign Minister Eli Cohen on Thursday thanked Oman's ruler Sultan Haitham bin Tariq al-Said and described it as a "historic decision that will shorten the route to Asia, lower costs for Israelis and help Israeli airlines be more competitive". Israeli flag carrier El Al (ELAL.TA) said that beyond shortening current flight times, it would now examine opening new routes to Australia and restarting flights to India. Israel's foreign ministry said the corridor would shorten the flight route by more than two hours to some Asian destinations.

An AliveCor spokesperson said the office of the U.S. Trade Representative told the company it would not veto the decision. Any ITC ban is still on hold while Apple and AliveCor continue to clash over the patents. AliveCor accused Apple of infringing three patents related to its KardiaBand, an Apple Watch accessory that monitors a user's heart rate, detects irregularities and performs an electrocardiogram to identify heart problems like atrial fibrillation. Apple Watch Series 4, 5, 6, 7, and 8 have ECG technology. AliveCor has separately sued Apple in California federal court for allegedly monopolizing the U.S. market for Apple Watch heart-rate apps, and filed a related patent infringement lawsuit against Apple in Texas federal court.

☆ A New Hampshire GOP national committeewoman says 'there are people' in the party who 'want to put women back into the 1960s'
▼ + stars: | 2023-02-20 | by ( John L. Dorman | ) www.businessinsider.com time to read: +4 min

Nikki Haley is embarking on a trailblazing bid as she seeks the 2024 GOP presidential nomination. However, GOP voters might not be receptive to accusations of sexism in political attacks. A New Hampshire GOP committeewoman said some in the party wanted "to put women back into the 1960s." Kristi Noem of South Dakota and Kim Reynolds of Iowa, only a few Republican women have sought the presidency. If Haley were to win the GOP presidential nomination, she'd be the first female in party history to do so.

☆ Tracy Anderson's ex-trainers said their bodies were 'breaking apart' while working for the fitness icon
▼ + stars: | 2023-02-18 | by ( Katie Warren | ) www.businessinsider.com time to read: +4 min

Tracy Anderson charges members $900 a month to workout at her studios in LA and New York. Her former trainers said teaching in the 95-degree studios for at least four hours a day could be grueling. Members in the US pay $900 a month to learn the "Tracy Anderson Method," a dance-based workout in a room heated to 95 degrees with 75% humidity. That all sounds cool, and it also sounds like you're going to get paid pretty well," one former New York trainer said. Another former trainer said her body "was just breaking apart," adding that she quit because of the physical demands of the job.

☆ BP to buy TravelCenters of America for $1.3 billion
▼ + stars: | 2023-02-16 | by ( ) www.reuters.com time to read: +1 min

Feb 16 (Reuters) - TravelCenters of America Inc (TA.O) said on Thursday it would be acquired by BP Plc (BP.L) for about $1.3 billion in cash, as the British energy giant looks to expand its travel convenience and fuel supply footprint in the United States. BP has offered $86 per TravelCenters share held, which represents a 74% premium to the stock's last close on Wednesday. TravelCenters owns a network of about 281 highway sites across 44 states and offers services including diesel and gasoline fuel, truck maintenance and repair, restaurants, travel stores, and parking. Convenience is one of BP's five strategic transition growth engines. By 2030, the London-listed aims for around half its annual investment to go into these transition growth engines.

☆ BP to buy TravelCenters for $1.3 bln in U.S. fuel retail drive
▼ + stars: | 2023-02-16 | by ( ) www.reuters.com time to read: +1 min

Feb 16 (Reuters) - BP Plc (BP.L) will buy truck fueling provider TravelCenters of America Inc (TA.O) for about $1.3 billion in cash, the companies said on Thursday, as the British energy giant seeks to expand its travel convenience and fuel supply footprint in the country. Shares of the U.S. truck stop operator surged about 71% to $84.3 in morning trading, hovering near BP's per share offer of $86. TravelCenters owns a network of about 281 highway sites across 44 states and offers services including diesel and gasoline fuel, truck maintenance and repair, restaurants, travel stores, and parking. BP has been pushing to boost its investments in convenience, bioenergy and EV charging. By 2030, the London-listed company aims for around half its annual investment to go into these transition growth engines.

☆ Inside Tracy Anderson's cutthroat fitness empire: Legal threats, paranoia, and trainers who say their bodies were 'breaking apart'
▼ + stars: | 2023-02-16 | by ( Katie Warren | ) www.businessinsider.com time to read: +29 min

One day around 2015, a dozen or so gift boxes showed up at the Brentwood, California, studio of the celebrity fitness trainer Tracy Anderson. "It was an exclusive boutique fitness studio," the former New York trainer said. Darren Gerrish/WireImageThe method demanded that TA trainers, most of whom were also professional dancers, perform the strenuous workouts full out, every time. Let's help you do it correctly so you don't get injured,'" the former New York trainer said. "This is at a time where everyone is already overworked," one of the former New York trainers said.

☆ Factbox: Potential winners and losers from the new U.S. EV charging standards
▼ + stars: | 2023-02-15 | by ( ) www.reuters.com time to read: +5 min

EV CHARGING COMPANIES: Many, including Volkswagen's (VOWG_p.DE) Electrify America, ChargePoint(CHPT.N) and EVGo (EVGO.O), will accelerate the rollout of chargers due to the federal funding. U.S. EV AUTO SECTOR: The rollout of more charging stations will encourage EV adoption in the United States. INTERSTATE HIGHWAY REST STOPS: They could see an influx of investment as companies establish charging stations along heavily traveled routes. TESLA: Under the new charging standards, the White House said EV market leader Tesla (TSLA.O) has agreed to open part of its U.S. charging network to EVs made by rivals. EV CHARGING COMPANIES: While the charging companies get financial support in their expansion efforts, only a handful of the dozen who commented to the Biden administration ahead of Wednesday's announcement said that they could meet the "Buy American" standards under the proposed timelines.

☆ Earth & Beyond launches fund to invest in Israeli space-related firms
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +1 min

JERUSALEM, Feb 9 (Reuters) - Earth & Beyond Ventures, a new early-stage venture fund investing in Israel’s emerging commercial space ecosystem, said on Thursday it had launched with commitments of $125 million. Earth & Beyond said it was backed by manufacturer and NASA supplier Corning Inc (GLW.N), Japanese electronics giant Kyocera Corp (6971.T), Israeli satellite firm SpaceCom (SCC.TA) and Samtec, a manufacturer of electronic connectivity components. Earth & Beyond said it would invest between $500,000 to $2 million for seed and pre-seed companies in technologies such as semiconductors, robotics, new materials, sensors, smart farms, quantum computing, solar power, cyber security, and alternative proteins. "Our job ... is to identify and support the deep technologies and ideas that can become powerful applications not just here on earth, but in space as well," said Earth & Beyond CEO Baruch Schori. Reporting by Steven Scheer Editing by Ari RabinovitchOur Standards: The Thomson Reuters Trust Principles.

Much as he would have liked to significantly increase supplies, Biosca-Reig said he couldn't justify investing millions of euros in new production lines unless he was paid more for the generic drug to cover sharply rising costs. European generic drugmakers say the tender system and regulated prices have fuelled a race to the bottom, and European firms are being undercut by suppliers from Asia. BRUSSELS, WE HAVE A PROBLEMThe European Medicines Agency (EMA) and European Union lawmakers acknowledge there is a problem. Half the generic medicines sold in Spain are priced below 1.60 euros per box or bottle, the country's generics manufacturing association said. But companies with smaller market shares, such as Israel's Teva (TEVA.TA), which has 5% of the region's amoxicillin market according to Medicines for Europe, are constrained.

☆ Israel's NewMed predicts $15 bln gas boost for sovereign wealth fund
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +2 min

JERUSALEM, Feb 7 (Reuters) - Israel's NewMed Energy forecast on Tuesday that the country's nascent sovereign wealth fund will get a 52 billion shekel ($15 billion) injection in the coming decade from its two main natural gas fields. NewMed Energy (NWMDp.TA) Chief Executive Yossi Abu said that the company, which is the largest stakeholder in the Leviathan offshore gas project, is also promoting plans for a liquefied natural gas (LNG) terminal to boost exports. "From today until 2033, an amount of about 52 billion shekels will accumulate in the wealth fund just from the Tamar and Leviathan reservoirs," Abu told a parliamentary panel, referring to Israel's two largest natural gas fields. Its sovereign wealth fund kicked off last year, after lengthy delays, with the aim of insulating an overheated currency from the sudden expansion in national wealth due to a windfall from gas sales. NewMed is partners with Chevron (CVX.N) and Ratio (RATIp.TA) in Leviathan, which supplies gas to Israel, Jordan and Egypt through a network of pipelines.

☆ Israeli drones use free-falling bombs, can carry up to a tonne
▼ + stars: | 2023-02-02 | by ( Dan Williams | ) www.reuters.com time to read: +2 min

TEL AVIV, Feb 2 (Reuters) - Israeli armed drones use gravity bombs that produce no noise or smoke as they fall, making them hard for enemies to anticipate or evade, and the largest model of the aircraft can carry up to a tonne of munitions, the military says. After more than two decades of secrecy, Israel in July went public with the existence of armed drones in its arsenal. The former, the officer said, "is the heaviest drone that the IDF (Israel Defence Forces) has, which can carry munitions, with an effective payload of around a tonne". The Israeli manufacturers do not publicise the armed capabilities of the drones, under what industry sources have described as a Defence Ministry secrecy policy. All the drone munitions are Israeli-made, the officer said, and "come down in free-fall, and can reach the speed of sound".

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