www.bethelfinance.com
As of today, it will be possible to cancel a reservation on round-trips flights booked at a travel agent, rather than by telephone or Internet. Despite objections by airlines and travel agencies, the Consumer Protection and Fair Trade Authority's new regulations came into effect today.
A person can cancel a reservation up to 14 days from the date of purchase or up to 18 business days before the date of departure. It will also be possible to cancel a follow-on flight, provided that it is provided by the same airline handling the flight from Israel.
The new regulations do not allow cancelling related tourist services, such as a hotel at the destination or follow-on flight provided by a different airline. This is because Israeli regulations do not apply to foreign businesses and they cannot be compelled to refund money to Israeli consumers.
The Consumer Protection Law (5741-1981) already allows the cancelation of flight reservations made by phone or online up to 14 days from the date of purchase or up to seven days before the date of departure.
Friday, October 14, 2011
Bethel Finances: IEC to build $1.3b Chinese solar energy project
www.bethelfinance.com
Sources inform ''Globes'' that Israel Electric Corporation (IEC) (TASE: ELEC.B22) will build a $1.3 billion project of three photovoltaic solar energy arrays in northern China. IEC's board of directors approved the project, the utility's first investment in China, at its last meeting. As the project's chief contractor, IEC will not invest equity in the project.
The project is also IEC's first investment in a solar energy project, and it is the utility's largest foreign project to date. The Government Companies Authority still has to approve IEC's participation in the project. The Ministry of Finance has blocked IEC's entry into new fields until negotiations on reforming the company are completed.
The 240-megawatt PV solar arrays will be built on private land owned by a Chinese businessman and his Israeli partner, who approached IEC about the project three months ago. IEC will own 50% of the engineering, procurement and construction (EPC) company that will build the project, the Chinese partner will own 25%, as required by Chinese law, and a large foreign contractor of solar arrays will own the remaining 25%. A Chinese manufacturer will supply the PV panels. IEC has no experience in building solar energy projects, and is banned from the business in Israel.
The Chinese project will enable IEC to acquire experience in the field. It will provide a small team who will coordinate between the project's subcontractors.
The project will comprise three 50-MW PV fields and rooftop PV systems installed on the farm's greenhouses to generate an additional 90 MW. The three PV solar farms will cost $750 million to build, and the rooftop arrays will cost $540 million.
On Thursday, IEC's board also decided to establish a subsidiary, IEC International Ltd., to handle the utilities foreign ventures. IEC International will be registered in Cyprus, in order to operate in countries without diplomatic relations with Israel, and because of Cyprus's low tax regime.
IEC's foreign projects to date include the design of a coal-fired power station in South Africa in a joint project with France's Alstom SA (Euronext: ALO), a wind energy project in Bulgaria, and the construction of power stations in Cyprus and Greece. IEC is also in talks on designing power stations in India and Nigeria.
Sources inform ''Globes'' that Israel Electric Corporation (IEC) (TASE: ELEC.B22) will build a $1.3 billion project of three photovoltaic solar energy arrays in northern China. IEC's board of directors approved the project, the utility's first investment in China, at its last meeting. As the project's chief contractor, IEC will not invest equity in the project.
The project is also IEC's first investment in a solar energy project, and it is the utility's largest foreign project to date. The Government Companies Authority still has to approve IEC's participation in the project. The Ministry of Finance has blocked IEC's entry into new fields until negotiations on reforming the company are completed.
The 240-megawatt PV solar arrays will be built on private land owned by a Chinese businessman and his Israeli partner, who approached IEC about the project three months ago. IEC will own 50% of the engineering, procurement and construction (EPC) company that will build the project, the Chinese partner will own 25%, as required by Chinese law, and a large foreign contractor of solar arrays will own the remaining 25%. A Chinese manufacturer will supply the PV panels. IEC has no experience in building solar energy projects, and is banned from the business in Israel.
The Chinese project will enable IEC to acquire experience in the field. It will provide a small team who will coordinate between the project's subcontractors.
The project will comprise three 50-MW PV fields and rooftop PV systems installed on the farm's greenhouses to generate an additional 90 MW. The three PV solar farms will cost $750 million to build, and the rooftop arrays will cost $540 million.
On Thursday, IEC's board also decided to establish a subsidiary, IEC International Ltd., to handle the utilities foreign ventures. IEC International will be registered in Cyprus, in order to operate in countries without diplomatic relations with Israel, and because of Cyprus's low tax regime.
IEC's foreign projects to date include the design of a coal-fired power station in South Africa in a joint project with France's Alstom SA (Euronext: ALO), a wind energy project in Bulgaria, and the construction of power stations in Cyprus and Greece. IEC is also in talks on designing power stations in India and Nigeria.
Bethel Finances: US, India, Israel have common targets in Asian region: Experts
www.bethelfinance.com
The experts of defence, foreign affairs, internal affairs and national security have said that United States, India and Israel have common targets and goals in the South Asian region.
This was said by the experts in a seminar arranged by Institute of Policy Studies (IPS) here on Wednesday.
Chairperson IPS Senator Professor Khurshid Ahmad while addressing the seminar said that superiority, interference and presence in independent and sovereign states always remain the part of US foreign policy.
He said after the 9/11 incident the world powers had made effective strategy for the countries having important geo-strategic location, adding that the threats for national security have increased.
He said the war against terrorism created complex situation regarding peace, adding that according to the charter of United Nations every country has the right of self defence and self defence is the right of every country in case of foreign interference.
He said that US landed in Afghanistan with aim of permanent residence, adding that the aim of US, India and Israel regarding the region is same.
The war against terrorism has promoted the regional and international terrorism, adding the anti-American sentiments increased in people. Drone attacks increased the number of suicide attacks as well as this war has badly disturbed the economy of US, he added.
He said that US is facing serious reaction in this war and it is due to the direct interference of US in the war.
Former secretary of foreign affairs Akram Zaki while addressing the seminar said that injustice, economic and social discrimination are the main cause of terrorism, adding that the masses in Unite States think that why the people of the South Asian region are against US.
He said that US President Barrack Hussain Obama is the production Wall Street and Main Street is against Obama, adding that if the people raised their voice against war then possibly the war would be end and peace would be restored in the world.
Former chief ISI lieutenant general (retd) Asad Durrani while addressing the seminar said that the role of Pakistan cannot be undermined for peace in Afghanistan, adding a number of Afghan families residing in Pakistan and both courtiers have religious, geographic and historical relations.
He said peaceful Afghanistan is in favor of Pakistan and due to drone and missile attacks US is in state of war with Pakistan, adding that bearable resistance is necessary for the process of peace. Common Afghan citizen is aware of importance of Pakistan and Pakistan has still a number of cards, he added.
Rustam Shah Mohmand while addressing the seminar said that there is an uncertainty in Afghanistan, adding that the allied forces failed to achieve their claims. American forces entered in Afghanistan for the purpose of access to resources of oil and gases in Central Asia and for the surveillance of atomic weapons of Pakistan.
He said that US has constructed its permanent bases in Mazar-e-Sharif, Bagram and Kandahar, adding that China should review its national security policy and Pakistani policy makers should also have to review its policy.
Director General IPS Khalid Rehman while addressing the seminar said that allied forces have completed ten years in Afghanistan, adding that the situation of the region has become worsen and masses are facing insecurity.
The experts of defence, foreign affairs, internal affairs and national security have said that United States, India and Israel have common targets and goals in the South Asian region.
This was said by the experts in a seminar arranged by Institute of Policy Studies (IPS) here on Wednesday.
Chairperson IPS Senator Professor Khurshid Ahmad while addressing the seminar said that superiority, interference and presence in independent and sovereign states always remain the part of US foreign policy.
He said after the 9/11 incident the world powers had made effective strategy for the countries having important geo-strategic location, adding that the threats for national security have increased.
He said the war against terrorism created complex situation regarding peace, adding that according to the charter of United Nations every country has the right of self defence and self defence is the right of every country in case of foreign interference.
He said that US landed in Afghanistan with aim of permanent residence, adding that the aim of US, India and Israel regarding the region is same.
The war against terrorism has promoted the regional and international terrorism, adding the anti-American sentiments increased in people. Drone attacks increased the number of suicide attacks as well as this war has badly disturbed the economy of US, he added.
He said that US is facing serious reaction in this war and it is due to the direct interference of US in the war.
Former secretary of foreign affairs Akram Zaki while addressing the seminar said that injustice, economic and social discrimination are the main cause of terrorism, adding that the masses in Unite States think that why the people of the South Asian region are against US.
He said that US President Barrack Hussain Obama is the production Wall Street and Main Street is against Obama, adding that if the people raised their voice against war then possibly the war would be end and peace would be restored in the world.
Former chief ISI lieutenant general (retd) Asad Durrani while addressing the seminar said that the role of Pakistan cannot be undermined for peace in Afghanistan, adding a number of Afghan families residing in Pakistan and both courtiers have religious, geographic and historical relations.
He said peaceful Afghanistan is in favor of Pakistan and due to drone and missile attacks US is in state of war with Pakistan, adding that bearable resistance is necessary for the process of peace. Common Afghan citizen is aware of importance of Pakistan and Pakistan has still a number of cards, he added.
Rustam Shah Mohmand while addressing the seminar said that there is an uncertainty in Afghanistan, adding that the allied forces failed to achieve their claims. American forces entered in Afghanistan for the purpose of access to resources of oil and gases in Central Asia and for the surveillance of atomic weapons of Pakistan.
He said that US has constructed its permanent bases in Mazar-e-Sharif, Bagram and Kandahar, adding that China should review its national security policy and Pakistani policy makers should also have to review its policy.
Director General IPS Khalid Rehman while addressing the seminar said that allied forces have completed ten years in Afghanistan, adding that the situation of the region has become worsen and masses are facing insecurity.
Bethel Finances: Successful Development, Bright Future
www.bethelfinance.com
October 1, 2011 marks the 62nd anniversary of the founding of the People's Republic of China. 62 years since its founding, especially over the past 33 years since its reform and opening up, China has awed the world with stunning development. China's development has attracted increasing international attention.
How do we view China's development?
In the past 62 years, over 200 million Chinese have been lifted out of poverty. 1.3 billion Chinese now have enough to eat. In the past 33 years, China's annual economic growth reached 9.9%. China's GDP totaled US $5.88 trillion in 2010, making us world's second largest economy. We top the world in the number of cars produced and sold as well as internet and cell phone users.
Some believe that with the US and Europe entrenched in the sovereign debt crisis and lack of economic driving force, China will soon catch up with the West. This view fails to see China as it is. As our reform and opening up deepens and our economy and society develop, China's future is ever more interconnected with that of the world. The US and Europe debt crisis have harmed their own economies. They also show that world economic recovery is still unstable and uncertain. China is not an outsider in the volatile global economy. We also face a number of major challenges. With a population of 1.3 billion people, our GDP per capita is around US $4,000, ranking after 100th internationally, which is less than one tenth of that of Canada and even less than that of many African countries. Based on UN standards, 150 million Chinese, which is five times of Canada's total population, still live in poverty on less than one dollar a day. 10 million Chinese have no access to electricity. China needs to provide 24 million jobs each year. China still suffers from a weak economic foundation, uneven rural, urban and regional development, unreasonable industrial mix and insufficient productivity. We may be a big country in terms of population, but we are a small country in terms of economic size per capita. China's reality matches our status as a developing country.
China's economic and social challenges are perhaps the toughest nut to crack. We have no reason to be arrogant. It takes generations to achieve greater prosperity and improve the Chinese people's livelihood. Even when China's GDP per capita approximates that of developed economies, our economy performance and quality of living will still be far behind.
Is China's development sustainable?
The answer is yes.
No country can avoid the "growing pains". Just as a train that has been running at high speed for 30 years would wear out, the problems in our fast development are natural. It is unwise to put China's future path in doubt simply because of these challenges. China is still in the middle stage of industrialization and accelerating phase of urbanization. This means China is still in great needs of infrastructural investment. In the next 20 years, we need to help over 300 million rural migrants relocate in the cities; upgrade people's consumption mix from food and clothing to moderate prosperity; and reduce the development gap between eastern and western China. Therefore, the Chinese economy does not lack power or potential. We have every reason to be optimistic.
China has formulated and is implementing its Twelfth Five-Year Plan, which calls for faster economic growth mode transformation. The Plan features economic growth model innovation, social development and further reform and opening up. Our main goal is to maintain China's stable and fast development over the long term to ensure that our progress is enjoyed by all Chinese. To meet this goal, we will focus on three priorities:
- Expanding domestic demand. We are working hard to adjust our national income distribution pattern, match income growth with economic development, increase urban and rural income to enhance people's buying power and tap into the world's largest consumer market. We are actively promoting universal access to basic public services, including education, employment, housing, health care, senior care and building a social welfare safety net, to ensure that the gains of our economic growth benefit all and boost our economy by stimulating domestic demand.
- Highlighting innovation and transformation. At present, contribution of scientific and technological progress to China's economy is 25% to 30% lower than that in developed countries. We will rely more on technological advancement and management innovation in boosting our economy. Meanwhile, we will accelerate the development of energy saving, new generation of InfoTech, biotechnology, high-end equipment manufacturing, new energy, new materials, new energy vehicles and other strategic emerging industries, to support our present and future growth.
- Focusing on green development. China is trying to catch up with the West in terms of per capita GDP, but our energy consumption per capita should never exceed that of developed countries, since the global environment is already under huge pressure. We will not follow the old path of western industrialized countries. Instead, we will pay close attention to ecological costs and effects; develop clean, renewable energy and a circular economy; actively respond to climate change and transform our extensive economic growth pattern to a low carbon and green one.
What does China's development mean to the world?
Over 2000 years ago, China's classical work "Book of songs" writes, "… people who are heavily burdened need a little ease. This shall preserve the kingdom and world peace." Today, a "moderately prosperous" life in China means having access to education, income, medical care, senior care and housing- a life more than just sufficient food and clothing. It also means national prosperity and well-being while at peace with neighboring countries. These are China's development goals today: building harmony within and around the world. China will be accountable to its 1.3 billion people. Meanwhile, we will not shrink from our responsibilities for world peace and development. In doing so, China's development will benefit not only the Chinese but people worldwide.
Ever since the beginning of our reform and opening up, China has made safeguarding world peace and promoting common development as one of our three historic missions. In recent years, China has also proposed to facilitate the building of lasting peace, common prosperity and harmonious world. We are closely following international and regional affairs. China has been active in responding to global issues such as energy, food, climate change, terrorism, natural disasters, infectious diseases, financial crisis and DPRK and Iran nuclear issues, Arab-Israel conflict, Darfur as well as other regional hotspots. Moreover, China has been a responsible player, builder and contributor in the building of international order. The current international order is not perfect. It needs to be reformed to answer the call of the times and be fairer and more justified. China is ready to be more active in international rule-making and improvement and continue to undertake international responsibilities and obligations in line with our national capacity. Finally, China has been consistently promoting domestic and world development. On one hand, we concentrate on solving our own development issues. As a major country, China's continuous development can benefit the world at large. Over the past five years, China's contribution to the world economy exceeded 20%, making us a crucial engine for global economic growth. Since China joined the WTO in 2001, our annual import averages US $ 750 billion. We have created over 14 million jobs worldwide. In the next five years, China's total import is expected to exceed US $ 8 trillion, which will create more business opportunities for other countries. On the other hand, China is an important player and champion in world development. We are willing to work together with other countries to advance the UN Millennium Development Agenda and jointly promote world prosperity and progress.
China's achievements in the past few decades are unprecedented. To better understand China, where China is going and seizing the immense opportunities brought in by China's development, the world needs to see China through our soaring growth and gigantic changes. China is also willing to have open and candid dialogue and cooperation with other countries. The world will see China as it is- a country of good faith, sense of responsibility and respect for others but a country that shall never be bullied; a country that has been advocating socialist democratic politics in accordance with its national conditions; a country that values, respects and protects human rights; a country facing numerous challenges, but always keeps a fresh mind and sticks to reform and opening up; a country that learns from others, pursues equal treatment, harmonious coexistence, mutual benefit and common development with other countries; a country that the world feels comfortable and confident in dealing with.
October 1, 2011 marks the 62nd anniversary of the founding of the People's Republic of China. 62 years since its founding, especially over the past 33 years since its reform and opening up, China has awed the world with stunning development. China's development has attracted increasing international attention.
How do we view China's development?
In the past 62 years, over 200 million Chinese have been lifted out of poverty. 1.3 billion Chinese now have enough to eat. In the past 33 years, China's annual economic growth reached 9.9%. China's GDP totaled US $5.88 trillion in 2010, making us world's second largest economy. We top the world in the number of cars produced and sold as well as internet and cell phone users.
Some believe that with the US and Europe entrenched in the sovereign debt crisis and lack of economic driving force, China will soon catch up with the West. This view fails to see China as it is. As our reform and opening up deepens and our economy and society develop, China's future is ever more interconnected with that of the world. The US and Europe debt crisis have harmed their own economies. They also show that world economic recovery is still unstable and uncertain. China is not an outsider in the volatile global economy. We also face a number of major challenges. With a population of 1.3 billion people, our GDP per capita is around US $4,000, ranking after 100th internationally, which is less than one tenth of that of Canada and even less than that of many African countries. Based on UN standards, 150 million Chinese, which is five times of Canada's total population, still live in poverty on less than one dollar a day. 10 million Chinese have no access to electricity. China needs to provide 24 million jobs each year. China still suffers from a weak economic foundation, uneven rural, urban and regional development, unreasonable industrial mix and insufficient productivity. We may be a big country in terms of population, but we are a small country in terms of economic size per capita. China's reality matches our status as a developing country.
China's economic and social challenges are perhaps the toughest nut to crack. We have no reason to be arrogant. It takes generations to achieve greater prosperity and improve the Chinese people's livelihood. Even when China's GDP per capita approximates that of developed economies, our economy performance and quality of living will still be far behind.
Is China's development sustainable?
The answer is yes.
No country can avoid the "growing pains". Just as a train that has been running at high speed for 30 years would wear out, the problems in our fast development are natural. It is unwise to put China's future path in doubt simply because of these challenges. China is still in the middle stage of industrialization and accelerating phase of urbanization. This means China is still in great needs of infrastructural investment. In the next 20 years, we need to help over 300 million rural migrants relocate in the cities; upgrade people's consumption mix from food and clothing to moderate prosperity; and reduce the development gap between eastern and western China. Therefore, the Chinese economy does not lack power or potential. We have every reason to be optimistic.
China has formulated and is implementing its Twelfth Five-Year Plan, which calls for faster economic growth mode transformation. The Plan features economic growth model innovation, social development and further reform and opening up. Our main goal is to maintain China's stable and fast development over the long term to ensure that our progress is enjoyed by all Chinese. To meet this goal, we will focus on three priorities:
- Expanding domestic demand. We are working hard to adjust our national income distribution pattern, match income growth with economic development, increase urban and rural income to enhance people's buying power and tap into the world's largest consumer market. We are actively promoting universal access to basic public services, including education, employment, housing, health care, senior care and building a social welfare safety net, to ensure that the gains of our economic growth benefit all and boost our economy by stimulating domestic demand.
- Highlighting innovation and transformation. At present, contribution of scientific and technological progress to China's economy is 25% to 30% lower than that in developed countries. We will rely more on technological advancement and management innovation in boosting our economy. Meanwhile, we will accelerate the development of energy saving, new generation of InfoTech, biotechnology, high-end equipment manufacturing, new energy, new materials, new energy vehicles and other strategic emerging industries, to support our present and future growth.
- Focusing on green development. China is trying to catch up with the West in terms of per capita GDP, but our energy consumption per capita should never exceed that of developed countries, since the global environment is already under huge pressure. We will not follow the old path of western industrialized countries. Instead, we will pay close attention to ecological costs and effects; develop clean, renewable energy and a circular economy; actively respond to climate change and transform our extensive economic growth pattern to a low carbon and green one.
What does China's development mean to the world?
Over 2000 years ago, China's classical work "Book of songs" writes, "… people who are heavily burdened need a little ease. This shall preserve the kingdom and world peace." Today, a "moderately prosperous" life in China means having access to education, income, medical care, senior care and housing- a life more than just sufficient food and clothing. It also means national prosperity and well-being while at peace with neighboring countries. These are China's development goals today: building harmony within and around the world. China will be accountable to its 1.3 billion people. Meanwhile, we will not shrink from our responsibilities for world peace and development. In doing so, China's development will benefit not only the Chinese but people worldwide.
Ever since the beginning of our reform and opening up, China has made safeguarding world peace and promoting common development as one of our three historic missions. In recent years, China has also proposed to facilitate the building of lasting peace, common prosperity and harmonious world. We are closely following international and regional affairs. China has been active in responding to global issues such as energy, food, climate change, terrorism, natural disasters, infectious diseases, financial crisis and DPRK and Iran nuclear issues, Arab-Israel conflict, Darfur as well as other regional hotspots. Moreover, China has been a responsible player, builder and contributor in the building of international order. The current international order is not perfect. It needs to be reformed to answer the call of the times and be fairer and more justified. China is ready to be more active in international rule-making and improvement and continue to undertake international responsibilities and obligations in line with our national capacity. Finally, China has been consistently promoting domestic and world development. On one hand, we concentrate on solving our own development issues. As a major country, China's continuous development can benefit the world at large. Over the past five years, China's contribution to the world economy exceeded 20%, making us a crucial engine for global economic growth. Since China joined the WTO in 2001, our annual import averages US $ 750 billion. We have created over 14 million jobs worldwide. In the next five years, China's total import is expected to exceed US $ 8 trillion, which will create more business opportunities for other countries. On the other hand, China is an important player and champion in world development. We are willing to work together with other countries to advance the UN Millennium Development Agenda and jointly promote world prosperity and progress.
China's achievements in the past few decades are unprecedented. To better understand China, where China is going and seizing the immense opportunities brought in by China's development, the world needs to see China through our soaring growth and gigantic changes. China is also willing to have open and candid dialogue and cooperation with other countries. The world will see China as it is- a country of good faith, sense of responsibility and respect for others but a country that shall never be bullied; a country that has been advocating socialist democratic politics in accordance with its national conditions; a country that values, respects and protects human rights; a country facing numerous challenges, but always keeps a fresh mind and sticks to reform and opening up; a country that learns from others, pursues equal treatment, harmonious coexistence, mutual benefit and common development with other countries; a country that the world feels comfortable and confident in dealing with.
Bethel Finances: Infinity Fund and Harbin, China sign cooperation agreement
www.bethelfinance.com
Infinity Private Equity today signed a cooperation agreement with the City of Harbin, in northern China. It will invest $10 million in ten Israeli high-tech companies that are planning to expand in China.
IDB Holding Corp. Ltd. (TASE:IDBH) chairman Nochi Dankner and Ron Lauder attended the signing ceremony in Tel Aviv. Dankner said that he loves China and visited it two weeks ago with his team and family, and that he expects to sign the final agreement for the sale of Makhteshim Agan Industries Ltd. (TASE: MAIN) to China National Chemical Corporation (ChemChina) this week.
Harbin Mayor Lin Duo was also present. He will meet Prime Minister Benjamin Netanyahu and Israeli business leaders.
Infinity and its technology incubator in Harbin will invest an average of $1 million in each company. The investments will be in the form of venture capital loans, in exchange for holdings in the companies. The participating companies will receive a range of free benefits from the Harbin Municipality, including offices and manufacturing facilities, assistance in registering intellectual property, accounts, legal services, and personnel.
Infinity also signed a memorandum of understanding (MOU) with BDH Group subsidiary Feng'ao Ltd., which focuses on companies' business opportunities outside of China. Infinity expects to sign more agreements of this kind soon.
Infinity managing partner Avishai Silvershatz said, "Many companies want to enter the Chinese market, but don’t know where to begin. This program not only offers a package of benefits, it has an interest in helping companies developing, adapting, and marketing their products in China."
Framework agreements were signed today with BotanoCap Ltd., Innovative Implant Solutions Ltd., Sonarium Medical Ltd., and Rotec Reverse Osmosis Technologies Ltd. A shareholders agreement was signed with Chinese electrical products company Codo. A separate framework agreement was signed with Yissum Technology Transfer Company of the Hebrew University of Jerusalem.
Harbin, the capital of Heilongjiang Province, has a population of 10 million. It had a strong Jewish community from the late 19th century through the end of World War II, which numbered 25,000 people at its peak. Former Prime Minister Ehud Olmert's grandfather is buried in the city.
"I understand that Israel is strong in high tech, and green, environmental, and agricultural technologies," Duo told "Globes". "I am sure that we have a lot of potential for cooperation in these fields."
"Globes": Do you have agreements with other countries?
Duo: "IDB and the City of Harbin have set up a commercial, science, and technology cooperation program. We have agreements with 100 countries, but we are sure that cooperation with Israel, IDB, and Infinity is an important part of our cooperation network, perhaps because there was once special cooperation and brotherhood between the Jewish community and Harbin."
What companies are you seeking?
"We want companies with new initiatives, especially in high tech, IT, and green technology, but also in pharmaceuticals and electronics. Harbin is a strong city and it has proven R&D capabilities. We want to cooperate with Israeli companies and help Israeli businesses find investment opportunities in China."
Infinity manages $700 million in 12 funds, 10 of which are in China. It is a partner with IDB, CSVC, and the China Development Bank.
Infinity Private Equity today signed a cooperation agreement with the City of Harbin, in northern China. It will invest $10 million in ten Israeli high-tech companies that are planning to expand in China.
IDB Holding Corp. Ltd. (TASE:IDBH) chairman Nochi Dankner and Ron Lauder attended the signing ceremony in Tel Aviv. Dankner said that he loves China and visited it two weeks ago with his team and family, and that he expects to sign the final agreement for the sale of Makhteshim Agan Industries Ltd. (TASE: MAIN) to China National Chemical Corporation (ChemChina) this week.
Harbin Mayor Lin Duo was also present. He will meet Prime Minister Benjamin Netanyahu and Israeli business leaders.
Infinity and its technology incubator in Harbin will invest an average of $1 million in each company. The investments will be in the form of venture capital loans, in exchange for holdings in the companies. The participating companies will receive a range of free benefits from the Harbin Municipality, including offices and manufacturing facilities, assistance in registering intellectual property, accounts, legal services, and personnel.
Infinity also signed a memorandum of understanding (MOU) with BDH Group subsidiary Feng'ao Ltd., which focuses on companies' business opportunities outside of China. Infinity expects to sign more agreements of this kind soon.
Infinity managing partner Avishai Silvershatz said, "Many companies want to enter the Chinese market, but don’t know where to begin. This program not only offers a package of benefits, it has an interest in helping companies developing, adapting, and marketing their products in China."
Framework agreements were signed today with BotanoCap Ltd., Innovative Implant Solutions Ltd., Sonarium Medical Ltd., and Rotec Reverse Osmosis Technologies Ltd. A shareholders agreement was signed with Chinese electrical products company Codo. A separate framework agreement was signed with Yissum Technology Transfer Company of the Hebrew University of Jerusalem.
Harbin, the capital of Heilongjiang Province, has a population of 10 million. It had a strong Jewish community from the late 19th century through the end of World War II, which numbered 25,000 people at its peak. Former Prime Minister Ehud Olmert's grandfather is buried in the city.
"I understand that Israel is strong in high tech, and green, environmental, and agricultural technologies," Duo told "Globes". "I am sure that we have a lot of potential for cooperation in these fields."
"Globes": Do you have agreements with other countries?
Duo: "IDB and the City of Harbin have set up a commercial, science, and technology cooperation program. We have agreements with 100 countries, but we are sure that cooperation with Israel, IDB, and Infinity is an important part of our cooperation network, perhaps because there was once special cooperation and brotherhood between the Jewish community and Harbin."
What companies are you seeking?
"We want companies with new initiatives, especially in high tech, IT, and green technology, but also in pharmaceuticals and electronics. Harbin is a strong city and it has proven R&D capabilities. We want to cooperate with Israeli companies and help Israeli businesses find investment opportunities in China."
Infinity manages $700 million in 12 funds, 10 of which are in China. It is a partner with IDB, CSVC, and the China Development Bank.
Thursday, September 8, 2011
Bethel Finances:Israel ranked 22nd in global competitiveness
www.bethelfinance.com
The World Economic Forum (WEF) ranks Israel 22nd in its 2011-12 Global Competitive Report, up two places from last year, and up five places from 2009.
The World Economic Forum (WEF) ranks Israel 22nd in its 2011-12 Global Competitive Report, up two places from last year, and up five places from 2009.
The WEF says that the report comes out amid multiple challenges to the global economy and a continuing shift in the balance of economic activity away from advanced economies and toward emerging markets. Policymakers are struggling to find ways to manage the present economic challenges while preparing their economies to perform well in an increasingly complex global landscape.
Switzerland again topped the rankings of 139 countries, followed by Singapore, which overtook Sweden to take second place. The US continues the decline it began three years ago, falling one more place to fifth place. Japan fell three places to ninth place. Western European countries took the remaining top ten positions, Finland (4th), Germany (6th), the Netherlands (7th), Denmark (8th), and the UK (10th).
The report states, "Israel's main strengths remain its world-class capacity for innovation (6th), which rests on highly innovative businesses that benefit from the presence of the world’s best research institutions, geared toward the needs of the business sector. The excellent innovation capacity, which is additionally supported by the government’s public procurement policies, is reflected in the country’s high number of patents (4th). Its favorable financial environment (10th), particularly the solid availability of venture capital (2nd), has further contributed to making Israel an innovation powerhouse; these elements have become stronger in the course of the past year."
The WEF warns, however, "Challenges to maintaining and improving national competitiveness relate to the need for continued upgrading of institutions (33rd) and a renewed focus on raising the bar in terms of the quality of education. If not addressed, poor educational outcomes, in particular in the area of math and science (79th), could undermine the country’s innovation-driven competitiveness strategy over the longer term. As in previous years, the security situation remains fragile and imposes a high cost on business (74th).
"Room for improvement also remains with respect to the macroeconomic environment (53rd), where increased budgetary discipline with a view to reducing debt levels would help the country maintain stability and support economic growth going into the future."
Bethel Finances: Average salary rose 8% in June
www.bethelfinance.com
The average gross national salary was NIS 9,124 in June 2011, 8% more than in May, the Central Bureau of Statistics reported today. However, the average salary fell by an annualized 0.3% in fixed prices in the second quarter, after falling by 0.9% in the first quarter.
The average gross national salary was NIS 9,124 in June 2011, 8% more than in May, the Central Bureau of Statistics reported today. However, the average salary fell by an annualized 0.3% in fixed prices in the second quarter, after falling by 0.9% in the first quarter.
In current prices, the rise in the average national salary slowed to 2.8% in the second quarter from 4.2% in the first quarter.
There were 3.05 million Israeli salaries employees in June, up from 2.98 million in April. The increase in salaried employees slowed to annualized 1.7% in the second quarter from 2.5% in the preceding quarter. There were 87,000 foreign workers in June, bringing the total number of salaries employees up to 3.18 million. The number of salaried workers rose by 1,500 during the second quarter.
The average salary of foreign workers was NIS 4,553 in June, dragging down the total average national salary to NIS 8,943.
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