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CTech’s Daily Israeli Tech News Roundup

CTech’s Daily Israeli Tech News Roundup

Hurt by strong shekel, Israeli tech companies lobby for government action. Elbit nearing acquisition of Israeli arms manufacturer IMI Systems. Renault-Nissan-Mitsubishi establishes a $1 billion venture fund

CTech | 17:00  15.01.2018

Hurt by strong shekel, Israeli tech companies lobby for government action. The continuous strengthening of the shekel against the U.S. dollar, which traded at NIS 3.39 over the weekend, is weighing on Israel's main growth engine—its technology industry. Read more

Elbit nearing acquisition of Israeli arms manufacturer IMI Systems. If the deal is finalized, Israeli defense contractor Elbit would pay $515 million (NIS 1.75 billion) for the government-owned weapons manufacturer, which has been reporting losses in recent years. Read more

Renault-Nissan-Mitsubishi establishes a $1 billion venture fund. The investments will be made through a venture capital fund called Alliance Ventures, which will have offices in major tech hubs around the world, including Tel Aviv. Read more

Following U.S. bribe settlement, Teva to pay $22 million fine in Israel. Yesterday, the Israeli state attorney settled a suit against the company. In 2016, Teva agreed to pay $519 million to settle anti-bribery violations in the U.S. Read more

Italy takes fight over Telit’s taxes to supreme court. In December 2014, Italian authorities issued three VAT assessments against Telit’s Italian subsidiary, asking for 18 million euros. After two court tiers ruled in favor of Telit, the authorities are now taking the battle to Rome. Read more

Binge-Watching Again? This Startup Monitors Your TV Habits. Tel Aviv-based video-on-demand startup Vonetize is shifting toward addressable TV, a myriad of new technologies allowing advertisers to target TV viewers with individualized ads. Read more

Senior Israeli PayPal executive steps down. Tomer Barel, a senior vice president in charge of financial, credit and fraud risk, announced he is leaving the company. Read more

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