Industry Ministry opposes NIS 2,000 charge for technology colleges
The Industry, Trade and Labor Ministry yesterday warned the country's colleges not to raise tuition unilaterally. The warning came a day after the Technology Colleges Forum said it planned to impose a one-time charge for the coming school year by NIS 2,000. In response, the Students Association asked the intervention of the ministry, which can exercise authority over tuition by granting or withholding its recognition of the colleges' study programs if they fail to meet certain conditions. The colleges were spared a budget cut as part of the general reduction in state spending approved last month, but face cuts in the 2013 budget. The forum called the charge a "painful decision," but said it had no choice after it received no answer to its request for NIS 40 million in extra allocations for the years. (Ora Coren )
RedHill Biopharma files to list shares for U.S. trading
RedHill Biopharma, which develops new formulations of existing drugs, said yesterday it has filed a preliminary request with the U.S. Securities and Exchange Commission to list its shares for trading on the Nasdaq stock market. If the application is approved, Redhill said it would trade as level II American depository receipts, or ADRs, and will not raise any additional capital through an initial public offering. Ori Shilo, Redhill's CEO, said the step was aimed at increasing the company's global profile and attracting more foreign investors. He said the company was not seeking to raise capital because its current valuation on the Tel Aviv Stock Exchange of NIS 135 million is too low. Its shares rose 5.5% yesterday on the TASE to NIS 2.64. (Yoram Gabison )
Minister says Cyprus preparing to sign gas deal with Noble Energy
Cyprus is getting ready to sign a series of agreements with Houston-based Noble Energy for the supply of natural gas to the country, and the construction of an export terminal for liquefied natural gas, Neoklis Sylikiotis, the country's minister of commerce, industry and tourism was quoted by local media as saying yesterday. Israel and Cyprus have begun talks on cooperating on gas exports from their adjacent offshore field in the Mediterranean Sea, including the possibility of Israel's exporting its own gas from the proposed Cyprus facility. Noble, which operates Israel's biggest fields, started drilling offshore Cyprus a year ago. Preliminary data indicate a reservoir ranging from five trillion to eight trillion cubic feet of natural gas. (Vadim Sviderski )
Singapore Telecom eyes more investments in Israeli start-ups
Singapore Telecommunications, the largest telecom company in Southeast Asia, plans to acquire more high-tech firms, including in Israel, as it transforms itself into a multimedia and information and communications technology company, a top company official said. "Israel is an important part of our golden plans for the digital space. We will be making strategic acquisitions and we will be partnering with companies here," Allen Lew, chief executive of SingTel's new Digital Life unit, said at the annual High Tech Industry Association conference in Jerusalem on Wednesday. In March, SingTel bought Amobee, an Israeli mobile advertising solutions firm, for $321 million. Lew said the company has a venture capital fund of S200 million to invest in global start-ups. (Reuters )
Elbit unit wins $15 million contract from Brazilian army
Elbit Systems, Israel's biggest nongovernment defense manufacturer, said yesterday its Brazilian subsidiary AEL Sistemas SA was awarded an initial production order valued at $15 million as part of the Guarani Project. Delivery of the systems, which will be installed on Iveco 6x6 armored personnel carriers, will be completed within two years, the company said. The order is part of a framework contract Elbit won last January valued at approximately $260 million for the supply of UT30-BR 30mm unmanned turrets to the Brazilian Army's Land Forces. (TheMarker Staff )
