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Business in Brief By Haaretz Staff Jordan has decided to go ahead with the Red Sea-Dead Sea canal without Israel, according to the British newspaper The Times. The canal is a $5 billion project that will take 20 years to complete. According to the Jordanian plan, it will channel 1.9 billion cubic meters of water per day from the Red Sea to the Dead Sea. The difference in altitude will enable the production of energy, which in turn will fuel huge desalination plants to be constructed in Jordan. The 850 million cubic meters of desalinated water produced annually will be used for agriculture and urban water systems. The idea of a regional joint project was raised more than a decade ago, but petered out after the feasibility studies were conducted. (Ora Coren) Microsoft's chief software architect Ray Ozzie will visit Israel for the first time in June. Ozzie, who is slated to take over chairman Bill Gate's responsibilities at Microsoft, was involved in the firm'sR&D center in Israel. During his visit he will visit the center and meet with its managers, developers and researchers and evaluate the progress made on the technologies developed there. Ozzie will also be a keynote speaker at Microsoft's conference in Tel Aviv, which is a platform for presentation of new developments in the Israeli high-tech industry. (Paz Vaysman) Advertisement The local Planning and Building Committee has approved the construction of student dormitories at Tel Aviv University containing 1,300 units, of which 1,000 will be designated for couples and families. The dorms will be located at Cyprus Hill at the university campus and built by Shari Arison's Housing and Construction Real Estate Development. Housing and Construction will operate the dorms for 25 years in a build-operate-transfer (BOT) arrangement, under which it builds, operates the things in excange for a fee and then. hands them over for free. The units are to be rented out for between NIS 1,100 and NIS 1,700. (Ranit Nahum-Halevy) The Tax Authority is weighing the possibility of awarding tax credit points to working women for child care expenses, rather than tax deductions. The Authority says that while deductions would apply only to women who earn more than NIS 5,000, tax credit points would be awarded to all working women. "It's a more egalitarian proposal," they explain. The High Court of Justice recently ordered the Tax Authority to recognize child care costs as deductible. The Authority had tried to effectively cancel the order through the budget arrangements law, but backed off after the Histadrut labor federation raised objections. Tax credit points reduce income tax liability, currently at the rate of NIS 196 per point. (Moti Bassok) Mizrahi Tefahot and other institutional investors have offered Yoram Turbowicz, the former prime minister's chief of staff, the position of chief executive of the debt encumbered real estate company Azorim. An earlier contender, accountant Zvi Yochman, has been ruled out for the time being. Shaya Boymelgreen continues to serve as Azorim's chairman, but Mizrahi Tefahot bank, the firm's biggest creditor, is seeking an appointment of its own choice. Turbowicz has not responded to the offer yet, and a knowledgeable source said that discussions would continue when Turbowicz returns from overseas. (Michael Rochvarger) Moody's yesterday upgraded Teva Pharmaceutical Industries' credit outlook from Stable to Positive, indicating a credit rating upgrade in the drug company's future. For the time being, the credit rating agency reiterated the Baa2 rating for Teva and its subsidiaries. The outlook upgrade followed Teva's strong showing in the first quarter of 2009, when the Israeli company reported consolidated sales of $3.15 billion, up 22% from the parallel quarter. It netted $451 million or $0.51 per share compared with $139 million or $0.18 per share in the parallel quarter of 2008. (Shmuel Shuster) Bookmark to del.icio.us   Israel-U.S. rift Obama and Netanyahu still must iron out gaps in Mideast policies, say U.S. officials. Gaza fighting resumes Following more than a week of quiet, IDF bombs south Gaza in response to Qassam strike.

Read & React Netanyahu: Israel ready for immediate peace talks Responses: 281 Hamas: Obama looks to maintain Israel as racist state Responses: 75 Bradley Burston: Obama, Netanyahu, and two states for spoiled brats Responses: 91 Aluf Benn: Israel gives Obama until end of year on Iran Responses: 52 Researchers: Jerusalem will lose Jewish majority by 2035 Responses: 38 More Headlines 23:44 IDF bombs south Gaza after Qassam hits Sderot 23:48 Netanyahu: Israel ready for immediate peace talks 23:27 Palestinian PM: No peace talks until Israel honors prior accords 22:05 'Israel will have to take on Iran alone once Obama's efforts fail' 23:17 Clinton tells Netanyahu: Israel must cease settlement activity 20:35 Scientists unveil 'missing link' to human evolution 22:54 Daniel Keren, 48, becomes fifth Israeli to conquer Mt. Everest 00:06 WATCH: Daily news round-up from Israel 22:30 Shin Bet: No chance for peace while Hamas rules Gaza 19:34 Who was the 'Menachem' whose ancient jug was found in Jerusalem? 17:36 Hamas leader said fired for wanting distance from Iran, Syria 20:46 High Court rules in favor of Reform conversions 12:59 Hamas: Obama looks to maintain Israel as racist state Previous Editions Select Day 19 may 18 may 17 may 15 may 14 may 13 may 12 may 11 may 10 may 08 may 07 may 06 may

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