JTA NEWS
13 December 2018 - 6 Tevet 5779 - ו' טבת ה' אלפים תשע"ט
JTA NEWS :
Business
Philippines and Israel sign Palawan oil-exploration deal E-mail

Philippine President Rodrigo Roa Duterte and Itay Raphael Tabibzada, President and CEO of Ratio Petroleum Ltd., signed an oil-exploration agreement on 17 October.

As reported by the Philippine Star newspaper, the agreement covers the East Palawan Basin or Area 4 of the fifth Philippine Energy Contracting Round. The signing was purely ceremonial, as the deal had already been inked during Duterte’s visit to Israel in September.

Presidential spokesman Salvador Panelo said Duterte was the one who signed the agreement on behalf of the Philippine government because such an exploration contract required the President’s signature.

The petroleum service contract will allow Ratio Petroleum to explore 416,000 hectares across the East Palawan Basin for potential oil and gas resources. The deal is expected to cost at least US$34.35 million, including data-gathering and drilling activities over the initial seven-year contract period.

“We’ve been dependent on oil-producing countries for our oil. So we need to boost the exploration of our own resources,” said Presidential spokesman Salvador Panelo.

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Flipkart buys Upstream Commerce E-mail

Flipkart, India’s largest ecommerce marketplace, has disclosed that it has acquired Israeli startup Upstream Commerce. The Israeli company builds cloud-based, automated competitive-pricing and product-analysis solutions.

Flipkart says that these solutions will strengthen its ability to deliver insights to its sellers, helping to optimise product assortment and pricing strategies and find gaps in the market to serve customers better. According to Globes, no financial details were disclosed, but sources close to the deal say the acquisition is for about US$30 million.

Upstream Commerce’s Tel Aviv office will become Flipkart’s development centre in Israel. Upstream Commerce was founded in 2010 by CEO Amos Peleg and CTO Shai Geva on the premise that automated retail intelligence capability should simplify and streamline the highly complicated data-gathering process so retailers can concentrate on optimising their merchandising, marketing and profit-making efforts.

Peleg said: “We are excited to become a part of India’s largest e-commerce player. During our discussion, as we got to know more about Flipkart, we realised that we share the same passion for technology, and the same vision for the contribution of data science to the future and success of online retail. The choice and vision of Flipkart to establish its presence in Israel through acquiring Upstream Commerce is a significant vote of confidence in the company’s team, technology and domain expertise, and are looking forward to help growing the presence of Flipkart in Israel.”

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IAI and Tech Mahindra team up on cybersecurity solutions E-mail

Israel Aerospace Industries (IAI) unit ELTA Systems and India’s IT giant Tech Mahindra announced in October a collaboration to combine IAI’s cybersecurity technologies and Tech Mahindra’s digital expertise to provide cyber solutions and services to government and enterprise customers in India and globally.

The partnership will enable the companies to design and deliver Security Operation Centres (C-SOCs), Computer Emergency Response Teams (CERTs) and Forensic Laboratories, leveraging on leading-edge automation and orchestration tools, AI and machine-learning analytics and best-of-breed technology. The partnership will also offer consultation, training and managed security services, based on national-grade methodologies and procedures, and will develop new future-ready technologies that meet the evolving challenges of the cyber domain.

Tech Mahindra CEO CP Gurnani said: “This strategic partnership will herald a new chapter in tackling the advanced global cybersecurity threats in today’s digital age, by developing a future-ready cybersecurity framework. Partnership with IAI will be a multiplier force for Tech Mahindra’s robust cyber security expertise world over.”

IAI Cyber Division VP and general manager Esti Peshin said: “We are excited to collaborate with our strategic partner, Tech Mahindra, a company present in 90+ countries. We are confident that Mahindra’s experienced cyber security professionals will equip IAI with a sustainable competitive advantage, improving our ability to scale rapidly and prevent cyberattacks with cutting-edge cybersecurity solutions.”

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Chinese company opens Israel’s first robotic parking lot E-mail

The first robotic parking facility in Israel was inaugurated on 14 October at the train station in the city of Kfar Saba. It lifts cars to the upper floors.

The facility was established by the Israeli branch of a Chinese company, Tangshan Parking Equipment Company (TOPP), in co-operation with the Kfar Saba municipality.

With only 12 parking spaces, the facility in Kfar Saba serves as a promotional display. However, depending on their needs, customers can order a facility with up to several hundred spaces.

The cost of setting up 500 parking spaces in a regular fiveor six-floor parking lot is about US$18 million, whereas TOPP’s system costs about US$6.9 million.

So far, TOPP has established about 750,000 parking spaces in China. It has also completed projects in many countries, including China, Russia, Japan, Colombia and Australia.

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Israeli diamond industry to expand partnership in China with Alibaba platform E-mail

Israeli diamonds will now be offered for sale directly to Chinese consumers on Alibaba’s famous luxury platform, Ali Auction (paimai.taobao. com).

The Israel Diamond Exchange (IDE), which has been working with Alibaba.com for the past year on B2B diamond sales, is now expanding its activity in the Chinese market through this prestigious ecommerce site. IDE is the only diamond centre to have such an agreement with the Chinese internet giant.

The new marketing venture with Ali Auction will be launched in Shanghai at the first China International Import Expo (CIIE) from 5 to 10 November. The Israeli Diamond Industry will have an important presence with a national pavilion, located in Hall 5.1, featuring seven major Israeli companies, who will be seeking to sell their goods to Chinese diamond dealers as well as private consumers.

A major feature at the Israeli pavilion will be the launch of the joint venture of the Israeli industry and Ali Auction. IDE will offer a wide and diverse stock of diamonds, from small to large important diamonds, with a total value in the millions of dollars. The diamonds will be sold online on the Ali Auction site, offline at the pavilion and at live auctions held once a day, where buyers can place bids on specific items.

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