24 February 2020 - 30 Shevat 5780 - ל' שבט ה' אלפים תש"פ
Barneys department store finds a buyer E-mail

US based iconic department store Barneys New York, which was launched by a Jewish clothier, will be sold off in pieces after declaring bankruptcy in August.

The century-old chain was sold to the fashion licensing company Authentic Brands Group and financial firm B. Riley for US$271.4 million, a day after the sale was approved by a bankruptcy court.

Barney Pressman, whose father owned a clothing store, opened his first department store in Manhattan in 1923.

B. Riley said it will hold liquidation sales at Barneys remaining seven US stores, starting this month with private events for its most loyal customers, The Associated Press reported.

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Israel and South Korea conclude a Free Trade Agreement E-mail

Fresh off the heels of a historic recent visit in July to South Korea by Israel’s President Reuven Rivlin and a large business delegation which resulted in significant energy and educational agreements, Israel and South Korea have now concluded three years of negotiations on a Free Trade Agreement (FTA), officials announced, paving the way for a major boost in bilateral trade.

Israel’s Prime Minister Benjamin Netanyahu praised the agreement—the first with an Asian country—calling South Korea a “global leader.”

“Israel is a vibrant, advanced economy, and I think our partnership will do tremendous good for both our economies. I’m sure it will multiply our trade, which already stands at US$2.5 billion. It will grow a lot,” he said during a meeting with South Korean Trade Minister, Yoo Myung-hee.

Yoo Myung-hee agreed, saying that the agreement is a “significant and historic” one.

“South Korea and Israel, we have a lot of similarities, and we have complimentary economic structures. Based on this FTA, I’m sure that it will further promote our trade and investment as well as further promote our technology cooperation,” she said.

Economy and Industry Minister Eli Cohen echoed his South Korean counterpart’s enthusiasm.

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Passenger traffic from China now at all-time high Print E-mail

The number of passengers passing through Israel’s Ben Gurion International Airport, on flights between China and Israel rose in the first eight months of 2019 by 23.43% compared with the same period in 2018, according to a report published by the Israel Airports Authority.

According to the report, 351,961 passengers flew between the two nations in January to August this year.

The report also showed that in August 2019, there were 45,322 passengers on flights between China and Israel, compared with 42,430 in August 2018.

An all-time monthly record of 2.81 million international passengers flew through Ben Gurion Airport in August 2019, an increase of 2.16% year on year.

(Issue Oct 2019)

Indian Air Force receives Spice-2000 ‘building blaster’ buster bombs Print E-mail

Israel has completed the delivery of first batch of new version of Spice-2000 bunker buster bombs to the Indian Air Force.

India signed a US$43.2 million contract with Israel for 100 Spice bombs this June under the emergency procurement route. Developed by Rafael Advanced Defense Systems, the bombs will be delivered along with Mark 84 warheads, and other bombs which can destroy buildings completely.

The Spice-2000 bombs were used by India during the air strikes in Balakot against terrorist camps of Pakistan-based group Jaish-e-Mohammad (JeM) in February.

(Issue Oct 2019)

Ashalim solar energy project inaugurated E-mail

The largest solar project in Israel made its debut in the Negev Desert last month. The plant has begun to produce electricity and is now supplying renewable energy to Israel’s electricity grid – enough to meet the consumption needs of an estimated 70,000 households.

The plant has been a significant contributor to the implementation of government policies as well as to the goals in connection with generating electricity from renewable energy.

Negev Energy, a joint venture of Shikun & Binui Energy (50%), the Noy Infrastructure Fund (40%) and the Spanish firm TSK (10%), won the tender that had been issued by the Accountant General at the Ministry of Finance, and entered into a design franchise agreement in 2013 for the planning, design, financing, construction, operation, and maintenance the plant. This agreement holds for a period of 25 years.

The 988-acre plant is composed of some 16,000 parabolic troughs and about half a million concave mirrorsall key components in generating clean energy.

The Negev Energy Power Station has a unique system for storing thermal energy which allows the plant to operate for an extra 4.5 hours daily at full power following sunset, and the investment in the construction of the plant is estimated at NIS 4 billion.

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