JTA NEWS
26 April 2019 - 21 Nisan 5779 - כ"א ניסן ה' אלפים תשע"ט
JTA NEWS :
Business
ICL signs long-term potash agreement in India E-mail

Israel Chemicals Limited (ICL) has signed, for the first time, a five-year supply agreement with Indian Potash Ltd. (IPL), India’s largest importer of potash.

According to Globes, under the terms of the agreement, Israel Chemicals will supply IPL with 600,000 tonnes per year in 2019 and 2020, increasing to 650,000 tonnes per year in 2021-2023, including options.

Prices for the quantities to be supplied under the framework agreement will be determined in accordance with the prevailing market prices in India at the relevant date of supply.

The long-term agreement was signed by the parties in a ceremony held in New Delhi that was attended by Israel’s Ambassador to India Dr Ron Malka, IPL’s managing director Dr P.S. Gahlaut and Israel Chemicals CEO Raviv Zoller.

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Ben-Gurion University to establish entrepreneurship centre E-mail

The Council for Higher Education in Israel has awarded an NIS 6 million grant to BenGurion University (BGU) of the Negev for the establishment of Yazamut 360°, an interdisciplinary centre for entrepreneurship that will host activities in a new facility.

The centre will be chaired by Professor Carmel Sofer of the Departments of Cognition and Brain Sciences and Industrial Engineering Management, who was a hi-tech investor for 25 years, and led by Dana Gavish-Fridman, the University’s Head of Entrepreneurship.

It is at the heart of BGU’s long-term plan to enhance the university’s innovation ecosystem. It is also surrounded by a wealth of applied-oriented academic departments and will act as a facilitator of various new initiatives such as Cactus Capital, the university’s student-run venture capital investment fund, and Forum 80-20, a voluntary organisation led by student entrepreneurs from BGU’s Industrial and Management Engineering Faculty and dedicated to expanding students’ connection to the business world and to providing first-hand business experience to complement their academic studies.

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Fourth Israel-Chinese protocol signed E-mail

An Israeli-Chinese financial protocol agreement seeking to boost Israeli exports to China and worth US$500 million was signed in December by Accountant-General Rony Hizkiyahu and Chinese assistant Finance Minister Xu Hongcai.

The protocol, the fourth of its kind between the two countries, provides an insurance platform for expediting Israeli exports through the provision of government export guarantees.

The new protocol comes as existing guarantees worth US$1.3 billion are close to being fully utilised. Under the framework of the latest agreement, Israeli banks will finance government-backed long-term credit agreements with Chinese importers purchasing Israeli goods.

Since the first bilateral protocol was signed in 1995, more than 340 transactions worth a total of US$2.1 billion have been completed under the programme in the fields of health, agriculture, renewable energy, education and more.

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Samsung Ventures looking to acquire Corephotonics E-mail

Korean tech-giant Samsung is in advanced negotiations to acquire Israeli company Corephotonics for US$150US$160 million, according to Globes.

Corephotonics has developed a camera with dual-lens technology for smartphones, which is designed to improve the quality of smartphone images. According to Israel Venture Capital, the company, which was founded in 2012, has raised a total of US$50 million.

Corephotonics was founded by CEO David Mendlovic, a professor of electrical engineering at Tel Aviv University, and former Ministry of Science and Technology chief scientist and chief development officer Dr Gal Shabtay. The main investors in Corephotonics are Samsung Ventures, one of Samsung’s investment arms in Israel; Foxconn, a large manufacturer of electronic components; Taiwanese company MediaTek, the world’s largest manufacturer of mobile communications chips; Israeli fund Magma Venture Partners; the Amiti Ventures fund; Horizon Ventures, controlled by Chinese billionaire Li Ka Shing and Solina Chau; crowdfunding platform OurCrowd; flash memory company SanDisk, and Chinese telephony provider CK Telecom.

Corephotonics works with all of the large smartphone companies. Shabtay once told The-Marker that the company had realised that “There are several large gaps, above all an optical zoomlens.Realzoomdoesnot exist in a smartphone camera, which only has a digital zoom that is actually a manipulation of the image.”

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Blockchain startup Orbs receives South Korean investment E-mail

Israeli blockchain startup Orbs announced in December that it had received an investment from Kakao Investment, the venture arm of South Korean internet conglomerate Kakao Corp.

Orbs did not disclose the size of the investment, but sources indicate it was a sevenfigure sum.

Kakao, South Korea’s largest messaging app operator, said last year that it would establish a unit focusing on blockchain technology.

Orbs said the investment will help it further its development and growth and will build on its existing partnership with Kakao blockchain subsidiary Ground X. The two companies have agreed to partner on blockchain applications and research and development projects.

Founded in 2017, Orbs is building a public blockchain acting as middleware solution for large-scale consumer decentralised applications (DApps). The technology is designed to support interoperability with multiple base-layer blockchains.

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