JTA NEWS
21 August 2019 - 20 Av 5779 - כ' אב ה' אלפים תשע"ט
JTA NEWS :
Business
Bamba snack for kids to tackle peanut allergies in US E-mail

Bamba, one of Israel’s most iconic kids’ snacks, will soon be widely available in the US market. As reported by Ynet News, Israeli children owe their resistance to peanut allergies to the legendary snack. The Osem food company, which owns the product, has secured a widespread distribution deal in the US, brokered by the international food giant Nestlé.

The plan is for Bamba to be adopted by Nestlé’s baby snacks section, and a new commercial that aired recently already shows the Bamba icon – a red-headed baby – walking the streets of New York City.

Bamba was independently distributed in the US a year ago, under an agreement with the Costco and Trader Joe’s supermarket chains. Before that, the snack was sold only sporadically, mostly within the US ultra-Orthodox community.

Thanks to the deal with Nestlé, Bamba could be on its way to becoming a huge hit. In the European market, Nestlé has already taken over the marketing and distribution of another Israeli product, Tivall, a vegetarian schnitzel and burger brand. With the giant corporate on its side, Tivall quickly became the second-best-selling meat substitute in the continent.

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Chroma Ate Inc. acquires 20% stake in Camtek Ltd. E-mail

Taiwan-based Chroma Ate Inc., a provider of high-precision test and measurement equipment, announced in February that it has entered into a definitive agreement to acquire a 20% stake in Camtek Ltd., a manufacturer of metrology and inspection equipment, in a cash transaction of US$74 million.

The transaction is expected to close at the end of Q2 2019, subject to approval by the relevant regulatory authorities.

Headquartered in Migdal Ha’emek, Israel, Camtek is also a provider of software solutions serving the Advanced Packaging, Memory, CMOS Image Sensors, MEMS, RF and other segments in the mid end of the semiconductors industry.

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IAI enters into agreements to supply MRSAM to India’s navy E-mail

Israel Aerospace Industries (IAI) has announced that it has entered into agreements worth US$93 million for the provision of Naval MRSAM (Medium Range Surface-toAir Missile) systems.

Under the contracts with the Indian Navy and Cochin Shipyard Limited (CSL), IAI will provide complementary systems for the air defence system (ADS). They involve follow-up orders for a range of maintenance and other services for various sub-systems of IAI’s advanced MSRAM ADS.

In January the Indian Navy, in collaboration with IAI, held an interception test aboard INS Chennai to assess, for the first time, the potential collaboration between ships. The interception scenario, which was executed successfully, demonstrated how the operational force of the defence system can be doubled regionally, rather than topically.

Boaz Levi, Executive Vice President and General Manager of Systems, Missiles & Space Group, said: “The follow-up orders provide additional evidence of the satisfaction and trust of our Indian partners with respect to the MRSAM family. The test demonstrated the advanced technological capabilities of the air defence system as well as our collaboration between IAI, its partners in India’s Navy, the local Indian industry and our colleagues at IAI’s ELTA and RAFAEL. This is a badge of honour for the entire Israeli industry.”

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Boaz Moldawsky appointed Chairman of IDI E-mail

Boaz Moldawsky, who has served as the Acting Chairman of the Israel Diamond Institute (IDI) for the past year, has been elected by IDI’s Board of Directors as its Chairman for a three-year term. The announcement was made on 5 February.

Moldawsky is a secondgeneration diamantaire whose family were amongst the founders of the Israeli diamond industry. He has been active in public service to the industry for many years, serving as Deputy President of the Israel Diamond Exchange, Chairman of the Finance Committee and a member of the board of the Israel Diamond Manufacturers Association. Moldawsky is coCEO of the Moldawsky Group, which specialises in diamonds, real estate and technology.

Moldawsky said: “I want to thank the members of the Board for putting their trust in me, and I am committed to doing everything in my power to move the Israeli diamond industry forward, to strengthen it and to further position Israel as a leading world diamond centre.”

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Israel and the Philippines eyeing joint financial protocols E-mail

According to local media reports in the Philippines, the government of Israel is proposing to establish a financial protocol with the Philippines to streamline the exchange of information on trade and investments between the two countries.

In a statement last month, the Department of Finance (DOF) in the Philippines said that during a meeting with Finance Secretary Carlos Dominguez III, Israel’s Ambassador to the Philippines Rafael Harpaz proposed the establishment of a financial protocol with Manila to promote bilateral trade and investments.

Harpaz underscored the need for a financial protocol as at least 10 Israeli companies have expressed interest in investing in New Clark City in Pampanga, which is being showcased by the Duterte administration as the country’s first smart and green metropolis, according to the DOF.

“It is something we can look into,” the Israeli envoy was quoted by the DOF as saying. The envoy also pointed out that Israel has already concluded and signed financial protocols with some other countries in the region.

Dominguez welcomed Harpaz’s proposal and tasked Finance Undersecretary Mark Dennis Joven, who heads the International Finance Group of the DOF, to co-ordinate with the Israeli Embassy on the matter.

The Finance chief also said that the Philippines and Israel can explore possible partnerships in the technology and construction sectors.

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