JTA NEWS
6 May 2016 - 28 Nisan 5776 - כ"ח ניסן ה' אלפים תשע"ו
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Business
Fortune magazine reveals top business entrepreneurs E-mail

Israel-born Adam Neumann has topped Fortune magazine’s latest list of the world’s most influential business people under the age of 40.

Neumann, 36, is co-founder and CEO of WeWork, a company that provides shared office spaces for startups, small businesses and a wide variety of Internet-age entrepreneurs. But as the magazine notes, the company is also attracting Fortune 500 companies, including American Express and Microsoft.

WeWork was established by Neumann and his business partner Miguel McKelvey in 2010. Now, with its latest US$400 million funding round from J.P. Morgan and other major investors under its belt, the company is valued at a whopping US$10 billion.

Neumann, Fortune wrote, “is bringing startup culture to Big Business.” It currently has 54 locations in the US, Europe and Israel, providing “perkfilled, keg-friendly communal workspaces [that] have attracted more than 30,000 members across the globe.”

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Software company DiACardio wins innovation award E-mail

An Israeli startup that is changing the way cardiograms (ultrasound exams of the heart) are decoded has won the final round of the Shengjing Global Innovation Awards 2015, a global startup competition held in China in August.

DiACardio, which has developed revolutionary software to decode echocardiograms, triumphed over 21 startups from around the world. “We are thrilled and proud to have won first place. It was a fascinating and empowering experience,” said Hila Goldman-Aslan, the company’s CEO.

“The competition proves that Israel is home to promising technological initiatives. The competition opens up investment opportunities by Chinese investors, and we believe that winning it will advance the recognition of the ground-breaking technology that we have developed at DiACardio,” She added.

The Israeli company Wayerz, which developed a platform for inter-bank charges (billing) while providing management, commands and control of interbank processes in real time, came in fifth place. The top five startups will share US$1 million in cash prizes, each receiving US$200,000.

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Trendlines Group sets up office in Singapore Print E-mail

The Israel-based venture capital firm and incubator Trendlines Group has opened a branch in Singapore. Trendlines hopes to help Singaporean medical technology companies develop their products for commercialisation in larger markets, such as the US and China.

In addition, there are reports that Trendlines Group is interested in issuing an IPO (initial public offering) on the Singapore Stock Exchange in November, which would value the company at between US$80 and US$100 million.

Trendlines Group was founded in 2007 and has about 50 startups in its portfolio of medical and agricultural technology companies. It is predominantly an innovation and commercialisation company investing principally through its own incubators: two Israeli government-franchised incubators, Trendlines Medical and Trendlines Agtech, and its in-house innovation centre, Trendlines Labs.

(Issue October 2015)

 

 
Chinese debt a worry to Israeli high-tech companies E-mail

According to Globes newswires, the Israeli Credit Insurance Company Ltd (ICIC) has published worrying figures, in view of the current financial crisis in China stating that Chinese companies owe Israeli exporters a total of US$700 million, and half of that debt is to Israeli hightech companies.

ICIC warned that a downturn in the Chinese economy will make it difficult to collect this debt, especially in view of the complicated proceedings involved with the debtor companies. A study by global credit insurance company Euler Hermes, which owns ICIC, gave China a 76 rating on a scale of 1 to 100 for difficulty in collecting debt.

China’s rating on this index indicates that it is one of the most difficult places in the world for collecting debt from companies operating in its territory. The same index put Israel on 53rd place, with medium collection difficulty. According to the index, the most difficult place to collect debt is Saudi Arabia, which received a dubious rating of 89.

ICIC added that the difficulty of collecting debt from Chinese companies was due to, among other things, an absence of sanctions for the extension of actual credit days by companies. In addition, Chinese law does not prevent debtor companies from starting new companies, and the proceedings in Chinese courts are complex and lack transparency. Since the beginning of the year, Israeli exports to China have totalled US$1.5 billion, 3% less than in the corresponding period last year.

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The Gustav Maersk to dock at Haifa Port E-mail

The container ship Gustav Maersk, owned by 2M Alliance, will call at Haifa Port, on 15 October. Originating from South Korea, the largest container ship to ever dock at an Israeli port will enter Haifa Port.

The Gustav Maersk is 367 metres long and has a maximum capacity of 10,000 TEU. The company 2M Alliance was formed by the world’s two biggest shipping companies: the Danish Maersk, and the Swiss MSC.

The arrival of the Gustav Maersk also represents the dawn of a new era, as East Asian imports have become second only to those coming from Western Europe. The Israel Shipping and Ports Authority states that once 2M Alliance’s ships start calling at Haifa Port on a weekly basis, imports will total more than 200,000 containers per year.

Haifa Port was chosen as it has proven its meticulousness regarding schedules and has displayed superior operational efficiency. A month ago, Haifa Port set an all-time record for productivity during one shift. Haifa Port CEO Mendi Zaltzman said: “We welcome any opportunity to demonstrate our outstanding capabilities to shipping line decision-makers worldwide. We are very proud of the fact we have been selected, and we are already preparing to accommodate this line in co-operation with other parties such as the Customs Authority and the cargo division of Israel Railways, so that we can provide the very best services to the shipping containers as well as importers and exporters.”

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