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American-Israel Chamber of Commerce, Southeast Region
400 Northridge Road, Suite 250, Atlanta, GA 30350
Tel: (404)843-9426 Fax: (404)843-1416 e-mail: aiccse@aiccse.org website: www.aiccse.org
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| August 14, 2008 |
| From The Leadership |
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Each August when Israel, Europe, and much of the United States is still on vacation, we, in the Southeast, go back to school early. In that spirit, the Chamber presents our premier annual educational event at this time of year, the acclaimed Professional Seminar. Always providing insight into various aspects of US-Israel business, the seminar also offers participating professionals with continuing education credits through their respective co-sponsoring associations.
Whether you are a lawyer, accountant, real estate or financial professional, or with an Israeli company or US corporation doing business with Israel, you will find this half-day program to be an outstanding value. Through a combination of presentations, case studies, and panels, you will gain insight into Israel’s exciting Cleantech sector, Real Estate development with Israeli partners, our Eagle Star “Deal of the Year,” and the perspectives of top Israeli executives on strategies to cope with “Uncertain Economic Times”, this year’s theme.
Always a highlight, this year’s luncheon keynote presentation by acclaimed industrialist Gary Heiman is sure to teach and inspire participants on how US investment in Israeli manufacturing can compete in the global marketplace. Please join us on August 21st for this outstanding event organized by AICC’s Professional Committee. For details, click here. |
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| Upcoming Calendar Events (click on event for details) |
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| Sponsor Message |
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| Atlanta Business Bank is proud to announce the 6th Annual Atlanta Small Business Forum, hosted by Leeman Bennett, with Keynote Speaker Jeff Foxworthy. This event is specialized for Small Business owners from the Metro Atlanta Area. The Networking arena and Luncheon will be held at the Cobb Galleria on Friday, October 17, 2008, from 11 AM – 2 PM. Over 1,000 attendees are expected this year! Beginning at 11 AM, attendees are encouraged to visit the SBF Networking arena, geared for Small Business Owners to meet for business development purposes. At Noon, attendees will enjoy lunch, along with entertainment from Keynote Speaker, comedian Jeff Foxworthy. In addition, an Economic Forecast will be presented for the state of Georgia by Roger Tutterow and Don Sabbarese.
To learn more about sponsorship opportunities and registration for this event, visit www.atlantasmallbusinessforum.com. Forward all registration questions to Karen.niccum@abbonline.net. |
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AICC offers an exclusive sponsorship for each e-Newsletter. For information on sponsoring future e-Newsletters, contact Shelley Samach, aiccse@aiccse.org.
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| The Latest News |
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| Developments & Transactions |
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| Israeli Companies Contacting Us |
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Power Monitoring – Jerusalem-based software company has developed a system based on patented statistical algorithms to quickly detect abnormal operating conditions throughout power plants that can analyze data for each component a well as entire systems. Geared to different scopes of plant operation such as coal pulverizer, single system steam leak detection, or an entire unit such as a boiler or turbine. Seeking introduction to electrical power generation companies and engineering firms or instrumentation & controls companies with customers and contacts in the electrical power industry.
Sleep Studies – Netanya-based start-up has developed a software algorithm and a portable device recording for the unattended home sleep studies of obstructive sleep apnea, insomnia, and sleep quality, based on ECG and Pulse Oximetry. The patented, validated, and FDA cleared disruptive technology, based on eight years of academic research, offers advantages such as minimal sleep interference, non-invasive probes that pose no patient risk, ambulatory, comfortable and convenient for unattended home use. Seeking $3-4 million investment and introduction to cardiology clinic network and physicians, hospitals, sleep labs, medical device VARs, and distributors.
Call Routing – Herzliya-based developer of Fixed Mobile Convergence (FMC) solutions that enable users to have one device with one number, one address book and one voice mailbox, always using the lowest cost network for connectivity. Two years ahead of any competitor and offers a much simpler approach of fewer integration issues and shorter sales cycles. The solution supports over 500 mobile phone devices and easily integrates into any existing PBX, VoIP or other telecommunications systems. Seeking introductions to telecommunication carriers, Tier 1-3 service providers, and PBX providers.
Fever Patch – Ramat Gan-based developer of a natural way to reduce fever through patches combined with natural elements that when applied to the skin, will reduce the fever within 10-15 minutes. The pads can be applied repeatedly at short intervals if needed without side effects and the intake of medications. FDA approved and pending CE approval for over-the-counter product developed by a team of leading chemical and biochemical engineers, and clinical tests for allergic reactions have been successful. Seeking distributor or business partnership for the US market. |
| Economic News From Israel |
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| Tax Revenues are Signaling the Slowdown
Tax revenues, January-July 2008
(% real changes from parallel month of 2007)
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| Source: Ministry of Finance |
Analysts in Israel are no different these days from their counterparts in other countries: they are all looking for evidence of the economic slowdown.
One prime indicator which should provide such evidence is the volume of tax revenues which reflect income developments (direct taxes, such as income tax) and consumption developments (indirect taxes such as purchase tax and VAT).
The graph shows clearly that total tax revenues have been declining, in real terms (i.e. deflated for inflation), from the beginning of 2008, compared to parallel months in 2007. Also clear is that the extent of the decline increased significantly in June-July compared to the previous 5 months.
We also see from the graph that revenues from direct taxes have been in decline from January 2008, and their accelerated decline in June-July was a major contributor to the accelerated decline in total revenues in these two months. The ongoing decline in direct taxes points to a decline in income compared to last year right from the beginning of 2008.
However, indirect tax revenues continued to increase through mid-2008, even though the increases in May-June were less significant than in January-April. Policy makers took this as a sign that consumption was holding its own, despite the apparent decline in income reflected in the data on direct tax revenues.
But then in July, indirect tax revenues also registered a decline, alongside the decline in direct tax revenues, and this has the authorities really concerned: it seems now that tax revenues for the whole of 2008 will be less than estimated in the 2008 State Budget, an outcome that could make the budget deficit for this year higher than expected, unless the government cuts its consumption commensurately. In 2007, the opposite was true: tax revenues turned out higher than expected, which was the major factor behind the zero budget deficit of last year.
In last month’s newsletter, we discussed the dilemma facing Governor Stanley Fischer of the Bank of Israel in determining interest rate policy (Should he increase interest to restrain the accelerating inflation or reduce it to deal with the economic slowdown?), and wondered how additional data made available to him during July will influence his interest decision to be taken at the end of that month.
It turns out that the June inflation rate, published on July 15th, was only 0.1%, far below preliminary forecasts, and yet Fischer decided to raise interest for the 3rd consecutive month (even though according to the protocol of the meeting at which this decision was taken, Fischer sided with the minority of the participants who called for interest to be increased rather than with the majority who recommended that interest be left unchanged).
Perhaps if the tax revenue data for July 2008 had been available to him at the time of the interest policy meeting, the Governor would have come to a different decision.
Provided as an information service by I-Biz – Israel Business Information Services Ltd. For more information on I-Biz – Information Services, visit www.i-biz.co.il or contact info@i-biz.co.il.
| I-Biz is offering its widely-subscribed monthly electronic macro-review – The Israeli Economy: Current Highlights – to AICC members at a special price of $240 (33% off the regular price) for an annual subscription (12 monthly reports). Contact Yaacov Fisher at fisherya@i-zib.co.il for more details and to receive the most recent issue of the review. |
- Kfar Saba-based Blue I Technologies has won a contract to provide water quality monitoring solutions for the swimming pools at the Beijing Olympics. The company’s multi-sensor system monitors six water quality variables including chemicals, turbidity, and clarity.
- Caesarea-based Mazor Surgical Technologies has reported positive results for its C-Insight software for creating 3D imaging for surgeons in the operating room. The trial, conducted in Israel and the US, demonstrated that use of the system reduced X-ray exposure to a tenth compared with competing imaging techniques, and halved exposure time. Mazor’s US headquarters is in Atlanta.
- Jerusalem-based ExLibris, previously acquired by New York-based Francisco Partners for $62 million, has been resold to another US private equity firm, Leeds Equity Partners for an estimated $150-$200 million. ExLibris’ CEO presented at an AICC New Member Reception in 2004 hosted by Definition 6.
- Atlanta-based Turner Broadcasting chose Kfar Saba-based Orad Hi-Tec Systems‘ attention-grabbing graphics for their coverage of Major League Baseball’s All Star selection show. Orad’s 3DPlay created a bumper package that introduced each All Star player during the 60 minute broadcast.
- Petach Tikvah-based Teva Pharmaceutical has acquired US-based Barr Pharmaceuticals for an estimated $7.5 billion. The acquisition is expected to further enhance Teva’s leadership position in the US and strengthen its position in key European markets.
- Sears, the fourth largest US retailer with 3,800 department stores nationwide and in Canada, has placed its first order with Kiryat Gat-based Bagir for its Ecogir line of suits that are made from organic wool or cotton with no coloring or toxins used in production. The order is estimated to be worth $1 million.
- The number of tourist overnights at Israeli hotels was 32% higher in the first half of 2008 compared to the same period in 2007 according to the Israel Hotel Association. Average nationwide room occupancy rate was 65% in the first half of the year, 13% higher than last year, with Tel Aviv having the highest occupancy rate at 77% followed by Jerusalem at 74% and Eilat at 60%.
- The shekel’s appreciation against the dollar, economic uncertainty in the US, and high fuel prices are causing US tourists to think twice about plans to vacation in Israel according to Avi Friedman, chairman of the Foreign Airlines Forum. The US is the largest source of foreign tourists to Israel with 542,000 Americans visiting the country in 2007.
- The Israeli government is expected to invest $115 million in Renewable Energy, according to Globes. The five-year plan is intended to encourage R&D and productionable electricity by Renewable Energy sources in order to consolidate Israeli industry’s standing as a central player.
- Israeli hi-tech start-ups raised $1.08 billion in the first half of 2008, the highest sum since 2001 according to IVC’s quarterly survey. Seventy-eight companies raised over $1 million each, and 17 of those raised $5 to $10 million. The survey was based on reports from 80 venture capital investors of which 51 are Israeli firms and 29 are mostly foreign investment entities.
- Ben Gurion Airport was named best airport in the Middle East, ahead of the airports in Bahrain and Doha, according to a survey by UK airline airport rating company Skytrax. The survey looked at the quality and range of services but did not address issues for length of flight and airport safety.
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| Events |
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AICC Professional Committee
presents
“Economic Uncertainty: Opportunities for
and with Israeli Companies”
A timely seminar for legal, accounting, financial, and real estate professionals to better serve their
client companies pursuing business interests in the Southeast and Israel.
Thursday, August 21, 2008
7:30 AM – 1:00 PM
Selig Center
1440 Spring Street, Midtown, Atlanta, GA 30309
(Click here for a map)
CLE, CPE, and Real Estate CE credits available
Click here to register for Real Estate Credits
Luncheon Keynote Presentation
click for bio
Gary Heiman
CEO, Standard Textile
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Famed industrialist will share how a major US-based corporation has established 2 industrial plants in development areas of Israel and in the joint Industrial Zone in Jordan on the Israeli border to competitively sell their products worldwide. Heiman also co-chairs the Jewish Agency’s Business-to-Business initiative that aims to replicate this success model.
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Deal Case Study: Verint / Witness Systems
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Special Israeli Company Presentation: Atlantium
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Tel Aviv-based company acquired Atlanta-based Witness Systems in 2007 for $950 million, resulting in Verint Witness Actionable Solutions, its largest division. The newly merged company has grown 150% in support services resources and 200% in R&D, thus becoming more scalable and efficient which in turn has contributed to the quicker delivery to market of a new combined platform.
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Israeli company has developed unique water purification technology that benefits industrial, agricultural, and municipal customers in this time of severe drought in the Southeast. A panel of industry experts and professionals will guide their Vice President in her presentation to take this Israeli start up’s technology to the US market.
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Israeli Executive Roundtable
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Real Estate Case Study: OA Development / Profimex
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A panel of Israeli executives in the Southeast will discuss strategies for coping with economic uncertainity and how they are growing their Israel-based companies in these challenging times. Participants include Given Imaging, TTI Telecom, and Baran, three of the most successful Israeli companies in the region.
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Atlanta-based developer has acquired a 32-acre site in the Research Triange area in North Carolina, and is already working on site improvements to accommodate a 250,000 square foot flex office park. Investing with them in the first phase is Ra’anana-based Profimex, a leading cross border Israeli real estate investment firm. The professional advisors and principals of the deal will share their insights into this exciting new sector of US-Israel business relationships.
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Agenda
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Seminar Overview
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Professional Committee
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Continental Breakfast and Luncheon included (dietary laws observed)
$90 AICC members; $100 non-members Click HERE to Register
Luncheon ONLY Option $20 Click Here to Register for Luncheon ONLY
For further information: (404) 843-9426
Corporate Sponsors To Date
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DALE M. SCHWARTZ
& ASSOCIATES, LLP
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Organizational Co-Sponsors
American Israel Educational Institute
Atlanta Bar Association – International Transactions Section
Association for Corporate Growth
Consulate General of Israel for the Southeast
Metro Atlanta Chamber of Commerce – Global Commerce Council
Atlanta Venture Forum
Georgia Society of CPAs
Georgia Institute of Real Estate
Jewish Federation of Greater Atlanta
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| Membership |
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| AICC Welcomes New Members! |
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| AICC Thanks Members for Renewing! |
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| Other |
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