Economy

Over half of small startups say that if the current situation continues they will have to lay off workers, and 63% of start-ups with products on the market report a significant drop in sales.

The 35th Israeli government, the largest in the country’s history, will slash the budgets of the Defense, Foreign Affairs, and Education ministries, among others, by 1.5% in favor of 11 new ministries.

Several Chinese companies that submitted bids to build a new desalination plant at Soreq lost out to Israel's IDE Technologies, which will build a facility to supply Israel with more desalinated seawater at a lower price.

In 2021, the Bank of Israel foresees economic growth of 6.8%, compared with a previous estimate of 8.7%, assuming no additional coronavirus outbreaks cripple the economy.

Crisis sparked by pandemic leads to first quarterly contraction, on annualized basis, since 2012.

Funds join the existing bailout plan that will now total NIS 100 billion ($28 billion). The coronavirus crisis has triggered unprecedented unemployment of 26%, leaving over a million Israelis jobless.

Teva says the Austedo approval was the second approval in China for one of its specialty medicine, adding that it will commercialize the medicine in China independently.

Flag carrier is seeking state-backed loans of $400 million to help it through the coronavirus crisis. El Al has presented its own plan that includes an unknown number of layoffs. Finance Ministry denies plan to dissolve airline.