With growing economic concerns in Israel, senior members of the industrial community, including Izzy Borovich, the chairman of El Al, have appealed to President Shimon Peres in a letter to encourage the formation of a national unity government and avoid general elections, which they explain it too costly and will lead to additional instability in the marketplace.

Hundreds of high tech employees are being dismissed in Israel. Other high tech forms are having difficulties in raising capital as there is a drop in demand abroad for Israel’s high tech services. Amdocs Telecommunications for example is firing 500 employees worldwide, 200 from Israel. The firm employs 5,000 workers in Israel, 150  working in Yerushalayim.

(Yechiel Spira – YWN Israel)