Facebook, Bush and banks in Israel
Warren Buffet has upped his investments in Israel. E-Bay, Apple, Intel and Microsoft have all expanded their r&d centres in the Holy Land.
This week, Facebook has announced its largest ever purchase of an Israeli company, Onavo for around US$150 million. Not only are the jobs of the employees secure, but it will become a hub for Facebook in Israel.
As I keep stressing in these writings, such moves are not one-off efforts. Neil Bush is the brother and son of former American Presidents. At the age of 58, he has made it clear that he intends to lead an American-Far East group of investors into the land of miracles. By all accounts, the first stop will be a significant pounce on the IDB group, which controls the Discount Bank, investment holdings, retail groups and more.
As the IMF recently predicted, Israel’s growth through to the end of 2014 is expected to be about 3.5%, significantly higher than many of its competitors within the OECD.
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