An Israeli government panel recommended setting a “windfall tax” of 42 percent on natural resources, saying it would add 500 million shekels ($144.5 million) annually to government coffers. Shares in Israel Chemicals Ltd. fell.
The Dead Sea is shrinking at a record rate, prompting calls for Israel and Jordan to stop fertilizer makers from siphoning so much of the water whose restorative powers have attracted visitors since biblical times.
Israel’s environment chief urged caution before accepting a World Bank recommendation for a Red Sea to Dead Sea pipeline, saying that while the conduit may stem the loss of water, the salty inland lake may also suffer irrevocable damage.
This time last year, the chairman and chief executive officer of Israel’s Teva Pharmaceutical Industries Ltd., the world’s biggest generic drugmaker, were foreigners. Miami billionaire Phillip Frost led the board and Jeremy Levin, a South African, was CEO. They were the first non- Israelis to hold those positions.
Israel, Jordan and the Palestinians signed a memorandum of understanding today that outlines regional water-sharing initiatives from the Red Sea to Dead Sea to relieve shortages in the arid lands, the World Bank said.