Teva workers protest layoffs as solidarity strike grinds country to halt

Teva workers protest layoffs as solidarity strike grinds country to halt

Israel's labor union launched a four-hour nationwide strike Sunday in a show of protest against large-scale layoffs planned by pharmaceutical giant Teva.

Hundreds of workers from drug-maker giant Teva Pharmaceutical Industries on Sunday rallied against plans to fire some 1,750 Israeli employees - some one-quarter of its local workforce - in demonstrations held across the country.

The strike began at 8 a.m. (0600 GMT/UTC) and affected airports, shipping ports, hospitals, banks and government offices.

The protest comes against the backdrop of Teva's program of streamlining and layoffs published last week: over the next two years, 14,000 workers worldwide will be fired, about 25% of the company's workforce.

Many flights set to depart on Sunday morning were rescheduled to leave earlier so only seven flights were cancelled due to the strike, the sources said.

Public transportation services, including the country's bus and rail services, will not be effected. Demonstrators blocked traffic at the entrance to Jerusalem outside the prime minister's office as the Cabinet was convening, and at the entrance to the Teva plant.

More news: Ricardo Kaka announces his retirement
More news: Kremlin Says CIA Helped Russia Thwart Terrorist Attacks In St. Petersburg
More news: JM Smucker (SJM) Given a $141.00 Price Target at Susquehanna Bancshares

At a weekly cabinet meeting, Netanyahu said that he is going to meet with Teva's Danish boss Kare Schultz during the coming week.

"We will execute this plan in a timely and prudent manner, remaining focused on revenue and cash flow generation, in order to make sure Teva is ready to meet all of its financial commitments", said Schultz in the letter. The Israeli leader has said he would do everything possible to minimize the impact of Teva's decision on local workers and keep the company operating in Israel. Last week, the chairman of Israel's Securities Authority said it will not allow companies whose value is dependent on the bitcoin to be included in the indices of the Tel Aviv Stock exchange.

The acquisition has been accompanied by low prices for generics, particularly in the United States, a major market.

Its two-year restructuring plan is meant to reduce Teva's cost base by $3 billion by the end of 2019, out of an estimated cost base for 2017 of $16.1 billion.

Teva expects to save $3 billion by the end of 2019 with the two-year restructuring plan.

Related Articles

  • NFL Taking Over Misconduct Probe Of Panthers Owner Jerry Richardson

    NFL Taking Over Misconduct Probe Of Panthers Owner Jerry Richardson

    Panthers spokesman Steven Drummond said Sunday the team requested the league take over the investigation. He made headlines in 2009 when his sons, Mark and Jon, both suddenly resigned their team presidencies.

    United Continental (UAL) Given New $64.00 Price Target at Imperial Capital

    United Continental Holdings, Inc (UAL) is a holding company and its principal subsidiary is United Air Lines, Inc (United). The G2 Investment Partners Management Llc holds 258,410 shares with $1.86 million value, down from 338,060 last quarter.
    Cordele Police Department hosts 'Shop with a Cop'

    Cordele Police Department hosts 'Shop with a Cop'

    Officer Dan Shipanik helped Abraham try on winter boots and pick out pajamas, socks and hats for himself and his sisters. The goal for law enforcement is to bond with the kids so they have their trust when they are in a moment of crisis.
  • Reading the Tea Leaves for Chesapeake Energy Corporation (CHK)

    ValuEngine raised shares of Chesapeake Energy from a "hold" rating to a "buy" rating in a research report on Monday, October 2nd. The shares of the corporation went down by -7.61% during the previous month. 2,200 are held by Carroll Financial Assocs.
    3 die in small-plane crash

    3 die in small-plane crash

    The cause of the crash is unknown, but Wheeles said state police are working closely with the FAA to determine the cause. They said the rural landscape made efforts more hard - a circumstance that also will affect removal of the wreckage.
    Inside the Iggles previews New York Giants - Eagles clash

    Inside the Iggles previews New York Giants - Eagles clash

    There are few teams in the National Football League better suited for the Eagles and their situation than the New York Giants . Carson Wentz's season-ending knee injury majorly dents Birds' Super dreams, but Nick Foles is experienced, capable fill-in.
  • Prince Harry interviews Barack Obama for upcoming radio show

    Prince Harry interviews Barack Obama for upcoming radio show

    In addition to the December 27 broadcast, Kensington Palace said the interview will also be released as a podcast. The interview focuses on their shared interest in building platforms for the next generation of young leaders.
    NBC Made Payment To Staffer After Sexual Harassment Claim Against Chris Matthews

    NBC Made Payment To Staffer After Sexual Harassment Claim Against Chris Matthews

    MSNBC declined to comment on whether there are other sexual harassment claims in Matthews' history at the company. Matthews, 71, is married to Kathleen Matthews, a former news anchor, since 1980 and they have three children.
    Manchester City vs Tottenham Hotspur, Premier League

    Manchester City vs Tottenham Hotspur, Premier League

    I think in previous years it has been two teams and you went in knowing you would win most of the other games". Kevin de Bruyne inspired Manchester City to a 4-1 victory against Tottenham.
  • Trump touts GOP tax plan before departing for Camp David

    Trump touts GOP tax plan before departing for Camp David

    In contrast to the temporary nature of individual cuts, the GOP's plan makes corporate cuts permanent. In 2016, 47 percent of total income in the U.S. and Canada went to the top 10 percent.
    Prostitution racket busted, two actresses arrested from five-star hotels

    Prostitution racket busted, two actresses arrested from five-star hotels

    Two brokers, who were running the racket online and booking rooms in star hotels for the customers, were also taken into custody. North Zone Task Force Inspector K Nageshwar Rao said in the raid conducted at Taj Deccan, Kadakia was found in room number 328.

    Could Antero Resources Corporation (AR) Change Direction After Touching All-Time Low?

    Following the transaction, the chief financial officer now directly owns 143,703 shares in the company, valued at $2,359,603.26. Following the completion of the transaction, the director now directly owns 96,000 shares in the company, valued at $1,541,760.