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Teva reconsiders layoffs amid outcry

  • "Teva (TEVA +0.9%) has grossly violated its contract with the state. It is demonstrating an utter lack of solidarity, commitment to society, and gratitude," Israeli opposition leader Shelly Yachimovich said at the opening of the winter parliamentary session.
  • After facing intense pressure from labor and from the government, the company has put on hold a plan to cut jobs.
  • Adding to the uproar is a report from the state comptroller which shows the company got years of preferential tax treatment that amounted to some $3.4B between 2006 and 2011.
  • Summing up sentiment, here's Yachimovich again: "Layoffs at a company that pays almost zero taxes are an act of cannibalism. There is no other word."
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