General Strike in Israel for TEVA
Jerusalem, Israel. 17th December, 2017. Check in counters are abandoned and passengers stranded as Tel Aviv's Ben Gurion International Airport is paralyzed due to a half day nationwide general strike called on by the Histadrut Labor Union in light of a restructure plan announced by Teva Pharmaceuticals (NYSE & TASE: TEVA) to lay off more than a quarter of its global workforce, some 14,000 employees, 1,700 of them in Israel. Teva faces steadily dropping generic drug prices in the US as the FDA recently approved a competitor's generic drug for Teva's Copaxone hitting hard on a 40% share of Teva's operating profit in 2017. Teva has a debt of $35b.