Teva reconsiders production cuts in Israel

The way the Israeli government sees it, it gave Teva Pharmaceutical Industries ($TEVA) a bucketload of tax breaks and so now the company has a responsibility to keep jobs in the country. And in an about-face, Teva says it will talk about it. A week after Teva announced it would cut 5,000 jobs worldwide, including 700 to 800 in its home country of Israel, the drugmaker says it will give the job cuts there a second look. The company ran into a huge outcry from labor unions and government officials after announcing its plans. Many of the cuts are expected to come from the production side of the business. Labor leaders and politicians say they hope that the Israeli job cuts will be limited to voluntary exits, such as early retirements. Story | More