So Moses was right to turn left after all, because now we've got the oil and the oranges. Givot Olam Oil Exploration Limited Partnership today notified the Tel Aviv Stock Exchange

Now we've got the oil and the oranges, so Moses was right to turn left.

(TASE) that it found "significant quantities" of oil at its Meged 5 well in Rosh Ha'Ayin, at which their shares gushed upwards by 227%, and if that isn't striking oil we don't know what is. Early days yet but it looks like the miracle of Hanukka all over again.

A draft report by the International Monetary Fund (IMF), no less, opens with, "Since the beginning of 2008 it appears that Israel has been acquiring safe haven status" Safe haven for your money that is. The IMF economists, who have been in Israel preparing their report, praised Israel's response to the recent economic crisis, saying that all the right things were done at the right time and at the right level. We're fast becoming Switzerland without the snow or the cuckoo clocks.

Israeli archaeologists unveiled what they said were the remains of the first dwelling in Nazareth that can be dated back to Second Temple times, a find that could shed new light on what the hamlet was like during the period the New Testament says Jesus lived

there as a boy. The dwelling and older discoveries of nearby tombs in burial caves suggest that Nazareth was then a hamlet of around 50 houses on a patch of about four acres.

Health Care is in the air making headlines in developed countries and Israel is no exception. Why, just today, the people responsible for it all locally, announced a substantial list of subsidized medications to be added to the extensive basket already available. All this following a recent announcement that Israeli citizens under

the age of eighteen will receive free dental care at the very time when the government is seriously considering cutting a range of direct and indirect taxes. GN all round.

The Cleveland-based Mandel foundation is donating $12 million to the Israel Museum in Jerusalem to help with an expansion that will double the amount of gallery space. Construction began in 2007 with the opening timed for its 45th anniversary next year. Israel has more museums per capita than any other country and the IM is a jewel in

the crown with exhibits ranging from the Dead Sea Scrolls to Picasso sculptures.

Nova Measuring Instruments Ltd., which provides integrated metrology [that's precision

Israel is considered the Silicon Valley of water technology.

measuring, you know, to about one millionth of a centimeter] solutions to the semiconductor process control market, today announced that it has received $10 million in new orders. Together with previously announced orders in the fourth quarter of 2009, Nova is expected to set an all time record this Q.

We've discussed oil now let's talk about an even more sought after liquid - water. First and probably foremost:

The latest desalination plant began pumping water into the National Water Carrier on Wednesday. The plant will produce over 100 million cubic meters of water per year. It joins two other desalination plants already in operation.

Israel is considered the Silicon Valley of water technology, and exporting high-tech innovations in this area played a role in helping the country rebound before most other nations from the world's worst recession in decades. Drip irrigation, desalination, conservation, wastewater management and recycling are all technologies where Israel is well ahead of the game.

And to top it all rainfall is not bad so far this winter.

The first unmanned stealth craft on the seas, the Protector SV or Death Shark is in high demand after its successful performance with the Singapore Navy. Military sources report that India and South Korea asked Israel's Rafael to build craft to their specifications

when chief of staff, Lt. Gen. Gaby Ashkenazi visited their capitals earlier this month. Western military naval experts rate the Protector as one of the most effective military and intelligence craft afloat today, whose features can take over many of the capabilities of big high-cost warships with large crews.

Automated document recognition company Top Image Systems Ltd. will automate data for the Belarus census. Tom Image's solution will review approximately 170,000 pages per day and transmit the info into a database, delivering results in less than six months. It will review survey forms from about 10 million citizens. So far, TIS has delivered seventeen censuses worldwide, including in Ireland, South Africa, India, Brazil, Italy, and the Slovak Republic.

The Ministry of Finance's monthly economic survey indicates that most economic indicators improved during the month, tax revenues rose, and the public's mood was more upbeat. Ministry of Finance figures show a 16% increase in home purchases in November. While Israelis have traditionally been home buyers it's interesting to note that the supply of rental apartments continued to increase.

The Israeli Palsan company won a tender to supply $350 million worth of armored personnel carriers to soldiers stationed in Afghanistan. Another Israeli company, Panas, isa subcontractor of Palsan and produces ballistic protection sheets manufactured using a specialized technology.

"The Israeli economy has fantastic growth. Tax revenues are rising. The government's situation is getting better as far as the deficit is concerned. Private consumption is up, as

The Israeli economy has fantastic growth.

are companies' profits and investment," Good Heavens. Who said all this? Excellence Nessuah chief economist Shlomo Maoz that's who. Maoz added, "We're heading for a very good year for the Israeli economy, with very strong growth." Even we didn't think things were that good.

Let's end with something out of this world. A US-Israeli astronomy team has discovered a very small heavenly body - less than a kilometer across - in the Kuiper belt at the far reaches of our solar system. The researchers, who included five Israelis from HU Jerusalem, TA University and the Weizmann Institute of Science, found it beyond Neptune's orbit, according to an article published in the December 17 issue of the prestigious journal Nature. Is this GN? We're not sure but the scientists got very excited.

Are you smiling?