Israel Business Today back issues from January 1996:
Bank of Israel to ease foreign currency controls.
Jan 15, 1996 ... The Bank of Israel Governor, Yaakov Frankel, has told the members of the Knesset Finance Committee that he expects to introduce new, looser foreign currency controls in the near future. Frankel said that he hoped that the new measures will gain approval from the Finance Ministry and that the ...
TAAS stops civilian operations. (TAAS Israel Industries Ltd.)
Jan 15, 1996 ... TAAS has decided to halt its activities in the civilian market, following accumulated losses of $100 million in this sector over the last two years.TAAS director general, Shlomo Milo, said that the organization would not ...
The Finance Ministry and the Development Corporation for Israel (Israel Bonds) have reduced interest rates on Israel Bonds. (Israel. Ministry of Finance)
Jan 15, 1996 ... The Finance Ministry and the Development Corporation for Israel (Israel Bonds) have reduced interest rates on Israel Bonds just one month following the historic bond issue on Wall Street. A Finance Ministry spokesman said the move was a result of the country's stronger economic performance ....
Israel-based fund manager Yield Enhancement Strategies (YES) has achieved a triple-A bond rating.
Jan 15, 1996 ... Israel-based fund manager Yield Enhancement Strategies (YES) has achieved a triple-a bond rating from Standar & Poor for four of its funds. The funds in question are open-ended offshore bonds and comprise ten sub-funds.YES manages a ...
Israel's cotton growers intend to plant 20% more cotton next year.
Jan 15, 1996 ... Israel's cotton growers intend to plant 20 percent more cotton next year with 300,000 dunam being seeded. This year's harvest is expected to ...
Israeli exports to Japan rose 37 percent in 1995.
Jan 15, 1996 ... Israeli exports to Japan rose 37 percent in 1995, achieving a figure of $880.7 million, compared with $640.5 million in 1994. The principal area of improvement was in high-tech industries. An increase of 50 percent was ...
A class action has been filed against Scitex in New York. (Scitex Corporation Ltd., failure to disclose financial data)
Jan 15, 1996 ... A class action suit has been filed against Scitex in New York. The same shareholder filed, and lost, a similar action against the company in ...
Israel's electronic sector expanded by 14.5 percent last year.
Jan 15, 1996 ... Israel's electronics sector expanded by 14.5 percent last year, producing revenues of $5.85 billion. Total exports for the industry were $4.3 billion, with civilian ...
Aviation systems developer BVR has won a German Defense Ministry contract. (BVR Technologies Ltd., air battle debriefing systems)
Jan 15, 1996 ... Aviation systems developer BVR has won a German Defense Ministry contract for the supply of air battle defriefing ...
The SuperSol supermarket chain is to purchase a minority share in subsidiary company Super Office.
Jan 15, 1996 ... The SuperSol supermarket chain is to purchase a minority share in subsidiary company ...
Some news is good news. (Israel)(Editorial)
Jan 15, 1996; ... Life is never dull in the Middle East--whether the news is bad or heartwarming, there is always some news bulletin to keep up with. The hardy, streetwise cynics among us would say that, in an age of non-stop TV broadcasts and multiple-channel cable and satellite television--including ...
Foreign currency reserves - $8.1b. (Israel, $8.1 billion)
Jan 15, 1996 ... A report issued by the Bank of Israel indicates that the country's foreign currency reserves at the end of 199,-3 totaled $8.1 billion, a drop of $113 million compared with the end of November. A Bank of Israel spokesman said that the change was due to fiscal operations conducted by a number ...
1995 diamond exports reach high. (Israel)
Jan 15, 1996 ... Diamond exports from Israel reached an all-time high of $4.531 billion in 1995, representing an increase of 16 percent over the 1994 figure. Net exports of cut diamonds during the year rose 11 percent to $3.845 billion, with uncut diamond exports growing by a dramatic 49 percent over the ...
Israel in Far East investment talks. (Israel Foreign Minister Avraham Shohat)
Jan 15, 1996 ... Israel is currently holding negotiations with several Far Eastern countries with a view to reaching agreement on the protection and promotion of investments. Finance Minister, Avraham Shohat, is expected to fly to the Far East in the near future for a two-week trip that will take him to ...
Shekel foreign exchange rates. (Israeli shekel)
Jan 15, 1996 ... <Pre> Dec. 31, 1994 June 8, 1995 Jan. 12, 1996 U.S. dollar3.1350 2.9980 3.1440 German mark2.1883 2.1244 2.1932 Pound sterling 4.8530 4.6687 4.8873 French franc 0.6406 ...
Computer jobs up 7%. (Israel)
Jan 15, 1996 ... A survey held by the Manpower group indicates an increase of 7 percent in the number of jobs available in the country's computer sector. This has been a growing trend over the past four years with the annual rise since 1992 totaling 34, 37, 42 and 7 percent respectively. The number of ...
Street ads in danger. (from increase in TV Channel Two's advertising time)
Jan 15, 1996 ... Forum Pirsum, an association of leading street advertisers, has warned that a decision to ...
Lego Irrigation sells new Hardy range. (James Hardie Irrigation Inc.'s brand name products contract)
Jan 15, 1996 ... Lego Irrigation has begun manufacturing a new range of products for U.S. irrigation company James Hardy which is to be marketed under the Hardy brand name. The contract is worth some $2 million.The bulk of the new line consists of Lego products which have been registered for patent ...
Dead Sea Works to help VW's future. (contract with Volkswagenwerk AG)
Jan 15, 1996 ... German automobile manufacturer Volkswagen has announced that Audi will use magnesium parts produced by Dead Sea Works in a new energy-saving car currently under development. The parts will be manufactured in a new magnesium plant which is being constructed in Sodom, and which will be jointly ...
Mashav acquires Ta'avura interest. (Ta'avura Cement Containers)
Jan 15, 1996 ... Koor and Clal subsidiary Mashav has announced the acquisition of a 50,percent holding in Ta'avura Cement Containers in a deal totaling NIS 120 million. The shares were purchased from Yitzhak Livnat, the other 50 percent being owned by Livnat's brother, Avraham.Mashav general ...
Blue Square buys Be'er Sheba store. (Co-op acquires Mahsanei Harakevet grocery store, Beersheba, Israel)
Jan 15, 1996 ... The Co-op supermarket chain has bought the Mahsanei Harakevet food store in Be'er Sheba, paying Mahsanei Harakevet owner, Eli Lahav, $5 million. The purchase agreement also covers the store's stock of equipment.Co-op has ...
Avner cuts losses.
Jan 15, 1996 ... Insurance company Avner recorded a third-quarter drop in its accumulative losses of NIS 44 million, down to NIS 828 million on September 30th 1995. The company also reported profits of NIS 6 million ...
Motorola Semiconductor produces new processor. (Motorola Semiconductor Israel)
Jan 15, 1996 ... Motorola Semiconductor Israel has announced the completion of development work on a new processor which is designed for use with Digital Personal Assistant (DPA) portable computers. The development program, which was based on the Power PC chip, cost around $4 million.The equipment ...
Sakhnin receives boost. (Israel Ministry of Trade and Industry gives Arab city of Sakhnin, Israel's industrial park a class A development rating)
Jan 15, 1996 ... Minister of Industry and Trade, Micha Harish, has announced that the industrial park in the Arab town of Sakhnin, in the Galilee, is to be recognized as a class A development area.Harish made the announcement during a ceremony at which the first Center for the Promotion of Economic ...
Ladbroke to participate in casino tender. (Ladbroke Group PLC, Israel's first gambling casino)
Jan 15, 1996 ... U.K.-based Ladbroke, and Sheldon Edelson have announced their intention to take part in the tender for the establishment of the country's first legal casino.The managing director of the Hilton Hotel group in Israel, Oded Lipschitz, said that the heads of Ladbroke's betting ...
Cellcom to keep government talking. (contract with Israel Ministry of Finance)
Jan 15, 1996 ... Israel's second cellular telephone system operator Cellcom has won a tender offered by the Finance Ministry's comptroller general to supply cellular and standard telephones to staff in a number of government ministies. Cellcom competed with the country's other cellular telephone operator ...
Calmobile-Calmotor leads '95 car sales. (Israel)
Jan 15, 1996 ... Mitsubishi, Mercedes and Hyundai importer, the Calmobile-Calmotor group, retained the number one spot among car importers to Israel. The group achieved sales of 25,957 new cars, representing 16.9 percent of the local market.The number of new cars bought in the country through the ...
Matach goes to Kazhakhstan. (metal recycling contract with Constellents)
Jan 15, 1996 ... Metal recycling company Matach (Metal Technology) has announced the signing of a $15-million contract with the Kazhakhstan-based joint venture company Constellents.Matach owner, Ike Rosenberg, said that the project involves developing a 100-dunam (approx. 24 acres) site, and the ...
Lettuces to McDonalds and Burger King. (Moshav Bet Hagdi subcontract with food suppliers for McDonald's and Burger King's British operations)
Jan 15, 1996 ... Avraham Cohen from Moshav Bet Hagdi is to supply fast food chains McDonalds' and Burger King's British stores with lettuces.The deal resulted from an agreement signed between Agrexco and two British companies which supply food to the two chains. One agreement was signed between ...
Wissotzky lands new Ma'alot plant. (The Investment Center approves Wissotzky's plans to build a tea manufacturing plant in Ma'alot, Israel)
Jan 15, 1996 ... The Investment Center has approved a $5-million investment plan involving the establishment of a new manufacturing plant by tea producer Wissotzky in the northern town of Maalot. The Wissotzky project was one of nine, with a total investment value of $13 million, which were passed by the ...
Cable & Wireless says no. (sale of 10.02% interest in Bezeq-The Israel Telecommunication Corporation Ltd.)
Jan 15, 1996 ... British telecommunications company Cable & Wireless has rejected an offer from U.S.-based RSL to buy its holdings in Bezeq. RSL ...
Izi Chemicals sells Netanya plant for NIS 2.2m. (Netanya, Israel; New Israeli Shekels)
Jan 15, 1996 ... The temporary receiver of Izi Chemicals, Eitan Erez, has announced that he has finally secured a purchaser for the company's Netanya plant to Yitzhak Dahan for NIS 2.2 million despite intensive efforts by several competitors to scuttle the deal. Erez was appointed as the company's receiver ...
CTP and Harris receive BIRD award. (CTP Systems Ltd., Israel-U.S. Binational Industrial Research and Development Foundation)
Jan 15, 1996 ... BIRD (Israel-U.S. Binational Industrial Research and Development Foundation) has announced it is to present its 1995 Joint Venture of the Year Award to CTP Systems from Israel and U.S.-based Harris Corporation.The two companies' project involved the development of a wireless ...
Hlavin sales rise 17%. (Hlavin Cosmetics)
Jan 15, 1996 ... Hlavin Cosmetics has announced a rise of 17 percent in its 1995 sales figure.Commenting on the company's success, Hlavin deputy managing director, Dr. Philip Hlavin, said that much of the company's sales increase resulted from its operations within CIS countries, including Russia, ...
Dead Sea works looks to Ahava. (acquisition of Ahava Dead Sea Laboratories)
Jan 15, 1996 ... Israel Chemicals subsidiary Dead Sea Works is currently holding talks over the possible acquisition of Ahava Dead Sea Laboratories.The acquisition of a controlling interest in the company would cost Dead Sea Works around $1.8 million and would involve buying an 18.2-percent share ...
Motorola rises 19.2%. (Motorola Israel Ltd.'s revenues)
Jan 15, 1996 ... Motorola has reported a 19.2 percent increase in revenues during 1995, achieving $770 million compared with $646 million in 1994. Part of this figure was generated by 50 percent of the revenues of Pelephone, which is jointly owned with Bezeq.Motorola (Israel) is the second largest ...
Dimona Textiles to get hekp.
Jan 15, 1996 ... Dimona Textiles is to receive financial aid after all after a long tussle which saw the Investment Center approve a $5-million transfer of funds to the company, only for the aid to be frozen immediately afterwards.The settlement was achieved after discussions were held between the ...
Elta waits for Indian takeaway. (Elta Electronics Industries Ltd., contract with Indian Ministry of Defense)
Jan 15, 1996 ... According to the British weekly on aviation and defense affairs, Flight, the Indian Ministry of Defence is about to place a $100-million order with Israel Aircraft Industries subsidiary Elta.A Flight reporter said that India has plans to acquire up to 90 radar jamming systems for ...
Nichimen spreads Mercury in Japan. (marketing Mercury products)
Jan 15, 1996 ... Giant Japanese concern Nichimen has begun distributing Mercury products in Japan. Nichimen already distributes PowerSoft in Japan and will offer consumers a package of PowerSoft along with Mercury's tools.Mercury vice president, ...
Top 30 diamond traders export $1.7 m. (Israel, $1.7 billion)
Jan 15, 1996 ... A list compiled by the Ministry of industry and Trade's diamond supervisor, Zafrir Inbar, shows that the country's top 30 diamond companies achieved exports totaling around $1.7 billion in 1995 including $3.846 billion worth of cut diamonds. The two leading companies, LAD Israel and ...
Buki sales up 24%. (Buki Marketing)
Jan 15, 1996 ... In an early financial report for 1995, Buki Marketing has announced an increase of around 24 percent in its 1995 sales.Buki manager, Avi Becher, said that the upturn in the company's sales resulted from the expansion of its product range with the introduction of new games and ...
Anglo-Israeli group wins Haifa Port deal. (Israel Ports and Railways Authority contract to expand Haifa, Israel's port)
Jan 15, 1996 ... A group of companies, including Emi-matom, Nitzan-inbar Engineers, Eshed and giant British concern Scot Wilson Kirkpatrick, has won the Ports and Railways Authority tender to oversee the project to expand Haifa Port. This is one of the largest projects of its kind ever offered for tender in ...
Solei Boneh goes underground in Haifa. (parking building construction contract; Haifa, Israel)
Jan 15, 1996 ... Solel Boneh has landed a contract to construct a number of car parking facilities as part of the City Center project in Haifa. The car parks will be built at a cost of around $4 million, out of a total project value of $30 million. The entire project covers the construction of 20,000 square ...
Carlsberg releases Elephant in Israel. (Carlsberg Israel's Elephant lager beer)
Jan 15, 1996 ... Lager producer Carlsberg has begun marketing its blue chip Carlsberg Elephant lager to bars and supermarkets throughout Israel. According to company policy, Carlsberg Elephant is brewed exclusively in Denmark and has been marketed in Denmark, the U.K., Germany, Belgium, France and ...
Habrom invests $11m. in new plant. ($11 million)
Jan 15, 1996 ... Chemical product manufacturer Habrom has invested $11 million in the construction of a new production facility for crude bromide which will be capable of producing an output of 40,000 tons a year.The establishment of the new plant is designed to boost Habrom's production capacity ...
Israel's Arabs to get a taste of Crosby's kitchens. (Crosby Israel to sell model kitchens in Arab city of Nazareth, Israel)
Jan 15, 1996 ... Crosby Israel, representative of giant British kitchen manufacturer Crosby, has opened a new $150,000 exhibition facility in the Arab city of Nazareth.Uri Golan, managing director of Crosby Israel, expressed the belief that the company's introduction to the city's commercial ...
Rami Unger buys Pazchem plant.
Jan 15, 1996 ... Local businessman Rami Unger has signed an agreement under the terms of which he purchased ownership of the Pazchem chemical plant in Ashkelon. The deal ...
Discount and UMB shares make offer. (Israel Discount Bank Ltd., United Mizrahi Bank Ltd. to issue shares on the Tel Aviv Stock Exchange)
Jan 15, 1996 ... Finance Ministry sources have disclosed that Bank Mizrahi (UMB) and Discount Bank will issue shares on the Tel Aviv Stock Exchange in the first quarter of 1996.Finance Ministry director general, David Brodet, revealed the banks' plans to the Knesset Finance Committee while ...
Abless makes new demands. (Bank of Israel banks supervisor Zeev Abless, banks must keep computer databases of borrowers' security portfolios)
Jan 15, 1996 ... A new directive issued by the Bank of Israel's banks supervisor, Zeev Abless, includes a requirement for all banks to maintain computerized databases of borrowers' securities portfolios.Abless explained that the range of risks involved in managing bank credit portfolios requires ...
Business sector likes it fixed. (Israeli businessmen, fixed rate for mortgages)
Jan 15, 1996 ... A survey recently run by the Bank Tefahot mortgage bank reveals that most members of the business sector prefer to take on mortgages with fixed rates of interest throughout the borrowing term. The survey indicated that 63 percent of business borrowers prefer a permanent rate of interest, 12 ...
Miller Freeman to show diamonds. ($1.8 million investment in "Israel is the Source" diamond exhibition in Tel Aviv, Israel)
Jan 15, 1996 ... London-based international communications group Miller Freeman has announced it is to invest $1.8 million in the "Israel is the Source" diamond exhibition to be held in Tel Aviv. Over 300 companies will participate in the exhibition which is expected to attract diamond buyers from all over ...
Japanese look to Israel. (Bank Hapoalim seminar on Israeli investment possibilities attracts 150 Japanese commercial organizations)
Jan 15, 1996 ... A seminar organized by Bank Hapoalim in the Japanese capital of Tokyo last month aroused a great deal of local interest in the investment possibilities offered by the Israeli economy. The event -- entitled "Israel - New Business Opportunities for Japanese Companies" -- attracted over 150 ...
Erickson gets Wireless Links option. (acquisition rights)
Jan 15, 1996 ... Giant Swedish telecommunications concern Ericks'on has recently obtained an option to acquire a holding in Israeli communications producer Wireless Links. Industry and Trade Minister, Micha Harish, said that Erickson had already transferred a sum of $2 million as an advance to Wireless ...
Volvo gets Merkavim half. (Volvo Bus Corp. buys 50% interest in Merkavim)
Jan 15, 1996 ... In another Swedish-Israel deal, the president of Volvo's bus division, Bjorn Larsson, signed an agreement with Koor managing director, Benny Gaon, which provides for Volvo to purchase a 50-percent interest in Koor subsidiary Merkavim.The deal is thought to be worth $10 million, ...
Chilean shows interest in Tel Aviv. (Chilean construction company seeks to join competition to build Tel Aviv, Israel Metropolitan Area underground railway)
Jan 15, 1996 ... A Chilean infrastructure company has expressed an interest in joining one of the groups competing for the Tel Aviv Metropolitan Area underground railway project. The company, which built the underground transport system in the Chilean capital of Santiago, has said ...
Lockheed-Martin - TAAS talks. (TAAS Israel Industries Ltd., strategic partnership talks)
Jan 15, 1996 ... The world's largest air defense corporation Lockheed Martin is currently holding talks with TAAS with a view to becoming an equal strategic partner in the Israeli defense organization's heavy arms operations.Sources at TAAS said that they were also expecting several European ...
Tish group quits Negev race. (CBS Inc. Pres. Lawrence Tish, bid for shares in the free production-export region of the Negev Desert)
Jan 15, 1996 ... CBS head Lawrence Tish, who headed a group competing in the Negev free production-export region tender, has said this group is withdrawing its bid.The new region is due to be created near Likit in the Negev and is designed to create tens of thousands of jobs, particularly in the ...
Israel - PA economic pact. (Palestine National Authority)
Jan 15, 1996 ... Israel, the Palestinian Authority (PA) and the contributing nations to the PA have formulated a cooperation agreement for 1996 which covers financial commitments for the Pa:s 1996 budget, PA projects due to be funded during the year, and financial benefits to be awarded to the Palestinians ...
Egip to bid for Israel gas contract. (importing natural gas from Egypt to Israel)
Jan 15, 1996 ... Georgio Pisanti, Italian fuel giant Egip's business operations manager for Egypt, has said that his company is interested in competing for a place among the companies involved in helping Israel import natural gas from Egypt. This is the first time that Egip, which is active in the Egyptian ...
Amcor looks to Jordan and Egypt. (Amcor Electronics' plans for electrical appliance factory)
Jan 15, 1996 ... Electrical appliance manufacturer Amcor is currently looking into the possibility of establishing an air-conditioning production facility in Jordan together with a local company.The Amcor plan does not call for any capital investment to be made by the company. However, Israeli ...
UPU to try to forge Arab-Israel link. (Universal Postal Union, direct mail delivery between Israel and Arab and Moslem countries)
Jan 15, 1996 ... Thomas Leavey, director general of the UN-affiliated Universal Postal Union (UPU), has pledged to help form direct postal links between Israel and 16 Arab and Moslem countries which, currently, do not accept postal items with Israeli postage stamps.Leavey, making the first official ...
Royal Jordanian to fly from Israel. (Alia Royal Jordanian Airline)
Jan 15, 1996 ... Jordan's national air carrier Royal Jordanian is to operate five weekly flights between Ben Gurion Airport and the Jordanian capital of Amman.The airline's president, Nadar Dahbi, recently paid a visit to Israel, where he held talks with El Al managing director, Raffi Har-Lev, ...
Al-Banbi: Egyptian gas reserves sufficient. (Egyptian Oil Minister Hamdi Al-Banbi)
Jan 15, 1996 ... Egyptian Oil Minister, Hamdi Al-banbi, rejected reports that Egypt does not contain enough reserves of natural gas to satisfy Israel's fuel demands, saying that Israel had nothing to worry about for the next 25 years. Al-Banbi made the statement following a meeting with his Israeli ...
ECI Telecom to get 38% investment grant. (ECI Telecom Ltd. to move factory to Ofakim, Israel)
Jan 15, 1996 ... Telecommunications company ECT Telecom has announced plans to establish a new production facility in the economically depressed southern town of Ofakim. The decision follows an understanding reached by the company with the government Foreign Trade Insurance Risk company (FTIR), under the ...
Vocaltec to register with SEC. (Securities and Exchange Commission)
Jan 15, 1996 ... High-tech company Vocaltec has announced it has filed for registration with the U.S. Securities and Exchange Commission (SEC). The initial public offering is to be underwritten by a group headed by high-tech market specialists Hambrecht and Quist together with Lehman Brothers ...