Israel Business Today back issues from August 1998:
Finally A Step In The Right Direction.
Aug 15, 1998 ... Foreign workers have flooded into Israel in such large numbers that the issue has become both a social and economic problem. There are neighborhoods in Tel Aviv where there are more children of foreign workers attending kindergarten then Israeli children. Foreign workers both legal and ...
Sharansky - No Growth, No Vote.
Aug 15, 1998 ... Mr. Natan Sharansky Minister of Industry and Trade and the head of the political party Yisrael Ba'aliya, said his party will vote against the 1999 State budget unless the budget presented is a "growth budget". Mr. Sharansky's party has a key controlling vote in the Knesset that allows Mr ....
Ben Gurion Airport.
Aug 15, 1998 ... If your outgoing international flight is delayed it may not be the airline's fault. Almost all of Israel's international flights must receive transit permits from Cyprus before taking off Without a permit from Cyprus air traffic control, a plane heading for Europe or the United States cannot ...
Israel Export Institute and the Manufactures Association.
Aug 15, 1998 ... Israel has the highest number of start up companies in the world (2500) relative to its population size. One of the founders of Mirabilis the company that was sold for hundreds of millions of dollars to American On-Line, has been elected the head of the center for promoting start-up ...
RELIABILITY OF RAIL SERVICE.
Aug 15, 1998 ... Israel Railways Authority has come to the conclusion that advertising pays. The railways have been advertising heavily the advantages of taking the train over other methods of transportation. The public has responded to the "reliability of rail service" campaign by increasing their use of ...
An Idea On The Unemployment Problem.(Editorial)
Aug 15, 1998 ... EditorialThe rise in unemployment was once again in the local headlines. There are vociferous calls for the Government to go on a spending binge and for the Governor of the Bank of Israel to start slashing interest rates. It may well be that with elections coming closer this is ...
Suspension Of Fees On State Owned Land.
Aug 15, 1998 ... The Israel Lands Administration has announced that it is suspending collections of payments due for the annual fee on buildings (1998-99) that are built on State owned land. The suspension of payments comes after an earlier decision to increase leasing fees for land usage by owners of ...
Plywood Imports Causing Problems.
Aug 15, 1998 ... The import into Israel of plywood during the last year has caused three out of six of the country's largest plywood manufacturers to close. The three remaining companies have told the Ministry of Industry and Trade that Asian imports, which are dropping in price month to month, are ...
Housing Prices Still Too High.
Aug 15, 1998 ... Ilanot Betucha, an investment company that funnels most of the funds that it receives from the public into the securities market, has published a study showing that buying housing properties in Israel at this time does not make economic sense. Their study shows that even after the real price ...
Israelis On The Move.
Aug 15, 1998 ... Approximately 9 percent of the population in Israel changed their place of residence in 1996. The economic importance of 550,000 people moving from area to area should not be underestimated. Population movement has a major effect on businesses ...
How Can It Be?
Aug 15, 1998 ... Israel is a country of never ending surprises. Newspapers having been printing stories about the growing line of unemployed, especially in small towns that rely on low tech factories like textiles for employment. Everyone has been wondering how the Government can allow more than 210,000 ...
ILA May Market Land For Investment.
Aug 15, 1998 ... The Israel Land Administration (ILA) administers State owned land and has a policy of selling land for immediate construction only. Any contract for the sale of land that it signs, includes a commitment on a starting and completion date of construction. Those not abiding by this commitment ...
Israel 2nd In World Homeownership.
Aug 15, 1998 ... Despite the huge cost of purchasing a home in Israel, Israel is a nation of homeowners. A recent study shows that Israel comes in just behind Italy the world leader, where 76 percent of house holds own their own homes. In Israel 73 percent of households own their homes. This compares to 66 ...
Gas Stations Get Green Light.
Aug 15, 1998 ... The Knesset has passed a law instructing the Israel Land Administration to make land available for the construction of hundreds of new gas stations all over the country. The construction of new gas stations will help break the monopoly in the fuel sector that the three major fuel ...
It Looks Like Just Another Committee.
Aug 15, 1998 ... The Prime Minister announced the creation of a national economic council, whose job will be to tackle economic problems, especially unemployment. This committee will comprise the Prime Minister, Finance, Industry and Trade ministers, labor union chairman, and Manufacturers Association ...
Consumer Power.
Aug 15, 1998 ... The Ministry of Industry and Trade has issued a reminder to the public under the slogan "consumer power" informing them that the new price labeling law came into effect on July 23, 1998. Under the new law all food products except milk must have a price label ....
Trade With Jordan Up, down With Egypt.
Aug 15, 1998 ... Due to the political situation enforced by Egypt's official stance of having a cold peace with Israel, trade between the two countries is hovering around $80 million a year. During the last few years trade between Israel and Egypt has been drifting lower year by year. Many Israel products of ...
Electronics Exports Up 18 Percent In First Half.
Aug 15, 1998 ... Electronics exports have grown by 18 percent, in dollar terms, during the first six months of the year, compared to the same period last year, the Manufacturers' Association announced. The industry's exports totaled over $3 ...
European Union Threading Israel.
Aug 15, 1998 ... The European Union (EU) has rejected a 40 page Israeli report about Israeli products that are being produced in East Jerusalem, the Golan Heights and Judea and Shimron. They claim the report is an Israeli refusal to recognize EU - Palestinian trade agreements. The EU is now threatening to ...
70 Percent Of Government Computers Will Not Be Debugged By 2000.
Aug 15, 1998 ... If you are expecting computerized documents from any Government agency starting with the year 2000 don't be surprised if they come late. According to a worldwide survey by the Gartner Group, an information technology consultant company, 70 percent of Government agencies worldwide will have ...
Israeli CPA Firm Kesselman & Kesselman To Represent Price, Waterhouse & Coopers.
Aug 15, 1998 ... World famous international CPA and management consultant firm Price, Waterhouse, which is merging with another large international CPA firm Coopers & Lybrand has chosen the CPA and management consultant firm Kesselman & Kesselman as the company's sole Israeli representative. Price, ...
EI-AI Changes Course On Arkia.
Aug 15, 1998 ... Arkia, Israel's internal airlines have been expanding into oversea charter flights. This is one of the measures that Arkia has taken in order to try to beat the slow down in internal tourism caused by fewer tourists and a slowing local economy. Arkia has also been leasing some of its planes ...
Clal Electronics Buys In.
Aug 15, 1998 ... Clal Electronics recently made investments in two Israeli high tech companies for a total of NIS 35 million. Mediagate sold 10 percent of its shares to Clal Electronics for NIS 22 million. The company produces internet access servers, which supply users with a central mailbox for voice mail, ...
Israel Real Estate Companies Going To America.
Aug 15, 1998 ... Azorim-Shikun is Israel's largest real estate group. The company had 1997 sales of NIS 1.3 billion It is currently building 4200 apartments in various locations all over Israel. But all this has not stopped the company from feeling the effects of the slowdown in the Israeli economy. In ...
InspecTec Sells System To Taiwanese Company.
Aug 15, 1998 ... InspecTec based in Karmiel, Israel sold a computerized system it designed for $200,000 to a "large" Taiwanese company that markets advanced equipment for the ...
Health Minister Cancels Doctors Trip.
Aug 15, 1998 ... In order to promote sales of its new drugs, Teva Pharmaceutical Company came up with the idea of inviting 200 doctors from Israel's leading public hospitals to a four-day symposium in Turkey. Thinking to exploit the junket as much as possible, Teva also invited local Turkish physicians to ...
Dankner Investments Teams Up With America - Israel Investments.
Aug 15, 1998 ... Dankner Investments formed a partnership with America - Israel Investments to build 784 apartments in a housing development project in Rishon Lezion. America - Israel paid $10 million to Dankner for its one-third share of the land which Dankner ...
PC Soft Goes Chinese.
Aug 15, 1998 ... An Israeli software company, PC Soft has made its first sale to a private Chinese company. PC Soft sold a software solution program to a huge parking garage in the Chinese city of Kunming. The program locates ...
Clal Industries Buys Part Of D-Pharm.
Aug 15, 1998 ... D-Pharm is one of a group of emerging Israeli biotech companies with a growing product line and a promising R&D program. Clal Industries has been keen to enter into this industry and thinks that D-Pharm is the biotech company to start Clal's biotech subsidiary - Clal Biotechnology. Clal paid ...
El-Al Union Agreement On Time.
Aug 15, 1998 ... Both company management and El-Al's labor union are cooperating in order to narrow the gap in their position so that a new labor agreement can be finalized by the end of the August 1998. Both sides want a new agreement signed by the time the old contract expires so that there will no danger ...
New Strategic Plans For Clal Israel.
Aug 15, 1998 ... Clal Israel is the second largest conglomerate in Israel. Increased local company competition, foreign companies selling their products in Israel and the economic slowdown that Israel has been facing, has forced the conglomerate to come up with a new strategic plan. The new plan calls for ...
Tadiran In Polish.
Aug 15, 1998 ... Tadiran Telecommunications has set up a subsidiary called Tadipol in Poland, which will provide telecommunications solutions to local phone providers. Tadiran has been active in Poland for the last several years and received orders worth $13 million in the first half of the year for wireless ...
Kardan Investments Buys 32 Percent OF Tempo Beer Industries For $31 Million.
Aug 15, 1998 ... The Podhoretzer family, which has been in a prolonged legal battle involving Tempo Beer Industries over board of directors appointments among other legal issues, has sold its majority holdings in the company to Kardan Investments and the Beer family. The investment company paid ...
Elbit Vision Systems Report Second Quarter Loss.
Aug 15, 1998 ... Elbit Vision Systems, a subsidiary of Elron Industries produces automatic vision inspection systems for the electronics industry. In order to keep up with changes in the industry the company has been investing heavily in research and development (R&D). These R&D charges totaled $9.1 million ...
Fears About Company Earnings.
Aug 15, 1998 ... Like all other stock exchanges, the Tel Aviv Stock Exchange (TASE) loves reductions in bank interest rates and fears reduced company earnings. The TASE received news of the large interest rate reduction by the Central Bank of Israel with joy and immediately sent share prices soaring. The ...
Tadiran Telecom Expanding.
Aug 15, 1998 ... Due to increased exports of wireless and wire-line products, Tadiran Telecommunications is investing $16.1 million in expanding two of its local factories. The world telecommunication industry is growing rapidly and in countries like Russia, China, Poland Tadiran Telecom is meeting with ...
SHEKEL FOREIGN EXCHANGE RATES.(Illustration)
Aug 15, 1998 ... >TB SHEKEL FOREIGN EXCHANGE RATESDec., Dec., Aug. 25 29 121996 1997 1998 US 3.2660 3.5340 3.6840 DM 2.1016 1.9923 2.0621 P.ST. 5.4666 5.8965 6.0151 F.FR 0.6226 ...
Scitex Is Ranked To Outperform.(Company Profile)
Aug 15, 1998 ... Scitex was one of Israel's first high tech success stories. After having fallen from grace, it is pleasant to read what Jim Ricchiuti an analyst for Lehman Brothers has to say about the company and how he rates its chances of increasing shareholders value.Scitex manufactures, ...
Elscint Image Not Good.
Aug 15, 1998 ... Elscint, based in Israel, manufactures and markets diagnostic imaging equipment, Including computer topography, magnetic resonance imaging and nuclear medicine systems.Although two of Elscint's major shareholders Elbit Medical and Elron Electronic will be trying to find ways of ...
Central Bank Shocks Market With 1.5 Percent Interest Cut.
Aug 15, 1998 ... In a dramatic act that seems to mark an end to the Central Bank's fight for a tight monetary policy, a 1.5 percent interest rate cut was announced effective August 9, 1998. The Central Bank's Governor Mr. Frenkel was forced by the economic facts of high unemployment, slow growth, and ...
American Investors To bid For Bank Leumi.
Aug 15, 1998 ... The Hasten family, who own the largest bank in Indiana, USA have decided that instead of making a bid for Israel Discount Bank they will go after Bank Leumi. The Hasten brothers cited the condition of Discount Bank, mainly its poor profit performance of late, as deterring them from making a ...
Tefahot Mortgage Gets New CEO.
Aug 15, 1998 ... Accountant Haim Freilichman has been named the new managing director of Tefahot Mortgage Bank. Freilichman is currently ...
Foreign Currency Reserves Increase.
Aug 15, 1998 ... Israel's foreign currency reserves increased in July 1998 by $57 million. Foreign currency reserves now total $2 1.379 billion. During the first six months of 1998 the Central Bank reported reserves fluctuated between a high of $21923 billion in January 1998 to a low of $21323 in June 1998 ....
1997 Banking Profits Up 43 Percent.
Aug 15, 1998 ... The five largest banks in Israel increased net group 1997 profits by 43 percent to NIS 3.1 billion. The rise in profits continues the trend, which began in 1994, of rising banking industry profits. The increase in bank profits this year comes from the expansion by the largest banks of their ...
Mortgage Banks Defaults Hold Steady.
Aug 15, 1998 ... In order to dispel floating rumors that mortgage banks are drowning in a sea of doubtful debts, the supervisor of Israel Bank released statistics showing that non-performing mortgage loans in May 1998 were 1 .3 percent of mortgage banks credit portfolios. Total outstanding credit granted by ...
Pension Funds Lose NIS 2.15 Billion In Deposits.
Aug 15, 1998 ... Since the start of the year the public has withdrawn NIS 2 15 billion from pension funds. These funds are finding it hard to beat short term saving plans that commercial and mortgage banks are offering. Saving plans require deposits for as little as two years and have been offering 5-6 ...
Mercury Interactive Makes It Into S & P Small Cap Index.
Aug 15, 1998 ... Due to its increasing stock popularity and liquidity, Israel's Mercury Interactive Corporation will be included_ in Wall St. Standard and Poors (S&P) small cap index. The Israeli maker of automated testing products for ...
Check Point Software Technologies Ltd. Reports Record Second Quarter Results.(Company Profile)
Aug 15, 1998 ... Check Point Software Technologies Ltd. NASDAQ listed, announced record financial results for the second quarter ended June 30, 1998. Net revenues for the quarter were $34.2 million compared with $18.02 million for the same period in 1997, an increase of 90 percent. Net income for the quarter ...
Emultek To NASDAQ.
Aug 15, 1998 ... Emultek, an Israeli high tech company producing software for product development, plans an initial public offering (IPO) on NASDAQ in August 1998. The company was established in 1991 and its main product is rapid simulation software, which creates virtual prototypes that are fully functional ...
Delta Gaul Industries Heading To Wall St.
Aug 15, 1998 ... Israel's textile industry seems to be making a big comeback. First there was a report by the industry that they are short of hundreds of workers, and now, showing a second quarter net profit 409 percent higher than last year's second quarter. Delta Gaul is planning an initial public offering ...
ECI Telecom And NKO Sign Agreement For The Purchase Of IP Telephony Manufacturing And Development Division Of NKO.
Aug 15, 1998 ... ECI Telecom Ltd. Israel and NKO U.S. announced the signing of an agreement to purchase the IP Telephony systems division of NKO, a privately held USA-based developer and marketer of IP Telephony solutions and services. ECI Telecom is an Israeli based, Wall St. listed high tech ...
ICTS Investment In Buyback.
Aug 15, 1998 ... ICTS International Ltd. is an airline security company with a NASDAQ market value of $65 million The Israeli company announced that it sees its shares as undervalued and that its board of directors has approved a plan to buy back ...
Nissan Chemicals And Triangle Technologies.
Aug 15, 1998 ... Nissan Chemical Industries of Japan has signed a cooperation agreement with Ramat Gan based Triangle Technologies. Under the agreement the Israeli company will help find companies here that Nissan can invest in or buy. Nissan is seeking opportunities in Israeli research ...
Generale D'enterprises Buy Amnir For $7.8 Million.
Aug 15, 1998 ... American Israeli Paper Mills agreed to sell 51 percent of Amnir to the French company, Generale D'enterprises for $7.8 million. Amnir is a subsidiary of Israeli Paper Mills and works in collecting and recycling waste. The sale will not include Amnir's paper and plastic collection and ...
Olympus Real Estate Buys Out Zisser, Papouchado's Holdings In Five Hotels In Europe For $214 Million.
Aug 15, 1998 ... Europe - Israel and Dead Sea Hotels have agreed to sell their holdings in five European hotels to Olympus Real Estate, an American hotel chain for $214 million. The contract calls for Olympus to purchase the five hotel in Europe that Zisser and Papouchado own through their Israeli companies ...
Major Investors Reinvest In BackWeb.
Aug 15, 1998 ... BackWeb technologies a Ramat Gan software Internet company received a $20 million investment from a group of investors, These investors included all of the company's original major investors. This time Evergreen International Investments, BRM Technologies, Trinity Ventures, Capital Partners, ...
British Businessman Becomes Chairman Of Batm Advanced Communications Ltd.
Aug 15, 1998 ... David Goldman a British businessman paid $26 million for a 20 percent stake in Batm Advanced Communications Ltd. The company develops, and manufactures data communication equipment in Israel. Batm is listed on the MM market in London, where it has a market value of $90 million. The British ...
Nissho Iwai To Head Dead Sea Railroad Consortium Company.
Aug 15, 1998 ... The Jordanian Government has chosen the Nissho Iwai Company of Japan to head a multi-national group of companies to build a railroad from the Dead Sea to the Jordanian port of Akaba on the Red Sea The railroad will also serve Israel's chemical industries in the Dead Sea area. The cost of the ...
Cognos Canada Signs Panorama Software.
Aug 15, 1998 ... Cognos Canada is the global leader in marketing and distribution of business intelligence software tools. The company has signed a contract with Israeli based Panorama Software Systems to market and distribute Panorama's Aristotle product exclusively on a worldwide basis. This software ...
RELIABILITY OF RAIL SERVICE
Aug 15, 1998 ... Israel Railways Authority has come to the conclusion thatadvertising pays. The railways have been advertising heavily theadvantages of taking the train over other methods of transportation.The public has responded to the "reliability of rail service" ...
Plywood Imports Causing Problems
Aug 15, 1998 ... The import into Israel of plywood during the last year has causedthree out of six of the country's largest plywood manufacturers toclose. The three remaining companies have told the Ministry ofIndustry and Trade that Asian imports, which are dropping in price ...
Gas Stations Get Green Light
Aug 15, 1998 ... The Knesset has passed a law instructing the Israel LandAdministration to make land available for the construction ofhundreds of new gas stations all over the country. The constructionof new gas stations will help break the monopoly in the fuel sector ...
Trade With Jordan Up, down With Egypt
Aug 15, 1998 ... Due to the political situation enforced by Egypt's official stanceof having a cold peace with Israel, trade between the two countriesis hovering around $80 million a year. During the last few yearstrade between Israel and Egypt has been drifting lower year by ...
Electronics Exports Up 18 Percent In First Half
Aug 15, 1998 ... Electronics exports have grown by 18 percent, in dollar terms,during the first six months of the year, compared to the same periodlast year, the Manufacturers' Association announced. The industry'sexports totaled over $3 ...
European Union Threading Israel
Aug 15, 1998 ... The European Union (EU) has rejected a 40 page Israeli report aboutIsraeli products that are being produced in East Jerusalem, theGolan Heights and Judea and Shimron. They claim the report is anIsraeli refusal to recognize EU - Palestinian trade agreements. The ...