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Bethel Finance news:
Minister of National Infrastructures Uzi Landau is pressing the Israel Electric Corporation (IEC) (TASE: ELEC.B22) to sign a huge natural gas purchase agreement with the Tamar gas field partners.
During a meeting that Landau convened yesterday to discuss Israel's electricity grid, he surprised the senior officials present when he said, "The saga of the gas agreement is never ending. We cannot leave the entire economy dangling in the air like this for so long. People looking in from the outside are saying that we cannot carry on like this and we have to see this agreement completed. The timetable, at least from my point of view, seems totally unreasonable."
Landau even warned that if the IEC does not conclude an agreement, it might be advisable to appoint an external consultant to conduct procurement talks for the gas purchases.
Landau's intervention comes as the Tamar partners claim that if an agreement is not signed before the end of 2011, then development of the gas field could be delayed. According to the financing agreement signed by two of the partners - Delek Group Ltd. (TASE: DLEKG) and Alon Natural Gas Exploration Ltd. (TASE: ALGS) - they must have a signed agreement with the IEC by December 26 to receive funding for the project. The deadline can be extended by six months in certain circumstances.
Ministry of National Infrastructures director general Shaul Tzemach made it clear to "Globes" that during yesterday's discussions Landau was not trying to say that the IEC should close a deal at any price. He said, "If there is any pressure it is on the other side to reach an agreement."
Landau said that Israel's electricity grid must be developed in such a way as to increase reserve capacity by 2020 to 20% of production capability. He said, "We want to see a development plan that will ensure the State of Israel will have enough electricity in the coming years."
The Tamar partners are Noble Energy Inc. (NYSE: NBL) which owns 36% of the gas field, Delek Group units Delek Drilling LP (TASE: DEDR.L) and Avner Oil and Gas LP (TASE: AVNR.L) each own 15.625%, Isramco Ltd. (Nasdaq: ISRL; TASE: ISRA.L) owns 28.7%, and Alon Natural Gas Exploration Ltd. owns 4%.
Wednesday, November 30, 2011
Bethel Finance: Hapoalim Q3 net profit down 9% to NIS 471m
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Bethel Finance news:
Bank Hapoalim's (TASE: POLI) net profit fell on lower revenue for the third quarter of 2011 but this was nevertheless the highest profit of any Israeli bank over the period. Revenue fell to NIS 2.96 billion from NIS 3.24 billion for the corresponding quarter of 2010, and net profit fell 9.1% to NIS 471 million from NIS 518 million.
Return on equity fell to an annualized 8.5% for the third quarter from 10% for the corresponding quarter. The capital adequacy ratio declined to13.64% at the end of September from 13.92% at the end of 2010, and the core tier-1 capital adequacy ratio fell to 7.72% from 8.04%.
Profit from financing activity before provisions for credit losses fell 10% to NIS 1.75 billion for the third quarter from NIS 2.05 billion for the corresponding quarter, while the provision for credit loss rose to NIS 498 million from NIS 290 million quarter. Bank Hapoalim attributed the decline in financing profit to the negative adjustment assessment on derivatives and financing expenses on hedges on foreign investments.
Bank Hapoalim's profit from regular financing operations rose to NIS 2 billion for the third quarter from NIS 1.9 billion for the corresponding quarter, mainly due to the higher interest rate in Israel in the third quarter. Operating and other income rose to NIS 1.21 billion for the third quarter from NIS 1.19 million for the corresponding quarter, while lower salary costs and lower bonuses reduced operating expenses to NIS 2.03 billion from NIS 2.06 billion
Total assets rose 6.5% to NIS 342 billion at the end of September from NIS 321.1 billion at the end of 2010. Net credit to the public rose 8.6% to NIS 244.6 billion at the end of September from NIS 225.3 billion at the end of 2010, while deposits from the public rose 3.8% to NIS 242.9 billion from NIS 234 billion.
Bank Hapoalim's share price fell 0.2% in early trading to NIS 11.87, giving a market cap of NIS 15.7 billion.
Bethel Finance news:
Bank Hapoalim's (TASE: POLI) net profit fell on lower revenue for the third quarter of 2011 but this was nevertheless the highest profit of any Israeli bank over the period. Revenue fell to NIS 2.96 billion from NIS 3.24 billion for the corresponding quarter of 2010, and net profit fell 9.1% to NIS 471 million from NIS 518 million.
Return on equity fell to an annualized 8.5% for the third quarter from 10% for the corresponding quarter. The capital adequacy ratio declined to13.64% at the end of September from 13.92% at the end of 2010, and the core tier-1 capital adequacy ratio fell to 7.72% from 8.04%.
Profit from financing activity before provisions for credit losses fell 10% to NIS 1.75 billion for the third quarter from NIS 2.05 billion for the corresponding quarter, while the provision for credit loss rose to NIS 498 million from NIS 290 million quarter. Bank Hapoalim attributed the decline in financing profit to the negative adjustment assessment on derivatives and financing expenses on hedges on foreign investments.
Bank Hapoalim's profit from regular financing operations rose to NIS 2 billion for the third quarter from NIS 1.9 billion for the corresponding quarter, mainly due to the higher interest rate in Israel in the third quarter. Operating and other income rose to NIS 1.21 billion for the third quarter from NIS 1.19 million for the corresponding quarter, while lower salary costs and lower bonuses reduced operating expenses to NIS 2.03 billion from NIS 2.06 billion
Total assets rose 6.5% to NIS 342 billion at the end of September from NIS 321.1 billion at the end of 2010. Net credit to the public rose 8.6% to NIS 244.6 billion at the end of September from NIS 225.3 billion at the end of 2010, while deposits from the public rose 3.8% to NIS 242.9 billion from NIS 234 billion.
Bank Hapoalim's share price fell 0.2% in early trading to NIS 11.87, giving a market cap of NIS 15.7 billion.
Bethel Finance: Shekel mixed ahead of US, European macroeconomic data
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Bethel Finance news:
The shekel is weakening against the dollar, but strengthening against the euro, in inter-bank trading this morning, as the market gears up for important macroeconomic data that will be released today in Europe and the US.
The shekel dollar exchange rate was up 0.29% at NIS 3.792/$, compared with yesterday's representative rate, and the shekel euro exchange rate was down 0.29% against the euro at NIS 5.034/€.
On global markets, the euro weakened today to $1.33/€.
The November unemployment rate in Europe will be released today at noon (Israel time), and is expected to remain the same as last month: 10.2%.
US third quarter productivity data will be released today, with an expected rise of 2.6%. Also, the Chicago area PMI index for November will be published, which is expected to reach 58.4 points.
Last night, EU ministers reached an agreement to expand the European Financial Stability Facility (EFSF) from €440 billion to €1 trillion, within the framework of the overall plan that was presented in October to solve the crisis. In the meeting in Brussels, the ministers agreed on two options to leverage the assistance fund. The first option would provide a security net to European government bond holders where the EFSF would protect them from losses up to 20-30%, and would absorb these losses itself. The second option would create special funds whose function would be to purchase European government bonds on a secondary market, just as private investors do.
Bethel Finance news:
The shekel is weakening against the dollar, but strengthening against the euro, in inter-bank trading this morning, as the market gears up for important macroeconomic data that will be released today in Europe and the US.
The shekel dollar exchange rate was up 0.29% at NIS 3.792/$, compared with yesterday's representative rate, and the shekel euro exchange rate was down 0.29% against the euro at NIS 5.034/€.
On global markets, the euro weakened today to $1.33/€.
The November unemployment rate in Europe will be released today at noon (Israel time), and is expected to remain the same as last month: 10.2%.
US third quarter productivity data will be released today, with an expected rise of 2.6%. Also, the Chicago area PMI index for November will be published, which is expected to reach 58.4 points.
Last night, EU ministers reached an agreement to expand the European Financial Stability Facility (EFSF) from €440 billion to €1 trillion, within the framework of the overall plan that was presented in October to solve the crisis. In the meeting in Brussels, the ministers agreed on two options to leverage the assistance fund. The first option would provide a security net to European government bond holders where the EFSF would protect them from losses up to 20-30%, and would absorb these losses itself. The second option would create special funds whose function would be to purchase European government bonds on a secondary market, just as private investors do.
Bethel Finance: Leumi profit down 74% to NIS 155m
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Bethel Finance news:
Bank Leumi's (TASE: LUMI) net profit for the third quarter of 2011 fell 74% on lower revenue. Net profit fell 74% to NIS 155 million from the third quarter from NIS 606 million for the corresponding quarter. Earnings per share of NIS 0.11 was well below the analysts' forecast of NIS 0.27 before the bank's recent profit warning.
Bank Leumi attributed the plunge to losses on its investment in Orange franchisee Partner Communications Ltd. (Nasdaq: PTNR; TASE: PTNR), a higher provision for credit losses, and losses on its severance and provident funds which serve as the reserve for employees' pensions. The return on net profit fell to 7.5% from 9.9%.
The capital adequacy ratio fell to 13.75% at the end of September from 14.65% a year earlier, and the core tier-1 capital ratio fell to 7.89% from 8.39%.
Net interest income before the expenses for credit losses fell 8.3% to NIS 1.69 billion for the third quarter from NIS 1.85 billion for the corresponding quarter, while the provision for credit loss rose nine-fold to NIS 378 million from NIS 46 million.
Operating and other income fell 15.4% to NIS 832 million for the third quarter from NIS 983 million for the corresponding quarter, due to a NIS 239 million loss on the bank's investment in Partner and a NIS 90 decline in dividends from it. This was partly offset by a pretax gain NIS 143 million from a settlement with Lehman Brothers. Bank Leumi's share of profits in held companies fell by NIS 184 million, and by NIS 114 million on an equity basis.
Operating and other expenses, including salaries, rose to NIS 2.06 billion for the third quarter from NIS 1.81 billion for the corresponding quarter.
Bank Leumi reduced its exposure to the PIIGS (Portugal, Ireland, Italy, Greece, and Spain) by NIS 262 million during the third quarter, reducing it to NIS 1.12 billion. The exposure is NIS 560 million to Italy, NIS 504 million to Spain, NIS 51 million to Ireland, and NIS 9 million to Greece. The bank owns no government bonds of the countries; most of the exposure is to bonds of large international banks.
Total assets rose 6.8% to NIS 353.2 billion at the end of September from NIS 330.8 billion a year earlier. Credit to the public rose 9.3% to NIS 237.3 billion from NIS 217.2 billion, and deposits from the public rose 8.75 to NIS 267.2 billion from NIS 245.8 billion.
Bank Leumi's share price rose 1.2% in early trading to NIS 10.24, giving a market cap of NIS 14.9 billion.
Bethel Finance news:
Bank Leumi's (TASE: LUMI) net profit for the third quarter of 2011 fell 74% on lower revenue. Net profit fell 74% to NIS 155 million from the third quarter from NIS 606 million for the corresponding quarter. Earnings per share of NIS 0.11 was well below the analysts' forecast of NIS 0.27 before the bank's recent profit warning.
Bank Leumi attributed the plunge to losses on its investment in Orange franchisee Partner Communications Ltd. (Nasdaq: PTNR; TASE: PTNR), a higher provision for credit losses, and losses on its severance and provident funds which serve as the reserve for employees' pensions. The return on net profit fell to 7.5% from 9.9%.
The capital adequacy ratio fell to 13.75% at the end of September from 14.65% a year earlier, and the core tier-1 capital ratio fell to 7.89% from 8.39%.
Net interest income before the expenses for credit losses fell 8.3% to NIS 1.69 billion for the third quarter from NIS 1.85 billion for the corresponding quarter, while the provision for credit loss rose nine-fold to NIS 378 million from NIS 46 million.
Operating and other income fell 15.4% to NIS 832 million for the third quarter from NIS 983 million for the corresponding quarter, due to a NIS 239 million loss on the bank's investment in Partner and a NIS 90 decline in dividends from it. This was partly offset by a pretax gain NIS 143 million from a settlement with Lehman Brothers. Bank Leumi's share of profits in held companies fell by NIS 184 million, and by NIS 114 million on an equity basis.
Operating and other expenses, including salaries, rose to NIS 2.06 billion for the third quarter from NIS 1.81 billion for the corresponding quarter.
Bank Leumi reduced its exposure to the PIIGS (Portugal, Ireland, Italy, Greece, and Spain) by NIS 262 million during the third quarter, reducing it to NIS 1.12 billion. The exposure is NIS 560 million to Italy, NIS 504 million to Spain, NIS 51 million to Ireland, and NIS 9 million to Greece. The bank owns no government bonds of the countries; most of the exposure is to bonds of large international banks.
Total assets rose 6.8% to NIS 353.2 billion at the end of September from NIS 330.8 billion a year earlier. Credit to the public rose 9.3% to NIS 237.3 billion from NIS 217.2 billion, and deposits from the public rose 8.75 to NIS 267.2 billion from NIS 245.8 billion.
Bank Leumi's share price rose 1.2% in early trading to NIS 10.24, giving a market cap of NIS 14.9 billion.
Bethel Finance: Gasoline prices to fall at midnight
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Bethel Finance news:
The price of 95 octane gasoline at self-service pumps will fall by NIS 0.11 at midnight to NIS 7.11, the Ministry of National Infrastructures said today. There will remain a NIS 0.21 surcharge at full service pumps.
The price of 95 octane gasoline at self-service pumps in Eilat where 16% VAT is not applied will fall by NIS 0.09 at midnight to NIS 6.12.
Bethel Finance news:
The price of 95 octane gasoline at self-service pumps will fall by NIS 0.11 at midnight to NIS 7.11, the Ministry of National Infrastructures said today. There will remain a NIS 0.21 surcharge at full service pumps.
The price of 95 octane gasoline at self-service pumps in Eilat where 16% VAT is not applied will fall by NIS 0.09 at midnight to NIS 6.12.
Bethel Finance: Discount Bank profit halved to NIS 121m
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Bethel Finance news:
Israel Discount Bank's (TASE: DSCT) net profit for the third quarter of 2011 was halved on lower revenue. Net profit fell 57.4% to NIS 121 million from NIS 284 million for the corresponding quarter of 2010, and the return on equity fell to 4.7% from 11.6%.
Capital adequacy ratio rose to 13.3% at the end of September from 12.5% a year earlier, and the core tier-1 capital adequacy ratio rose to 7.6% from 7.1%.
Income from financing activities before provision for credit losses fell 19.8% to NIS 1.07 billion for the third quarter from NIS 1.33 billion for the corresponding quarter, while the provision for credit losses rose 33.7% to NIS 226 million from NIS 169 million. Operating and other income rose 9% to NIS 718 million for the third quarter from NIS 659 million for the corresponding quarter, but operating and other expenses, including salaries, rose 12% to NIS 1.48 billion from NIS 1.32 billion.
Discount Bank's total assets rose 7.2% to NIS 199 billion at the end of September from NIS 185.6 billion at the end of 2010. Net credit to the public declined by 0.1% to NIS 118.5 billion from NIS 118.7 billion, but deposits from the public rose 8.1% to NIS 149.2 billion from NIS 138 billion.
Discount Bank's share price rose 0.2% in morning trading to NIS 5.13, giving a market cap of NIS 5.4 billion.
Bethel Finance news:
Israel Discount Bank's (TASE: DSCT) net profit for the third quarter of 2011 was halved on lower revenue. Net profit fell 57.4% to NIS 121 million from NIS 284 million for the corresponding quarter of 2010, and the return on equity fell to 4.7% from 11.6%.
Capital adequacy ratio rose to 13.3% at the end of September from 12.5% a year earlier, and the core tier-1 capital adequacy ratio rose to 7.6% from 7.1%.
Income from financing activities before provision for credit losses fell 19.8% to NIS 1.07 billion for the third quarter from NIS 1.33 billion for the corresponding quarter, while the provision for credit losses rose 33.7% to NIS 226 million from NIS 169 million. Operating and other income rose 9% to NIS 718 million for the third quarter from NIS 659 million for the corresponding quarter, but operating and other expenses, including salaries, rose 12% to NIS 1.48 billion from NIS 1.32 billion.
Discount Bank's total assets rose 7.2% to NIS 199 billion at the end of September from NIS 185.6 billion at the end of 2010. Net credit to the public declined by 0.1% to NIS 118.5 billion from NIS 118.7 billion, but deposits from the public rose 8.1% to NIS 149.2 billion from NIS 138 billion.
Discount Bank's share price rose 0.2% in morning trading to NIS 5.13, giving a market cap of NIS 5.4 billion.
Bethel Finance: First Int'l Bank profit down 80% to NIS 21m
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Bethel Finance news:
First International Bank of Israel (TASE: FTIN) reported an 80% drop in net profit on lower revenue for the third quarter of 2011. Net profit fell to NIS 21 million from NIS 129 million (NIS 01.8 per share) for the corresponding quarter, and the return on equity fell to 1.5% from 8.6%.
The capital adequacy ratio rose to 12.7% at the end of September from 12.4% a year earlier, and the core tier-I capital adequacy ratio rose to 8.2% from 8.05%.
Income from financing operations fell 14.7% to NIS 465 million for the third quarter from NIS 545 million for the corresponding quarter, while the provision for capital losses nearly doubled to NIS 59 million from NIS 30 million. The bank attributed the decline to lower fair value assessments on derivatives.
Operating and other income fell 27% to NIS 263 million for the third quarter from NIS 358 million for the corresponding quarter, while operating and other expenses, including salaries, was barely changed at NIS 651 million. The bank attributed the drop in operating income to a NIS 99 million provision for lower values of shares in held companies.
Total assets rose to NIS 98.47 billion at the end of September from NIS 97.26 billion a year earlier. Credit to the public rose 3.6% to NIS 64.08 billion from NIS 61.85 billion, and deposits from the public rose 0.6% to NIS 78.87 billion from NIS 78.42 billion.
First International Bank CEO Smadar Barber-Tsadik said, “Results for the third quarter were affected by the crisis in the capital markets in Israel and abroad, which led to a large drop in profitability. The pattern of growth and increased efficiency in core banking activity has been maintained. Particularly notable is the expansion in the group's retail activity, both at the bank itself and at the subsidiaries."
First International Bank's share price rose 1.4% in morning trading to NIS 35.49, giving a market cap of NIS 3.5 billion.
Bethel Finance news:
First International Bank of Israel (TASE: FTIN) reported an 80% drop in net profit on lower revenue for the third quarter of 2011. Net profit fell to NIS 21 million from NIS 129 million (NIS 01.8 per share) for the corresponding quarter, and the return on equity fell to 1.5% from 8.6%.
The capital adequacy ratio rose to 12.7% at the end of September from 12.4% a year earlier, and the core tier-I capital adequacy ratio rose to 8.2% from 8.05%.
Income from financing operations fell 14.7% to NIS 465 million for the third quarter from NIS 545 million for the corresponding quarter, while the provision for capital losses nearly doubled to NIS 59 million from NIS 30 million. The bank attributed the decline to lower fair value assessments on derivatives.
Operating and other income fell 27% to NIS 263 million for the third quarter from NIS 358 million for the corresponding quarter, while operating and other expenses, including salaries, was barely changed at NIS 651 million. The bank attributed the drop in operating income to a NIS 99 million provision for lower values of shares in held companies.
Total assets rose to NIS 98.47 billion at the end of September from NIS 97.26 billion a year earlier. Credit to the public rose 3.6% to NIS 64.08 billion from NIS 61.85 billion, and deposits from the public rose 0.6% to NIS 78.87 billion from NIS 78.42 billion.
First International Bank CEO Smadar Barber-Tsadik said, “Results for the third quarter were affected by the crisis in the capital markets in Israel and abroad, which led to a large drop in profitability. The pattern of growth and increased efficiency in core banking activity has been maintained. Particularly notable is the expansion in the group's retail activity, both at the bank itself and at the subsidiaries."
First International Bank's share price rose 1.4% in morning trading to NIS 35.49, giving a market cap of NIS 3.5 billion.
Bethel Finance: Petroleum Supervisor extends Delek offshore licenses
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Bethel Finance news:
Petroleum Supervisor Dr. Michael Gardosh has extended several deepwater offshore licenses for Delek Group Ltd. (TASE: DLEKG) units Avner Oil and Gas LP (TASE: AVNR.L) and Delek Drilling LP (TASE: DEDR.L) to varying dates in 2013, but did not extend some other licenses. Ratio Oil Exploration (1992) LP (TASE:RATI.L) and Noble Energy Inc. (NYSE: NBL) are partners in some of the licenses, which are located northeast of Tamar, which Delek owns with Noble Energy Inc. (NYSE: NBL) and Isramco Ltd. (Nasdaq: ISRL; TASE: ISRA.L).
Gardosh extended the Ruth A, B, and C licenses and the Alon A, B, D, and F licenses, in which Avner and Delek Drilling each own 26.67% and Noble Energy owns 47%, until September 1, 2013. Until then, the companies must submit a drilling plan for the licenses, including geological and engineering plans, and a report summarizing the findings of the well.
Gardosh did not extend the companies' Ruth D and Alon E licenses.
Gardosh extended the Rachel license, owned by Delek, Noble Energy, and Ratio, to June 14, 2013, subject to meeting the license's work plan, which includes continuing drilling of the Leviathan 1 well to the deep oil-bearing strata on the basis of the plan filed by Noble Energy. He also extended the Amit license to June 14, 2013, subject to meeting the license's work plan, which includes continuing drilling of the Leviathan 3 well.
Gardosh extended the Hannah license, owned by Delek, Noble Energy, and Ratio, to June 14, 2013, subject to meeting the license's work plan, which includes continuing drilling of the Dolphin 1 well to the gas-bearing strata on the basis of the plan filed by Noble Energy.
Gardosh extended the David and Eran licenses, owned by Delek, Noble Energy, and Ratio, to June 14, 2013, subject to the companies submitting a drilling plan for the licenses, including geological and engineering plans, and a report summarizing the findings of the well.
The Rachel, Hannah, David, and Eran licenses are part of the Ratio Yam prospect, Noble Energy owns 47% of these licenses, and Avner and Delek Drilling each own 26.4%.
Gardosh did not extend the Avia and Keren licenses, owned in equal shares by Avner and Delek Energy, citing the companies' failure to meet the terms of the work plans for the licenses and their failure to transfer rights in them or file a revised application after the drilling operator quit the consortium. Finally, the companies failed to submit clarifications as requested by Antitrust Authority director general David Gilo.
Avner's share price fell 0.1% by midday to NIS 2.11, giving a market cap of NIS 7.05 billion and Delek Drilling's share price fell 0.8% to NIS 12.34, giving a market cap of NIS 6.8 billion, but Ratio's share price rose 1.2% to NIS 0.35, giving a market cap of NIS 2.5 billion.
Bethel Finance news:
Petroleum Supervisor Dr. Michael Gardosh has extended several deepwater offshore licenses for Delek Group Ltd. (TASE: DLEKG) units Avner Oil and Gas LP (TASE: AVNR.L) and Delek Drilling LP (TASE: DEDR.L) to varying dates in 2013, but did not extend some other licenses. Ratio Oil Exploration (1992) LP (TASE:RATI.L) and Noble Energy Inc. (NYSE: NBL) are partners in some of the licenses, which are located northeast of Tamar, which Delek owns with Noble Energy Inc. (NYSE: NBL) and Isramco Ltd. (Nasdaq: ISRL; TASE: ISRA.L).
Gardosh extended the Ruth A, B, and C licenses and the Alon A, B, D, and F licenses, in which Avner and Delek Drilling each own 26.67% and Noble Energy owns 47%, until September 1, 2013. Until then, the companies must submit a drilling plan for the licenses, including geological and engineering plans, and a report summarizing the findings of the well.
Gardosh did not extend the companies' Ruth D and Alon E licenses.
Gardosh extended the Rachel license, owned by Delek, Noble Energy, and Ratio, to June 14, 2013, subject to meeting the license's work plan, which includes continuing drilling of the Leviathan 1 well to the deep oil-bearing strata on the basis of the plan filed by Noble Energy. He also extended the Amit license to June 14, 2013, subject to meeting the license's work plan, which includes continuing drilling of the Leviathan 3 well.
Gardosh extended the Hannah license, owned by Delek, Noble Energy, and Ratio, to June 14, 2013, subject to meeting the license's work plan, which includes continuing drilling of the Dolphin 1 well to the gas-bearing strata on the basis of the plan filed by Noble Energy.
Gardosh extended the David and Eran licenses, owned by Delek, Noble Energy, and Ratio, to June 14, 2013, subject to the companies submitting a drilling plan for the licenses, including geological and engineering plans, and a report summarizing the findings of the well.
The Rachel, Hannah, David, and Eran licenses are part of the Ratio Yam prospect, Noble Energy owns 47% of these licenses, and Avner and Delek Drilling each own 26.4%.
Gardosh did not extend the Avia and Keren licenses, owned in equal shares by Avner and Delek Energy, citing the companies' failure to meet the terms of the work plans for the licenses and their failure to transfer rights in them or file a revised application after the drilling operator quit the consortium. Finally, the companies failed to submit clarifications as requested by Antitrust Authority director general David Gilo.
Avner's share price fell 0.1% by midday to NIS 2.11, giving a market cap of NIS 7.05 billion and Delek Drilling's share price fell 0.8% to NIS 12.34, giving a market cap of NIS 6.8 billion, but Ratio's share price rose 1.2% to NIS 0.35, giving a market cap of NIS 2.5 billion.
Bethel Finance: Myra, Sarah partners sell 5% stake to Canadian drill operator
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Bethel Finance news:
The Israeli partners in the Myra and Sarah offshore licenses have sold an additional 5% of the licenses to their Canadian partner and drill operator GeoGlobal Resources Inc. (AMEX: GGR) subsidiary GGR India Ltd, for $6.3 million. GGR is exercising an option granted in May 2010, when it was chosen as the drill operator.
GGR is paying $1.3 million for exercising its option and $5.1 million for its share of operating costs of the licenses to date.
Modiin Energy LP (TASE:MDIN.L), controlled by Nochi Dankner and Tzahi Sultan, will receive $1.4 million from GGR. The other Israeli partners are Ofer Nimrodi-controlled Israel Land Development Company Energy Ltd. (TASE: IE) and affiliates, and IPC Oil and Gas Holdings Ltd. (IPC) (TASE: IPC).
Following the sale, ownership of the Myra and Sarah licenses is as follows: GGR - 10%; Modiin - 28.1% and its shareholder IDB Development Corp. Ltd. - 5.3%, ILDC Energy and its affiliates Emanuelle Energy Ltd., Emanuelle Oil and Gas LP, and parent company Israel Land Development Company (TASE: ILDC) - 43%; and IPC - 12.9%.
Modiin Energy's share price rose 0.8% by midday to NIS 0.376, giving a market cap of NIS 716 million; ILDC Energy's share price rose 0.6% to NIS 0.82, giving a market cap of NIS 685 million; and IPC's Energy's share price fell 4.4% to NIS 0.70, giving a market cap of NIS 113 million.
Bethel Finance news:
The Israeli partners in the Myra and Sarah offshore licenses have sold an additional 5% of the licenses to their Canadian partner and drill operator GeoGlobal Resources Inc. (AMEX: GGR) subsidiary GGR India Ltd, for $6.3 million. GGR is exercising an option granted in May 2010, when it was chosen as the drill operator.
GGR is paying $1.3 million for exercising its option and $5.1 million for its share of operating costs of the licenses to date.
Modiin Energy LP (TASE:MDIN.L), controlled by Nochi Dankner and Tzahi Sultan, will receive $1.4 million from GGR. The other Israeli partners are Ofer Nimrodi-controlled Israel Land Development Company Energy Ltd. (TASE: IE) and affiliates, and IPC Oil and Gas Holdings Ltd. (IPC) (TASE: IPC).
Following the sale, ownership of the Myra and Sarah licenses is as follows: GGR - 10%; Modiin - 28.1% and its shareholder IDB Development Corp. Ltd. - 5.3%, ILDC Energy and its affiliates Emanuelle Energy Ltd., Emanuelle Oil and Gas LP, and parent company Israel Land Development Company (TASE: ILDC) - 43%; and IPC - 12.9%.
Modiin Energy's share price rose 0.8% by midday to NIS 0.376, giving a market cap of NIS 716 million; ILDC Energy's share price rose 0.6% to NIS 0.82, giving a market cap of NIS 685 million; and IPC's Energy's share price fell 4.4% to NIS 0.70, giving a market cap of NIS 113 million.
Bethel Finance: Morgan Joseph sees 340% upside in Prolor
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Morgan Joseph TriArtisan has reiterated its "Buy" recommendation for Prolor Biotech Inc. (AMEX: PBTH; TASE: PBTH) with a target price of $16 - 340% above yesterday's close on the American Stock Exchange, citing the company's recent achievements and the continuing progress of its pipeline
Morgan Joseph analysts Dr. Raghuram Selvaraju and Dr. Yi Chen say that the recent fall in Prolor's share price was overdone. On the basis of a meeting with Prolor director of preclinical development Dr. Gili Hart, they say that they are "enthused by the firm's scientific excellence and focus on expanding its product candidate portfolio by concentrating on compelling commercial opportunities."
The analysts believe that 2012 "should be a transformational year for Prolor" with one Phase III clinical trial, two Phase II trials, and one Phase 1 trial moving forward simultaneously. The company has enough cash to finance its operations through 2012, prompting them to lower their 2012 loss per share estimate to $0.30 from $0.37.
The analysts note that Prolor's human growth hormone (hGHCTP) program reported groundbreaking Phase II data, which showed the advantages of its technology platform. A one-year Phase II trial in 52-56 pediatric patients is due to begin by the end of 2011. Height increase velocity will probably be the primary efficacy endpoint. They expect the company to file for a Phase III clinical trial on 120-150 adult patients in the second half of 2012, with results due by mid-2014. Since the drug is based on a drug already on the market, they do not think that multiple Phase III trial will be necessary for approval.
Selvaraju and Chen also point to two Prolor drug candidates for treating hemophilia - a high-value market. "We believe that Prolor's Factor IXCTP and Factor VIIa-CTP candidates could enjoy an abbreviated path to market and potentially premium pricing. These agents are slated to enter Phase II development in 2012.
Prolor's share price fell 1.4% on AMEX yesterday to $3.59, giving a market cap of $196 million, but rose 11.5% by midday on the TASE today to NIS 15.
Morgan Joseph TriArtisan has reiterated its "Buy" recommendation for Prolor Biotech Inc. (AMEX: PBTH; TASE: PBTH) with a target price of $16 - 340% above yesterday's close on the American Stock Exchange, citing the company's recent achievements and the continuing progress of its pipeline
Morgan Joseph analysts Dr. Raghuram Selvaraju and Dr. Yi Chen say that the recent fall in Prolor's share price was overdone. On the basis of a meeting with Prolor director of preclinical development Dr. Gili Hart, they say that they are "enthused by the firm's scientific excellence and focus on expanding its product candidate portfolio by concentrating on compelling commercial opportunities."
The analysts believe that 2012 "should be a transformational year for Prolor" with one Phase III clinical trial, two Phase II trials, and one Phase 1 trial moving forward simultaneously. The company has enough cash to finance its operations through 2012, prompting them to lower their 2012 loss per share estimate to $0.30 from $0.37.
The analysts note that Prolor's human growth hormone (hGHCTP) program reported groundbreaking Phase II data, which showed the advantages of its technology platform. A one-year Phase II trial in 52-56 pediatric patients is due to begin by the end of 2011. Height increase velocity will probably be the primary efficacy endpoint. They expect the company to file for a Phase III clinical trial on 120-150 adult patients in the second half of 2012, with results due by mid-2014. Since the drug is based on a drug already on the market, they do not think that multiple Phase III trial will be necessary for approval.
Selvaraju and Chen also point to two Prolor drug candidates for treating hemophilia - a high-value market. "We believe that Prolor's Factor IXCTP and Factor VIIa-CTP candidates could enjoy an abbreviated path to market and potentially premium pricing. These agents are slated to enter Phase II development in 2012.
Prolor's share price fell 1.4% on AMEX yesterday to $3.59, giving a market cap of $196 million, but rose 11.5% by midday on the TASE today to NIS 15.
Bethel Finance: Global Knafaim:18% revenue from American Airlines
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Bethel Finance news:
Knafaim Holdings Ltd. plane leasing subsidiary Global Knafaim today notified the TASE of its exposure to the Chapter 11 bankruptcy filing by American Airlines parent company AMR Corporation (NYSE: AMR). Global Knafaim leases six planes to American Airlines: one Boeing 767-300 and five MD-82s. The leases expire in 2014-15.
Under Chapter 11, American Airlines will restructure and hold talks with its creditors and employees. If American Airlines fails to meet the leasing terms on its planes within 60 days of the Chapter 11 filing, the owners of the planes it leases, including Global Knafaim, have the right to recover the planes and lease them to another airline, unless the parties reach a different agreement.
Global Knafaim disclosed that its lease income from American Airlines totaled $64 million to date. The income amounted to 18% of its total revenue in 2010 and in January-September 2011, and it expected this proportion to continue through the lease periods of the planes.
Bethel Finance news:
Knafaim Holdings Ltd. plane leasing subsidiary Global Knafaim today notified the TASE of its exposure to the Chapter 11 bankruptcy filing by American Airlines parent company AMR Corporation (NYSE: AMR). Global Knafaim leases six planes to American Airlines: one Boeing 767-300 and five MD-82s. The leases expire in 2014-15.
Under Chapter 11, American Airlines will restructure and hold talks with its creditors and employees. If American Airlines fails to meet the leasing terms on its planes within 60 days of the Chapter 11 filing, the owners of the planes it leases, including Global Knafaim, have the right to recover the planes and lease them to another airline, unless the parties reach a different agreement.
Global Knafaim disclosed that its lease income from American Airlines totaled $64 million to date. The income amounted to 18% of its total revenue in 2010 and in January-September 2011, and it expected this proportion to continue through the lease periods of the planes.
Bethel Finance: Elbit Systems unveils armored trainer simulators
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Bethel Finance news:
Elbit Systems Ltd. unveiled its armored driving trainer and forward observer trainer simulators at the I/ITSEC 2011 modeling, simulation and training conference in Orlando, and will supply several of them to the IDF. The company said that the size of the order was immaterial.
The IDF, like other armies, has been investing heavily in simulators, in an effort to cut costs while retaining combat readiness of its troops. The armored driving trainer simulator will train drivers on a variety of vehicles, and forward observer trainer simulators are for surveillance and observation border operations.
Elbit Systems said that its armored driving trainer was designed to provide trainee drivers with a realistic driving experience under fire in combat conditions, as well as for routine operations. The system can simulate extreme driving conditions, including stormy weather, poor visibility, off-road conditions, including mud and ice, and difficult terrain.
The forward observer trainer was designed to meet the needs of border protection scenarios. It can simulate real-life battlefield situations for forward observers posted along all types of terrain, performing border control and protection. It is interoperable with C4I systems, including fire planning, ranging and field operation as well as target detection, recognition, identification, acquisition and engagement using day and night sensors.
Bethel Finance news:
Elbit Systems Ltd. unveiled its armored driving trainer and forward observer trainer simulators at the I/ITSEC 2011 modeling, simulation and training conference in Orlando, and will supply several of them to the IDF. The company said that the size of the order was immaterial.
The IDF, like other armies, has been investing heavily in simulators, in an effort to cut costs while retaining combat readiness of its troops. The armored driving trainer simulator will train drivers on a variety of vehicles, and forward observer trainer simulators are for surveillance and observation border operations.
Elbit Systems said that its armored driving trainer was designed to provide trainee drivers with a realistic driving experience under fire in combat conditions, as well as for routine operations. The system can simulate extreme driving conditions, including stormy weather, poor visibility, off-road conditions, including mud and ice, and difficult terrain.
The forward observer trainer was designed to meet the needs of border protection scenarios. It can simulate real-life battlefield situations for forward observers posted along all types of terrain, performing border control and protection. It is interoperable with C4I systems, including fire planning, ranging and field operation as well as target detection, recognition, identification, acquisition and engagement using day and night sensors.
Bethel Finance: Discount Investment loss widens seven-fold
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Bethel Finance news:
Discount Investment Corporation (TASE: DISI), the main holding company of Nochi Dankner-controlled IDB Holding Corp. Ltd. (TASE:IDBH) posted a net loss of NIS 1.37 billion (NIS 16.10 per share) for the third quarter of 2011, a seven-fold increase on its loss of NIS 187 million for the corresponding quarter of 2010. Bad bets on investment in Credit Suisse Group AG (NYSE: CS; SWX: CSGN; XETRA: CSGZ) through Koor Industries Ltd. (TASE:KOR) and on the Plaza casino in Las Vegas through Property and Building Ltd. (TASE: PTBL), were the main reasons for the dismal results.
Koor contributed NIS 1.02 billion to Discount Investment's net loss for the third quarter, compared with a loss of NIS 226 million for the corresponding quarter, while Property and Building contributed a loss of NIS 335 million, compared with a contributing profit of NIS 31 million for the corresponding quarter.
Discount Investment's other key holdings, including mobile carrier Cellcom Israel Ltd. (NYSE:CEL; TASE:CEL) and supermarket chain Shufersal Ltd. (TASE:SAE) also reported much lower profits for the third quarter than for the corresponding quarter. Cellcom's contribution was almost halved to NIS 86 million for the third quarter from NIS 161 million for the corresponding quarter, and Shufersal's contribution fell to NIS 14 million from NIS 34 million.
Other holdings, including Discount Investment's life sciences investments arm Elron Electronic Industries Ltd. (TASE: ELRN), newspaper and publisher Ma'ariv Holdings Ltd. (TASE: MARV-M), faucets and valves maker Ham-Let (Israel-Canada) Ltd. (TASE: HAML), and endoscopic Pillcam maker Given Imaging Ltd. (Nasdaq: GIVN; TASE: GIVN) were immaterial by comparison.
Trading in Discount Investment's share will resume at 2:14. The share price fell 0.8% before trading was suspended to NIS 25.96, giving a market cap of NIS 2.2 billion.
Bethel Finance news:
Discount Investment Corporation (TASE: DISI), the main holding company of Nochi Dankner-controlled IDB Holding Corp. Ltd. (TASE:IDBH) posted a net loss of NIS 1.37 billion (NIS 16.10 per share) for the third quarter of 2011, a seven-fold increase on its loss of NIS 187 million for the corresponding quarter of 2010. Bad bets on investment in Credit Suisse Group AG (NYSE: CS; SWX: CSGN; XETRA: CSGZ) through Koor Industries Ltd. (TASE:KOR) and on the Plaza casino in Las Vegas through Property and Building Ltd. (TASE: PTBL), were the main reasons for the dismal results.
Koor contributed NIS 1.02 billion to Discount Investment's net loss for the third quarter, compared with a loss of NIS 226 million for the corresponding quarter, while Property and Building contributed a loss of NIS 335 million, compared with a contributing profit of NIS 31 million for the corresponding quarter.
Discount Investment's other key holdings, including mobile carrier Cellcom Israel Ltd. (NYSE:CEL; TASE:CEL) and supermarket chain Shufersal Ltd. (TASE:SAE) also reported much lower profits for the third quarter than for the corresponding quarter. Cellcom's contribution was almost halved to NIS 86 million for the third quarter from NIS 161 million for the corresponding quarter, and Shufersal's contribution fell to NIS 14 million from NIS 34 million.
Other holdings, including Discount Investment's life sciences investments arm Elron Electronic Industries Ltd. (TASE: ELRN), newspaper and publisher Ma'ariv Holdings Ltd. (TASE: MARV-M), faucets and valves maker Ham-Let (Israel-Canada) Ltd. (TASE: HAML), and endoscopic Pillcam maker Given Imaging Ltd. (Nasdaq: GIVN; TASE: GIVN) were immaterial by comparison.
Trading in Discount Investment's share will resume at 2:14. The share price fell 0.8% before trading was suspended to NIS 25.96, giving a market cap of NIS 2.2 billion.
Bethel Finance: Housing construction hits 10-year high
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Bethel Finance news:
78,000 homes were under construction at the end of September 2011 - a ten-year high, the Central Bureau of Statistics reported today.
There were 32,400 housing starts in January-September, 32% of which were one and two-family homes, 12% more than in the corresponding months of 2010. There were 10,690 housing starts in the third quarter, the fourth consecutive quarter in which housing starts exceeded 10,000 units.
36% of the housing starts in January-September were in the Central District, 17% were in the Northern District, 16% in the Southern District, 12% in the Tel Aviv District, 9% in the Haifa District, 7% in the Jerusalem District, and 2.2% in Judea and Samaria. The largest increase in housing starts was in the Southern District - up 38% compared with January-September 2010, followed by a 21% increase in the Tel Aviv District, and a 13% increase in the Southern District. Housing starts declined slightly - by less than 1% - in the Haifa and Northern districts.
Minister of Housing and Construction Ariel Atias said, "The growth in housing starts is the activity that will have the greatest influence to bring down home prices."
Bethel Finance news:
78,000 homes were under construction at the end of September 2011 - a ten-year high, the Central Bureau of Statistics reported today.
There were 32,400 housing starts in January-September, 32% of which were one and two-family homes, 12% more than in the corresponding months of 2010. There were 10,690 housing starts in the third quarter, the fourth consecutive quarter in which housing starts exceeded 10,000 units.
36% of the housing starts in January-September were in the Central District, 17% were in the Northern District, 16% in the Southern District, 12% in the Tel Aviv District, 9% in the Haifa District, 7% in the Jerusalem District, and 2.2% in Judea and Samaria. The largest increase in housing starts was in the Southern District - up 38% compared with January-September 2010, followed by a 21% increase in the Tel Aviv District, and a 13% increase in the Southern District. Housing starts declined slightly - by less than 1% - in the Haifa and Northern districts.
Minister of Housing and Construction Ariel Atias said, "The growth in housing starts is the activity that will have the greatest influence to bring down home prices."
Bethel Finance: Itamar Medical, Henry Schein launch sleep diagnosis product
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Bethel Finance news:
Itamar Medical Ltd. (TASE:ITMR) and Henry Schein Inc. (Nasdaq: HSIC) have launched their Sleep Complete product, which integrates Itamar's WatchPAT home test device for the diagnosis of obstructive sleep apnea with Henry Schein's dental plate.
Henry Schein will offer the Sleep Complete product to dentists through a bundled financing package to greatly lower the financial barrier to entry that often faces dentists interested in incorporating sleep medicine into their practice.
Until now, Itamar Medical targeted the WatchPat to sleep clinics, but sales were slow, because the clinics considered the product as a competitor to rival solutions, such as the C-PAP masks, whose distributors have close relations with the clinics. Itamar Medical's dental collaboration with Henry Schein bypasses the sleep clinics by targeting a different market.
Sleep disorder diagnosis by dentists is still a niche market, worth tens of millions of dollars a year, but Itamar Medical and Henry Schein face no competitors in it. Itamar Medical Inc. (US) president Marvin Slosman said, “This collaboration will help us benefit from Henry Schein's expert dental sales team across America. There is tremendous opportunity to build on our success and commitment to the dental market through this unique offering."
Itamar Medical's revenue declined to $2.9 million for the third quarter from $3 million for the corresponding quarter, and it posted a net profit of $1.2 million compared with a net loss of $1.8 million for the corresponding quarter.
Itamar Medical's share price rose 1.1% by mid-afternoon to NIS 2.21, giving a market cap of NIS 291 million.
Bethel Finance news:
Itamar Medical Ltd. (TASE:ITMR) and Henry Schein Inc. (Nasdaq: HSIC) have launched their Sleep Complete product, which integrates Itamar's WatchPAT home test device for the diagnosis of obstructive sleep apnea with Henry Schein's dental plate.
Henry Schein will offer the Sleep Complete product to dentists through a bundled financing package to greatly lower the financial barrier to entry that often faces dentists interested in incorporating sleep medicine into their practice.
Until now, Itamar Medical targeted the WatchPat to sleep clinics, but sales were slow, because the clinics considered the product as a competitor to rival solutions, such as the C-PAP masks, whose distributors have close relations with the clinics. Itamar Medical's dental collaboration with Henry Schein bypasses the sleep clinics by targeting a different market.
Sleep disorder diagnosis by dentists is still a niche market, worth tens of millions of dollars a year, but Itamar Medical and Henry Schein face no competitors in it. Itamar Medical Inc. (US) president Marvin Slosman said, “This collaboration will help us benefit from Henry Schein's expert dental sales team across America. There is tremendous opportunity to build on our success and commitment to the dental market through this unique offering."
Itamar Medical's revenue declined to $2.9 million for the third quarter from $3 million for the corresponding quarter, and it posted a net profit of $1.2 million compared with a net loss of $1.8 million for the corresponding quarter.
Itamar Medical's share price rose 1.1% by mid-afternoon to NIS 2.21, giving a market cap of NIS 291 million.
Bethel Finance:New mortgages fall to four-year low
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Bethel Finance news:
NIS 2.36 billion in new mortgages were granted in October 2011, 22% less than in September and 51% less than the peak of NIS 4.8 billion granted in May, the Bank of Israel reported today. The amount of new mortgages has returned to the prevailing level in 2007, before the surge in home prices.
The average mortgage was NIS 568,000 in October, 0.7% less than in September. Mortgages worth NIS 71 million were granted at a loan-to-value (LTV) ratio of 90% of the property value; NIS 95 million were granted at an LTV of 75-90%, NIS 797 million were granted at an LTV of 60-75%, and the largest amount, NIS 823 million, was granted at an LTV of 45-60%.
552 mortgages for a total of NIS 317 million were granted to buy homes for investment.
Bethel Finance news:
NIS 2.36 billion in new mortgages were granted in October 2011, 22% less than in September and 51% less than the peak of NIS 4.8 billion granted in May, the Bank of Israel reported today. The amount of new mortgages has returned to the prevailing level in 2007, before the surge in home prices.
The average mortgage was NIS 568,000 in October, 0.7% less than in September. Mortgages worth NIS 71 million were granted at a loan-to-value (LTV) ratio of 90% of the property value; NIS 95 million were granted at an LTV of 75-90%, NIS 797 million were granted at an LTV of 60-75%, and the largest amount, NIS 823 million, was granted at an LTV of 45-60%.
552 mortgages for a total of NIS 317 million were granted to buy homes for investment.
Bethel Finance: Property sales boost Africa-Israel profit
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Bethel Finance news:
Property sales in Manhattan and the Czech Republic and fair value revaluations boosted the net profit attributable to majority shareholders of Africa-Israel Investments Ltd. (TASE:AFIL), controlled by chairman Lev Leviev, to NIS 147.6 million NIS 1.13 per share) for the third quarter of 2011 from NIS 1 million for the corresponding quarter of 2010. Total net profit rose to NIS 305.8 million for the third quarter from NIS 43 million for the corresponding quarter.
Profits from real estate ventures rose ten-fold to NIS 788 million for the third quarter from NIS 78 million for the corresponding quarter, due to the sale of a shopping center in Florida, an office building at 88 Leonard Street in Manhattan's Financial District, and the revaluation of the AFIMall in Moscow and other properties in Russia.
Africa-Israel's revenue rose to NIS 2.41 billion for the third quarter from NIS 1.37 billion for the corresponding quarter. Revenue from land and construction transactions rose over 50% to NIS 822.9 million for the third quarter from NIS 580.3 million for the corresponding quarter, property rental and management revenue rose 84% to NIS 185.1 million from NIS 102.1 million, and revenue from industrial operations rose to NIS 644 million from NIS 498.2 million.
Africa-Israel's balance of income-producing property was NIS 8.7 billion at the end of September, and it had a further NIS 3.6 billion of properties under construction. Its inventory cost of residential properties totaled NIS 2.9 billion, and its inventory of land was NIS 1.8 billion. The company's consolidated cash and cash equivalents fell to NIS 2.1 billion at the end of September from NIS 2.8 billion at the end of 2010.
Africa-Israel CEO Izzy Cohen said that he believes that the company will be able to continue to expand its operations, increase profits, and strengthen its financial position. He added that the company and its subsidiaries were investing heavily in developing and redeveloping projects in Israel, Russia, and Eastern Europe, and starting new income-producing projects."
Africa-Israel's share price rose 3.4% in morning trading to NIS 12.53, giving a market cap of NIS 1.5 billion.
Bethel Finance news:
Property sales in Manhattan and the Czech Republic and fair value revaluations boosted the net profit attributable to majority shareholders of Africa-Israel Investments Ltd. (TASE:AFIL), controlled by chairman Lev Leviev, to NIS 147.6 million NIS 1.13 per share) for the third quarter of 2011 from NIS 1 million for the corresponding quarter of 2010. Total net profit rose to NIS 305.8 million for the third quarter from NIS 43 million for the corresponding quarter.
Profits from real estate ventures rose ten-fold to NIS 788 million for the third quarter from NIS 78 million for the corresponding quarter, due to the sale of a shopping center in Florida, an office building at 88 Leonard Street in Manhattan's Financial District, and the revaluation of the AFIMall in Moscow and other properties in Russia.
Africa-Israel's revenue rose to NIS 2.41 billion for the third quarter from NIS 1.37 billion for the corresponding quarter. Revenue from land and construction transactions rose over 50% to NIS 822.9 million for the third quarter from NIS 580.3 million for the corresponding quarter, property rental and management revenue rose 84% to NIS 185.1 million from NIS 102.1 million, and revenue from industrial operations rose to NIS 644 million from NIS 498.2 million.
Africa-Israel's balance of income-producing property was NIS 8.7 billion at the end of September, and it had a further NIS 3.6 billion of properties under construction. Its inventory cost of residential properties totaled NIS 2.9 billion, and its inventory of land was NIS 1.8 billion. The company's consolidated cash and cash equivalents fell to NIS 2.1 billion at the end of September from NIS 2.8 billion at the end of 2010.
Africa-Israel CEO Izzy Cohen said that he believes that the company will be able to continue to expand its operations, increase profits, and strengthen its financial position. He added that the company and its subsidiaries were investing heavily in developing and redeveloping projects in Israel, Russia, and Eastern Europe, and starting new income-producing projects."
Africa-Israel's share price rose 3.4% in morning trading to NIS 12.53, giving a market cap of NIS 1.5 billion.
Bethel Finance: IAI to build innovative desalination plant
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Bethel Finance news:
Within 18 months, Israel Aerospace Industries Ltd. (IAI) (TASE: ARSP.B1) plans to build the first desalination plant of its kind to demonstrate an innovative method for desalinating water, IAI VP strategy and planning Baruch Mevorach disclosed at an aerospace technologies conference in Jerusalem.
Mevorach said that IAI think tanks marked the water infrastructures industry as a sector that will have strong global demand, due to the expected water shortage. "The global water industry is going to be very strong, due to the expected increase in demand for clean water, which is a diminishing resource," he told "Globes". "We intend to bring to this world a new approach, which will enable the desalination of seawater in a way that is different from current methods, using a more effective and economical method."
Seawater desalination is an expensive process, mainly because of its high energy consumption, a fact which raises questions whether building desalination plants is economically worthwhile. Mevorach says, "IAI has the best chemists and engineers who can lead new thinking and development methods in the field. There is already an interesting direction, which can greatly reduce energy consumption for desalination."
Mevorach added that the first facility to be built will demonstrate IAI's new desalination abilities. Later, if the company wants to develop these abilities into a product, it will link up with another company, either Israeli or foreign, that will focus on the marketing of the new facilities, mainly overseas.
In addition to seawater desalination, IAI has begun to examine the development of innovative technologies to constantly monitor water infrastructures, especially pipelines, in an effort to prevent leaks from aging or damaged infrastructures, by using methods to identify the problem in advance.
IAI is seeking to add civilian fields to its core business. Six months ago, it announced collaboration with a European company to develop, produce, and build innovative wind turbines for the generation of electricity. As part of the feasibility work, the companies decided to build two experimental wind farms at a cost of €43 million. IAI said that each turbine can generate three megawatts of electricity. The wind turbines will be built on rigs offshore or onshore. The companies' joint venture will manage the production, marketing, and maintenance of the product.
IAI's decision to enter new fields is part of CEO Yitzhak Nissim's strategy to respond to the decline in the company's civil aviation division since the global economic crisis of 2008.
Bethel Finance news:
Within 18 months, Israel Aerospace Industries Ltd. (IAI) (TASE: ARSP.B1) plans to build the first desalination plant of its kind to demonstrate an innovative method for desalinating water, IAI VP strategy and planning Baruch Mevorach disclosed at an aerospace technologies conference in Jerusalem.
Mevorach said that IAI think tanks marked the water infrastructures industry as a sector that will have strong global demand, due to the expected water shortage. "The global water industry is going to be very strong, due to the expected increase in demand for clean water, which is a diminishing resource," he told "Globes". "We intend to bring to this world a new approach, which will enable the desalination of seawater in a way that is different from current methods, using a more effective and economical method."
Seawater desalination is an expensive process, mainly because of its high energy consumption, a fact which raises questions whether building desalination plants is economically worthwhile. Mevorach says, "IAI has the best chemists and engineers who can lead new thinking and development methods in the field. There is already an interesting direction, which can greatly reduce energy consumption for desalination."
Mevorach added that the first facility to be built will demonstrate IAI's new desalination abilities. Later, if the company wants to develop these abilities into a product, it will link up with another company, either Israeli or foreign, that will focus on the marketing of the new facilities, mainly overseas.
In addition to seawater desalination, IAI has begun to examine the development of innovative technologies to constantly monitor water infrastructures, especially pipelines, in an effort to prevent leaks from aging or damaged infrastructures, by using methods to identify the problem in advance.
IAI is seeking to add civilian fields to its core business. Six months ago, it announced collaboration with a European company to develop, produce, and build innovative wind turbines for the generation of electricity. As part of the feasibility work, the companies decided to build two experimental wind farms at a cost of €43 million. IAI said that each turbine can generate three megawatts of electricity. The wind turbines will be built on rigs offshore or onshore. The companies' joint venture will manage the production, marketing, and maintenance of the product.
IAI's decision to enter new fields is part of CEO Yitzhak Nissim's strategy to respond to the decline in the company's civil aviation division since the global economic crisis of 2008.
Bethel Finance: Shekel strengthens despite rate cut
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Bethel Finance news:
The shekel is strengthening sharply against the dollar and euro in inter-bank trading this morning. The shekel dollar exchange rate was down 0.70% at NIS 3.77/$, compared with yesterday's representative rate, and the shekel euro exchange rate was down 0.74% against the euro at NIS 5.04/€.
Asian markets rose today, and European markets are set to open higher, following yesterday's gains on Wall Street, and options which point to further gains at the opening today.
The Bank of Israel yesterday cut the interest rate for December by 25 basis points to 2.75%, due to the worsening of the European debt crisis and the cooling off of the local real estate market.
Bethel Finance news:
The shekel is strengthening sharply against the dollar and euro in inter-bank trading this morning. The shekel dollar exchange rate was down 0.70% at NIS 3.77/$, compared with yesterday's representative rate, and the shekel euro exchange rate was down 0.74% against the euro at NIS 5.04/€.
Asian markets rose today, and European markets are set to open higher, following yesterday's gains on Wall Street, and options which point to further gains at the opening today.
The Bank of Israel yesterday cut the interest rate for December by 25 basis points to 2.75%, due to the worsening of the European debt crisis and the cooling off of the local real estate market.
Bethel Finance: Delek Group profit quadruples
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Bethel Finance news:
Delek Group Ltd., controlled by Yitzhak Tshuva, quadrupled its net profit for the third quarter of 2011 on higher revenue, driven by higher revenue from fuel sales and natural gas operations, which was partly offset by a sharp drop in revenue from insurance operations. The company will distribute a NIS 100 million dividend from the profit.
Delek Group's consolidated revenue rose 30% to NIS 15.22 billion for the third quarter from NIS 11.74 billion for the corresponding quarter. Net profit attributed to majority shareholders rose 324% to NIS 140 million for the third quarter from NIS 33 million for the corresponding quarter, while total net profit rose to NIS 278 million from NIS 100 million.
Delek Group's revenue from its US fuel operations (Delek US Holdings Inc. (NYSE:DK)) more than doubled to NIS 7.82 billion for the third quarter from NIS 3.33 billion for the corresponding quarter; revenue from its European fuel operations (Delek Europe BV) rose to NIS 4.03 billion from NIS 3.38 billion); and its revenue from Israeli fuel operations (Delek Israel Fuel Corporation Ltd. (TASE: DLKIS)) rose to NIS 1.67 billion from NIS 1.07 billion. Revenue from natural gas (Avner Oil and Gas LP (TASE: AVNR.L) and Delek Drilling LP (TASE: DEDR.L)) rose to NIS 249 million for the third quarter from NIS 169 million for the corresponding quarter, mainly because of increased natural gas sales from Yam Tethys to Israel Electric Corporation (IEC) (TASE: ELEC.B22).
Revenue from Delek Group's desalination joint venture with Israel Chemicals Ltd. (TASE: ICL), IDE Technologies Ltd., rose to NIS 111 million for the third quarter from NIS 43 million for the corresponding quarter.
However, Delek Group's share of revenue from Israeli insurance and financial operations (through The Phoenix Holdings Ltd. (TASE: PHOE1;PHOE5) and Excellence Investments Ltd. (TASE: EXCE)) fell to NIS 536 million for the third quarter, a sixth of the NIS 3.02 billion for the corresponding quarter.
Delek Group CEO Asaf Bartfeld said, "The good results can be attributed to the diversity of the company's businesses, which disperse risk. The company has NIS 1.4 billion in liquidity, and with no liens on most of its assets, testifying to the company's financial soundness."
Delek Group's share price was unchanged by mid-afternoon at NIS 677.10, giving a market cap of NIS 7.7 billion.
Bethel Finance news:
Delek Group Ltd., controlled by Yitzhak Tshuva, quadrupled its net profit for the third quarter of 2011 on higher revenue, driven by higher revenue from fuel sales and natural gas operations, which was partly offset by a sharp drop in revenue from insurance operations. The company will distribute a NIS 100 million dividend from the profit.
Delek Group's consolidated revenue rose 30% to NIS 15.22 billion for the third quarter from NIS 11.74 billion for the corresponding quarter. Net profit attributed to majority shareholders rose 324% to NIS 140 million for the third quarter from NIS 33 million for the corresponding quarter, while total net profit rose to NIS 278 million from NIS 100 million.
Delek Group's revenue from its US fuel operations (Delek US Holdings Inc. (NYSE:DK)) more than doubled to NIS 7.82 billion for the third quarter from NIS 3.33 billion for the corresponding quarter; revenue from its European fuel operations (Delek Europe BV) rose to NIS 4.03 billion from NIS 3.38 billion); and its revenue from Israeli fuel operations (Delek Israel Fuel Corporation Ltd. (TASE: DLKIS)) rose to NIS 1.67 billion from NIS 1.07 billion. Revenue from natural gas (Avner Oil and Gas LP (TASE: AVNR.L) and Delek Drilling LP (TASE: DEDR.L)) rose to NIS 249 million for the third quarter from NIS 169 million for the corresponding quarter, mainly because of increased natural gas sales from Yam Tethys to Israel Electric Corporation (IEC) (TASE: ELEC.B22).
Revenue from Delek Group's desalination joint venture with Israel Chemicals Ltd. (TASE: ICL), IDE Technologies Ltd., rose to NIS 111 million for the third quarter from NIS 43 million for the corresponding quarter.
However, Delek Group's share of revenue from Israeli insurance and financial operations (through The Phoenix Holdings Ltd. (TASE: PHOE1;PHOE5) and Excellence Investments Ltd. (TASE: EXCE)) fell to NIS 536 million for the third quarter, a sixth of the NIS 3.02 billion for the corresponding quarter.
Delek Group CEO Asaf Bartfeld said, "The good results can be attributed to the diversity of the company's businesses, which disperse risk. The company has NIS 1.4 billion in liquidity, and with no liens on most of its assets, testifying to the company's financial soundness."
Delek Group's share price was unchanged by mid-afternoon at NIS 677.10, giving a market cap of NIS 7.7 billion.
Bethel Finance: Citi predicts just 2% growth for Israel in 2012
www.bethelfinance.com
Bethel Finance news:
Citi Capital Markets is pessimistic about Israel's GDP growth in 2012, predicting just 2% growth, well below the 2.9% growth predicted by the OECD and 3.2% predicted by the Bank of Israel. Citi warns, "Israel, a very open economy, is likely to suffer an external shock which could hit GDP growth and put an end to an eight-year run of current account surpluses."
Citi adds, "There are some disinflationary pressures in Israel, which result from the slowdown and from price-cutting behavior that follows from Israel’s social protest movement, but the scope for further rate cuts could be constrained by rapid shekel depreciation. Global risk aversion has so far left the shekel relatively unaffected, as investors have concentrated on exiting from more heavily owned positions in countries whose balance sheets are much weaker than Israel’s. But we think Israeli asset prices will have a volatile ride in 2012, due to the size of the external shock Israel may be subject to, and to the risk of regional political disturbance, which is already being felt in Israeli asset prices."
Citi predicts that Israel's GDP growth will slow from 4.3% in 2011 to 2% in 2012 and partly recover to 2.9% in 2013. Export growth will slow from 6.4% in 2011 to 1.5% in 2012 and rise to 2% in 2013. The unemployment rate will rise from 5.5% in 2011 to 6.2% in 2012 and decline back to 5.9% in 2013. It predicts 2.3% inflation for 2011, 3% in 2012 and 2.6% in 2013.
Citi predicts that the shekel-dollar exchange rate will rise from NIS 3.60/$ at the end of 2011 to NIS 3.86/$ at the end of 2012 and NIS 3.75/$ at the end of 2013.
Citi says that while Israel's growth is losing acceleration and there are risks of a sharper slowdown, there will be no repeat of the 2009 recession. "Business and consumer confidence have fallen sharply in recent months, and the grim outlook for Eurozone growth suggests that the external shock facing Israel will intensify in the next few quarters: exports to the US and Eurozone account for around a quarter of GDP." Although the primary cause of the slowdown is external shock, domestic factors are also in play, reflected in the fall in home prices for the first time since 2008.
Citi adds, "Since much of the pressure on Israeli GDP is coming from a change in the external environment, the slowdown should produce Israel’s first current account deficit since 2003. The medium-term outlook for Israel’s balance of payments is still robust, due to the expectation of gas revenues later in the decade."
Citi gives two reasons for believing that the Bank of Israel will make more interest rate cuts. "In the first place, there may be some disinflationary bias resulting from the significant social protest movement that gripped Israel in July and August: supermarket chains have already agreed to cut prices and more benign pricing behavior could be evident elsewhere. Second, it seems that the fiscal consequences of the social protest movement may be neutral and not negative as we’d originally feared: it is likely that Prime Minister Benjamin Netanyahu will freeze plans to cut tax rates, and at least some of any increase in social spending can be financed by expected cuts to the defense budget. Yet the rise in regional risk - so far not priced in by markets - creates upside risks to the shekel-dollar exchange rate… A sharp rise in the price of foreign exchange would limit the Bank of Israel’s scope to cut rates."
Bethel Finance news:
Citi Capital Markets is pessimistic about Israel's GDP growth in 2012, predicting just 2% growth, well below the 2.9% growth predicted by the OECD and 3.2% predicted by the Bank of Israel. Citi warns, "Israel, a very open economy, is likely to suffer an external shock which could hit GDP growth and put an end to an eight-year run of current account surpluses."
Citi adds, "There are some disinflationary pressures in Israel, which result from the slowdown and from price-cutting behavior that follows from Israel’s social protest movement, but the scope for further rate cuts could be constrained by rapid shekel depreciation. Global risk aversion has so far left the shekel relatively unaffected, as investors have concentrated on exiting from more heavily owned positions in countries whose balance sheets are much weaker than Israel’s. But we think Israeli asset prices will have a volatile ride in 2012, due to the size of the external shock Israel may be subject to, and to the risk of regional political disturbance, which is already being felt in Israeli asset prices."
Citi predicts that Israel's GDP growth will slow from 4.3% in 2011 to 2% in 2012 and partly recover to 2.9% in 2013. Export growth will slow from 6.4% in 2011 to 1.5% in 2012 and rise to 2% in 2013. The unemployment rate will rise from 5.5% in 2011 to 6.2% in 2012 and decline back to 5.9% in 2013. It predicts 2.3% inflation for 2011, 3% in 2012 and 2.6% in 2013.
Citi predicts that the shekel-dollar exchange rate will rise from NIS 3.60/$ at the end of 2011 to NIS 3.86/$ at the end of 2012 and NIS 3.75/$ at the end of 2013.
Citi says that while Israel's growth is losing acceleration and there are risks of a sharper slowdown, there will be no repeat of the 2009 recession. "Business and consumer confidence have fallen sharply in recent months, and the grim outlook for Eurozone growth suggests that the external shock facing Israel will intensify in the next few quarters: exports to the US and Eurozone account for around a quarter of GDP." Although the primary cause of the slowdown is external shock, domestic factors are also in play, reflected in the fall in home prices for the first time since 2008.
Citi adds, "Since much of the pressure on Israeli GDP is coming from a change in the external environment, the slowdown should produce Israel’s first current account deficit since 2003. The medium-term outlook for Israel’s balance of payments is still robust, due to the expectation of gas revenues later in the decade."
Citi gives two reasons for believing that the Bank of Israel will make more interest rate cuts. "In the first place, there may be some disinflationary bias resulting from the significant social protest movement that gripped Israel in July and August: supermarket chains have already agreed to cut prices and more benign pricing behavior could be evident elsewhere. Second, it seems that the fiscal consequences of the social protest movement may be neutral and not negative as we’d originally feared: it is likely that Prime Minister Benjamin Netanyahu will freeze plans to cut tax rates, and at least some of any increase in social spending can be financed by expected cuts to the defense budget. Yet the rise in regional risk - so far not priced in by markets - creates upside risks to the shekel-dollar exchange rate… A sharp rise in the price of foreign exchange would limit the Bank of Israel’s scope to cut rates."
Bethel Finance: Wound care co NanoVibronix raises $300,000 from Tegal
www.bethelfinance.com
Bethel Finance news:
Wound care company NanoVibronix Inc. has received a 300,000 strategic investment from Tegal Corporation (Nasdaq: TGAL), a technology investment company. NanoVibronix, based in Nesher near Haifa, is developing its proprietary low-intensity surface acoustic wave (SAW) technology for the treatment of chronic, non-healing wounds.
NanoVibronix cites a report by Global Industry Analysts Inc., which estimates that the global wound care market will reach $22.8 billion by 2017, one-third of which is addressed by advanced wound care products. The market growth is fueled by an aging population and the rapidly increasing incidence of diabetes worldwide.
NanoVibronix has obtained US Food and Drug Administration (FDA) and EU CE Mark clearance for its first product, PainShield MD, for the treatment of tendonitis, muscle pain, and trigeminal neuralgia. The company has also developed a family of disposable ultrasound devices, the UroShield, to treat catheter-associated infection and injury by preventing biofilm formation and decreasing the friction between the catheter and body tissues. This product also has CE Mark certification.
NanoVibronix CEO Dr. Harold Jacob said, "Tegal’s investment and management expertise are critical to accelerating the growth of NanoVibronix.
Tegal president and CEO Thomas Mika said, "Our investment in NanoVibronix expands the Tegal portfolio to new markets and new commercial horizons. NanoVibronix is a technology leader in the application of surface acoustic waves in the treatment of wounds and the prevention of infection in indwelling catheters."
Bethel Finance news:
Wound care company NanoVibronix Inc. has received a 300,000 strategic investment from Tegal Corporation (Nasdaq: TGAL), a technology investment company. NanoVibronix, based in Nesher near Haifa, is developing its proprietary low-intensity surface acoustic wave (SAW) technology for the treatment of chronic, non-healing wounds.
NanoVibronix cites a report by Global Industry Analysts Inc., which estimates that the global wound care market will reach $22.8 billion by 2017, one-third of which is addressed by advanced wound care products. The market growth is fueled by an aging population and the rapidly increasing incidence of diabetes worldwide.
NanoVibronix has obtained US Food and Drug Administration (FDA) and EU CE Mark clearance for its first product, PainShield MD, for the treatment of tendonitis, muscle pain, and trigeminal neuralgia. The company has also developed a family of disposable ultrasound devices, the UroShield, to treat catheter-associated infection and injury by preventing biofilm formation and decreasing the friction between the catheter and body tissues. This product also has CE Mark certification.
NanoVibronix CEO Dr. Harold Jacob said, "Tegal’s investment and management expertise are critical to accelerating the growth of NanoVibronix.
Tegal president and CEO Thomas Mika said, "Our investment in NanoVibronix expands the Tegal portfolio to new markets and new commercial horizons. NanoVibronix is a technology leader in the application of surface acoustic waves in the treatment of wounds and the prevention of infection in indwelling catheters."
Bethel Finance: Dankner wields axe at "Ma'ariv"
www.bethefinance.com
Bethel Finance news:
Nochi Dankner is planning mass layoffs at Hebrew daily "Ma'ariv" and closing local papers, nine months after acquiring control of Ma'ariv Holdings Ltd. (TASE: MARV-M), because of the paper's financial situation and the general crisis in the advertising industry.
30 "Ma'ariv" correspondents, editors, and commentators have received summons for hearings before being fired, including Shalom Yerushalmi and Ruth Sinai. The paper's environmental correspondent, Aviv Lavi, has already been fired.
Ma'ariv Holdings is waiting until the last minute to publish its financial report for the third quarter. Although its share price has been stable, the 21% yield on its bond reflects investors' worry about the company's ability to meet its commitments.
The crisis in the advertising industry is affecting the media industry, and has worsened since the summer's social protest. Many media groups are cutting costs by firing employees and other measures. Within the past two weeks, internet portal Walla Communications Ltd. (TASE: WALA) has fired more that 10 employees, including top editors and correspondents, and rival Nana10 has fired 15 employees, including from its Channel 10 news desk. "Yediot Ahronot's" online edition yet is firing a tenth of its staff, and they layoffs will reportedly spread to the hard copy edition.
"Ma'ariv" said in response, "Regrettably, due to the economic situation we are forced to cut costs and take leave of several news employees and correspondents… There is no connection to IDB Holding Corp. Ltd. (TASE:IDBH) or its executives."
As for the closing of the local papers, "Ma'ariv" said, "No comment."
Bethel Finance news:
Nochi Dankner is planning mass layoffs at Hebrew daily "Ma'ariv" and closing local papers, nine months after acquiring control of Ma'ariv Holdings Ltd. (TASE: MARV-M), because of the paper's financial situation and the general crisis in the advertising industry.
30 "Ma'ariv" correspondents, editors, and commentators have received summons for hearings before being fired, including Shalom Yerushalmi and Ruth Sinai. The paper's environmental correspondent, Aviv Lavi, has already been fired.
Ma'ariv Holdings is waiting until the last minute to publish its financial report for the third quarter. Although its share price has been stable, the 21% yield on its bond reflects investors' worry about the company's ability to meet its commitments.
The crisis in the advertising industry is affecting the media industry, and has worsened since the summer's social protest. Many media groups are cutting costs by firing employees and other measures. Within the past two weeks, internet portal Walla Communications Ltd. (TASE: WALA) has fired more that 10 employees, including top editors and correspondents, and rival Nana10 has fired 15 employees, including from its Channel 10 news desk. "Yediot Ahronot's" online edition yet is firing a tenth of its staff, and they layoffs will reportedly spread to the hard copy edition.
"Ma'ariv" said in response, "Regrettably, due to the economic situation we are forced to cut costs and take leave of several news employees and correspondents… There is no connection to IDB Holding Corp. Ltd. (TASE:IDBH) or its executives."
As for the closing of the local papers, "Ma'ariv" said, "No comment."
Bethel Finance: Evogene and Monsanto extend collaboration on yield R&D
www.bethelfinance.com
Bethel Finanec news:
Rehovot-based Evogene Ltd. (TASE:EVGN) and Monsanto (NYSE: MON) today announced that they have agreed a one-year extension to their five-year R&D collaboration to identify key plant genes related to yield, environmental stress and fertilizer utilization in corn, soybean, cotton and canola. The companies recently announced the successful completion of the collaboration's third year.
The collaboration's gene discovery activities have so far been based on Evogene's Athlete computational technology. As part of the extension, Evogene will add its Gene2Product computational technologies to its gene discovery program, offering an additional approach for enhancing trait efficacy and the development of candidate genes identified under the collaboration.
Evogene president and CEO Ofer Haviv said, "We are delighted by this extension of our joint work with Monsanto and in particular with the addition of our Gene2Product computational technologies. We expect that by bringing together Monsanto's development expertise and these new Evogene technologies, in addition to those already utilized in the collaboration, the companies will be able to further address some of the key challenges that the seed industry is facing in the discovery and development process for biotechnology products in agriculture."
As part of the original collaboration, Monsanto agreed, via a put option exercisable by Evogene, to invest $12 million towards additional equity in Evogene. Monsanto said that this arrangement remains in place under a new put option that is exercisable at $12 per share at a later date.
Evogene's share price rose 5.5% on the TASE today to NIS 14.96.
Bethel Finanec news:
Rehovot-based Evogene Ltd. (TASE:EVGN) and Monsanto (NYSE: MON) today announced that they have agreed a one-year extension to their five-year R&D collaboration to identify key plant genes related to yield, environmental stress and fertilizer utilization in corn, soybean, cotton and canola. The companies recently announced the successful completion of the collaboration's third year.
The collaboration's gene discovery activities have so far been based on Evogene's Athlete computational technology. As part of the extension, Evogene will add its Gene2Product computational technologies to its gene discovery program, offering an additional approach for enhancing trait efficacy and the development of candidate genes identified under the collaboration.
Evogene president and CEO Ofer Haviv said, "We are delighted by this extension of our joint work with Monsanto and in particular with the addition of our Gene2Product computational technologies. We expect that by bringing together Monsanto's development expertise and these new Evogene technologies, in addition to those already utilized in the collaboration, the companies will be able to further address some of the key challenges that the seed industry is facing in the discovery and development process for biotechnology products in agriculture."
As part of the original collaboration, Monsanto agreed, via a put option exercisable by Evogene, to invest $12 million towards additional equity in Evogene. Monsanto said that this arrangement remains in place under a new put option that is exercisable at $12 per share at a later date.
Evogene's share price rose 5.5% on the TASE today to NIS 14.96.
Bethel Finance: Compugen, DiscoveRx form partnership to commercialize peptides
www.bethelfinance.com
Bethel Finance news:
Compugen Ltd. and DiscoveRx Corporation have formed a collaborative partnership to commercialize novel Compugen designed peptides. The two companies will matched the peptides with specific G protein-coupled receptor targets using DiscoveRx GPCR related technologies. The new agreement follows a successful pilot program between the two companies.
Under the terms of the collaboration, DiscoveRx will utilize its PathHunter Platform and its suite of proprietary cell based GPCR assays and related technologies to match individual peptides in the Compugen GPCR targeted peptide library with specific GPCR drug targets of interest to DiscoveRx’s pharmaceutical company clients and others. Peptides of interest will then be available for licensing from Compugen under milestone and royalty agreements. The two companies have agreed a revenue sharing financial model providing different sharing percentages for each category of revenue resulting from the collaboration.
The peptides in Compugen’s GPCR targeted library were predicted through the use of Compugen’s GPCR Peptide Ligand Discovery Platform. Three predicted peptides, CGEN-856, CGEN-855 and CGEN-25009, have been found with therapeutic potential in disease animal models of cardiovascular, fibrotic and inflammatory conditions. Compugen has also recently announced that the Pulmonary Fibrosis Foundation will fund further studies to evaluate the potential of CGEN-25009 for treating lung fibrosis.
This successful initial validation of Compugen's GPCR peptide platform, and enhancements and extensions of the platform prompted Compugen to utilize it to predict and synthesize a GPCR targeted peptide library. This contains over 900 peptides predicted to have a high likelihood of modulating GPCR targets. The analysis of this unique peptide library with DiscoveRx’s PathHunter Platform and broad range of GPCR assays and related technologies is the basis for this collaboration. The GPCR family of membrane protein receptors is the largest family of known drug targets, and an estimated 40% of prescription drugs currently available are thought to modulate GPCRs. Newly discovered GPCR peptide ligands in the past have also shown a high probability of being successfully developed into new drugs.
The two companies recently completed a pilot project whereby the DiscoveRx technologies were applied to analyze the Compugen designed peptides with a small subset of GPCR targets. This pilot resulted in promising initial results for a number of library peptides that were shown to modulate specific GPCR targets, thus demonstrating both the library’s potential as a reservoir of therapeutically relevant peptides, as well as the ability of DiscoveRx’s functional GPCR assays to identify novel peptide/GPCR target interactions.
Compugen CEO Dr. Anat Cohen-Dayag said, "As previously disclosed, Compugen is focusing its discovery and development efforts towards addressing unmet medical needs in our focus areas of oncology and immunology through the use of novel protein and antibody therapeutics. However, as part of the development and validation activities associated with establishing our broadly applicable predictive discovery capabilities, a number of very promising discoveries were made that have significant potential in other areas. Therefore, in recent months, we have been in various discussions for arrangements with other organizations to advance certain of these earlier discoveries, including a number related to potential peptide therapeutics, largely without the need for further Compugen financial resources, such as this very promising collaboration with DiscoveRx being announced today.”
Compugen's share price rose 4.6% on Nasdaq today to $4.33, giving a market cap of $148.6 million. Earlier today, the share price rose 1.52% on the TASE to close at NIS 16.
Bethel Finance news:
Compugen Ltd. and DiscoveRx Corporation have formed a collaborative partnership to commercialize novel Compugen designed peptides. The two companies will matched the peptides with specific G protein-coupled receptor targets using DiscoveRx GPCR related technologies. The new agreement follows a successful pilot program between the two companies.
Under the terms of the collaboration, DiscoveRx will utilize its PathHunter Platform and its suite of proprietary cell based GPCR assays and related technologies to match individual peptides in the Compugen GPCR targeted peptide library with specific GPCR drug targets of interest to DiscoveRx’s pharmaceutical company clients and others. Peptides of interest will then be available for licensing from Compugen under milestone and royalty agreements. The two companies have agreed a revenue sharing financial model providing different sharing percentages for each category of revenue resulting from the collaboration.
The peptides in Compugen’s GPCR targeted library were predicted through the use of Compugen’s GPCR Peptide Ligand Discovery Platform. Three predicted peptides, CGEN-856, CGEN-855 and CGEN-25009, have been found with therapeutic potential in disease animal models of cardiovascular, fibrotic and inflammatory conditions. Compugen has also recently announced that the Pulmonary Fibrosis Foundation will fund further studies to evaluate the potential of CGEN-25009 for treating lung fibrosis.
This successful initial validation of Compugen's GPCR peptide platform, and enhancements and extensions of the platform prompted Compugen to utilize it to predict and synthesize a GPCR targeted peptide library. This contains over 900 peptides predicted to have a high likelihood of modulating GPCR targets. The analysis of this unique peptide library with DiscoveRx’s PathHunter Platform and broad range of GPCR assays and related technologies is the basis for this collaboration. The GPCR family of membrane protein receptors is the largest family of known drug targets, and an estimated 40% of prescription drugs currently available are thought to modulate GPCRs. Newly discovered GPCR peptide ligands in the past have also shown a high probability of being successfully developed into new drugs.
The two companies recently completed a pilot project whereby the DiscoveRx technologies were applied to analyze the Compugen designed peptides with a small subset of GPCR targets. This pilot resulted in promising initial results for a number of library peptides that were shown to modulate specific GPCR targets, thus demonstrating both the library’s potential as a reservoir of therapeutically relevant peptides, as well as the ability of DiscoveRx’s functional GPCR assays to identify novel peptide/GPCR target interactions.
Compugen CEO Dr. Anat Cohen-Dayag said, "As previously disclosed, Compugen is focusing its discovery and development efforts towards addressing unmet medical needs in our focus areas of oncology and immunology through the use of novel protein and antibody therapeutics. However, as part of the development and validation activities associated with establishing our broadly applicable predictive discovery capabilities, a number of very promising discoveries were made that have significant potential in other areas. Therefore, in recent months, we have been in various discussions for arrangements with other organizations to advance certain of these earlier discoveries, including a number related to potential peptide therapeutics, largely without the need for further Compugen financial resources, such as this very promising collaboration with DiscoveRx being announced today.”
Compugen's share price rose 4.6% on Nasdaq today to $4.33, giving a market cap of $148.6 million. Earlier today, the share price rose 1.52% on the TASE to close at NIS 16.
Bethel Finance: Leumi Mortgage Bank: Average mortgage down 20%
www.bethelfinance.com
Bethel Finance news:
The financial report for the third quarter of 2011 published by Leumi Mortgage Bank, today reveals major changes in the mix of new mortgages, including a 20% drop in the average mortgage to NIS 536,000 in the third quarter from NIS 665,000 in the corresponding quarter of 2010. Bank Leumi (TASE: LUMI) subsidiary Leumi Mortgage Bank is Israel's second largest mortgage bank, after Mizrahi Tefahot Bank (TASE:MZTF), with a market share of 25%.
Leumi Mortgage Bank CEO Shuki Burshstein told "Globes", "The decline in the average mortgage is due to fewer transactions for expensive properties, a market segment that has declined lately. This is why we are granting few loans for large deals and loans for small and mid-sized deals."
"Globes": Last week, Governor of the Bank of Israel Prof. Stanley Fischer mentioned the risk to banking system from the fall in home prices, under conditions of rising supply and falling demand. How do you see the market?
Burshstein: "I won't comment directly on Fischer's remarks, and I cannot predict home prices in one or two years. At the moment, we're seeing an increase in housing supply and housing starts, and a drop in demand. The big question is whether the drop in demand is permanent, or if people are only sitting on the fence and will return to the circle of buyers soon."
Is there a risk to the bank from falling home prices?
"I won't refer to worst-case scenarios, but we know how to properly analyze individual transactions. When the bank examines a customer for a loan, it takes into account a possible drop in the value of the property and the customer's ability to repay the loan."
Leumi Mortgage Bank also reported that the proportion of high loan-to-value (LTV) ratios has increased: the proportion of LTVs of over 60% (i.e. the mortgage amounts to more than 60% of the property value) rose to 38% of all mortgages in the third quarter from 35% in the corresponding quarter. Of this figure, the proportion of LTVs of 60-70% rose to 24% from 21%, and the proportion of LTVs of over 70% rose to 14.5%, and LTVs of 80% amounted to 3.3%.
The proportion of unlinked variable interest component of new mortgages has fallen from over 60% of all mortgages in 2009 to 25% in the third quarter, as a result of the Bank of Israel's tightening of mortgage terms, capping the unlinked variable interest component of a mortgage to 33% of the total. At the same time, the proportion of Consumer Price Index (CPI) linked mortgages, in which the interest is revised every over five years, rose from 9% of new mortgages in the first quarter to 42% in the second quarter.
Leumi Mortgage Bank granted NIS 2.6 billion in new mortgages in the third quarter, 12% less than the NIS 3 billion granted in the corresponding quarter. Net profit fell 27% to NIS 43 million for the third quarter from NIS 59 million for the corresponding quarter, due to a NIS 6 million provision for doubtful debts compared with NIS 13 million income on this item for the corresponding quarter.
Bethel Finance news:
The financial report for the third quarter of 2011 published by Leumi Mortgage Bank, today reveals major changes in the mix of new mortgages, including a 20% drop in the average mortgage to NIS 536,000 in the third quarter from NIS 665,000 in the corresponding quarter of 2010. Bank Leumi (TASE: LUMI) subsidiary Leumi Mortgage Bank is Israel's second largest mortgage bank, after Mizrahi Tefahot Bank (TASE:MZTF), with a market share of 25%.
Leumi Mortgage Bank CEO Shuki Burshstein told "Globes", "The decline in the average mortgage is due to fewer transactions for expensive properties, a market segment that has declined lately. This is why we are granting few loans for large deals and loans for small and mid-sized deals."
"Globes": Last week, Governor of the Bank of Israel Prof. Stanley Fischer mentioned the risk to banking system from the fall in home prices, under conditions of rising supply and falling demand. How do you see the market?
Burshstein: "I won't comment directly on Fischer's remarks, and I cannot predict home prices in one or two years. At the moment, we're seeing an increase in housing supply and housing starts, and a drop in demand. The big question is whether the drop in demand is permanent, or if people are only sitting on the fence and will return to the circle of buyers soon."
Is there a risk to the bank from falling home prices?
"I won't refer to worst-case scenarios, but we know how to properly analyze individual transactions. When the bank examines a customer for a loan, it takes into account a possible drop in the value of the property and the customer's ability to repay the loan."
Leumi Mortgage Bank also reported that the proportion of high loan-to-value (LTV) ratios has increased: the proportion of LTVs of over 60% (i.e. the mortgage amounts to more than 60% of the property value) rose to 38% of all mortgages in the third quarter from 35% in the corresponding quarter. Of this figure, the proportion of LTVs of 60-70% rose to 24% from 21%, and the proportion of LTVs of over 70% rose to 14.5%, and LTVs of 80% amounted to 3.3%.
The proportion of unlinked variable interest component of new mortgages has fallen from over 60% of all mortgages in 2009 to 25% in the third quarter, as a result of the Bank of Israel's tightening of mortgage terms, capping the unlinked variable interest component of a mortgage to 33% of the total. At the same time, the proportion of Consumer Price Index (CPI) linked mortgages, in which the interest is revised every over five years, rose from 9% of new mortgages in the first quarter to 42% in the second quarter.
Leumi Mortgage Bank granted NIS 2.6 billion in new mortgages in the third quarter, 12% less than the NIS 3 billion granted in the corresponding quarter. Net profit fell 27% to NIS 43 million for the third quarter from NIS 59 million for the corresponding quarter, due to a NIS 6 million provision for doubtful debts compared with NIS 13 million income on this item for the corresponding quarter.
Tuesday, November 29, 2011
Bethel Finance: Adira Energy Announces Engagement of Israeli Offering Agent; Private Placement, and Lead Investor
www.bethelfinance.com
Bethel Finance news:
Adira Energy Ltd. ("Adira" or the "Company") is pleased to announce that it has engaged DS Apex Mergers & Acquisitions Ltd. (Israel) ("DS Apex") to act as lead agent in Israel, of a private placement (the "Private Placement") of securities, for gross proceeds of approximately Canadian Dollar equivalent of US$15 million or other amount dependent upon certain circumstances, to a maximum of approximately Canadian Dollar equivalent US$30 million , consisting of one common share in the capital of the Company ("Common Shares") and one half of one warrant (each whole such warrant a "Warrant") at a price of $0.37. Each Warrant will be exercisable into an additional Common Share upon payment of $0.60. The Warrants will expire on the third anniversary of their issuance and will be non-transferable. DS Apex will be entitled to a cash commission not to exceed 4% of the gross proceeds raised. In conjunction with the Private Placement, the Company may at its option, issue additional common shares under similar terms as the Private Placement on a brokered or non-brokered private placement basis with a syndicate of Canadian, US and European dealers, which, in combination with the Private Placement, will not exceed Canadian Dollar equivalent US$30 million.
The Company has also reached a non-binding understanding with a company listed on the Tel Aviv Stock Exchange (the "Lead Investor") pursuant to which the Lead Investor will subscribe for Canadian equivalent of US $10 million of securities being offered pursuant to the Private Placement. As part of the additional conditions to the Lead Investor's commitment, the Company has agreed to nominate two of the Lead Investor's nominees to the Board of Directors of the Company, for as long as the Lead Investor holds at least 10% of the issued and outstanding Common Shares, and one director in the event the Lead Investor's ownership of Common Shares falls below 10% but remains equal to or greater than 7%. Furthermore, and as part of the conditions to the Lead Investor's participation in the Private Placement, the Company will pursue a Tel Aviv Stock Exchange Listing by April 30, 2012 (the "Listing Deadline"), which may be extended up to six months under certain conditions. The Lead Investor will be entitled to additional warrants to be issued at a price of up to $0.37, equivalent to 10% of the Company's then issued and outstanding fully diluted share capital on the day immediately preceding the Listing Deadline, in the event that the Common Shares are not listed on the Tel Aviv Stock Exchange by the Listing Deadline.
The net proceeds of the financing will be used for support of the Company's investment in prospects, progressing exploration work programs, future joint programs and general working capital.
The terms of the Private Placement, including the specific conditions relating to the Lead Investor, are non-binding and remain subject to receipt of all regulatory approvals including that of the TSX Venture Exchange.
About DS Apex
DS Apex is an Israeli investment house with leading positions in many lines of business including asset management, underwriting, investment banking, institutional sales and trading, and research. DS Apex is the investment banking division of DS Apex Holdings Group, one of Israel's leading financial advisory and asset management firms. DS Apex serves the need for Israel-related investment banking services. DS Apex manages approximately US$15 billion, and commands one of the leading positions in underwriting and investment banking in Israel. DS Apex is a publicly traded company, part of the broad Tel Aviv 100 Index, as well as a member of the Tel Aviv Stock Exchange.
About Adira Energy Ltd.
Adira Energy Ltd. is an energy company which explores for oil and gas on and offshore Israel. It has four petroleum exploration licenses; the Eitan, Gabriella, Yitzhak and Samuel Licenses. These licenses are located respectively on-shore Israel in the Hula Valley, 10 km offshore between Netanya and Ashdod, 17 km offshore between Hadera and Netanya and adjacent to the coast between Ashkelon and Bat-Yam.
The Company has received two gross prospective resource reports related to the Gabriella and the Yitzhak licenses, prepared by Gustavson Associates and titled "Report for License #378 / Gabriella, Offshore Israel", dated September 06, 2011 and "Report for License #380 / Yitzhak, Offshore Israel", dated September 06, 2011, respectively.
Forward-Looking Statement Disclaimer
This press release includes certain statements that may be deemed "forward-looking statements". All statements in this press release, other than statements of historical facts, including those that announce proposed financings that the Company expects to complete, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include the failure of investors who are believed to have committed to the financings to complete them as a result of general market conditions, adverse developments unique to such investors, or otherwise. Accordingly, the actual amounts raised may differ materially from those projected in the forward-looking statements. In addition, please note that statements relating to "resources" or "reserves" are deemed to be forward- looking statements, as they involve the implied assessment, based on certain estimated and assumptions that the resources or reserves described can be profitably produced in the future. Such statements represent the Company's internal projections, estimated or beliefs, concerning, among other things an outlook on the estimated amounts and timing of capital expenditures, anticipated future debt levels and incentive fees or revenues or other expectation, beliefs, plans, objectives, assumption, intentions or statement about future events or performance. These statements are only predictions. Actual events or results may differ materially. Although the Company believes that the expectations reflected in the statements are reasonable, it cannot guarantee future results since such results are inherently subject to significant business, economic, corporate, political and social uncertainties and contingencies. Many factors cause the Company's actual results to differ materially from those expressed or implied in any forward looking statements made by, or on behalf of, the Company and the foregoing list of important factors is not exhaustive. The statements contained herein are made as of the date hereof and the Company disclaims any intent or obligation to update publicly any forward looking statements, whether as a result of new information, future events or results or otherwise. Company shareholders and potential investors should carefully consider the information contained in the Company's filing with Canadian securities administrators at www.sedar.com before making investment decisions with regard to the Company.
The statements made in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Bethel Finance news:
Adira Energy Ltd. ("Adira" or the "Company") is pleased to announce that it has engaged DS Apex Mergers & Acquisitions Ltd. (Israel) ("DS Apex") to act as lead agent in Israel, of a private placement (the "Private Placement") of securities, for gross proceeds of approximately Canadian Dollar equivalent of US$15 million or other amount dependent upon certain circumstances, to a maximum of approximately Canadian Dollar equivalent US$30 million , consisting of one common share in the capital of the Company ("Common Shares") and one half of one warrant (each whole such warrant a "Warrant") at a price of $0.37. Each Warrant will be exercisable into an additional Common Share upon payment of $0.60. The Warrants will expire on the third anniversary of their issuance and will be non-transferable. DS Apex will be entitled to a cash commission not to exceed 4% of the gross proceeds raised. In conjunction with the Private Placement, the Company may at its option, issue additional common shares under similar terms as the Private Placement on a brokered or non-brokered private placement basis with a syndicate of Canadian, US and European dealers, which, in combination with the Private Placement, will not exceed Canadian Dollar equivalent US$30 million.
The Company has also reached a non-binding understanding with a company listed on the Tel Aviv Stock Exchange (the "Lead Investor") pursuant to which the Lead Investor will subscribe for Canadian equivalent of US $10 million of securities being offered pursuant to the Private Placement. As part of the additional conditions to the Lead Investor's commitment, the Company has agreed to nominate two of the Lead Investor's nominees to the Board of Directors of the Company, for as long as the Lead Investor holds at least 10% of the issued and outstanding Common Shares, and one director in the event the Lead Investor's ownership of Common Shares falls below 10% but remains equal to or greater than 7%. Furthermore, and as part of the conditions to the Lead Investor's participation in the Private Placement, the Company will pursue a Tel Aviv Stock Exchange Listing by April 30, 2012 (the "Listing Deadline"), which may be extended up to six months under certain conditions. The Lead Investor will be entitled to additional warrants to be issued at a price of up to $0.37, equivalent to 10% of the Company's then issued and outstanding fully diluted share capital on the day immediately preceding the Listing Deadline, in the event that the Common Shares are not listed on the Tel Aviv Stock Exchange by the Listing Deadline.
The net proceeds of the financing will be used for support of the Company's investment in prospects, progressing exploration work programs, future joint programs and general working capital.
The terms of the Private Placement, including the specific conditions relating to the Lead Investor, are non-binding and remain subject to receipt of all regulatory approvals including that of the TSX Venture Exchange.
About DS Apex
DS Apex is an Israeli investment house with leading positions in many lines of business including asset management, underwriting, investment banking, institutional sales and trading, and research. DS Apex is the investment banking division of DS Apex Holdings Group, one of Israel's leading financial advisory and asset management firms. DS Apex serves the need for Israel-related investment banking services. DS Apex manages approximately US$15 billion, and commands one of the leading positions in underwriting and investment banking in Israel. DS Apex is a publicly traded company, part of the broad Tel Aviv 100 Index, as well as a member of the Tel Aviv Stock Exchange.
About Adira Energy Ltd.
Adira Energy Ltd. is an energy company which explores for oil and gas on and offshore Israel. It has four petroleum exploration licenses; the Eitan, Gabriella, Yitzhak and Samuel Licenses. These licenses are located respectively on-shore Israel in the Hula Valley, 10 km offshore between Netanya and Ashdod, 17 km offshore between Hadera and Netanya and adjacent to the coast between Ashkelon and Bat-Yam.
The Company has received two gross prospective resource reports related to the Gabriella and the Yitzhak licenses, prepared by Gustavson Associates and titled "Report for License #378 / Gabriella, Offshore Israel", dated September 06, 2011 and "Report for License #380 / Yitzhak, Offshore Israel", dated September 06, 2011, respectively.
Forward-Looking Statement Disclaimer
This press release includes certain statements that may be deemed "forward-looking statements". All statements in this press release, other than statements of historical facts, including those that announce proposed financings that the Company expects to complete, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include the failure of investors who are believed to have committed to the financings to complete them as a result of general market conditions, adverse developments unique to such investors, or otherwise. Accordingly, the actual amounts raised may differ materially from those projected in the forward-looking statements. In addition, please note that statements relating to "resources" or "reserves" are deemed to be forward- looking statements, as they involve the implied assessment, based on certain estimated and assumptions that the resources or reserves described can be profitably produced in the future. Such statements represent the Company's internal projections, estimated or beliefs, concerning, among other things an outlook on the estimated amounts and timing of capital expenditures, anticipated future debt levels and incentive fees or revenues or other expectation, beliefs, plans, objectives, assumption, intentions or statement about future events or performance. These statements are only predictions. Actual events or results may differ materially. Although the Company believes that the expectations reflected in the statements are reasonable, it cannot guarantee future results since such results are inherently subject to significant business, economic, corporate, political and social uncertainties and contingencies. Many factors cause the Company's actual results to differ materially from those expressed or implied in any forward looking statements made by, or on behalf of, the Company and the foregoing list of important factors is not exhaustive. The statements contained herein are made as of the date hereof and the Company disclaims any intent or obligation to update publicly any forward looking statements, whether as a result of new information, future events or results or otherwise. Company shareholders and potential investors should carefully consider the information contained in the Company's filing with Canadian securities administrators at www.sedar.com before making investment decisions with regard to the Company.
The statements made in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Bethel Finance: Mediterranean Tamar development on schedule
www.bethelfinance.com
Bethel Finance news:
Estimated gas resources from the Tamar field offshore Israel have risen from 8.4 tcf to 9 tcf following appraisal work, according to operator Noble Energy.
The development project remains on schedule for commissioning in late 2012, the company adds. Fabrication of the platform jacket and deck, and offshore pipeline installation, are 50% complete and onshore facility expansion is under way.
Noble is close to concluding sales contract negotiations with Israel Electric Corp. and is in discussions on further supplies with other parties. It expects Israel’s gas demand to grow by 10%/yr over the remainder of this decade.
The company has also identified 12 further offshore prospects targeting sands equivalent to those discovered at Tamar with combined potential of more than 20 tcf.
Additionally, there is deep oil potential of 3.7 Bboe across the company's acreage.
Appraisal continues of the deepwater Leviathan discovery with the #3 well, and field development concepts and commercialization options are under evaluation. Noble plans to re-enter the Leviathan #1 well to test the deep oil concept by early next year.
In Israel’s near shore waters, Noble says the Mari-B field has achieved record levels of production this year. At the nearby Noa field, a recently sanctioned development project should add around 100 MMcf/d of deliverability in mid 2012, partly offsetting anticipated depletion at Mari-B.
Finally, Noble continues to drill the Cyprus A prospect offshore Cyprus with an estimated resource range of 3-9 tcf and a 60% probability of geologic success.
Bethel Finance news:
Estimated gas resources from the Tamar field offshore Israel have risen from 8.4 tcf to 9 tcf following appraisal work, according to operator Noble Energy.
The development project remains on schedule for commissioning in late 2012, the company adds. Fabrication of the platform jacket and deck, and offshore pipeline installation, are 50% complete and onshore facility expansion is under way.
Noble is close to concluding sales contract negotiations with Israel Electric Corp. and is in discussions on further supplies with other parties. It expects Israel’s gas demand to grow by 10%/yr over the remainder of this decade.
The company has also identified 12 further offshore prospects targeting sands equivalent to those discovered at Tamar with combined potential of more than 20 tcf.
Additionally, there is deep oil potential of 3.7 Bboe across the company's acreage.
Appraisal continues of the deepwater Leviathan discovery with the #3 well, and field development concepts and commercialization options are under evaluation. Noble plans to re-enter the Leviathan #1 well to test the deep oil concept by early next year.
In Israel’s near shore waters, Noble says the Mari-B field has achieved record levels of production this year. At the nearby Noa field, a recently sanctioned development project should add around 100 MMcf/d of deliverability in mid 2012, partly offsetting anticipated depletion at Mari-B.
Finally, Noble continues to drill the Cyprus A prospect offshore Cyprus with an estimated resource range of 3-9 tcf and a 60% probability of geologic success.
Bethel Finance:Starsoft Taps Veryant to Port IBM i COBOL to Open Systems
www.bethelfinance.com
Bethel Finance news:
Starsoft, an Israel-based developer of software for the insurance and financial services industries, is using Veryant technology to help it migrate its COBOL applications to Java and open systems, and to modernize the interfaces, Veryant announced last week. The move will help Starsoft offer solutions that run on server platforms other than IBM i, and bring other benefits, the company says.
For more than 20 years, Starsoft has used COBOL and IBM i technologies to develop applications that automate key business processes for companies in the insurance and financial services industries, including policy production, underwriting, claims, collections, commissions, and compliance. Starsoft customers include such noted organizations as the Israel Ministry of Finance, Migdal Group, Clal Group, Harel Group, and Menora-Mivtahim Group.
While IBM COBOL and IBM i server technology had served the company well, it felt the need to move beyond COBOL and the limitations it posed for expansion. Among the drivers was a desire to run on different server platforms and databases, to do more Web development in Java, and to offer more vertical insurance applications--all without disrupting the current installed base.
Veryant says isCOBOL Evolve uses a Java runtime, and supports the development and deployment of applications on Linux, Unix, Windows, and Mac OS operating systems, and MySQL and Oracle databases. Support for existing COBOL exit routines enables Starsoft to modernize its existing IBM i-based COBOL without changing any application code, Veryant says. All development takes place in the Eclipse IDE, and user interface technologies now available to Starsoft include JSPs, Java servlets, JavaScript (JQuery), Web services, and Cascading Style Sheets (CSS).
The project has already begun, and has started to pay dividends, according to Dov Keshet, CEO and founder of Starsoft. "isCOBOL provides the best of both worlds," he says in a press release. "It protects long-standing COBOL application business logic and enables cross-platform deployment as pure Java objects through standard Web interfaces."
"Before, most customers' core systems were based on IBM's iSeries, which limited our options for company growth," he continued. "In fact, our first project with isCOBOL is for a new customer using a Unix/Oracle platform," he says. Developing with isCOBOL has allowed us to take a step forward in a strategic area that is critical for our growth."
Bethel Finance news:
Starsoft, an Israel-based developer of software for the insurance and financial services industries, is using Veryant technology to help it migrate its COBOL applications to Java and open systems, and to modernize the interfaces, Veryant announced last week. The move will help Starsoft offer solutions that run on server platforms other than IBM i, and bring other benefits, the company says.
For more than 20 years, Starsoft has used COBOL and IBM i technologies to develop applications that automate key business processes for companies in the insurance and financial services industries, including policy production, underwriting, claims, collections, commissions, and compliance. Starsoft customers include such noted organizations as the Israel Ministry of Finance, Migdal Group, Clal Group, Harel Group, and Menora-Mivtahim Group.
While IBM COBOL and IBM i server technology had served the company well, it felt the need to move beyond COBOL and the limitations it posed for expansion. Among the drivers was a desire to run on different server platforms and databases, to do more Web development in Java, and to offer more vertical insurance applications--all without disrupting the current installed base.
Veryant says isCOBOL Evolve uses a Java runtime, and supports the development and deployment of applications on Linux, Unix, Windows, and Mac OS operating systems, and MySQL and Oracle databases. Support for existing COBOL exit routines enables Starsoft to modernize its existing IBM i-based COBOL without changing any application code, Veryant says. All development takes place in the Eclipse IDE, and user interface technologies now available to Starsoft include JSPs, Java servlets, JavaScript (JQuery), Web services, and Cascading Style Sheets (CSS).
The project has already begun, and has started to pay dividends, according to Dov Keshet, CEO and founder of Starsoft. "isCOBOL provides the best of both worlds," he says in a press release. "It protects long-standing COBOL application business logic and enables cross-platform deployment as pure Java objects through standard Web interfaces."
"Before, most customers' core systems were based on IBM's iSeries, which limited our options for company growth," he continued. "In fact, our first project with isCOBOL is for a new customer using a Unix/Oracle platform," he says. Developing with isCOBOL has allowed us to take a step forward in a strategic area that is critical for our growth."
Bethel Finance: Israel could benefit from Greek plan to be gas hub
www.bethelfinance.com
Bethel Finance news:
The new government in Athens could open a pipeline to export natural gas from countries including Israel to destinations in northern Europe, as Greece seeks to become a regional center for the transit of this energy source.
“We are trying to make Greece the hub for gas transit to northern European countries either via Italy or through the Balkans,” Greece’s environment, energy and climate change minister stressed to The Jerusalem Post in an exclusive interview on Monday morning in Jerusalem.
The minister, Giorgos Papakonstantinou, was the first Greek official to visit Israel since the country’s November 11 formation of a new coalition unity government headed by interim Prime Minister Lucas Papademos.
As two strong democratic powers in an ever-developing Mediterranean region, Israel and Greece must continue its path to forge new partnerships, particularly in the natural gas and renewable energy sectors, he said.
In that context, the discussions with Israel are ongoing about the possibility to of bringing in Israeli gas, and this has been discussed at the high level in the past between the two prime ministers.
Currently Greece does not have a wealth of its own proven oil or gas reserves, aside from some oil pumped out of the north for the past years, but this may be due to the fact that explorations have not occurred for quite a while, according to Papakonstantinou.
Recently, however, the government put out tenders for seismic surveys on the west coast of the mainland and the south of Crete, he explained.
“The scientific evidence that we have shows that there are reserves in both places – we have to see how large these reserves are,” he said, noting that these reserves should help “restore some of the balance and improve energy self-sufficiency in Greece” and also provide some exploration opportunities to international, and perhaps Israeli, companies.
While this process was only launched about six months ago, and probably won’t be in full-swing until next year, it has raised Greek “ambitions and hopes,” Papakonstantinou noted.
Also in the Mediterranean natural gas realm, the Greek minister stressed that cooperation with neighboring Turkey is vital to his country, in order, for example, to bring gas from the Caspian Sea to northern Europe. He did not, however, find any truth in recent Turkish claims that Israeli and Cypriot natural gas drilling is illegal.
“We believe very much that every country should be allowed and able to do its explorations within the context of national and international and its legal rights. And clearly Cyprus and Israel are in that position,” he said.
After serving a year-and-ahalf as finance minister, Papakonstantinou took the position of environment, energy and climate change minister in June 2011, with hopes of bringing Greece up to speed in a “very fast-moving sector in both conventional energy and renewables,” investing in protecting the environment and creating jobs in the process, he said.
And in all of these areas, Papakonstantinou sees Israel as a potentially integral partner.
“Our energy mix is a little like Israel’s, dependent primarily on traditional energy sources, mostly coal and increasingly gas,” he told the Post. “But for the last few years there has been a very determined move to change the mix and move to renewable energy.”
For Greece, the main renewable energy source is currently wind, but solar photovoltaics have the most rapid growth – while since 2009, the number of renewable energy installations total has doubled throughout the country, according to Papakonstantinou.
“We have set a target of 20 percent [renewable energy] for 2020,” he said. “In terms of the actual permits currently granted, we have already reached the target but not in terms of installations – installations are still lagging behind, mostly because of difficulty of financing at the moment.”
Following the interview with the Post, Papakonstantinou was set to meet with both National Infrastructure Minister Dr. Uzi Landau and Environmental Protection Minister Gilad Erdan, to discuss Greece’s latest projects in both the energy and environmental sectors and potential for cooperation with both ministries.
One such program is the Helius Project, in which Greece aims to become an outlet for transporting solar energy generated to northern Europe, a project that could also offer Israelis an opportunity to transfer their own energy or receive Greek solar energy in the future, he explained.
“[In Israel] there is a lot of technology, but you have less potential in terms of land available to be able to have large installations,” Papakonstantinou said.
Other important issues of infrastructural and environmental collaboration that Papakonstantinou said he intends to discuss with the Israeli ministers include water management, treatment and desalination, as well as waste disposal and management.
“We [talked] this morning with some very interesting Israeli companies that have solutions for these things. We are in the process at the moment in Greece – with a lot of projects at the municipal level and in large cities – to improve water management,” he said.
Natural gas – which Israel is currently developing enormous quantities of in the Mediterranean Sea – is another potential source of partnership.
“There’s been a lot of discussion on looking at the technical and financial feasibility for pumping Israeli gas to Greece,” Papakonstantinou said. At the same time, he stressed, there are also ongoing discussions about how to bring natural gas into Europe from outside sources, such as the Caspian Sea.
While the ongoing economic crisis in Greece has forced the country to do some “fiscal tightening” in all sectors, Papakonstantinou said he hasn’t thus far had to make any environmental sacrifices, especially due to the EU funds that the country receives for such endeavors.
“This government, the government since 2009, has argued that green growth, green investments are one of the solutions for the country’s future,” he said. “This is why we’re making a big push to renewables and this is why... I have been pushing investments that are beneficial for the environment but at the same time create jobs.”
On that same track, the minister said he was confident, “without any doubt,” that Greece would remain in the euro-zone.
“There’s a clear understanding that the problems are systemic – they’re not just the problems of one country and if you cut off that one country you’d save the rest – we’re all in this together,” he said, “and solutions have to be found for the euro to be able to survive with all its current members.”
Echoing comments that Papademos made last week to Prime Minister Binyamin Netanyahu, Papakonstantinou once again stressed the importance of continually enhanced cooperation with Israel and praised the “new page” that has been turned during the previous Greek administration and continuing into the current one.
“We have always had good ties with the Arab world and we have also been an important player in a region that is evolving very rapidly,” Papakonstantinou said. “Israel has an absolutely critical role to play in how the region evolves.”
Bethel Finance news:
The new government in Athens could open a pipeline to export natural gas from countries including Israel to destinations in northern Europe, as Greece seeks to become a regional center for the transit of this energy source.
“We are trying to make Greece the hub for gas transit to northern European countries either via Italy or through the Balkans,” Greece’s environment, energy and climate change minister stressed to The Jerusalem Post in an exclusive interview on Monday morning in Jerusalem.
The minister, Giorgos Papakonstantinou, was the first Greek official to visit Israel since the country’s November 11 formation of a new coalition unity government headed by interim Prime Minister Lucas Papademos.
As two strong democratic powers in an ever-developing Mediterranean region, Israel and Greece must continue its path to forge new partnerships, particularly in the natural gas and renewable energy sectors, he said.
In that context, the discussions with Israel are ongoing about the possibility to of bringing in Israeli gas, and this has been discussed at the high level in the past between the two prime ministers.
Currently Greece does not have a wealth of its own proven oil or gas reserves, aside from some oil pumped out of the north for the past years, but this may be due to the fact that explorations have not occurred for quite a while, according to Papakonstantinou.
Recently, however, the government put out tenders for seismic surveys on the west coast of the mainland and the south of Crete, he explained.
“The scientific evidence that we have shows that there are reserves in both places – we have to see how large these reserves are,” he said, noting that these reserves should help “restore some of the balance and improve energy self-sufficiency in Greece” and also provide some exploration opportunities to international, and perhaps Israeli, companies.
While this process was only launched about six months ago, and probably won’t be in full-swing until next year, it has raised Greek “ambitions and hopes,” Papakonstantinou noted.
Also in the Mediterranean natural gas realm, the Greek minister stressed that cooperation with neighboring Turkey is vital to his country, in order, for example, to bring gas from the Caspian Sea to northern Europe. He did not, however, find any truth in recent Turkish claims that Israeli and Cypriot natural gas drilling is illegal.
“We believe very much that every country should be allowed and able to do its explorations within the context of national and international and its legal rights. And clearly Cyprus and Israel are in that position,” he said.
After serving a year-and-ahalf as finance minister, Papakonstantinou took the position of environment, energy and climate change minister in June 2011, with hopes of bringing Greece up to speed in a “very fast-moving sector in both conventional energy and renewables,” investing in protecting the environment and creating jobs in the process, he said.
And in all of these areas, Papakonstantinou sees Israel as a potentially integral partner.
“Our energy mix is a little like Israel’s, dependent primarily on traditional energy sources, mostly coal and increasingly gas,” he told the Post. “But for the last few years there has been a very determined move to change the mix and move to renewable energy.”
For Greece, the main renewable energy source is currently wind, but solar photovoltaics have the most rapid growth – while since 2009, the number of renewable energy installations total has doubled throughout the country, according to Papakonstantinou.
“We have set a target of 20 percent [renewable energy] for 2020,” he said. “In terms of the actual permits currently granted, we have already reached the target but not in terms of installations – installations are still lagging behind, mostly because of difficulty of financing at the moment.”
Following the interview with the Post, Papakonstantinou was set to meet with both National Infrastructure Minister Dr. Uzi Landau and Environmental Protection Minister Gilad Erdan, to discuss Greece’s latest projects in both the energy and environmental sectors and potential for cooperation with both ministries.
One such program is the Helius Project, in which Greece aims to become an outlet for transporting solar energy generated to northern Europe, a project that could also offer Israelis an opportunity to transfer their own energy or receive Greek solar energy in the future, he explained.
“[In Israel] there is a lot of technology, but you have less potential in terms of land available to be able to have large installations,” Papakonstantinou said.
Other important issues of infrastructural and environmental collaboration that Papakonstantinou said he intends to discuss with the Israeli ministers include water management, treatment and desalination, as well as waste disposal and management.
“We [talked] this morning with some very interesting Israeli companies that have solutions for these things. We are in the process at the moment in Greece – with a lot of projects at the municipal level and in large cities – to improve water management,” he said.
Natural gas – which Israel is currently developing enormous quantities of in the Mediterranean Sea – is another potential source of partnership.
“There’s been a lot of discussion on looking at the technical and financial feasibility for pumping Israeli gas to Greece,” Papakonstantinou said. At the same time, he stressed, there are also ongoing discussions about how to bring natural gas into Europe from outside sources, such as the Caspian Sea.
While the ongoing economic crisis in Greece has forced the country to do some “fiscal tightening” in all sectors, Papakonstantinou said he hasn’t thus far had to make any environmental sacrifices, especially due to the EU funds that the country receives for such endeavors.
“This government, the government since 2009, has argued that green growth, green investments are one of the solutions for the country’s future,” he said. “This is why we’re making a big push to renewables and this is why... I have been pushing investments that are beneficial for the environment but at the same time create jobs.”
On that same track, the minister said he was confident, “without any doubt,” that Greece would remain in the euro-zone.
“There’s a clear understanding that the problems are systemic – they’re not just the problems of one country and if you cut off that one country you’d save the rest – we’re all in this together,” he said, “and solutions have to be found for the euro to be able to survive with all its current members.”
Echoing comments that Papademos made last week to Prime Minister Binyamin Netanyahu, Papakonstantinou once again stressed the importance of continually enhanced cooperation with Israel and praised the “new page” that has been turned during the previous Greek administration and continuing into the current one.
“We have always had good ties with the Arab world and we have also been an important player in a region that is evolving very rapidly,” Papakonstantinou said. “Israel has an absolutely critical role to play in how the region evolves.”
Bethel Finance: Defense budget must be transparent
www.bethelfinance.com
Bethel Finance news:
"We're fighting a hard defensive battle for the Israeli economy," said Minister of Finance Yuval Steinitz at the Sderot Conference for Society today. "The battle for the economy, the battle for society, and the security situation are all connected. This battle isn't only a defensive battle for the economy, but for Israel's citizens. We've been fighting for three years to prevent mass unemployment of the kind seen in Spain, Italy, Ireland, Portugal, and the US… When I took up office, Israel's unemployment rate was projected to reach 10-15%, which would widen gaps and hurt millions of people and the poor."
Steinitz linked the prevention of mass unemployment to his response to the demands of the social protest. "Taking care of society and security requires a growing economy, not a shrinking one; an economy that creates jobs, not one that loses them."
After heckling by demonstrators who called for "social justice for the Negev", and "instead of caring for society, you're dismantling society", Steinitz continued, "Until now, we've succeeded in preventing mass unemployment in Israel and creating growth, but this achievement must be fought for to continue. Education and welfare are important, but unemployment is the most important, even if times are tough. We must encourage investment in Israel, rather than drive away businesspeople."
As for the social protest, Steinitz said, "In the past year, there has been an immense struggle, the likes of which Israel has never seen about to whom belongs the country's natural treasures. 18 months ago, after a Ministry of Finance debate, I decided to put an end to the situation in which the Israeli public does not benefit from its proper share of the huge natural gas discoveries. This was the biggest battle waged here - for NIS 200 billion in current prices. The figure could still rise. I decided that we would apply international standards. The battle was against Israeli and foreign energy companies, and battalions of lobbyists and demonstrations against me and Sheshinski. It wasn’t an easy fight. When I decided to set up the Sheshinski committee, most Ministry of Finance officials advised against it."
Hecklers again interrupted, shouting, "Where's the money? Where's the sovereign fund that was supposed to be established in November?" Steinitz replied, "I know the law and the fund will be established."
Steinitz reiterated his call to cut the defense budget and his argument with Minister of Defense Ehud Barak, saying, "This is an argument over transparency. Just like in the battle over the Sheshinski recommendations, where I brought the proper result, the same will happen on the issue of transparency and control over the defense budget."
On the issue of negotiations with Histadrut chairman Ofer Eini over contract workers, Steinitz said, "There will be substantial improvement in the standing of guards and cleaners and Israel's other working poor, just like in Sweden."
Bethel Finance news:
"We're fighting a hard defensive battle for the Israeli economy," said Minister of Finance Yuval Steinitz at the Sderot Conference for Society today. "The battle for the economy, the battle for society, and the security situation are all connected. This battle isn't only a defensive battle for the economy, but for Israel's citizens. We've been fighting for three years to prevent mass unemployment of the kind seen in Spain, Italy, Ireland, Portugal, and the US… When I took up office, Israel's unemployment rate was projected to reach 10-15%, which would widen gaps and hurt millions of people and the poor."
Steinitz linked the prevention of mass unemployment to his response to the demands of the social protest. "Taking care of society and security requires a growing economy, not a shrinking one; an economy that creates jobs, not one that loses them."
After heckling by demonstrators who called for "social justice for the Negev", and "instead of caring for society, you're dismantling society", Steinitz continued, "Until now, we've succeeded in preventing mass unemployment in Israel and creating growth, but this achievement must be fought for to continue. Education and welfare are important, but unemployment is the most important, even if times are tough. We must encourage investment in Israel, rather than drive away businesspeople."
As for the social protest, Steinitz said, "In the past year, there has been an immense struggle, the likes of which Israel has never seen about to whom belongs the country's natural treasures. 18 months ago, after a Ministry of Finance debate, I decided to put an end to the situation in which the Israeli public does not benefit from its proper share of the huge natural gas discoveries. This was the biggest battle waged here - for NIS 200 billion in current prices. The figure could still rise. I decided that we would apply international standards. The battle was against Israeli and foreign energy companies, and battalions of lobbyists and demonstrations against me and Sheshinski. It wasn’t an easy fight. When I decided to set up the Sheshinski committee, most Ministry of Finance officials advised against it."
Hecklers again interrupted, shouting, "Where's the money? Where's the sovereign fund that was supposed to be established in November?" Steinitz replied, "I know the law and the fund will be established."
Steinitz reiterated his call to cut the defense budget and his argument with Minister of Defense Ehud Barak, saying, "This is an argument over transparency. Just like in the battle over the Sheshinski recommendations, where I brought the proper result, the same will happen on the issue of transparency and control over the defense budget."
On the issue of negotiations with Histadrut chairman Ofer Eini over contract workers, Steinitz said, "There will be substantial improvement in the standing of guards and cleaners and Israel's other working poor, just like in Sweden."
Bethel Finance: Forex International Pursues Settlement
www.bethelfinance.com
Bethel Finance news:
Forex International Trading Corp. (the "Company") , is providing report regarding the status of the Company's operations. As previously announced, Mrs. Franco has been appointed by the board of directors with the goal of resolving specific problems as reported. As detailed in the June 2011 and September 2011 fillings, the Company is in continued default on senior notes. The parties holding these notes have provided an acceleration notice and have notified the Company that they intend to take possession of certain assets held by the Company that are secured by the notes.
Mrs. Franco, CEO of the Company, stated: "Since my appointment, I have been in contact with the note holders. After reviewing the purchase agreements in which the Company acquired these assets and considering prior experience of the Company's prior management with the note holders, I have commenced negotiations in which the Company not object to the note holder foreclosing on the Company's assets (without pursuing its counter claims) only in the event the Company receives a cash payment."
There is no guarantee that the Company will successfully close this global settlement and/or receive any cash payment. However, this information is being released in an effort to keep all shareholders and investors information regarding the operations of the Company.
About Forex International Trading Corp.
Headquartered in Haifa, Israel, Forex International Trading Corp. holds an ownership interest in an offshore advanced online trading platform for Forex markets to non U.S. residents.
For more information, please visit: http://www.forex-international-trading.com
Forward-Looking Statements: This press release contains forward-looking statements, including expected industry patterns and other financial and business results that involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from results expressed or implied by this press release. Such risk factors include, among others, whether Forex International Trading Corp. can successfully execute its operating plan; its ability to integrate acquired companies and technology; its ability to retain key employees; its ability to successfully combine product offerings and customer acceptance of combined products; general market conditions; and whether Forex International Trading Corp. can successfully develop new products and the degree to which these gain market acceptance. Actual results may differ materially from those contained in the forward-looking statements in this press release. Forex International Trading Corp. does not undertake any obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
Bethel Finance news:
Forex International Trading Corp. (the "Company") , is providing report regarding the status of the Company's operations. As previously announced, Mrs. Franco has been appointed by the board of directors with the goal of resolving specific problems as reported. As detailed in the June 2011 and September 2011 fillings, the Company is in continued default on senior notes. The parties holding these notes have provided an acceleration notice and have notified the Company that they intend to take possession of certain assets held by the Company that are secured by the notes.
Mrs. Franco, CEO of the Company, stated: "Since my appointment, I have been in contact with the note holders. After reviewing the purchase agreements in which the Company acquired these assets and considering prior experience of the Company's prior management with the note holders, I have commenced negotiations in which the Company not object to the note holder foreclosing on the Company's assets (without pursuing its counter claims) only in the event the Company receives a cash payment."
There is no guarantee that the Company will successfully close this global settlement and/or receive any cash payment. However, this information is being released in an effort to keep all shareholders and investors information regarding the operations of the Company.
About Forex International Trading Corp.
Headquartered in Haifa, Israel, Forex International Trading Corp. holds an ownership interest in an offshore advanced online trading platform for Forex markets to non U.S. residents.
For more information, please visit: http://www.forex-international-trading.com
Forward-Looking Statements: This press release contains forward-looking statements, including expected industry patterns and other financial and business results that involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from results expressed or implied by this press release. Such risk factors include, among others, whether Forex International Trading Corp. can successfully execute its operating plan; its ability to integrate acquired companies and technology; its ability to retain key employees; its ability to successfully combine product offerings and customer acceptance of combined products; general market conditions; and whether Forex International Trading Corp. can successfully develop new products and the degree to which these gain market acceptance. Actual results may differ materially from those contained in the forward-looking statements in this press release. Forex International Trading Corp. does not undertake any obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
Bethel Finance: Natural gas firms call on Israel to allow exports
www.bethelfinance.com
Bethel Finance news:
Energy exploration companies on Tuesday called on the Israeli government to allow them to export natural gas from recently discovered reserves or risk harming the country's fast-developing gas industry.
Gas production is set to soar in Israel in the coming decades following the discovery of some of the world's largest offshore reserves, and the government last month formed a committee to decide how best to allocate the windfall while safeguarding Israel's energy independence.
The committee will present its decision by the end of February.
Government officials have said they want to secure up to 50 years of reserves for Israel before allowing exports, but have also acknowledged the firms' desire to sell gas abroad.
"We think there is a really compelling case for natural gas exports," said Lawson Freeman, vice president for the Eastern Mediterranean at Texas-based Noble Energy, which leads a number of U.S.-Israeli exploration groups off the Israeli coast.
In the past two years, Noble and its Israeli partners discovered the Tamar field, where production from its 9 trillion cubic feet (TCF) of gas is set to begin in 2013, and the Leviathan prospect, which is nearly twice as big and due to be online around 2017.
Tamar, Freeman said, can meet Israel's energy needs for the next 20 years.
"We're looking at exports for Leviathan," he said at the Israel Energy and Business Conference in Tel Aviv.
Should the government allow significant gas exports, it would draw new players and encourage further exploration, Freeman said.
Noble recently began its own studies on export options, specifically with liquefied natural gas (LNG), which will be finished in March, he said.
Noble's largest Israeli partner, Delek Energy, said Israel is strategically located to export to both Asia and Europe, and without looking to sell natural gas abroad the industry would falter.
"To get investors to develop and lay infrastructure ... and fund projects of this type, you need to open the market spectrum, which means export, export, export," said Gideon Tadmor, the company's CEO.
He said countries like Bangladesh and Egypt chose not to promote gas exports and, in turn, hurt their industries.
Ohad Marani, CEO of ILD Energy, which is exploring in the eastern Mediterranean, said that should it choose to export via a few floating LNG terminals, Israel could sell 15 to 20 billion cubic meters each year, worth about $4 billion.
Bethel Finance news:
Energy exploration companies on Tuesday called on the Israeli government to allow them to export natural gas from recently discovered reserves or risk harming the country's fast-developing gas industry.
Gas production is set to soar in Israel in the coming decades following the discovery of some of the world's largest offshore reserves, and the government last month formed a committee to decide how best to allocate the windfall while safeguarding Israel's energy independence.
The committee will present its decision by the end of February.
Government officials have said they want to secure up to 50 years of reserves for Israel before allowing exports, but have also acknowledged the firms' desire to sell gas abroad.
"We think there is a really compelling case for natural gas exports," said Lawson Freeman, vice president for the Eastern Mediterranean at Texas-based Noble Energy, which leads a number of U.S.-Israeli exploration groups off the Israeli coast.
In the past two years, Noble and its Israeli partners discovered the Tamar field, where production from its 9 trillion cubic feet (TCF) of gas is set to begin in 2013, and the Leviathan prospect, which is nearly twice as big and due to be online around 2017.
Tamar, Freeman said, can meet Israel's energy needs for the next 20 years.
"We're looking at exports for Leviathan," he said at the Israel Energy and Business Conference in Tel Aviv.
Should the government allow significant gas exports, it would draw new players and encourage further exploration, Freeman said.
Noble recently began its own studies on export options, specifically with liquefied natural gas (LNG), which will be finished in March, he said.
Noble's largest Israeli partner, Delek Energy, said Israel is strategically located to export to both Asia and Europe, and without looking to sell natural gas abroad the industry would falter.
"To get investors to develop and lay infrastructure ... and fund projects of this type, you need to open the market spectrum, which means export, export, export," said Gideon Tadmor, the company's CEO.
He said countries like Bangladesh and Egypt chose not to promote gas exports and, in turn, hurt their industries.
Ohad Marani, CEO of ILD Energy, which is exploring in the eastern Mediterranean, said that should it choose to export via a few floating LNG terminals, Israel could sell 15 to 20 billion cubic meters each year, worth about $4 billion.
Bethel Finance: Perion to Present at the 4th Annual LD Micro Growth Conference
www.bethelfinance.com
Bethel Finance news:
Perion Network Ltd. today announced that CFO Yacov Kaufman will present at the LD MICRO Growth Conference on Thursday, December 8th at 8:30 a.m. PT.
The conference will have 101 companies presenting over two days and is being held at the Luxe Sunset Bel Air Hotel in Los Angeles, California.
Investors attending the conference who wish to meet with Mr. Kaufman for a one-on-one meeting should contact LD Micro at (408) 457-1042, or visit http://www.ldmicro.com .
About Perion Network Ltd.,
Founded in 2000, Perion /quotes/zigman/99528/quotes/nls/peri PERI -2.32% is a digital media company that provides products and services to consumers to help make their everyday life simpler and more enjoyable. Focusing on an underserved market of second wave adopters who value their time online, Perion offers a growing portfolio of easy-to-use products. The Company's products include: IncrediMail Premium, an award winning e-mail product sold in over 100 countries in 10 different languages; Smilebox, a leading photo sharing and social expression product and service that lets customers quickly turn life's moments into digital creations to share and connect with friends and family in a fun and personal way; PhotoJoy, a photo discovery and sharing screensaver & wallpaper product; and Fixie a PC optimization product. For more information on Perion /quotes/zigman/99528/quotes/nls/peri PERI -2.32% , visit www.perion.com .
About LD MICRO
LD MICRO is a by-invitation only newsletter firm that focuses on finding undervalued companies in the micro-cap space. Since 2002, the firm has published an annual list of recommended stocks as well as comprehensive reports on select companies throughout the year. LD MICRO concentrates on finding, researching, and investing in companies that are overlooked by institutional investors. It is a non-registered investment advisor. For more information on LD MICRO visit www.ldmicro.com .
Forward Looking Statements
This press release contains historical information and forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 with respect to the business, financial condition and results of operations of the Company. The words "believe," "expect," "intend," "plan," "should" and similar expressions are intended to identify forward-looking statements. Such statements reflect the current views, assumptions and expectations of the Company with respect to future events and are subject to risks and uncertainties. Many factors could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others, changes in the markets in which the Company operates and in general economic and business conditions, loss of key customers and unpredictable sales cycles, competitive pressures, market acceptance of new products, inability to meet efficiency and cost reduction objectives, changes in business strategy and various other factors, both referenced and not referenced in this press release. Various risks and uncertainties may affect the Company and its results of operations, as described in reports filed by the Company with the Securities and Exchange Commission from time to time. The Company does not assume any obligation to update these forward-looking statements.
Bethel Finance news:
Perion Network Ltd. today announced that CFO Yacov Kaufman will present at the LD MICRO Growth Conference on Thursday, December 8th at 8:30 a.m. PT.
The conference will have 101 companies presenting over two days and is being held at the Luxe Sunset Bel Air Hotel in Los Angeles, California.
Investors attending the conference who wish to meet with Mr. Kaufman for a one-on-one meeting should contact LD Micro at (408) 457-1042, or visit http://www.ldmicro.com .
About Perion Network Ltd.,
Founded in 2000, Perion /quotes/zigman/99528/quotes/nls/peri PERI -2.32% is a digital media company that provides products and services to consumers to help make their everyday life simpler and more enjoyable. Focusing on an underserved market of second wave adopters who value their time online, Perion offers a growing portfolio of easy-to-use products. The Company's products include: IncrediMail Premium, an award winning e-mail product sold in over 100 countries in 10 different languages; Smilebox, a leading photo sharing and social expression product and service that lets customers quickly turn life's moments into digital creations to share and connect with friends and family in a fun and personal way; PhotoJoy, a photo discovery and sharing screensaver & wallpaper product; and Fixie a PC optimization product. For more information on Perion /quotes/zigman/99528/quotes/nls/peri PERI -2.32% , visit www.perion.com .
About LD MICRO
LD MICRO is a by-invitation only newsletter firm that focuses on finding undervalued companies in the micro-cap space. Since 2002, the firm has published an annual list of recommended stocks as well as comprehensive reports on select companies throughout the year. LD MICRO concentrates on finding, researching, and investing in companies that are overlooked by institutional investors. It is a non-registered investment advisor. For more information on LD MICRO visit www.ldmicro.com .
Forward Looking Statements
This press release contains historical information and forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 with respect to the business, financial condition and results of operations of the Company. The words "believe," "expect," "intend," "plan," "should" and similar expressions are intended to identify forward-looking statements. Such statements reflect the current views, assumptions and expectations of the Company with respect to future events and are subject to risks and uncertainties. Many factors could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others, changes in the markets in which the Company operates and in general economic and business conditions, loss of key customers and unpredictable sales cycles, competitive pressures, market acceptance of new products, inability to meet efficiency and cost reduction objectives, changes in business strategy and various other factors, both referenced and not referenced in this press release. Various risks and uncertainties may affect the Company and its results of operations, as described in reports filed by the Company with the Securities and Exchange Commission from time to time. The Company does not assume any obligation to update these forward-looking statements.
Monday, November 28, 2011
Bethel Finance: Shekel flat ahead of interest rate decision
www.bethelfinance.com
Bethel Finance news:
The shekel was stable against the dollar in inter-bank trading this morning, and weakened against the euro. The shekel dollar exchange rate was up 0.01% at NIS 3.79/$, in comparison with Friday's representative rate, and the shekel euro exchange rate was up 0.30% against the euro at NIS 5.05/€.
The euro weakened following reports that the IMF is planning to offer Italy €600 billion in aid ($794 billion) if the country's debt crisis continues to worsen.
The Bank of Israel is expected to lower the interest rate for December today. A "Bloomberg" survey found that analysts believe that the interest rate will be lowered by 25 basis points to 2.75%.
The interest rate is expected to be lowered due to worsening falls on financial markets and concerns about a recession in Europe and an economic slowdown in the US in 2012, which would affect Israel's export-based economy.
Bethel Finance news:
The shekel was stable against the dollar in inter-bank trading this morning, and weakened against the euro. The shekel dollar exchange rate was up 0.01% at NIS 3.79/$, in comparison with Friday's representative rate, and the shekel euro exchange rate was up 0.30% against the euro at NIS 5.05/€.
The euro weakened following reports that the IMF is planning to offer Italy €600 billion in aid ($794 billion) if the country's debt crisis continues to worsen.
The Bank of Israel is expected to lower the interest rate for December today. A "Bloomberg" survey found that analysts believe that the interest rate will be lowered by 25 basis points to 2.75%.
The interest rate is expected to be lowered due to worsening falls on financial markets and concerns about a recession in Europe and an economic slowdown in the US in 2012, which would affect Israel's export-based economy.
Bethel Finance: Banker sees soft landing for housing market
www.bethelfinance.com
Bethel Finance news:
Data from the Central Bureau of Statistics, the government assessor, and the Ministry of Finance that were recently published signal a fall in real estate prices for the first time in three years. Concern about a sharp decline in prices is becoming painfully real, as can be seen in financials published by Shikun u'Binui Holdings Ltd. (TASE: SKBN) (Housing and Construction) last week, which included the worrying statistic that only 53 apartment units were sold in the third quarter, the smallest number sold in the past five years, and less than 10% of the number sold in the corresponding quarter last year.
The situation also caught the attention of Governor of the Bank of Israel Prof. Stanley Fischer. "There is a need to quickly market land for building," Fischer said in the Knesset Finance Committee meeting, "But prices need to be lowered gradually, since a sharp decline could cause problems in the construction industry."
Bank of Jerusalem CEO Uri Paz believes that we are witnessing a change of direction in the market. "I think that we have been undergoing a change in the trend for a few months already. There is no doubt that prices have stopped rising, and that we are seeing small changes, in the form of price declines," Paz told "Globes". Paz added that he believes that this decline is also the result of buyers "sitting on the fence". However, he stressed that, "real estate prices are currently stabilizing, and are not falling.
"Fischer's opinion that prices should be lowered in moderation is correct. A sharp fall in prices would harm banks, contractors, and buyers, as well as the economy.
"Assuming that prices fall a nominal 10-15% over the next two to three years, combined with 6-7% rate of inflation, there would be a 20% decline in real estate prices in real terms, which would balance out the recent 25% rise in real estate prices in real terms. This would be considered a "soft" landing, which would be beneficial to the economy - to contractors, entrepreneurs, people paying mortgages, and real estate owners. In order to bring about this scenario, we must release more land."
Are you ready for a situation in which prices fall and contractors go bankrupt?
"Banks are always checking what the worst case scenario is. Currently, in addition to the guarantees that contractors provide, conservative banks are also requiring safety buffers to be prepared for a situation in which prices fall 25%. I believe that even if prices fall 40-45%, the banking system will still be protected, and that banks are prepared for such a scenario. We will feel the risk if prices fall 45-50%.
"The circumstances need to be very extreme for real estate prices to plummet, as in the mortgage crisis in the US."
Bethel Finance news:
Data from the Central Bureau of Statistics, the government assessor, and the Ministry of Finance that were recently published signal a fall in real estate prices for the first time in three years. Concern about a sharp decline in prices is becoming painfully real, as can be seen in financials published by Shikun u'Binui Holdings Ltd. (TASE: SKBN) (Housing and Construction) last week, which included the worrying statistic that only 53 apartment units were sold in the third quarter, the smallest number sold in the past five years, and less than 10% of the number sold in the corresponding quarter last year.
The situation also caught the attention of Governor of the Bank of Israel Prof. Stanley Fischer. "There is a need to quickly market land for building," Fischer said in the Knesset Finance Committee meeting, "But prices need to be lowered gradually, since a sharp decline could cause problems in the construction industry."
Bank of Jerusalem CEO Uri Paz believes that we are witnessing a change of direction in the market. "I think that we have been undergoing a change in the trend for a few months already. There is no doubt that prices have stopped rising, and that we are seeing small changes, in the form of price declines," Paz told "Globes". Paz added that he believes that this decline is also the result of buyers "sitting on the fence". However, he stressed that, "real estate prices are currently stabilizing, and are not falling.
"Fischer's opinion that prices should be lowered in moderation is correct. A sharp fall in prices would harm banks, contractors, and buyers, as well as the economy.
"Assuming that prices fall a nominal 10-15% over the next two to three years, combined with 6-7% rate of inflation, there would be a 20% decline in real estate prices in real terms, which would balance out the recent 25% rise in real estate prices in real terms. This would be considered a "soft" landing, which would be beneficial to the economy - to contractors, entrepreneurs, people paying mortgages, and real estate owners. In order to bring about this scenario, we must release more land."
Are you ready for a situation in which prices fall and contractors go bankrupt?
"Banks are always checking what the worst case scenario is. Currently, in addition to the guarantees that contractors provide, conservative banks are also requiring safety buffers to be prepared for a situation in which prices fall 25%. I believe that even if prices fall 40-45%, the banking system will still be protected, and that banks are prepared for such a scenario. We will feel the risk if prices fall 45-50%.
"The circumstances need to be very extreme for real estate prices to plummet, as in the mortgage crisis in the US."
Bethel Finance: Export Institute warns on exposure to Europe
www.bethelfinance.com
Bethel Finance news:
Israel Export and International Cooperation Institute chairman Ramzi Gabai has called on exporters to reduce their exposure to foreign trade risk. "Exporters to Europe must act very cautiously. I am not saying don’t export, but thing should be done wisely," he told "Globes" yesterday.
"We're definitely scared by what we are seeing in Europe," Gabai said. "When there are reports of credit downgrades for Belgium and Hungary, there is something to worry about. It's no longer just Greece and Spain. It's scarier, because if we don’t prepare a proper response for each problem, we'll crash together with Europe, and Israeli exports will take a battering."
An analysis by Export Institute chief economist Shauli Katznelson in May 2010 warned that the absence of effective measures to solve the economic crisis in Greece could jeopardize the Eurozone, which would inevitably affect Israel.
Nevertheless, Israeli exports to the EU rose to 32% of total exports in January-September 2011 from 30% in the corresponding months of 2010, amounting to $11 billion. "This figure should not be taken for granted. It reflects many years of hard work and investment in Europe as an export target. Israeli exporters have been able to establish themselves there," said Gabai. "However, in view of the severe crisis in Europe, we advise them to continue investing in this market, but at the same time, to establish themselves in alternative, more stable markets."
Despite fears and forecasts of a European economic catastrophe, the Export Institute does not intend to revise its export forecast for 2012, reiterating its already bleak forecast of just 3% export growth next year.
Bethel Finance news:
Israel Export and International Cooperation Institute chairman Ramzi Gabai has called on exporters to reduce their exposure to foreign trade risk. "Exporters to Europe must act very cautiously. I am not saying don’t export, but thing should be done wisely," he told "Globes" yesterday.
"We're definitely scared by what we are seeing in Europe," Gabai said. "When there are reports of credit downgrades for Belgium and Hungary, there is something to worry about. It's no longer just Greece and Spain. It's scarier, because if we don’t prepare a proper response for each problem, we'll crash together with Europe, and Israeli exports will take a battering."
An analysis by Export Institute chief economist Shauli Katznelson in May 2010 warned that the absence of effective measures to solve the economic crisis in Greece could jeopardize the Eurozone, which would inevitably affect Israel.
Nevertheless, Israeli exports to the EU rose to 32% of total exports in January-September 2011 from 30% in the corresponding months of 2010, amounting to $11 billion. "This figure should not be taken for granted. It reflects many years of hard work and investment in Europe as an export target. Israeli exporters have been able to establish themselves there," said Gabai. "However, in view of the severe crisis in Europe, we advise them to continue investing in this market, but at the same time, to establish themselves in alternative, more stable markets."
Despite fears and forecasts of a European economic catastrophe, the Export Institute does not intend to revise its export forecast for 2012, reiterating its already bleak forecast of just 3% export growth next year.
Bethel Finance: Dankner, Tshuva lose big time in Las Vegas
www.bethelfinance.com
Bethel Finance news:
The financial report for the third quarter published by IDB Holding Corp. Ltd. (TASE:IDBH) unit Property and Building Ltd. (TASE: PTBL) today discloses the serious condition of the Las Vegas property market and of Nochi Dankner and Yitzhak Tshuva's Plaza casino and hotel project in the city. Property and Building swung to a net loss attributable to majority shareholders of NIS 427 million for the third quarter, from a net profit of NIS 46 million for the corresponding quarter of 2010, due to a NIS 390 million write-off on properties in the US, specifically, the Plaza project.
Property and Building's rental revenue rose 9% to NIS 161 million for the third quarter from NIS 147 million for the corresponding quarter, but revenue from property sales fell to NIS 44 million from NIS 131 million. Revenue from agricultural produce rose to NIS 64 million from NIS 44 million.
The company wrote NIS 279 million off the value of its 25% stake in the Las Vegas property for the third quarter, which means that the total write-off is NIS 1.11 billion. Property and Building attached an appraisal of the Plaza project made by Marquette Advisors, which valued the property at $700-800 million, against which there is a $620 million loan.
The reason for the write-off is the collapse of the Las Vegas real estate market, one of the worst-hit markets in the US. In effect, Dankner and Tshuva have written off $500 million on their $1.2 billion purchase of the land for the Plaza project in 2007.
IBI Investment House analyst Shay Lipman said, "The partners (Dankner's IDB Development Corp. Ltd. and its subsidiary Property and Building, which together own half the Plaza project, and Tshuva's Elad Properties, which owns the other half), have effectively written off nearly all their shareholders' equity. It can be clearly said that the Plaza project will not go ahead. Obviously, it is now the problem of the banks, which are left with land, and with borrowers who we would be not surprised to see them give back the land when the loans come up for renewal in six months."
Property and Building chairman Rafi Bisker said, "Property and Building continues to expand its income-producing property portfolio in Israel and overseas, and reported substantial revenue growth from its core business. However, the financial report for the third quarter of 2011 was strongly affected by the write-off on projects in Las Vegas. Most of the write-off was for the Plaza project, due to the assessment that the start of construction will be delayed, which is mainly because of developments in international capital markets where it is impossible to obtain substantial outside financing for long-term development projects."
Property and Building's share price fell 1.1% in morning trading to NIS 160, giving a market cap of NIS 1 billion.
Bethel Finance news:
The financial report for the third quarter published by IDB Holding Corp. Ltd. (TASE:IDBH) unit Property and Building Ltd. (TASE: PTBL) today discloses the serious condition of the Las Vegas property market and of Nochi Dankner and Yitzhak Tshuva's Plaza casino and hotel project in the city. Property and Building swung to a net loss attributable to majority shareholders of NIS 427 million for the third quarter, from a net profit of NIS 46 million for the corresponding quarter of 2010, due to a NIS 390 million write-off on properties in the US, specifically, the Plaza project.
Property and Building's rental revenue rose 9% to NIS 161 million for the third quarter from NIS 147 million for the corresponding quarter, but revenue from property sales fell to NIS 44 million from NIS 131 million. Revenue from agricultural produce rose to NIS 64 million from NIS 44 million.
The company wrote NIS 279 million off the value of its 25% stake in the Las Vegas property for the third quarter, which means that the total write-off is NIS 1.11 billion. Property and Building attached an appraisal of the Plaza project made by Marquette Advisors, which valued the property at $700-800 million, against which there is a $620 million loan.
The reason for the write-off is the collapse of the Las Vegas real estate market, one of the worst-hit markets in the US. In effect, Dankner and Tshuva have written off $500 million on their $1.2 billion purchase of the land for the Plaza project in 2007.
IBI Investment House analyst Shay Lipman said, "The partners (Dankner's IDB Development Corp. Ltd. and its subsidiary Property and Building, which together own half the Plaza project, and Tshuva's Elad Properties, which owns the other half), have effectively written off nearly all their shareholders' equity. It can be clearly said that the Plaza project will not go ahead. Obviously, it is now the problem of the banks, which are left with land, and with borrowers who we would be not surprised to see them give back the land when the loans come up for renewal in six months."
Property and Building chairman Rafi Bisker said, "Property and Building continues to expand its income-producing property portfolio in Israel and overseas, and reported substantial revenue growth from its core business. However, the financial report for the third quarter of 2011 was strongly affected by the write-off on projects in Las Vegas. Most of the write-off was for the Plaza project, due to the assessment that the start of construction will be delayed, which is mainly because of developments in international capital markets where it is impossible to obtain substantial outside financing for long-term development projects."
Property and Building's share price fell 1.1% in morning trading to NIS 160, giving a market cap of NIS 1 billion.
Bethel Finance: Hebrew tweets jump 150%
www.bethelfinance.com
Bethel Finance news:
The phenomenal success of Facebook in Israel - with more than 2 million users - has left Twitter and its microblogging behind. It never really succeeded in Israel. The less user-friendly interface, its cliquiness, and also the fact that Twitter was not translated into Hebrew - all of these apparently became obstacles to the success Twitter experienced overseas.
However, it seems that small changes are occurring slowly. In a survey carried out last year, French consulting firm Semiocast analyzed 5.6 billion public tweets (those that can be monitored), and found that the number of Hebrew tweets jumped 150%, about the same as Twitter's overall growth worldwide. Semiocast's analytic tools are capable of analyzing a short text and identifying in which of 61 languages it is written.
However, the number of tweets in Hebrew is still low. As of October 2011, there are 32,000 daily public tweets in Hebrew, amounting to less than 0.1% of total tweets last month. Semiocast believes that the reason for this is that many Israelis prefer to tweet in English. It notes that in the previous survey last February, it became apparent that Israelis tweet three times more often in English than in Hebrew.
At the same time that the Hebrew language is lagging behind, the most interesting piece of data from the Semiocast survey is the change in the use of Arabic. Protests throughout the Arab world this past year brought about a rise of 2,146% in Arabic tweets. According to the survey, there were 2.2 million public tweets in Arabic in October 2011, as opposed to only 30,000 in July 2010.
Not surprisingly, the most popular language on Twitter is English, with 39%, or 70 million public tweets a day. Other popular languages are Japanese (14%), Portuguese (12.4%), Spanish (8.3%) and Malay (6.4%).
Bethel Finance news:
The phenomenal success of Facebook in Israel - with more than 2 million users - has left Twitter and its microblogging behind. It never really succeeded in Israel. The less user-friendly interface, its cliquiness, and also the fact that Twitter was not translated into Hebrew - all of these apparently became obstacles to the success Twitter experienced overseas.
However, it seems that small changes are occurring slowly. In a survey carried out last year, French consulting firm Semiocast analyzed 5.6 billion public tweets (those that can be monitored), and found that the number of Hebrew tweets jumped 150%, about the same as Twitter's overall growth worldwide. Semiocast's analytic tools are capable of analyzing a short text and identifying in which of 61 languages it is written.
However, the number of tweets in Hebrew is still low. As of October 2011, there are 32,000 daily public tweets in Hebrew, amounting to less than 0.1% of total tweets last month. Semiocast believes that the reason for this is that many Israelis prefer to tweet in English. It notes that in the previous survey last February, it became apparent that Israelis tweet three times more often in English than in Hebrew.
At the same time that the Hebrew language is lagging behind, the most interesting piece of data from the Semiocast survey is the change in the use of Arabic. Protests throughout the Arab world this past year brought about a rise of 2,146% in Arabic tweets. According to the survey, there were 2.2 million public tweets in Arabic in October 2011, as opposed to only 30,000 in July 2010.
Not surprisingly, the most popular language on Twitter is English, with 39%, or 70 million public tweets a day. Other popular languages are Japanese (14%), Portuguese (12.4%), Spanish (8.3%) and Malay (6.4%).
Bethel Finance: Employment fair for over 60s
www.bethelfinance.com
Bethel Finance news:
More than 600 positions in a variety of fields will be offered tomorrow at the extensive job fair that the Ministry of Industry, Trade and Labor, along with social organizations, is holding for people over 60. This is the first time that the Ministry of Industry, Trade and Labor is holding a fair in an effort to find a solution to unemployment among senior citizens. Israel Employment Agency statistics show that almost one-third of people who are looking for work in Israel are over the age of 55.
At the fair, which will be held at ZOA House in Tel Aviv, and in which Minister of Industry, Trade and Labor Shalom Simchon will participate, 40 companies from a variety of fields, including engineering, medicine and software engineering, will be offering positions. Banks, insurance companies, mobile companies, investment houses and supermarket chains will offer various positions: from doctors and nurses in private clinics to merchandise sorters; from cashiers in stores to medical services salespeople; and customer service providers at mobile companies' call centers and banks.
"There is great potential for employment"
The Ministry of Industry, Trade and Labor also said that anyone who does not find a job at the fair is eligible to receive consulting services and a referral to professional training courses through one of the entrepreneurship programs that the ministry runs. A workshop to learn how to write a CV and to how prepare oneself for an interview will be held at the fair in an effort to improve participants' chances of being offered a job.
According Tsipi Sheinekman, who is in charge of the integration of special populations into the workforce at the Ministry of Industry, Trade and Labor, more than 1,800 unemployed people over 60 have signed up for the job fair so far. "There is great potential among senior citizens, who can enrich the labor market with their extensive experience and knowledge. Recently, large companies have been displaying a greater willingness to absorb older employees, and the fact that many of them are participating in the fair is witness to this," Sheinekman said.
The Ministry of Industry, Trade and Labor itself is also offering positions to participants at the fair. The ministry is currently looking for 30 teachers and counselors to work at professional training centers it runs around the country.
Bethel Finance news:
More than 600 positions in a variety of fields will be offered tomorrow at the extensive job fair that the Ministry of Industry, Trade and Labor, along with social organizations, is holding for people over 60. This is the first time that the Ministry of Industry, Trade and Labor is holding a fair in an effort to find a solution to unemployment among senior citizens. Israel Employment Agency statistics show that almost one-third of people who are looking for work in Israel are over the age of 55.
At the fair, which will be held at ZOA House in Tel Aviv, and in which Minister of Industry, Trade and Labor Shalom Simchon will participate, 40 companies from a variety of fields, including engineering, medicine and software engineering, will be offering positions. Banks, insurance companies, mobile companies, investment houses and supermarket chains will offer various positions: from doctors and nurses in private clinics to merchandise sorters; from cashiers in stores to medical services salespeople; and customer service providers at mobile companies' call centers and banks.
"There is great potential for employment"
The Ministry of Industry, Trade and Labor also said that anyone who does not find a job at the fair is eligible to receive consulting services and a referral to professional training courses through one of the entrepreneurship programs that the ministry runs. A workshop to learn how to write a CV and to how prepare oneself for an interview will be held at the fair in an effort to improve participants' chances of being offered a job.
According Tsipi Sheinekman, who is in charge of the integration of special populations into the workforce at the Ministry of Industry, Trade and Labor, more than 1,800 unemployed people over 60 have signed up for the job fair so far. "There is great potential among senior citizens, who can enrich the labor market with their extensive experience and knowledge. Recently, large companies have been displaying a greater willingness to absorb older employees, and the fact that many of them are participating in the fair is witness to this," Sheinekman said.
The Ministry of Industry, Trade and Labor itself is also offering positions to participants at the fair. The ministry is currently looking for 30 teachers and counselors to work at professional training centers it runs around the country.
Bethel Finance: Gas pipeline hit again as Egypt votes
www.bethelfinance.com
Bethel Finance news:
Egypt's natural gas pipeline to Israel and Jordan was attacked again last night - the eighth attack since the beginning of the year - just two days after the previous attack. The attack occurred just six hours before voting booths opened across Egypt for the first parliamentary elections since the fall of Mubarak regime in February.
Preliminary reports state that the explosion occurred west of El Arish, in the El Sabil area in northern Sinai. Large rescue and fire-fighting units are at the scene.
The first round of Egyptian parliamentary elections begin today, against a backdrop of fears about violence in Cairo streets. Analysts predict that the Muslim Brotherhood will win a decisive majority in the elections.
There have three attacks on the Sinai pipelines in November alone, following attacks in July and September. Egypt's gas supply contract with Israel is hugely unpopular among Egyptians, who believe that Israel does not pay a fair price for the gas, and that it reached a deal by bribing Mubarak regime officials.
The repeated attacks on the pipelines have disrupted gas deliveries to Israel, Jordan, and Syria. Israel Electric Corporation (IEC) (TASE: ELEC.B22) recently announced that, due to the suspension in gas deliveries from Egypt and the switch to other fuels, mainly diesel, it needs NIS 3-3.5 billion in immediate government aid.
Ampal-American Israel Corporation (Nasdaq: AMPL; TASE:AMPL), which owns 12.5% of Egypt's East Mediterranean Gas Company (EMG), announced, "At around 01:00 last night there was an explosion close by and west of Al Arish along the Egyptian gas pipeline and west of EMG’s site, due to an alleged terror attack. The pipeline is owned and operated by GASCO, the Egyptian gas transport company, which is a subsidiary of EGAS, the Egyptian national gas company (EMG's gas supplier). Following the explosion EGAS has initiated its standard shut down procedure affecting gas transportation throughout the Sinai area and gas supply to Jordan, Lebanon, Syria; to major Egyptian industries and gas consumers in the Sinai; and to EMG.
"The extent of the damage to GASCO’s pipeline and the estimated repair period is unknown at this point. Neither EMG's site nor EMG's pipeline were damaged as the affected GASCO’s pipeline is not a part of the EMG pipeline system."
Bethel Finance news:
Egypt's natural gas pipeline to Israel and Jordan was attacked again last night - the eighth attack since the beginning of the year - just two days after the previous attack. The attack occurred just six hours before voting booths opened across Egypt for the first parliamentary elections since the fall of Mubarak regime in February.
Preliminary reports state that the explosion occurred west of El Arish, in the El Sabil area in northern Sinai. Large rescue and fire-fighting units are at the scene.
The first round of Egyptian parliamentary elections begin today, against a backdrop of fears about violence in Cairo streets. Analysts predict that the Muslim Brotherhood will win a decisive majority in the elections.
There have three attacks on the Sinai pipelines in November alone, following attacks in July and September. Egypt's gas supply contract with Israel is hugely unpopular among Egyptians, who believe that Israel does not pay a fair price for the gas, and that it reached a deal by bribing Mubarak regime officials.
The repeated attacks on the pipelines have disrupted gas deliveries to Israel, Jordan, and Syria. Israel Electric Corporation (IEC) (TASE: ELEC.B22) recently announced that, due to the suspension in gas deliveries from Egypt and the switch to other fuels, mainly diesel, it needs NIS 3-3.5 billion in immediate government aid.
Ampal-American Israel Corporation (Nasdaq: AMPL; TASE:AMPL), which owns 12.5% of Egypt's East Mediterranean Gas Company (EMG), announced, "At around 01:00 last night there was an explosion close by and west of Al Arish along the Egyptian gas pipeline and west of EMG’s site, due to an alleged terror attack. The pipeline is owned and operated by GASCO, the Egyptian gas transport company, which is a subsidiary of EGAS, the Egyptian national gas company (EMG's gas supplier). Following the explosion EGAS has initiated its standard shut down procedure affecting gas transportation throughout the Sinai area and gas supply to Jordan, Lebanon, Syria; to major Egyptian industries and gas consumers in the Sinai; and to EMG.
"The extent of the damage to GASCO’s pipeline and the estimated repair period is unknown at this point. Neither EMG's site nor EMG's pipeline were damaged as the affected GASCO’s pipeline is not a part of the EMG pipeline system."
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