www.bethelfinane.com
Bethel Finance news:
CA Technologies today announced that EL AL Israeli Airline Company has implemented CA Technologies Next-Generation Mainframe Management solution, CA Mainframe Chorus, to help IT more efficiently manage mission-critical mainframe workloads and reduce the learning curve for novice administrators.
“We must support our business environment to be competitive, but cutbacks in budget and manpower make it hard for us to successfully manage our growing processing power and cope with the intensifying complexity of our computing environment,” said Arieh Berger, Operation System and Information Security Manager at EL AL. “CA Mainframe Chorus helps us to simplify management, improve the flexibility and output of our computing division, and gives us a solution that allows us to do more with less resources.”
In order to help provide for high availability of critical systems and services, the IT team needed a way to improve operations and reduce the training time to get new mainframe staff up to speed. CA Mainframe Chorus delivers EL AL’s Mainframe team the modern web-based capabilities and streamlined user interface it needs to help accomplish these goals.
EL AL has improved IT operations by leveraging CA Mainframe Chorus’ enhanced reporting tools, efficient handling of z/OS events and more flexible automated monitoring of storage levels. It has also taken advantage of faster problem detection and trouble-shooting, simplified graphical display of complex business data, historical analysis of trends and production of comparative diagrams for problem-solving.
“EL AL, like many of our customers, is looking to deliver excellent service quality to their users in spite of daunting economic and staffing challenges,” said Dayton Semerjian, general manager, Mainframe Customer Solutions Unit, CA Technologies. “CA Mainframe Chorus helps them to transition from simply managing IT to delivering business services by providing Next-Generation Mainframe Management capabilities with the innovation and flexibility they need.”
About CA Technologies
CA Technologies (NASDAQ: CA) is an IT management software and solutions company with expertise across all IT environments – from mainframe and distributed, to virtual and cloud. CA Technologies manages and secures IT environments and enables customers to deliver more flexible IT services. CA Technologies innovative products and services provide the insight and control essential for IT organizations to power business agility. The majority of the Global Fortune 500 relies on CA Technologies to manage evolving IT ecosystems.
Tuesday, January 31, 2012
Bethel Finance:McAfee: Israel tops cyber-defense survey
www.bethelfinance.com
Bethel Finance news:
Israel, Finland and Sweden top the McAfee cyber-defense survey of leading experts' perception of a nation's defenses, with a score of 4.5 out of 5. The rankings are based on the perceived quality of a country's cyber-readiness - the ability to cope with a range of threats and attacks.
Israel tops the US, UK, Germany, Spain, France, Netherlands and Estonia (which was the target of alleged Russian cyber attacks several years ago) in the rankings, each of which received 4 out 5 points.
The report found China, Brazil and Mexico as among the countries least able to defend themselves against emerging attacks. It concludes that greater global sharing of information is necessary to keep ahead of threats, and recommends giving more power to law enforcement to fight cross-border crime.
McAfee CTO Raj Samani says, "The subjectiveness of the report is its biggest strength. What it does is give the perception of cyber-readiness by those individuals who kind of understand and work in cyber security on a day-in, day-out basis."
A good score depends on having basic measures like adequate firewalls and antivirus protection, and more complex matters including well-informed governance and education.
"Cyber security is not about saving information or data, but about something deeper than that. It's about securing different life systems regulated by computers. In Israel, we realized this ten years ago," says Cyber security advisor to Prime Minister Benjamin Netanyahu Isaac Ben-Israel "A cyber war can inflict the same type of damage as a conventional war. If you want to hit a country severely, you hit its power and water supplies. Cyber technology can do this without firing a single bullet."
Ben-Israel says that Israel sees 1,000 cyber attacks every minute, but that there is a hierarchy of threats. "The hacktivist group Anonymous carries out lots of attacks, but they don’t do much damage. The real threat is from states and major crime organizations." He adds that Israel is formulating national policies to actively respond to cyber attacks.
Last year, Ben-Israel headed a cybernetic taskforce that submitted recommendations to the government. They include establishing a cyber authority, research centers, and increased cooperation between the government, business, and academe. On the basis of the recommendations, Israel is implementing a five-year plant to place itself in the cyber-security lead, including investment in R&D, the establishment of a supercomputer center, boosting studies in cybernetics, and encouraging industry to develop new technologies.
Ben-Israel says that, in 2002, Israel drew up a list of 19 major infrastructures, including power plants, the water supply, and the banking system. "We faced a legal problem: how do you force the private sector infrastructure to protect themselves against a cyber attack? So we changed the laws. The level of government interference in the private sector is a dilemma."
Israel believes that critical national infrastructure is not adequately protected against cyber attack. Although it is generally believed that the Stuxnet virus that disabled centrifuges at Iran's Natanz nuclear plant was a joint US-Israel design, neither country has acknowledged this.
The report notes Israel's law requiring all new homes and apartments to have a bomb-proof room. Ben-Israel explains, "People accepted this law because of our experience with Scud missiles in 1991. The threat was real and people felt it was real. It would have been unimaginable to establish the [US] Patriot Act before 9/11. Once people in the street realize that terrorism is very real, they accept things. Cyber attacks are not just a technological problem, but also legal, political, and societal problems."
Ben Israel says that Israel is a model for effective collaboration between industry, defense and academe. "We have a legal framework to tell private industry what measures to take to secure the power, water, and banking systems," but warns, "If you look at the threat potential, there is still a lot to do."
Bethel Finance news:
Israel, Finland and Sweden top the McAfee cyber-defense survey of leading experts' perception of a nation's defenses, with a score of 4.5 out of 5. The rankings are based on the perceived quality of a country's cyber-readiness - the ability to cope with a range of threats and attacks.
Israel tops the US, UK, Germany, Spain, France, Netherlands and Estonia (which was the target of alleged Russian cyber attacks several years ago) in the rankings, each of which received 4 out 5 points.
The report found China, Brazil and Mexico as among the countries least able to defend themselves against emerging attacks. It concludes that greater global sharing of information is necessary to keep ahead of threats, and recommends giving more power to law enforcement to fight cross-border crime.
McAfee CTO Raj Samani says, "The subjectiveness of the report is its biggest strength. What it does is give the perception of cyber-readiness by those individuals who kind of understand and work in cyber security on a day-in, day-out basis."
A good score depends on having basic measures like adequate firewalls and antivirus protection, and more complex matters including well-informed governance and education.
"Cyber security is not about saving information or data, but about something deeper than that. It's about securing different life systems regulated by computers. In Israel, we realized this ten years ago," says Cyber security advisor to Prime Minister Benjamin Netanyahu Isaac Ben-Israel "A cyber war can inflict the same type of damage as a conventional war. If you want to hit a country severely, you hit its power and water supplies. Cyber technology can do this without firing a single bullet."
Ben-Israel says that Israel sees 1,000 cyber attacks every minute, but that there is a hierarchy of threats. "The hacktivist group Anonymous carries out lots of attacks, but they don’t do much damage. The real threat is from states and major crime organizations." He adds that Israel is formulating national policies to actively respond to cyber attacks.
Last year, Ben-Israel headed a cybernetic taskforce that submitted recommendations to the government. They include establishing a cyber authority, research centers, and increased cooperation between the government, business, and academe. On the basis of the recommendations, Israel is implementing a five-year plant to place itself in the cyber-security lead, including investment in R&D, the establishment of a supercomputer center, boosting studies in cybernetics, and encouraging industry to develop new technologies.
Ben-Israel says that, in 2002, Israel drew up a list of 19 major infrastructures, including power plants, the water supply, and the banking system. "We faced a legal problem: how do you force the private sector infrastructure to protect themselves against a cyber attack? So we changed the laws. The level of government interference in the private sector is a dilemma."
Israel believes that critical national infrastructure is not adequately protected against cyber attack. Although it is generally believed that the Stuxnet virus that disabled centrifuges at Iran's Natanz nuclear plant was a joint US-Israel design, neither country has acknowledged this.
The report notes Israel's law requiring all new homes and apartments to have a bomb-proof room. Ben-Israel explains, "People accepted this law because of our experience with Scud missiles in 1991. The threat was real and people felt it was real. It would have been unimaginable to establish the [US] Patriot Act before 9/11. Once people in the street realize that terrorism is very real, they accept things. Cyber attacks are not just a technological problem, but also legal, political, and societal problems."
Ben Israel says that Israel is a model for effective collaboration between industry, defense and academe. "We have a legal framework to tell private industry what measures to take to secure the power, water, and banking systems," but warns, "If you look at the threat potential, there is still a lot to do."
Bethel Finance: Israel has no right to censor an artist over his politics
www.bethelfinance.com
Culture and Sports Minister Limor Livnat's implied support for keeping "Jenin, Jenin" director Mohammed Bakri off the Israeli stage must be condemned.
Livnat was responding to a request by right-wing organization Im Tirtzu, which is calling on Livnat and the Tzavta Theater in Tel Aviv "not to grant a forum to this inciter, who defames Israel Defense Forces soldiers." Barki, a Palestinian director and actor, is scheduled to act in the Tzavta Theater's upcoming production of Federico Garcia Lorca's "The House of Bernarda Alba."
But the High Court of Justice ruled in a petition seeking to ban the 2003 movie "Jenin, Jenin" - about the April 2002 battle between IDF soldiers and Palestinian militants in the West Bank refugee camp - that although the film is full of lies that tarnish the image of the state and the IDF, it does not harm the reputation of any soldiers because it does not reveal their identities.
Bakri has never been charged with any offense related to the movie, and he was determined to have been within his legal rights in making it. His opinions may make a lot of people angry, but he is an actor, director and artist whose skills any cultural institution would be lucky to have at its disposal.
It is not legitimate to question whether Bakri - or anyone else whose opinions are considered by someone in power to be unacceptable - can perform in a play put on by a theater that receives funding from the Culture and Sports Ministry, and it is certainly none of the culture minister's business. Actors should be chosen only for artistic reasons. Such decisions are supposed to be made by the individual theaters or any other artistic body, as long as they are made completely freely and autonomously.
The fact that a theater gets funding from the Culture and Sports Ministry does not give the ministry, the minister who heads it, or any other bureaucrat involved in the budget allocation the right to intervene politically or in any other way.
The ministry did state that Livnat "expects the Tzavta administration to independently reconsider" whether Bakri should be hired, which seemingly lays the responsibility for ousting him at the theater's feet, but the comment does contain more than the hint of a threat. In addition, the statement clearly shows that Livnat does not understand that getting involved is an abrasive departure from her real job.
Perhaps Livnat should watch "The House of Bernarda Alba," about the forced imposition of rigid conservative norms and the violent infringement of freedom and human dignity. Then maybe she should independently reconsider.
Culture and Sports Minister Limor Livnat's implied support for keeping "Jenin, Jenin" director Mohammed Bakri off the Israeli stage must be condemned.
Livnat was responding to a request by right-wing organization Im Tirtzu, which is calling on Livnat and the Tzavta Theater in Tel Aviv "not to grant a forum to this inciter, who defames Israel Defense Forces soldiers." Barki, a Palestinian director and actor, is scheduled to act in the Tzavta Theater's upcoming production of Federico Garcia Lorca's "The House of Bernarda Alba."
But the High Court of Justice ruled in a petition seeking to ban the 2003 movie "Jenin, Jenin" - about the April 2002 battle between IDF soldiers and Palestinian militants in the West Bank refugee camp - that although the film is full of lies that tarnish the image of the state and the IDF, it does not harm the reputation of any soldiers because it does not reveal their identities.
Bakri has never been charged with any offense related to the movie, and he was determined to have been within his legal rights in making it. His opinions may make a lot of people angry, but he is an actor, director and artist whose skills any cultural institution would be lucky to have at its disposal.
It is not legitimate to question whether Bakri - or anyone else whose opinions are considered by someone in power to be unacceptable - can perform in a play put on by a theater that receives funding from the Culture and Sports Ministry, and it is certainly none of the culture minister's business. Actors should be chosen only for artistic reasons. Such decisions are supposed to be made by the individual theaters or any other artistic body, as long as they are made completely freely and autonomously.
The fact that a theater gets funding from the Culture and Sports Ministry does not give the ministry, the minister who heads it, or any other bureaucrat involved in the budget allocation the right to intervene politically or in any other way.
The ministry did state that Livnat "expects the Tzavta administration to independently reconsider" whether Bakri should be hired, which seemingly lays the responsibility for ousting him at the theater's feet, but the comment does contain more than the hint of a threat. In addition, the statement clearly shows that Livnat does not understand that getting involved is an abrasive departure from her real job.
Perhaps Livnat should watch "The House of Bernarda Alba," about the forced imposition of rigid conservative norms and the violent infringement of freedom and human dignity. Then maybe she should independently reconsider.
Bethel Finance:Israel leads way in making saltwater potable
www.bethelfinance.com
In an old Middle Eastern curse, enemies are told to drink from the sea. Cursed with water-shortage problems, Israel has pioneered desalination solutions that are changing the world. From manufacturing China's largest desalination plant and smaller ones on Caribbean islands, to watering its own agricultural industry, Israel's desalination business is a story that started at the founding of the state.
Today Israel's award-winning desalination companies are quenching the thirst of dry nations, and are challenged by today's environmental questions to provide greener options for tomorrow.
Desalination is a process that removes salts and minerals from otherwise undrinkable sea or saline water. With about 70 percent of the world covered in water, and more than 90% of it saltwater, even the water-rich United States finds itself in need of desalination solutions in California. And Israel is there to help.
The biblical Book of Exodus relates how the ancient Israelite leader Moses was empowered to turn bitter water sweet for drinking. Wind the tape forward to the 1950s, when Israel's technological progress in desalination was catalyzed by founding father David Ben-Gurion, who saw desalination as part of Israel's destiny.
Over the last few thousand years, nothing has changed: To survive and thrive, Israelis still need a source for fresh drinking water.
Israel's major foray into desalination began with IDE Technologies - known as Israel Desalination Engineering when it was government-owned - which has built more than 400 desalination plants in some 40 countries, from Caribbean islands to the United States, to mammoth plants in China and Israel. The company is headquartered in Kadima.
Every day, IDE plants produce about two million cubic meters of potable water for the world to use, and its R&D staff is investigating and implementing greener solutions for an industry not known for its environmentalism.
Early experiments in Eilat
Israel's desalination story started with a "crazy" scientist and local legend, Prof. Alexander Zarchin, who headed a research group that proposed a process called vacuum freezing vapor compression (VFVC), which eventually was put into practice in the Israeli Red Sea city of Eilat. The idea was to force water into its three forms - vapor, solid and liquid - pull the salt-free ice out of the mixture and melt it.
Unfortunately, this very secretive project failed. The problem with VFVC, says IDE executive VP of special projects Fredi Lokiec, was that it required too much space and too specific maintenance temperatures to contain the vapor phase. Although the process was much less energy intensive than reverse osmosis (RO), now the most commonly used system for desalination, it wasn't feasible on a large scale.
Eventually Zarchin joined other innovators, such as Israeli-American Prof. Sydney Loeb, in pioneering the artificial membranes that form the basis of RO. Water is passed through this membrane to filter out minerals and other large molecules.
In an old Middle Eastern curse, enemies are told to drink from the sea. Cursed with water-shortage problems, Israel has pioneered desalination solutions that are changing the world. From manufacturing China's largest desalination plant and smaller ones on Caribbean islands, to watering its own agricultural industry, Israel's desalination business is a story that started at the founding of the state.
Today Israel's award-winning desalination companies are quenching the thirst of dry nations, and are challenged by today's environmental questions to provide greener options for tomorrow.
Desalination is a process that removes salts and minerals from otherwise undrinkable sea or saline water. With about 70 percent of the world covered in water, and more than 90% of it saltwater, even the water-rich United States finds itself in need of desalination solutions in California. And Israel is there to help.
The biblical Book of Exodus relates how the ancient Israelite leader Moses was empowered to turn bitter water sweet for drinking. Wind the tape forward to the 1950s, when Israel's technological progress in desalination was catalyzed by founding father David Ben-Gurion, who saw desalination as part of Israel's destiny.
Over the last few thousand years, nothing has changed: To survive and thrive, Israelis still need a source for fresh drinking water.
Israel's major foray into desalination began with IDE Technologies - known as Israel Desalination Engineering when it was government-owned - which has built more than 400 desalination plants in some 40 countries, from Caribbean islands to the United States, to mammoth plants in China and Israel. The company is headquartered in Kadima.
Every day, IDE plants produce about two million cubic meters of potable water for the world to use, and its R&D staff is investigating and implementing greener solutions for an industry not known for its environmentalism.
Early experiments in Eilat
Israel's desalination story started with a "crazy" scientist and local legend, Prof. Alexander Zarchin, who headed a research group that proposed a process called vacuum freezing vapor compression (VFVC), which eventually was put into practice in the Israeli Red Sea city of Eilat. The idea was to force water into its three forms - vapor, solid and liquid - pull the salt-free ice out of the mixture and melt it.
Unfortunately, this very secretive project failed. The problem with VFVC, says IDE executive VP of special projects Fredi Lokiec, was that it required too much space and too specific maintenance temperatures to contain the vapor phase. Although the process was much less energy intensive than reverse osmosis (RO), now the most commonly used system for desalination, it wasn't feasible on a large scale.
Eventually Zarchin joined other innovators, such as Israeli-American Prof. Sydney Loeb, in pioneering the artificial membranes that form the basis of RO. Water is passed through this membrane to filter out minerals and other large molecules.
Bethel Finance: Israel Stocks: Givot, Scailex, Electra, Hot, Rami Levi
www.bethelfinance.com
Israel’s TA-25 Index declined 0.7 percent to 1,113.28, the lowest level since Jan. 15, at the 4:30 p.m. close in Tel Aviv. Investors traded about 805 million shekels ($214 million) of shares and convertible securities today, according to Tel Aviv Stock Exchange data.
The following stocks rose or fell today. Symbols are in parentheses.
Electra Ltd. (ELTR IT) increased 1.2 percent to 309.40 shekels, the highest since Dec. 14. The manufacturer of air- conditioning systems said a unit signed an agreement to buy a 25 percent stake in a contender for a government contract in the Negev. The Negev is Israel’s southern desert region.
Givot Olam Oil Exploration LP (GIVOL IT) advanced 1.9 percent to 0.055 shekel, the highest level since Dec. 20. The Ministry of Energy & Water Resources approved the oil and gas explorer’s development plan for the Meged field.
Hot Telecommunication System Ltd. (HOT IT), the best performing member on the country’s benchmark index today, jumped 7.4 percent to 46.42 shekels. Bizportal reported that French entrepreneur Patrick Drahi is considering buying the remaining shares in Israel’s second-biggest fixed-line operator. Motti Scherf, a spokesman for Drahi in Israel, said the company does not comment on rumors.
Rami Levi Chain Stores Hashikma Marketing 2006 Ltd. (RMLI IT) added 1.8 percent to 133.50 shekels, the highest since April 28. Bank of Jerusalem Ltd. (JBNK IT) rose 1.2 percent to 5.328 shekels, the highest since June 6. The financial daily Globes reported that the Bank of Jerusalem may offer banking services at Rami Levi supermarkets.
Scailex Corp. (SCIX IT) gained 1.1 percent to 16.34 shekels, the highest since Jan. 24. The importer and distributor of mobile handsets said Chairman Ilan Ben-Dov bought 12,700 shares in the company, lifting his ownership to 3.63 percent.
Israel’s TA-25 Index declined 0.7 percent to 1,113.28, the lowest level since Jan. 15, at the 4:30 p.m. close in Tel Aviv. Investors traded about 805 million shekels ($214 million) of shares and convertible securities today, according to Tel Aviv Stock Exchange data.
The following stocks rose or fell today. Symbols are in parentheses.
Electra Ltd. (ELTR IT) increased 1.2 percent to 309.40 shekels, the highest since Dec. 14. The manufacturer of air- conditioning systems said a unit signed an agreement to buy a 25 percent stake in a contender for a government contract in the Negev. The Negev is Israel’s southern desert region.
Givot Olam Oil Exploration LP (GIVOL IT) advanced 1.9 percent to 0.055 shekel, the highest level since Dec. 20. The Ministry of Energy & Water Resources approved the oil and gas explorer’s development plan for the Meged field.
Hot Telecommunication System Ltd. (HOT IT), the best performing member on the country’s benchmark index today, jumped 7.4 percent to 46.42 shekels. Bizportal reported that French entrepreneur Patrick Drahi is considering buying the remaining shares in Israel’s second-biggest fixed-line operator. Motti Scherf, a spokesman for Drahi in Israel, said the company does not comment on rumors.
Rami Levi Chain Stores Hashikma Marketing 2006 Ltd. (RMLI IT) added 1.8 percent to 133.50 shekels, the highest since April 28. Bank of Jerusalem Ltd. (JBNK IT) rose 1.2 percent to 5.328 shekels, the highest since June 6. The financial daily Globes reported that the Bank of Jerusalem may offer banking services at Rami Levi supermarkets.
Scailex Corp. (SCIX IT) gained 1.1 percent to 16.34 shekels, the highest since Jan. 24. The importer and distributor of mobile handsets said Chairman Ilan Ben-Dov bought 12,700 shares in the company, lifting his ownership to 3.63 percent.
Monday, January 30, 2012
Bethel Finance Incorporer un yacht
www.bethelfinance.com
En cas de crise financière, il est important pour un individu de veiller à protéger ses actifs.
Posséder un yacht est une responsabilité, et parfois un risque.
Un yacht se défini comme un bateau de plaisance habituellement utilisé pour des fins personnelles. Un yacht peut varier de 40 pieds à des centaines de pieds.
En raison de la nature récréative et personnelle, beaucoup de propriétaires de yachts n''associent pas l'incorporation à l'activité personnelle en tant que telle.
Cependant, il est important de prendre toutes les précautions nécessaires pour se protéger des risques d'accidents, de responsabilité civile et de mettre tout cela dans un cadre légal et fiscal adéquat.
Qu'est-ce que cela signifie d'incorporer un yacht?
Enregistrer un yacht est en fait assez simple Quand on achète un yacht, au lieu de le posséder sous un nom personnel, il est possible voire recommandé de l’acquérir via une société.
Cela signifie que si quelque chose devait jamais se produire, l'entreprise serait responsable à la place de l'individu.
Les questions de responsabilité qui créent le plus de problèmes pour les propriétaires de yachts comprennent les dommages au bateau, le naufrage, les blessures, les déversements de pétrole, et les dommages liés à la pollution de l'environnement.
Il y a plusieurs avantages à intégrer un yacht:
Certains de ces avantages incluent: la propriété confidentielle, la protection des actifs, et des avantages fiscaux.
La propriété confidentielle signifie que quand une personne intègre son yacht via une société offshore, il reste anonyme
La protection d'actifs est l'une des raisons principales que les gens choisissent pour constituer une société détenant un yacht.
En incorporant un yacht sur une société offshore l'individu soustrait aux différents créanciers potentiels son actif Enfin, un autre plus à l'incorporation d'un yacht, sont les nombreux avantages fiscaux qui peuvent être à la disposition du propriétaire.
Selon le droit maritime, il est possible de poursuivre un navire et de créer des privilèges contre le navire. Si il n'est pas intégré a une société cela peut toucher son propriétaire directement.
Beaucoup de ces risques peuvent être couverts par une assurance, mais à plusieurs reprises l'assurance peut mettre le propriétaire du yacht dans une très mauvaise situation.
L’intégration d'un yacht à une société offshore peut être bénéfique, si l'on a des plans d''affrètement.
Louer un yacht, c'est créer une relation contractuelle à court terme avec un tiers
Si quelque chose devait arriver sur le yacht pendant qu'il est affrété, cela peut être une chose très dangereuse à faire si le yacht n'a pas été incorporé...
Incorporer un yacht peut être fait dans n'importe quel état du monde . Cependant, il y a beaucoup d'avantages à intégrer un yacht au Panama si vous ne prévoyez pas de l'utiliser pour une croisière en Europe.
Le Panama est connu pour n'avoir aucune taxe de vente et des frais de constitution faible, de nombreux yachts y sont par ailleurs déjà incorporés. Si votre intention est d'utiliser votre bateau en Europe, Chypre pourrait être une solution alternative intéressante à étudier
Pour commencer il vous suffit d'envoyer un email: info@bethelfinance.com
En cas de crise financière, il est important pour un individu de veiller à protéger ses actifs.
Posséder un yacht est une responsabilité, et parfois un risque.
Un yacht se défini comme un bateau de plaisance habituellement utilisé pour des fins personnelles. Un yacht peut varier de 40 pieds à des centaines de pieds.
En raison de la nature récréative et personnelle, beaucoup de propriétaires de yachts n''associent pas l'incorporation à l'activité personnelle en tant que telle.
Cependant, il est important de prendre toutes les précautions nécessaires pour se protéger des risques d'accidents, de responsabilité civile et de mettre tout cela dans un cadre légal et fiscal adéquat.
Qu'est-ce que cela signifie d'incorporer un yacht?
Enregistrer un yacht est en fait assez simple Quand on achète un yacht, au lieu de le posséder sous un nom personnel, il est possible voire recommandé de l’acquérir via une société.
Cela signifie que si quelque chose devait jamais se produire, l'entreprise serait responsable à la place de l'individu.
Les questions de responsabilité qui créent le plus de problèmes pour les propriétaires de yachts comprennent les dommages au bateau, le naufrage, les blessures, les déversements de pétrole, et les dommages liés à la pollution de l'environnement.
Il y a plusieurs avantages à intégrer un yacht:
Certains de ces avantages incluent: la propriété confidentielle, la protection des actifs, et des avantages fiscaux.
La propriété confidentielle signifie que quand une personne intègre son yacht via une société offshore, il reste anonyme
La protection d'actifs est l'une des raisons principales que les gens choisissent pour constituer une société détenant un yacht.
En incorporant un yacht sur une société offshore l'individu soustrait aux différents créanciers potentiels son actif Enfin, un autre plus à l'incorporation d'un yacht, sont les nombreux avantages fiscaux qui peuvent être à la disposition du propriétaire.
Selon le droit maritime, il est possible de poursuivre un navire et de créer des privilèges contre le navire. Si il n'est pas intégré a une société cela peut toucher son propriétaire directement.
Beaucoup de ces risques peuvent être couverts par une assurance, mais à plusieurs reprises l'assurance peut mettre le propriétaire du yacht dans une très mauvaise situation.
L’intégration d'un yacht à une société offshore peut être bénéfique, si l'on a des plans d''affrètement.
Louer un yacht, c'est créer une relation contractuelle à court terme avec un tiers
Si quelque chose devait arriver sur le yacht pendant qu'il est affrété, cela peut être une chose très dangereuse à faire si le yacht n'a pas été incorporé...
Incorporer un yacht peut être fait dans n'importe quel état du monde . Cependant, il y a beaucoup d'avantages à intégrer un yacht au Panama si vous ne prévoyez pas de l'utiliser pour une croisière en Europe.
Le Panama est connu pour n'avoir aucune taxe de vente et des frais de constitution faible, de nombreux yachts y sont par ailleurs déjà incorporés. Si votre intention est d'utiliser votre bateau en Europe, Chypre pourrait être une solution alternative intéressante à étudier
Pour commencer il vous suffit d'envoyer un email: info@bethelfinance.com
Bethel Finance yacht incorporation
www.bethelfinance.com
If you are about to become an owner, we congratulate you. You are about to embark on an unparalleled adventure in ownership, management, and indescribable pleasure. Our connection to our boats, to our crew, and to the sea, is unlike any material connection we may ever experience.
At the same time, we urge you to ask yourself and your agents the question which was at the heart of the genesis of Bethel Finance Marine:
Why do some owners and operators of private and charter yachts enjoy permanence of ownership, freedom from worry, and indeed substantial profit, while others are relegated, after a few short years of inconvenience, colossal expense, and panic, to the exasperated sale of their vessel?
Bethel focuses a broad legal and finance infrastructure and international knowledge base on this very question as it pertains to your personal desires and ambitions.
If you could gather, in one room, a team of highly qualified, loyal, and discreet finance experts, international tax attorneys, maritime lawyers, and plain old “yacht people,” focused like a laser on averting risk, optimizing your investment, and ensuring your peace-of-mind, you’d have us.
Bethel Finance Marine.
Contact us immediately. We are available twenty-four hours a day.
A collision at sea can ruin your whole day.
Some of our clients are seasoned offshore yachtsmen with an eye on circumnavigating in the sloop, schooner, or explorer-trawler of their dreams. Others seek to cruise the shorelines of the Mediterranean or the United States with friends and family. Not a few are fortunate enough to globe-trot in the megayacht category with extensive crews and complex delivery schedules. The boats, and their courses, are as diverse as our clientele, but to us, no matter her size, type, age, range, or capabilities, your new vessel is not only your baby, it is a potentially catastrophic liability.
We have therefore adopted the famous understatement “a collision at sea can ruin your whole day” as a kind of informal corporate motto. Indeed, few things are worse than a collision at sea. Or a marina or harbor fire which originates on your boat. Or an “environmental disaster” initiated by your fuel leak. Sinking. Or, in this age of litigiousness and wholesale government privacy invasion, the seizure of your personal assets.
So we asked ourselves: What if all of our clients, in private vessels of any size, could enjoy maximum financial and privacy and personal risk aversion, no matter what happens out there? And what if this were possible not by paying outrageous insurance rates, but simply by flagging, registering, and incorporating in precisely the right way, from the beginning?
What if some of the worst imaginable things that could happen might do little more than ruin your day? The Bethel Finance Marine approach, generally, is to incorporate your yacht, in order, among other benefits, to isolate you from personal financial risk should catastrophe befall your vessel.
The Bethel Finance Marine approach is to help you flag and register your yacht with unwavering attention to the potentialities of your cruising, entertaining, and corporate lifestyle, in order to ensure total financial privacy and protection of your assets.
Our approach with regard to confidential ownership is not limited to the advantages of vessel incorporation. We know that a yacht is comprised of more than steel, fiberglass, canvas and electronics: it is comprised of people, which is why we keep our finger on the worldwide pulse, ebb and flow of the most discreet and qualified Brokers, Attorneys, Surveyors, Captains, Engineers, Mates, Stewards, Cooks and general crew.
This is why, when they have found the boat of their dreams, the first call for many prospective owners is a call to Bethel Finance Marine.
Our Client Roster
Were you really expecting to see a list?
Our client roster is, of course, not available. To anyone. Ever.
Of course we employ the most advanced cryptographic and authentication technology on the planet. More important, however, we do business the old fashioned way: quiet conversations, good information, extraordinarily competent accountants, attorneys, bankers, and associates, and trust.
We never forget that a seller is as conscientious with regard to discretion as a buyer, that a bank is as interested in privacy as an account holder, and that you, our client, demand the same level of discretion and loyalty from us as you would from your closest friends.
Complex questions. Confident answers.
Many of our clients – in particular those who are principally interested in cruising Europe - have chosen Cyprus or Gibraltar as seats for yacht registration and incorporation. The advantages are manifold. Did you know, for instance, that Cyprus has concluded double-tax treaties with some 50 countries, enabling owners to side-step stamp duties on deeds and security documents? That no tax is payable on the salaries of the crews of Cypriot ships which operate in international waters? That in essence, under certain conditions, vessels and shipping companies registered in Cyprus can be virtually exempt from any type of tax?
The attorneys and agents of Bethel Finance Marine have scrupulously studied the complex, but surprisingly invariable conditions under which your yacht may be purchased, registered, flagged and operated at minimal cost, and indeed, under certain conditions, at profit.
There is an optimal solution for you, your finances, your objectives, your vessel, and your crew. We exist to find it, to share it with you, and to employ it, for a pleasingly low price.
To start just send us an email : info@bethelfinance.com
Bethel Finance: mNo certainty state will back IEC, Phoenix warns
www.bethelfinance.com
Bethel Finance news:
On the eve of a $500 million offering overseas by Israel Electric Corporation (IEC), yields on some of its tradable bond series have reached more than 5%. Although the local rating agencies continue to award the company’s debt high ratings (Aa3 from Midroog, AA- from S&P Maalot), some institutions are already pricing higher risk into this investment.
”As part of a policy of cutting risk, we find it appropriate to exercise caution over this holding, in what for us is an unusual step,” Phoenix Group unit Shekel-AGIO warns institutions in a position paper on investment in IEC.
”All of us have pension money there, and it is important for us to inform our customers that we see higher risk,” Dr. Gideon Ben Nun, CEO of Shekel-AGIO Risk Management & Financial Decisions, explained to “Globes”. Ben Nun is a signatory to the document, along with Tal Shpielman, who is responsible for investment at Shekel-AGIO.
IEC, owned by the state, is traded on the stock exchange through eleven series of bonds. IEC’s debt totals NIS 63 billion, of which more than NIS 30 billion are in bonds.
Shekel-AGIO has a portfolio management license, and in addition it supervises the nostro investment portfolios of companies. In an unusual and precedent-setting step, Ben Nun and Shpielman have decided to issue a warning to institutions on the level of a particular security, rather than on the sector level. “IEC is a substantial holding in portfolios on the market, and some institutions have reached a level of investment in it of 10% or more of their portfolios. We decided that the time had come to raise a red flag, because the risk in the security justifies it. There is an illusion here about the risk level,” says Dr. Ben Nun.
The state is behaving like any capitalist
Ben Nun and Shpielman seek to “open the eyes of the institutions”, as they put it, about several points: “IEC has debt of NIS 4 million that falls due by the end of the year; relations with Egypt and the sabotage of the gas supply from there necessitate the purchase of dearer fuels, which is liable to lead to higher working capital requirements, and to pressure on the delicate liquidity position in which IEC finds itself today; the government has an interest in splitting IEC into three regional companies.”
Futhermore, they argue, in the light of the government’s pattern of behavior in the Agrexco affair, when it allowed the agricultural products exporter to collapse last year, leaving a debt of NIS 150 million to institutions, “it is impossible to know with certainty that the state will back IEC in repaying its debts. Without state support, liquidity is the weak link, given the immediate financing gap and a negative operating cash flow.”
According to Ben Nun, following the warning about IEC’s position, which was written two months ago, the institutions to which it was sent have taken various courses of action. Some have reduced their exposure to the company’s bonds, while others have remained with the same holdings. It should be pointed out that the two rating agencies, Midroog and S&P-Maalot, cut their ratings slightly last year, but, as mentioned, their ratings remain high, the main reason being the fundamental assumption, prevalent among most institutions as well, that the state will stand behind the company’s liabilities in an situation.
Ben Nun, a 20-year veteran in the capital market, is more cautious about this. “The government and the Ministry of Finance’s behavior in the Agrexco affair represent a signal to the market that the state will not blindly take responsibility, and will not always serve as a last resort for companies in its ownership. It rather behaves like any capitalist who makes a ‘haircut’, and that is the biggest warning light.”
Bethel Finance news:
On the eve of a $500 million offering overseas by Israel Electric Corporation (IEC), yields on some of its tradable bond series have reached more than 5%. Although the local rating agencies continue to award the company’s debt high ratings (Aa3 from Midroog, AA- from S&P Maalot), some institutions are already pricing higher risk into this investment.
”As part of a policy of cutting risk, we find it appropriate to exercise caution over this holding, in what for us is an unusual step,” Phoenix Group unit Shekel-AGIO warns institutions in a position paper on investment in IEC.
”All of us have pension money there, and it is important for us to inform our customers that we see higher risk,” Dr. Gideon Ben Nun, CEO of Shekel-AGIO Risk Management & Financial Decisions, explained to “Globes”. Ben Nun is a signatory to the document, along with Tal Shpielman, who is responsible for investment at Shekel-AGIO.
IEC, owned by the state, is traded on the stock exchange through eleven series of bonds. IEC’s debt totals NIS 63 billion, of which more than NIS 30 billion are in bonds.
Shekel-AGIO has a portfolio management license, and in addition it supervises the nostro investment portfolios of companies. In an unusual and precedent-setting step, Ben Nun and Shpielman have decided to issue a warning to institutions on the level of a particular security, rather than on the sector level. “IEC is a substantial holding in portfolios on the market, and some institutions have reached a level of investment in it of 10% or more of their portfolios. We decided that the time had come to raise a red flag, because the risk in the security justifies it. There is an illusion here about the risk level,” says Dr. Ben Nun.
The state is behaving like any capitalist
Ben Nun and Shpielman seek to “open the eyes of the institutions”, as they put it, about several points: “IEC has debt of NIS 4 million that falls due by the end of the year; relations with Egypt and the sabotage of the gas supply from there necessitate the purchase of dearer fuels, which is liable to lead to higher working capital requirements, and to pressure on the delicate liquidity position in which IEC finds itself today; the government has an interest in splitting IEC into three regional companies.”
Futhermore, they argue, in the light of the government’s pattern of behavior in the Agrexco affair, when it allowed the agricultural products exporter to collapse last year, leaving a debt of NIS 150 million to institutions, “it is impossible to know with certainty that the state will back IEC in repaying its debts. Without state support, liquidity is the weak link, given the immediate financing gap and a negative operating cash flow.”
According to Ben Nun, following the warning about IEC’s position, which was written two months ago, the institutions to which it was sent have taken various courses of action. Some have reduced their exposure to the company’s bonds, while others have remained with the same holdings. It should be pointed out that the two rating agencies, Midroog and S&P-Maalot, cut their ratings slightly last year, but, as mentioned, their ratings remain high, the main reason being the fundamental assumption, prevalent among most institutions as well, that the state will stand behind the company’s liabilities in an situation.
Ben Nun, a 20-year veteran in the capital market, is more cautious about this. “The government and the Ministry of Finance’s behavior in the Agrexco affair represent a signal to the market that the state will not blindly take responsibility, and will not always serve as a last resort for companies in its ownership. It rather behaves like any capitalist who makes a ‘haircut’, and that is the biggest warning light.”
Bethel Finance: Energy Ministry approves Meged field development
www.bethelfinance.com
Bethel Finance news:
Sighs of relief at Givot Olam Oil Exploration LP (TASE:GIVO.L): The oil exploration partnership notified the stock exchange this morning that the that the Petroleum Commissioner at the Ministry of Energy and Water Resources has approved development of the Meged field.
Givot reported that it received a letter from the Commissioner this morning which, under the heading “Approval of Development Plan for Meged Field”, states “I hereby approve the development and production plan for the Meged field as submitted… relating to the stage of development of the field including production at the existing drilling Meged 5, and the Meged 6-14 drillings.”
Givot said in its announcement, “The general partner sees in the approval for the Meged field development program by the Ministry of Energy and Water Resources a very important step in the process of developing the Meged field, and recognition by an arm of government of the oil field discovered by the partnership and of the importance of developing it.”
Givot adds: “The general partner hopes that the various government ministries will understand the importance of this recognition and will do their best to help in developing the field, for the benefit of the participation unit holders and the State of Israel.”
In recent weeks, Givot investors have exerted pressure on the decision makers to approve the work program for the field, including personal letters to Prime Minister Benjamin Netanyahu and Minister of Energy and Water Resources Uzi Landau.
Bethel Finance news:
Sighs of relief at Givot Olam Oil Exploration LP (TASE:GIVO.L): The oil exploration partnership notified the stock exchange this morning that the that the Petroleum Commissioner at the Ministry of Energy and Water Resources has approved development of the Meged field.
Givot reported that it received a letter from the Commissioner this morning which, under the heading “Approval of Development Plan for Meged Field”, states “I hereby approve the development and production plan for the Meged field as submitted… relating to the stage of development of the field including production at the existing drilling Meged 5, and the Meged 6-14 drillings.”
Givot said in its announcement, “The general partner sees in the approval for the Meged field development program by the Ministry of Energy and Water Resources a very important step in the process of developing the Meged field, and recognition by an arm of government of the oil field discovered by the partnership and of the importance of developing it.”
Givot adds: “The general partner hopes that the various government ministries will understand the importance of this recognition and will do their best to help in developing the field, for the benefit of the participation unit holders and the State of Israel.”
In recent weeks, Givot investors have exerted pressure on the decision makers to approve the work program for the field, including personal letters to Prime Minister Benjamin Netanyahu and Minister of Energy and Water Resources Uzi Landau.
Bethel Finance: Two senior managers leave Mercantile Discount
www.bethelfinance.com
Bethel Finance news:
Two senior managers at Mercantile Discount Bank, Ram Hermelech, who is deputy CEO and heads the business division, and Israel Ehrlich, VP and head of the retail division, have announced their resignations. This follows changes in the bank’s activity arising from the Israel Discount Bank (TASE: DSCT) group’s new strategic plan. Mercantile Discount Bank’s CEO is Jacob Tennenbaum, and its chairman in Yossi Bachar, who is also chairman of Israel Discount Bank. In the coming weeks, Discount Group CEO Reuven Spiegel is due to replace Bachar and to become chairman of Mercantile Discount as well.
Mercantile Discount Bank is wholly owned by Israel Discount Bank. It is Israel’s seventh largest bank, with 80 branches. Its balance sheet footing NIS 24.4 billion, and deposits from the public total NIS 20.4 billion. Profit on regular activities in the first nine months of 2011 was NIS 105 million.
Under the planned changes, Mercantile Discount will substantially reduce its activity in the business sector, and will focus mainly on retail and commercial banking (middle market). This is part of a plan aimed concentrating the group’s corporate credit activity in parent company Israel Discount Bank. At the same time, Mercantile Discount will deepen its retail activity, and continue to focus on the Arab and haredi (ultra-orthodox Jewish) sectors. Mercantile Discount has credit to the public of NIS 15.2 billion, with corporate credit totaling NIS 4.8 billion and representing 31% of the bank’s credit activity. The corporate sector contributes a third of the bank’s profit.
In response to the change, senior VPs Hermelech and Ehrlich decided to resign. Hermelech, 55, is one of the bank’s longest standing managers, and has been in his post since 1998. He set up Mercantile Discount’s corporate credit activity. Ehrlich, 57, has been in his post since 2006. He was previously CEO of Carmel Mortgage Bank, until it was sold to Union Bank of Israel. Both will stay in their jobs until they leave in April.
Bethel Finance news:
Two senior managers at Mercantile Discount Bank, Ram Hermelech, who is deputy CEO and heads the business division, and Israel Ehrlich, VP and head of the retail division, have announced their resignations. This follows changes in the bank’s activity arising from the Israel Discount Bank (TASE: DSCT) group’s new strategic plan. Mercantile Discount Bank’s CEO is Jacob Tennenbaum, and its chairman in Yossi Bachar, who is also chairman of Israel Discount Bank. In the coming weeks, Discount Group CEO Reuven Spiegel is due to replace Bachar and to become chairman of Mercantile Discount as well.
Mercantile Discount Bank is wholly owned by Israel Discount Bank. It is Israel’s seventh largest bank, with 80 branches. Its balance sheet footing NIS 24.4 billion, and deposits from the public total NIS 20.4 billion. Profit on regular activities in the first nine months of 2011 was NIS 105 million.
Under the planned changes, Mercantile Discount will substantially reduce its activity in the business sector, and will focus mainly on retail and commercial banking (middle market). This is part of a plan aimed concentrating the group’s corporate credit activity in parent company Israel Discount Bank. At the same time, Mercantile Discount will deepen its retail activity, and continue to focus on the Arab and haredi (ultra-orthodox Jewish) sectors. Mercantile Discount has credit to the public of NIS 15.2 billion, with corporate credit totaling NIS 4.8 billion and representing 31% of the bank’s credit activity. The corporate sector contributes a third of the bank’s profit.
In response to the change, senior VPs Hermelech and Ehrlich decided to resign. Hermelech, 55, is one of the bank’s longest standing managers, and has been in his post since 1998. He set up Mercantile Discount’s corporate credit activity. Ehrlich, 57, has been in his post since 2006. He was previously CEO of Carmel Mortgage Bank, until it was sold to Union Bank of Israel. Both will stay in their jobs until they leave in April.
Bethel Finance:Lance Armstrong to advise Israeli start up Mobli
www.bethelfinance.com
Bethel Finance news:
Israeli start up Mobli continues to recruit celebrities. After actor Leonardo DiCaprio invested in the company last October and became a marketing consultant to it, today the company announced a collaboration with cycling champion Lance Armstrong, a sporting icon, who won the Tour de France seven times.
Mobili is developing a photograph and video clip sharing service. Users can follow Armstrong’s activities on a special channel on the service, and stay up to date with photographs and video clips that he uploads from training and from the fund that bears his name and that assists cancer patients and their families. Armstrong will join the company’s board of directors as a consultant.
“When I was first introduced to Mobli, I immediately thought it was an extraordinary platform and an innovative yet accessible way for different audiences to share their stories. I’m excited to use Mobli as a direct channel for my social media followers to get a personal look at my experiences day to day,” Armstrong said in a statement.
Mobli CEO Moshe Hogeg added: “Lance Armstrong is an icon and a genuinely inspirational model for people around the world. Lance showed the world that nothing is impossible, and this is the spirit we wish to adopt at Mobli. As a social media pioneer, Lance was one of the first to reach one million followers on Twitter, and his expression of confidence in Mobli by joining as a consultant is very important to us. We are very excited to work with him.”
Mobli has raised $5.6 million to date, from DiCaprio, Morrix Holdings, and private investors. The company was founded in 2010 by three Israelis: Moshe Hogeg (CEO), Yossi Shemesh (VP Product) and Emmanuel Merali (VP Technologies). The list of celebrities who use Mobli includes DiCaprio, Paris Hilton, actor David Arquette, and boxer Andre Berto.
Bethel Finance news:
Israeli start up Mobli continues to recruit celebrities. After actor Leonardo DiCaprio invested in the company last October and became a marketing consultant to it, today the company announced a collaboration with cycling champion Lance Armstrong, a sporting icon, who won the Tour de France seven times.
Mobili is developing a photograph and video clip sharing service. Users can follow Armstrong’s activities on a special channel on the service, and stay up to date with photographs and video clips that he uploads from training and from the fund that bears his name and that assists cancer patients and their families. Armstrong will join the company’s board of directors as a consultant.
“When I was first introduced to Mobli, I immediately thought it was an extraordinary platform and an innovative yet accessible way for different audiences to share their stories. I’m excited to use Mobli as a direct channel for my social media followers to get a personal look at my experiences day to day,” Armstrong said in a statement.
Mobli CEO Moshe Hogeg added: “Lance Armstrong is an icon and a genuinely inspirational model for people around the world. Lance showed the world that nothing is impossible, and this is the spirit we wish to adopt at Mobli. As a social media pioneer, Lance was one of the first to reach one million followers on Twitter, and his expression of confidence in Mobli by joining as a consultant is very important to us. We are very excited to work with him.”
Mobli has raised $5.6 million to date, from DiCaprio, Morrix Holdings, and private investors. The company was founded in 2010 by three Israelis: Moshe Hogeg (CEO), Yossi Shemesh (VP Product) and Emmanuel Merali (VP Technologies). The list of celebrities who use Mobli includes DiCaprio, Paris Hilton, actor David Arquette, and boxer Andre Berto.
Bethel Finance: Rail passengers to get WiFi
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Bethel Finance news:
Israel Railways is finally joining the 21st century and installing WiFi on its cars and in its stations. Israel Railways announced today that Motorola Solutions (NYSE: MSI) had won a tender to provide Internet services on the entire railway system.
According to the tender terms, by this March a pilot will be in operation at the Tel Aviv Central and Tel Aviv University stations, and on two double-decker trains, with the possibility of extending the pilot to six further trains. The project is due to be completed by October, giving passengers Internet access in all 53 railway stations and in 620 rail cars.
The contract is worth NIS 23 million over ten years, during which Motorola Solutions will set up, maintain, and operate the service, which will be free to users.
Israel Railways has also announced an application for iPhone and Android that enables passengers to check rail timetables and fares. It also includes an alarm that alerts the passenger when the train is entering the destination station.
Bethel Finance news:
Israel Railways is finally joining the 21st century and installing WiFi on its cars and in its stations. Israel Railways announced today that Motorola Solutions (NYSE: MSI) had won a tender to provide Internet services on the entire railway system.
According to the tender terms, by this March a pilot will be in operation at the Tel Aviv Central and Tel Aviv University stations, and on two double-decker trains, with the possibility of extending the pilot to six further trains. The project is due to be completed by October, giving passengers Internet access in all 53 railway stations and in 620 rail cars.
The contract is worth NIS 23 million over ten years, during which Motorola Solutions will set up, maintain, and operate the service, which will be free to users.
Israel Railways has also announced an application for iPhone and Android that enables passengers to check rail timetables and fares. It also includes an alarm that alerts the passenger when the train is entering the destination station.
Bethel Finance:Electra teams with Minrav, Bynet in IDF training base city tender
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Bethel Finance news:
Electra Ltd. (TASE: ELTR) has teamed up with the Minrav Holdings Ltd. (TASE: MNRV)-Bynet Group Ltd. group for the second stage of the NIS 10 billion IDF training base city tender. Electra subsidiary Electra Power Ltd. will acquire 25% of the Minrav-Rad joint venture for the project, Mabat Negev Ltd., one of the two finalists in the tender, and will strengthen the company's bid in it.
The tender winner will build 250,000 square meters of building at the training base on a 2,600-dunam 450-acre site south of Beersheva.
Electra has guaranteed all of Electra Power's commitments to provide 27% of the project's financing. IDF training base city will be built as a BOT (build, operate, transfer) project, with construction taking four years, and a 25-year operating franchise period.
Under the agreement, Electra subsidiary Electra Construction Ltd. will be awarded 30% of the subcontracting rights, which means that Electra will also benefit from the construction. Minrav unit Minrav Engineering and Construction Ltd. will own the other 51% of the construction rights, and the Zisapel brothers' Bynet will own 19%. Another subsidiary, Electra FM Building Holdings Ltd., will own 25% of the training base's operational contractor.
Electra CEO Itamar Deutscher said, "The IDF training base city project fits Electra's know-how, experience, and strategy. We're joining the consortium as partners for the construction, financing, and operation of the project, in line with the company's experience in complex large-scale projects and Electra FM's experience in the management of IDF bases.
Electra's share price rose 0.9% by mid-afternoon to NIS 308.30, giving a market cap of NIS 1.1 billion, and Minrav's share price was unchanged at NIS 243, giving a a market cap of NIS 243 million.
Bethel Finance news:
Electra Ltd. (TASE: ELTR) has teamed up with the Minrav Holdings Ltd. (TASE: MNRV)-Bynet Group Ltd. group for the second stage of the NIS 10 billion IDF training base city tender. Electra subsidiary Electra Power Ltd. will acquire 25% of the Minrav-Rad joint venture for the project, Mabat Negev Ltd., one of the two finalists in the tender, and will strengthen the company's bid in it.
The tender winner will build 250,000 square meters of building at the training base on a 2,600-dunam 450-acre site south of Beersheva.
Electra has guaranteed all of Electra Power's commitments to provide 27% of the project's financing. IDF training base city will be built as a BOT (build, operate, transfer) project, with construction taking four years, and a 25-year operating franchise period.
Under the agreement, Electra subsidiary Electra Construction Ltd. will be awarded 30% of the subcontracting rights, which means that Electra will also benefit from the construction. Minrav unit Minrav Engineering and Construction Ltd. will own the other 51% of the construction rights, and the Zisapel brothers' Bynet will own 19%. Another subsidiary, Electra FM Building Holdings Ltd., will own 25% of the training base's operational contractor.
Electra CEO Itamar Deutscher said, "The IDF training base city project fits Electra's know-how, experience, and strategy. We're joining the consortium as partners for the construction, financing, and operation of the project, in line with the company's experience in complex large-scale projects and Electra FM's experience in the management of IDF bases.
Electra's share price rose 0.9% by mid-afternoon to NIS 308.30, giving a market cap of NIS 1.1 billion, and Minrav's share price was unchanged at NIS 243, giving a a market cap of NIS 243 million.
Bethel Finance: Satcom soars 60% on offer to purchase
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Bethel Finance news:
The share price of Satcom Systems Ltd. (TASE: STCM) soared 60.8% by midday today to NIS 2.89, after controlling shareholder Eurocom Group improved its offer to purchase to NIS 3 per share from NIS 1.80.
The deadline for the offer is 3 pm on Thursday, February 2.
Eurocom, owned by Shaul Elovitch, owns 80% of Satcom, a provider of satellite communications services. Eurocom acquired Satcom in late 2007. Its first offer to purchase, made in mid-2009, failed. Satcom's business seriously deteriorated in 2010 and 2011.
Satcom's revenue fell to $55 million revenue in 2010, and it posted a net profit of $1 million. It posted a net loss of $4.6 million in January-September 2011.
Bethel Finance news:
The share price of Satcom Systems Ltd. (TASE: STCM) soared 60.8% by midday today to NIS 2.89, after controlling shareholder Eurocom Group improved its offer to purchase to NIS 3 per share from NIS 1.80.
The deadline for the offer is 3 pm on Thursday, February 2.
Eurocom, owned by Shaul Elovitch, owns 80% of Satcom, a provider of satellite communications services. Eurocom acquired Satcom in late 2007. Its first offer to purchase, made in mid-2009, failed. Satcom's business seriously deteriorated in 2010 and 2011.
Satcom's revenue fell to $55 million revenue in 2010, and it posted a net profit of $1 million. It posted a net loss of $4.6 million in January-September 2011.
Bethel Finance: Comptroller: Oust Steinitz, Yishai over Carmel fire
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Bethel Finance news:
Hebrew daily "Yediot Ahronot" reports today that State Comptroller Micha Lindenstrauss will recommend the removal of Minister of Finance Yuval Steinitz and Minister of Interior Eli Yishai for their role in the Carmel fire, which killed 42 people in early December 2010. The draft report is due to be published next week, but some section have been leaked.
Lindenstrauss places personal responsibility for the disaster on Steinitz and Yishai. He says that Yishai, who is responsible for Fire and Rescue Services, failed in his duty to prepare for a disaster of this kind and in his actions during the fire.
Lindenstrauss says that Steinitz bears the responsibility for refusing to provide the budgets needed by the Fire and Rescue Services, demanding reform and restructuring of the service as a condition. Lindenstrauss will apparently concluded that the Ministry of Finance should have first provided the budgets regardless of the situation at the Fire and Rescue Service, and afterwards demanded its reform.
Although sources at the Office of the State Comptroller indicate that Lindenstrauss will not recommend that Prime Minister Benjamin Netanyahu fire Steinitz and Yishai, but recommend transferring. Netanyahu, Minister of Public Security Yitzhak Aharonovich, and Minister of Defense Ehud Barak will not emerge unscathed from the report, however; Lindenstrauss will reportedly conclude that they bear ministerial, but not personal, responsibility for the disaster.
In addition to the heavy casualties, the fire destroyed scores of homes and 50,000 dunam (12,500 acres) of forest. It took 82 hours to put out, and only with the help of foreign firefighting tankers.
Lindenstrauss rejects Yishai's contention that he did everything possible, and behind closed doors, said that even if Yishai had discussed the issue before the disaster, he did nothing practical.
A legal source told "Yediot Ahronot" that Lindenstrauss intends to let public pressure force Netanyahu to fire Steinitz and Yishai.
Both Yishai and Steinitz responded that they have no intention of resigning.
Bethel Finance news:
Hebrew daily "Yediot Ahronot" reports today that State Comptroller Micha Lindenstrauss will recommend the removal of Minister of Finance Yuval Steinitz and Minister of Interior Eli Yishai for their role in the Carmel fire, which killed 42 people in early December 2010. The draft report is due to be published next week, but some section have been leaked.
Lindenstrauss places personal responsibility for the disaster on Steinitz and Yishai. He says that Yishai, who is responsible for Fire and Rescue Services, failed in his duty to prepare for a disaster of this kind and in his actions during the fire.
Lindenstrauss says that Steinitz bears the responsibility for refusing to provide the budgets needed by the Fire and Rescue Services, demanding reform and restructuring of the service as a condition. Lindenstrauss will apparently concluded that the Ministry of Finance should have first provided the budgets regardless of the situation at the Fire and Rescue Service, and afterwards demanded its reform.
Although sources at the Office of the State Comptroller indicate that Lindenstrauss will not recommend that Prime Minister Benjamin Netanyahu fire Steinitz and Yishai, but recommend transferring. Netanyahu, Minister of Public Security Yitzhak Aharonovich, and Minister of Defense Ehud Barak will not emerge unscathed from the report, however; Lindenstrauss will reportedly conclude that they bear ministerial, but not personal, responsibility for the disaster.
In addition to the heavy casualties, the fire destroyed scores of homes and 50,000 dunam (12,500 acres) of forest. It took 82 hours to put out, and only with the help of foreign firefighting tankers.
Lindenstrauss rejects Yishai's contention that he did everything possible, and behind closed doors, said that even if Yishai had discussed the issue before the disaster, he did nothing practical.
A legal source told "Yediot Ahronot" that Lindenstrauss intends to let public pressure force Netanyahu to fire Steinitz and Yishai.
Both Yishai and Steinitz responded that they have no intention of resigning.
Bethel Finance: Delek US predicts Q4 net loss of $0.10-0.20 per share
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Bethel Finance news:
Delek Group Ltd. (TASE: DLEKG) subsidiary Delek US Holdings Inc. (NYSE:DK) expects to report a net loss for the fourth quarter of 2011, but a net profit for the year, far below the analysts' estimates. According to preliminary estimates, the company said that it expects to report a net loss from continuing operations of $0.10-0.20 per share for the fourth quarter of 2010, compared with the analysts' consensus of a net profit of $0.32 per share.
Cedric Marmet (Bethel Finance Ltd) said, "That is a major negative surprise."
Delek US attributes the loss to higher crude oil costs and sharp seasonal decline in regional asphalt prices compared with the third quarter. The company said that its El Dorado and Tyler refineries operated at 95% of capacity during the fourth quarter.
Despite the fourth quarter loss, Delek US says that it to report a net profit from continuing operations of $2.67-2.77 per share for 2011 as whole, well below the analysts' consensus of a net profit of $3.02 per share.
The analysts' revenue consensus for Delek US is $1.24 billion for the fourth quarter and $6.44 billion for the year.
Delek US will publish its financial report for the fourth quarter and full year of 2011, after Wall Street closes on March 7.
Delek US's share price fell 5.8% in after-hours trading on Friday, following the announcement, to $12.03, giving a market cap of $675 million. Delek Group's share price fell 1.6% in morning trading on the TASE today to NIS 784.20, giving a market cap of NIS 8.9 billion.
Bethel Finance news:
Delek Group Ltd. (TASE: DLEKG) subsidiary Delek US Holdings Inc. (NYSE:DK) expects to report a net loss for the fourth quarter of 2011, but a net profit for the year, far below the analysts' estimates. According to preliminary estimates, the company said that it expects to report a net loss from continuing operations of $0.10-0.20 per share for the fourth quarter of 2010, compared with the analysts' consensus of a net profit of $0.32 per share.
Cedric Marmet (Bethel Finance Ltd) said, "That is a major negative surprise."
Delek US attributes the loss to higher crude oil costs and sharp seasonal decline in regional asphalt prices compared with the third quarter. The company said that its El Dorado and Tyler refineries operated at 95% of capacity during the fourth quarter.
Despite the fourth quarter loss, Delek US says that it to report a net profit from continuing operations of $2.67-2.77 per share for 2011 as whole, well below the analysts' consensus of a net profit of $3.02 per share.
The analysts' revenue consensus for Delek US is $1.24 billion for the fourth quarter and $6.44 billion for the year.
Delek US will publish its financial report for the fourth quarter and full year of 2011, after Wall Street closes on March 7.
Delek US's share price fell 5.8% in after-hours trading on Friday, following the announcement, to $12.03, giving a market cap of $675 million. Delek Group's share price fell 1.6% in morning trading on the TASE today to NIS 784.20, giving a market cap of NIS 8.9 billion.
Bethel Finance: Gas cuts to cost Hadera Paper NIS 100,000 daily
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Bethel Finance news:
Hadera Paper Ltd. (TASE: AIP; Pink Sheets: AIP) estimates it could lose at NIS 80,000-100,000 a day, or even more, due to disruption of natural gas deliveries from Yam Tethys. Hadera Paper said that it will have to purchase more expensive diesel to make up for the shortfall in gas deliveries.
In a notice to the TASE today, Hadera Paper said that Yam Tethys partner Noble Energy Inc. (NYSE: NBL notified it that it would reduce deliveries from Yam Tethys immediately. Noble Energy added that deliveries should again increase from July 2012. Yam Tethys attributes its inability to meet the contractual amounts of gas deliveries to "force majeure".
Noble Energy's partner in Yam Tethys is Delek Group Ltd. (TASE: DLEKG).
On Thursday, Delek, Noble Energy, Isramco Ltd. (Nasdaq: ISRL; TASE: ISRA.L) and Alon Natural Gas Exploration Ltd. (TASE: ALGS) announced a 15-year $750 million contract to supply gas to Hadera Paper from the Tamar field.
"Hadera Paper's share price fell 0.3% in morning trading on the TASE today to NIS 160.30, giving a market cap of NIS 818 million" Said Mr. Cedric Marmet from Bethel Finance Ltd.
Bethel Finance news:
Hadera Paper Ltd. (TASE: AIP; Pink Sheets: AIP) estimates it could lose at NIS 80,000-100,000 a day, or even more, due to disruption of natural gas deliveries from Yam Tethys. Hadera Paper said that it will have to purchase more expensive diesel to make up for the shortfall in gas deliveries.
In a notice to the TASE today, Hadera Paper said that Yam Tethys partner Noble Energy Inc. (NYSE: NBL notified it that it would reduce deliveries from Yam Tethys immediately. Noble Energy added that deliveries should again increase from July 2012. Yam Tethys attributes its inability to meet the contractual amounts of gas deliveries to "force majeure".
Noble Energy's partner in Yam Tethys is Delek Group Ltd. (TASE: DLEKG).
On Thursday, Delek, Noble Energy, Isramco Ltd. (Nasdaq: ISRL; TASE: ISRA.L) and Alon Natural Gas Exploration Ltd. (TASE: ALGS) announced a 15-year $750 million contract to supply gas to Hadera Paper from the Tamar field.
"Hadera Paper's share price fell 0.3% in morning trading on the TASE today to NIS 160.30, giving a market cap of NIS 818 million" Said Mr. Cedric Marmet from Bethel Finance Ltd.
Bethel Finance: Electricity Authority proposes 6.6% rate hike
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Bethel Finance news:
The Public Utilities Authority (Electricity) proposes a 6.6% electricity rate hike in 2012, instead of the 13% rate hike that Israel Electric Corporation (IEC) (TASE: ELEC.B22) wants. It proposes spreading the 13% rate hike over three years: 6.6% this year, 2.6% in 2013 and 3.7% in 2014.
The Public Utilities Authority cites uncertainty about natural gas deliveries from Egypt, due to the repeated attacks on pipelines in Sinai over the past year, and the decline in deliveries from Yam Tethys as its reservoir dwindles, which have forced the government to come up with corrective measures.
"Spreading the rate hike over three years is supported by measures that the finance minister is expected to implement, instead of a 13% rate hike for consumers. The rate will increase gradually, with a desire to minimize as much as possible the burden on electricity consumers, while enabling IEC to function under these conditions."
"The Public Utilities Authority proposed limited rate hike is partly based on government guarantees for IEC to reduce the cost of its borrowings to make up the shortfall in revenue from electricity rates, a large reduction on the diesel excise paid by IEC, and deferral of VAT payments" says Mr. Peres Sailam (Bethel Finance Ltd).
In exchange, the government demands that IEC undertake extensive streamlining measures, including its first public offering in many years, and the immediate release of hundreds of millions of shekels from the trustee account, which are designated for paying benefits and bonuses to employees, but which are not recognized as deposited in the employees' central severance fund.
Bethel Finance news:
The Public Utilities Authority (Electricity) proposes a 6.6% electricity rate hike in 2012, instead of the 13% rate hike that Israel Electric Corporation (IEC) (TASE: ELEC.B22) wants. It proposes spreading the 13% rate hike over three years: 6.6% this year, 2.6% in 2013 and 3.7% in 2014.
The Public Utilities Authority cites uncertainty about natural gas deliveries from Egypt, due to the repeated attacks on pipelines in Sinai over the past year, and the decline in deliveries from Yam Tethys as its reservoir dwindles, which have forced the government to come up with corrective measures.
"Spreading the rate hike over three years is supported by measures that the finance minister is expected to implement, instead of a 13% rate hike for consumers. The rate will increase gradually, with a desire to minimize as much as possible the burden on electricity consumers, while enabling IEC to function under these conditions."
"The Public Utilities Authority proposed limited rate hike is partly based on government guarantees for IEC to reduce the cost of its borrowings to make up the shortfall in revenue from electricity rates, a large reduction on the diesel excise paid by IEC, and deferral of VAT payments" says Mr. Peres Sailam (Bethel Finance Ltd).
In exchange, the government demands that IEC undertake extensive streamlining measures, including its first public offering in many years, and the immediate release of hundreds of millions of shekels from the trustee account, which are designated for paying benefits and bonuses to employees, but which are not recognized as deposited in the employees' central severance fund.
Bethel Finance: IDF investigating UAV crash
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Bethel Finance news:
The Israel Air Force is investigating the crash of an unmanned aerial vehicle (UAV) near Moshav Yesodot in the southern coastal plain. Large numbers of IDF troops have been sent to secure the crash site.
The UAV crashed at around 10 am. There were no casualties. Crashes of this type of UAV are unusual. The Air Force does not know whether a technical problem or human error by the UAV's ground controllers caused the crash.
Bethel Finance news:
The Israel Air Force is investigating the crash of an unmanned aerial vehicle (UAV) near Moshav Yesodot in the southern coastal plain. Large numbers of IDF troops have been sent to secure the crash site.
The UAV crashed at around 10 am. There were no casualties. Crashes of this type of UAV are unusual. The Air Force does not know whether a technical problem or human error by the UAV's ground controllers caused the crash.
Bethel Finance: "Eilat railway increases Chinese, Indian interest in Israel"
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Bethel Finance news:
"The Eilat Railway will be a passenger railway with a travel time of two hours," said Prime Minister Benjamin Netanyahu in his opening remarks at today's cabinet meeting. "This will also be a line for the shipment of goods from Asia to Europe. This will create a very great interest on the part of the rising powers - India and China - and others, in Israel. It therefore has strategic, national, and international importance to build this line."
Netanyahu said that the cabinet would need more meetings to complete the discussion on building the Eilat railway. "This change is the realization of the vision to link-up Israel and the development of transport infrastructures north to Kiryat Shmona and to Eilat with traffic light-less roads and railways - lines for travel within Israel and as an intercontinental transit point."
Netanyahu said that the Eilat line was good news that would dramatically affect Israel for the next 50 years.
Bethel Finance news:
"The Eilat Railway will be a passenger railway with a travel time of two hours," said Prime Minister Benjamin Netanyahu in his opening remarks at today's cabinet meeting. "This will also be a line for the shipment of goods from Asia to Europe. This will create a very great interest on the part of the rising powers - India and China - and others, in Israel. It therefore has strategic, national, and international importance to build this line."
Netanyahu said that the cabinet would need more meetings to complete the discussion on building the Eilat railway. "This change is the realization of the vision to link-up Israel and the development of transport infrastructures north to Kiryat Shmona and to Eilat with traffic light-less roads and railways - lines for travel within Israel and as an intercontinental transit point."
Netanyahu said that the Eilat line was good news that would dramatically affect Israel for the next 50 years.
Bethel Finance: Ben Dov could be set to sell entire Partner stake
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A source has told ''Globes'', "Many companies are in talks with Ben Dov, but he has suffered a 45% paper loss on Partner Communications Ltd. (Nasdaq: PTNR; TASE: PTNR), now that the share is traded at less than NIS 30. Bottom line, I believe that he will sell his entire holding as part of a super deal, and not just sell 15%."
Sources said that the Orange franchisee Partner's controlling shareholder Scailex Corporation (TASE: SCIX; Pink Sheets:SCIXF) will, later this week, publish the structure of the sale of a bloc of shares, and the choice of two investment banks to handle it.
Ilan Ben Dov wants to sell 15% of the company. He controls Partner through a 44.54% stake held by Scailex, a subsidiary of Suny Electronics Ltd. (TASE: SUNY), in which Ben Dov owns 78%.
DS Brokerage analyst Eran Jacobi told "Globes", "What's happening in the share is divorced from business. The market apparently smells a deal."
"Partner's share price fell 4.2% by midday on the TASE today to NIS 29.31, after falling 1.9% on Nasdaq on Friday, in very heavy trading, amounting to 3% of its share capital, to $7.61, giving a market cap of $1.18 billion" said Mr. Cedric Marmet from Bethel Finance Ltd.
A source has told ''Globes'', "Many companies are in talks with Ben Dov, but he has suffered a 45% paper loss on Partner Communications Ltd. (Nasdaq: PTNR; TASE: PTNR), now that the share is traded at less than NIS 30. Bottom line, I believe that he will sell his entire holding as part of a super deal, and not just sell 15%."
Sources said that the Orange franchisee Partner's controlling shareholder Scailex Corporation (TASE: SCIX; Pink Sheets:SCIXF) will, later this week, publish the structure of the sale of a bloc of shares, and the choice of two investment banks to handle it.
Ilan Ben Dov wants to sell 15% of the company. He controls Partner through a 44.54% stake held by Scailex, a subsidiary of Suny Electronics Ltd. (TASE: SUNY), in which Ben Dov owns 78%.
DS Brokerage analyst Eran Jacobi told "Globes", "What's happening in the share is divorced from business. The market apparently smells a deal."
"Partner's share price fell 4.2% by midday on the TASE today to NIS 29.31, after falling 1.9% on Nasdaq on Friday, in very heavy trading, amounting to 3% of its share capital, to $7.61, giving a market cap of $1.18 billion" said Mr. Cedric Marmet from Bethel Finance Ltd.
Bethel Finance: Teva's Cephalon recalls Treanda leukemia drug
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Bethel Finance news:
Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) US subsidiary Cephalon has recalled a lot of its Treanda leukemia drug, because glass fragments were found in one of the vials.
The US Food and Drug Administration (FDA) said in a statement that Cephalon distributed the Treanda lot TB30111 to wholesalers and distributors between March 22 and October 5, 2011, and notified those recipients about the recall on November 18. The FDA instructed hospitals and health care professionals in possession of vials in lot TB30111 to stop using them and quarantine them for return.
Cephalon said that it had not received any report of an adverse event related to particulate matter in the vials.
The FDA-approved labeling for Treanda states that the product is manufactured by Teva's Dutch subsidiary, Pharmacehmie BV. Teva acquired Cephalon in October.
A Teva spokeswoman said in an e-mail that the recall "should not have any impact on supply" of the leukemia drug; the company does not believe that much of lot TB30111 remains in stock.
Teva's share price fell 2.6% by mid-afternoon on the TASE today to NIS 168.30, after falling 1.2% on Nasdaq on Friday to $44.91, giving a market cap of $39.7 billion.
Bethel Finance news:
Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) US subsidiary Cephalon has recalled a lot of its Treanda leukemia drug, because glass fragments were found in one of the vials.
The US Food and Drug Administration (FDA) said in a statement that Cephalon distributed the Treanda lot TB30111 to wholesalers and distributors between March 22 and October 5, 2011, and notified those recipients about the recall on November 18. The FDA instructed hospitals and health care professionals in possession of vials in lot TB30111 to stop using them and quarantine them for return.
Cephalon said that it had not received any report of an adverse event related to particulate matter in the vials.
The FDA-approved labeling for Treanda states that the product is manufactured by Teva's Dutch subsidiary, Pharmacehmie BV. Teva acquired Cephalon in October.
A Teva spokeswoman said in an e-mail that the recall "should not have any impact on supply" of the leukemia drug; the company does not believe that much of lot TB30111 remains in stock.
Teva's share price fell 2.6% by mid-afternoon on the TASE today to NIS 168.30, after falling 1.2% on Nasdaq on Friday to $44.91, giving a market cap of $39.7 billion.
Bethel Finance: Teva eyes $2b Indian acquisition - report
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Bethel Finance news:
The fact that Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) has explicitly said that it has no plans to make large acquisitions any time soon has not stopped speculations about the company's next buyout. Indian website "VCCircle" reports that Teva is a contender to acquire Micro Labs Ltd. for almost $2 billion. While the amount is not on the scale of Teva's last three multibillion takeovers of Cephalon, ratiopharm, and Barr Pharmaceuticals, it is not a small amount either.
"VCCircle" says that Pfizer Inc. (NYSE: PFE; LSE: PFZ), private equity buyout firms are eyeing Bangalore-based private branded generics manufacturer Micro Labs. The company produces tablets and intravenous drugs for a range of medical fields. The company had a net profit of $45 million on $280 million revenue in the year through March 2011.
Teva informed "VCCircle" in response by e-mail, "Teva does not comment on market rumours in regards to its M&A activities." Micro Labs CEO Dilip Surana said, "No such talks are going on."
Micro Labs is planning to expand into the UK, the US, Canada, South Africa and Japan. "VCCircle" said that if a deal materializes, it would mean another exit by an Indian drug company, following the acquisition of a majority stake in Ranbaxy Laboratories Ltd. (BSE: 500359) by Daiichi Sankyo Ltd. (TSE: 4568) a multi-billion-dollar deal three years ago, and the acquisition of domestic formulations business of Piramal Healthcare Ltd. (BSE: 500302) by Abbott Laboratories Inc. (NYSE: ABT) for $3 billion.
Mr. Peres Sailam (Bethel Finance Ltd) says, "Such blockbuster deals, which gave away the control of large Indian pharma companies to global firms, had even called for putting a ceiling on foreign direct investment in the pharma industry. However, no such regulatory clamps have been put by the Indian government.
"For global firms, Micro Labs could be yet another opening to expand into or enter the Indian pharma market which has been consistently growing in the 15-20% annually. According to IMAP’s Pharma & Biotech Industry Global Report 2011, Brazil, Russia and India belong to the tier II of so called ‘pharmerging’ markets and each is expected to add $5-15 billion to the pharmaceutical market through 2013."
Teva's share price fell 2.6% by mid-afternoon on the TASE today to NIS 168.30, after falling 1.2% on Nasdaq on Friday to $44.91, giving a market cap of $39.7 billion.
Bethel Finance news:
The fact that Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) has explicitly said that it has no plans to make large acquisitions any time soon has not stopped speculations about the company's next buyout. Indian website "VCCircle" reports that Teva is a contender to acquire Micro Labs Ltd. for almost $2 billion. While the amount is not on the scale of Teva's last three multibillion takeovers of Cephalon, ratiopharm, and Barr Pharmaceuticals, it is not a small amount either.
"VCCircle" says that Pfizer Inc. (NYSE: PFE; LSE: PFZ), private equity buyout firms are eyeing Bangalore-based private branded generics manufacturer Micro Labs. The company produces tablets and intravenous drugs for a range of medical fields. The company had a net profit of $45 million on $280 million revenue in the year through March 2011.
Teva informed "VCCircle" in response by e-mail, "Teva does not comment on market rumours in regards to its M&A activities." Micro Labs CEO Dilip Surana said, "No such talks are going on."
Micro Labs is planning to expand into the UK, the US, Canada, South Africa and Japan. "VCCircle" said that if a deal materializes, it would mean another exit by an Indian drug company, following the acquisition of a majority stake in Ranbaxy Laboratories Ltd. (BSE: 500359) by Daiichi Sankyo Ltd. (TSE: 4568) a multi-billion-dollar deal three years ago, and the acquisition of domestic formulations business of Piramal Healthcare Ltd. (BSE: 500302) by Abbott Laboratories Inc. (NYSE: ABT) for $3 billion.
Mr. Peres Sailam (Bethel Finance Ltd) says, "Such blockbuster deals, which gave away the control of large Indian pharma companies to global firms, had even called for putting a ceiling on foreign direct investment in the pharma industry. However, no such regulatory clamps have been put by the Indian government.
"For global firms, Micro Labs could be yet another opening to expand into or enter the Indian pharma market which has been consistently growing in the 15-20% annually. According to IMAP’s Pharma & Biotech Industry Global Report 2011, Brazil, Russia and India belong to the tier II of so called ‘pharmerging’ markets and each is expected to add $5-15 billion to the pharmaceutical market through 2013."
Teva's share price fell 2.6% by mid-afternoon on the TASE today to NIS 168.30, after falling 1.2% on Nasdaq on Friday to $44.91, giving a market cap of $39.7 billion.
Bethel Finance: Steinitz to double rabbis' salaries
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Bethel Finance news:
“IDF Radio" (Galei Zahal) reports that the social-economic cabinet, headed by Minister of Finance Yuval Steinitz, will likely double the salaries of municipal rabbis by thousands of shekels a month. The decision will apply to rabbis appointed since 2006. The pay hike, proposed by Minister for Religious Affairs Yaakov Margi, will come into effect in March.
In 2005, the government cut the salaries of municipal rabbis as part of its effort to deal with the local authorities' skyrocketing debts.
There are currently 120 municipal rabbis. The pay hike will cost taxpayers millions of shekels a year.
Bethel Finance news:
“IDF Radio" (Galei Zahal) reports that the social-economic cabinet, headed by Minister of Finance Yuval Steinitz, will likely double the salaries of municipal rabbis by thousands of shekels a month. The decision will apply to rabbis appointed since 2006. The pay hike, proposed by Minister for Religious Affairs Yaakov Margi, will come into effect in March.
In 2005, the government cut the salaries of municipal rabbis as part of its effort to deal with the local authorities' skyrocketing debts.
There are currently 120 municipal rabbis. The pay hike will cost taxpayers millions of shekels a year.
Bethel Finance: Defense Ministry to clear Arava minefield
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Bethel Finance news:
The Ministry of Defense's Mine Clearance Authority has signed its first agreement for substantial landmine clearance, to clear a 240-dunam (60-acre) area around Neot Hakikar in the Arava Valley south of the Dead Sea. The mine clearing will begin in March, with thousands of mines due to be cleared this year.
The minefields in the Neot Hakikar area are extremely dangerous to the public, especially agricultural workers, local residents, and hikers.
Mine Clearance Authority director Ervin Lavi said, "We are talking about a very meaningful accomplishment in the greater campaign for the clearing of mines across Israel. Less than one year after the Mine Clearance Law was passed by the Knesset, we intend to be on the ground already at the beginning of March, ready to clear dangerous landmines; some of which have been there for more than fifty years."
Mr. Peres Sailam (Bethel Finance Ltd)"In Israel currently has 130,000 dunam (42,500 acres) of either minefields, or land in which there is a concern that landmines could have been laid. These landmines are not essential for the security of the state. They were laid over the course of many years, often for specific operational requirements, and are currently marked for clearance. These particular areas include foreign minefields and areas of land into which mines have drifted. In accordance with the assigned budget, the Mine Clearance Authority is preparing a multi-year plan to clear landmines in the north, south and center of the country."
Bethel Finance news:
The Ministry of Defense's Mine Clearance Authority has signed its first agreement for substantial landmine clearance, to clear a 240-dunam (60-acre) area around Neot Hakikar in the Arava Valley south of the Dead Sea. The mine clearing will begin in March, with thousands of mines due to be cleared this year.
The minefields in the Neot Hakikar area are extremely dangerous to the public, especially agricultural workers, local residents, and hikers.
Mine Clearance Authority director Ervin Lavi said, "We are talking about a very meaningful accomplishment in the greater campaign for the clearing of mines across Israel. Less than one year after the Mine Clearance Law was passed by the Knesset, we intend to be on the ground already at the beginning of March, ready to clear dangerous landmines; some of which have been there for more than fifty years."
Mr. Peres Sailam (Bethel Finance Ltd)"In Israel currently has 130,000 dunam (42,500 acres) of either minefields, or land in which there is a concern that landmines could have been laid. These landmines are not essential for the security of the state. They were laid over the course of many years, often for specific operational requirements, and are currently marked for clearance. These particular areas include foreign minefields and areas of land into which mines have drifted. In accordance with the assigned budget, the Mine Clearance Authority is preparing a multi-year plan to clear landmines in the north, south and center of the country."
Bethel Finance: Human error caused IAI Heron test flight crash
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Bethel Finance news:
The crash of the new Heron TP unmanned aerial vehicle (UAV) this morning was caused by human error, according to the preliminary investigation by the Israel Air Force (IAF) and Israel Aerospace Industries Ltd. (IAI) (TASE: ARSP.B1). The Heron's ground controllers apparently exceeded the UAV's test flight parameters. The top secret Heron TP, a state-of-the-art UAV costs $10 million, and is one of IAI's flagship product.
The Heron crashed after takeoff from UAV Squadron 210, based at Palmachim. The flight was designed to test the Heron TP's functioning and systems. The Air Force has been operating the Heron TP for two years, and test flights are routinely undertaken.
The Heron crashed near Moshav Yesodot, near Gedera, in the southern Coastal Plain. IDF troops rushed to the scene to secure the remains.
A source told "Globes", "Regrettable breakdowns sometimes occur during test flights. It's worse and more tragic in cases of breakdowns of manned test flights. In this case, there were naturally no casualties, but the incident must still be thoroughly investigated."
Sources said that the Air Force team assembled to investigate the crash would coordinate its work with IAI engineers who developed the Heron TP.
As big as a piloted plane
The Heron TP is already in use with several air forces around the world. The IAF has expanded it procurements of UAVs in the past few years, including the Heron TP, and will begin procurements of the Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) Hermes 900 and other UAVs for tactical missions on the battlefield.
The Heron TP's dimensions are as big as a piloted plane. Its wingspan is 26 meters, its length is 15 meters, and it weighs over a ton, making it the largest UAV is IAF service. It has an endurance of 40 hours, and its sophisticated systems include satellite communications, avionics, and payloads.
The world's professional media showed interest in the Heron TP from the start of its development. "Jane's" said that the secrecy surrounding its development was evidence that it carried munitions for hunt-and-kill missions, or that it was intended for anti-ballistic missile operations. The IAF has never confirmed operations by its UAVs, even as they have become primary reconnaissance and intelligence tools for complex long-range mission over the border.
Bethel Finance news:
The crash of the new Heron TP unmanned aerial vehicle (UAV) this morning was caused by human error, according to the preliminary investigation by the Israel Air Force (IAF) and Israel Aerospace Industries Ltd. (IAI) (TASE: ARSP.B1). The Heron's ground controllers apparently exceeded the UAV's test flight parameters. The top secret Heron TP, a state-of-the-art UAV costs $10 million, and is one of IAI's flagship product.
The Heron crashed after takeoff from UAV Squadron 210, based at Palmachim. The flight was designed to test the Heron TP's functioning and systems. The Air Force has been operating the Heron TP for two years, and test flights are routinely undertaken.
The Heron crashed near Moshav Yesodot, near Gedera, in the southern Coastal Plain. IDF troops rushed to the scene to secure the remains.
A source told "Globes", "Regrettable breakdowns sometimes occur during test flights. It's worse and more tragic in cases of breakdowns of manned test flights. In this case, there were naturally no casualties, but the incident must still be thoroughly investigated."
Sources said that the Air Force team assembled to investigate the crash would coordinate its work with IAI engineers who developed the Heron TP.
As big as a piloted plane
The Heron TP is already in use with several air forces around the world. The IAF has expanded it procurements of UAVs in the past few years, including the Heron TP, and will begin procurements of the Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) Hermes 900 and other UAVs for tactical missions on the battlefield.
The Heron TP's dimensions are as big as a piloted plane. Its wingspan is 26 meters, its length is 15 meters, and it weighs over a ton, making it the largest UAV is IAF service. It has an endurance of 40 hours, and its sophisticated systems include satellite communications, avionics, and payloads.
The world's professional media showed interest in the Heron TP from the start of its development. "Jane's" said that the secrecy surrounding its development was evidence that it carried munitions for hunt-and-kill missions, or that it was intended for anti-ballistic missile operations. The IAF has never confirmed operations by its UAVs, even as they have become primary reconnaissance and intelligence tools for complex long-range mission over the border.
Bethel Finance: Gasoline price to rise 0.23 per liter Tuesday night
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Bethel Finance news:
The price of gasoline will hit a near all-time high at Tuesday midnight, February 1. The price of 95 octane self-service gasoline will rise to NIS 7.46 per liter, an increase of 3.18%, or NIS 0.23 per liter. Gasoline reached an all-time high of NIS 7.62 per liter in May 2011.
Full-service 95 octane gasoline will cost NIS 7.67 per liter, including NIS 0.21 per liter service fee. Self-service gasoline will cost NIS 6.42 per liter in VAT-free Eilat, up NIS 0.18 per liter or 3.22%, and the cost of full-service gasoline will rise to NIS 6.60 per liter.
The government sets the maximum price of 95 octane gasoline. The price hike is due to the rise in the price of oil due to the EU decision to impose an oil embargo against Iran, and Iran's threats to close the Straits of Hormuz, through which 35% of the world's oil is carried from Persian Gulf oilfields.
"The price of gasoline is based on the average quotes of CIF La Vera trade prices for fuels in the Mediterranean basin, which are then converted from dollars into shekels" says Mr. Cedric Marmet from Bethel Finance Ltd.
Bethel Finance news:
The price of gasoline will hit a near all-time high at Tuesday midnight, February 1. The price of 95 octane self-service gasoline will rise to NIS 7.46 per liter, an increase of 3.18%, or NIS 0.23 per liter. Gasoline reached an all-time high of NIS 7.62 per liter in May 2011.
Full-service 95 octane gasoline will cost NIS 7.67 per liter, including NIS 0.21 per liter service fee. Self-service gasoline will cost NIS 6.42 per liter in VAT-free Eilat, up NIS 0.18 per liter or 3.22%, and the cost of full-service gasoline will rise to NIS 6.60 per liter.
The government sets the maximum price of 95 octane gasoline. The price hike is due to the rise in the price of oil due to the EU decision to impose an oil embargo against Iran, and Iran's threats to close the Straits of Hormuz, through which 35% of the world's oil is carried from Persian Gulf oilfields.
"The price of gasoline is based on the average quotes of CIF La Vera trade prices for fuels in the Mediterranean basin, which are then converted from dollars into shekels" says Mr. Cedric Marmet from Bethel Finance Ltd.
Bethel Finance: IKEA Israel sales slump 18% in 2011 following fire
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Bethel Finance news:
The destruction of IKEA Israel's Netanya store by fire in February 2011, caused the retailer's sales to fall 18% to NIS 555 million last year from NIS 678 million in 2010. The figure indicates that the company was only partly successful in attracting buyers to its second store in Rishon LeZion.
The Netanya store is scheduled to reopen in March.
Before the fire, IKEA Israel reported steady annual growth in sales.
Bethel Finance news:
The destruction of IKEA Israel's Netanya store by fire in February 2011, caused the retailer's sales to fall 18% to NIS 555 million last year from NIS 678 million in 2010. The figure indicates that the company was only partly successful in attracting buyers to its second store in Rishon LeZion.
The Netanya store is scheduled to reopen in March.
Before the fire, IKEA Israel reported steady annual growth in sales.
Bethel Finance: Gov't allows IEC to raise $500m overseas
www.bethelfinance.com
Bethel Finance news:
The government today gave permission for Israel Electric Corporation (IEC) (TASE: ELEC.B22) to raise $500 million in debt overseas, which will increase the utility's debt to NIS 63 billion. As first reported by "Globes", IEC - Israel's debt champion - will raise the debt as the final part of the $2 billion bond offering, which the government approved in 2008. The offerings come on top of IEC's plan to raise NIS 3.5 billion this year.
IEC will use the proceeds to buy fuel for generating electricity, the cost of which has increased because of the halt in Egyptian natural gas deliveries, instead of the original purpose to finance the construction of power stations.
"IEC will decide on the bonds' duration and interest rate later, depending on market conditions. IEC has already raised $1.5 billion in two foreign bond offerings, but due to the poor timing of the offering and the utility's dismal financial condition, it was forced to pay an interest rate of 7-9%" according with Mr. Peres Sailam (Bethel Finance Ltd).
IEC confirmed "Globes" original report, saying in a notice to the TASE in November, "International capital markets are highly volatile, due to the ongoing debt crisis in Europe, and the economic problems in the US. Nonetheless, IEC believes that it has access to international capital markets, which will allow it to raise capital under the current circumstances, on the basis of indications from leading investment banks in the world."
Raising debt abroad is one of IEC's ways to fill the shortfall in its cash flow caused by the disruptions of gas deliveries from Egypt, and its need to buy more expensive diesel to generate electricity.
Bethel Finance news:
The government today gave permission for Israel Electric Corporation (IEC) (TASE: ELEC.B22) to raise $500 million in debt overseas, which will increase the utility's debt to NIS 63 billion. As first reported by "Globes", IEC - Israel's debt champion - will raise the debt as the final part of the $2 billion bond offering, which the government approved in 2008. The offerings come on top of IEC's plan to raise NIS 3.5 billion this year.
IEC will use the proceeds to buy fuel for generating electricity, the cost of which has increased because of the halt in Egyptian natural gas deliveries, instead of the original purpose to finance the construction of power stations.
"IEC will decide on the bonds' duration and interest rate later, depending on market conditions. IEC has already raised $1.5 billion in two foreign bond offerings, but due to the poor timing of the offering and the utility's dismal financial condition, it was forced to pay an interest rate of 7-9%" according with Mr. Peres Sailam (Bethel Finance Ltd).
IEC confirmed "Globes" original report, saying in a notice to the TASE in November, "International capital markets are highly volatile, due to the ongoing debt crisis in Europe, and the economic problems in the US. Nonetheless, IEC believes that it has access to international capital markets, which will allow it to raise capital under the current circumstances, on the basis of indications from leading investment banks in the world."
Raising debt abroad is one of IEC's ways to fill the shortfall in its cash flow caused by the disruptions of gas deliveries from Egypt, and its need to buy more expensive diesel to generate electricity.
Bethel Finance: Mirs applies for international calls license
www.bethelfinance.com
Bethel Finance news:
Sources inform "Globes" that Mirs Communications Ltd. has applied for an international calls license for HOT Telecommunication Systems Ltd. (TASE: HOT), controlled by Patrick Drahi.
This represents a change of approach by HOT, which had originally planned to apply for the international calls license through its subsidiary HOT.net Ltd., which is also an Internet service provider (ISP) although at present it has had its license suspended.
HOT decided to make its international calls license application through mobile carrier Mirs, which it controls, so as not to delay the license and complicate matters with regulatory issues of structural separation. HOT's management concluded that it would be easier to obtain a license through Mirs.
"Mirs will strive to provide international calls independently and not through an existing supplier. While customers can choose an international call operator, in practice most customers prefer to receive cellular international calls through their mobile provider due to convenience and simplicity" Said Mr. Cedric Marmet(Bethel Finance Ltd).
This makes Mirs a natural provider of full international call services for the HOT Group especially with profits from roaming services being very high.
HOT believes that structural separation regulations will soon be scrapped so that the group can provide full international call services.
Bethel Finance news:
Sources inform "Globes" that Mirs Communications Ltd. has applied for an international calls license for HOT Telecommunication Systems Ltd. (TASE: HOT), controlled by Patrick Drahi.
This represents a change of approach by HOT, which had originally planned to apply for the international calls license through its subsidiary HOT.net Ltd., which is also an Internet service provider (ISP) although at present it has had its license suspended.
HOT decided to make its international calls license application through mobile carrier Mirs, which it controls, so as not to delay the license and complicate matters with regulatory issues of structural separation. HOT's management concluded that it would be easier to obtain a license through Mirs.
"Mirs will strive to provide international calls independently and not through an existing supplier. While customers can choose an international call operator, in practice most customers prefer to receive cellular international calls through their mobile provider due to convenience and simplicity" Said Mr. Cedric Marmet(Bethel Finance Ltd).
This makes Mirs a natural provider of full international call services for the HOT Group especially with profits from roaming services being very high.
HOT believes that structural separation regulations will soon be scrapped so that the group can provide full international call services.
Bethel Finance: Maxine Fassberg ousted as Intel Israel chief
www.bethelfinance.com
Bethel Finance news:
The executive changes that Intel Corporation (Nasdaq: INTC) announced ten days ago, including the appointment of VP Mooly Eden as general manager of Israel, took the top management at Intel Israel by surprise. Intel Israel's current general manager Maxine Fassberg, will be subordinate to Eden as manager of Intel Israel's manufacturing operations.
Sources inform ''Globes'' that Fassberg learned of the news from Intel chief product officer Dadi Perlmutter, who was appointed to this new post as part of the same personnel changes. Perlmutter is the top Israeli at Intel's headquarters.
On the face of it, Fassberg was ousted, but that is not how Intel is describing it. She will likely stay on at the company for the time being, and her duties in her new position will include relations with the Israeli government. She will deal with the huge grants that Intel is due to receive to expand its production capacity in Israel.
Eden, who is returning to Israel, managed Intel Israel's Haifa R&D center a decade ago.
Intel said in response, "The executive changes are a normal and routine matter at Intel, and are part of its corporate culture. Mooly's return to Israel strengthens Intel Israel, and enables it to enter new fields."
Fassberg said, "I believe that it is of paramount importance to continue Intel's investments in Israel, and I will continue to lead this matter at Intel and the talks with the government on the issue."
Fassberg was appointed Intel Israel general manager in 2007, succeeding Alex Kornhauser, who went to work for Intel spin-off Numonyx, which was acquired by Micron Technology Inc. (NYSE: MU) for $1.27 billion in 2009.
Opinions regarding Fassberg are divided. Some people say that she has a strong track record of achievement, and that Intel has benefited from her work. Other opinions are less flattering about Intel Israel's performance under her stewardship. Intel Israel's operations include two fabs: Fab 28 at Kiryat Gat, one of the company's most advanced fabs in the world; and a new fab in Jerusalem, which is engaged in packaging.
Fassberg manages Israel's largest high-tech company. She is directly responsible for 3,500 employees, half of Intel Israel's 7,000-man workforce, including at the Haifa R&D center, and she is responsible for a multibillion-dollar budget.
Fassberg has received extensive coverage as the point-woman in Intel's effort to persuade the Israeli government to subsidize its investments in new fabs. Her job includes relations with the Knesset, and her relationship with Israeli politics has prompted rumors that she wants to enter them.
A step down for Eden to the provinces
Eden reportedly received the Israel posting, after telling Intel that he wanted to return to the country. However strategically important Intel Israel is for Intel, in his previous job, Eden was responsible for 70% of Intel's total revenue, leaving the impression that the appointment of such a senior executive to the province of Israel is a step down. This impression is reinforced in view of Intel's critical situation.
"The company has to position itself in several growth markets, including mobile devices, where Eden definitely has something to contribute" said Mr. Peres Sailam (Bethel Finance Ltd).
It should be noted, however, that Intel's CEOs of the past decade - Craig Barrett and Paul Otellini - were not focused on the technology side of the company, but on its operations. It is therefore possible that Eden's expanded responsibilities will serve him as a springboard for a more senior position in the future.
Bethel Finance news:
The executive changes that Intel Corporation (Nasdaq: INTC) announced ten days ago, including the appointment of VP Mooly Eden as general manager of Israel, took the top management at Intel Israel by surprise. Intel Israel's current general manager Maxine Fassberg, will be subordinate to Eden as manager of Intel Israel's manufacturing operations.
Sources inform ''Globes'' that Fassberg learned of the news from Intel chief product officer Dadi Perlmutter, who was appointed to this new post as part of the same personnel changes. Perlmutter is the top Israeli at Intel's headquarters.
On the face of it, Fassberg was ousted, but that is not how Intel is describing it. She will likely stay on at the company for the time being, and her duties in her new position will include relations with the Israeli government. She will deal with the huge grants that Intel is due to receive to expand its production capacity in Israel.
Eden, who is returning to Israel, managed Intel Israel's Haifa R&D center a decade ago.
Intel said in response, "The executive changes are a normal and routine matter at Intel, and are part of its corporate culture. Mooly's return to Israel strengthens Intel Israel, and enables it to enter new fields."
Fassberg said, "I believe that it is of paramount importance to continue Intel's investments in Israel, and I will continue to lead this matter at Intel and the talks with the government on the issue."
Fassberg was appointed Intel Israel general manager in 2007, succeeding Alex Kornhauser, who went to work for Intel spin-off Numonyx, which was acquired by Micron Technology Inc. (NYSE: MU) for $1.27 billion in 2009.
Opinions regarding Fassberg are divided. Some people say that she has a strong track record of achievement, and that Intel has benefited from her work. Other opinions are less flattering about Intel Israel's performance under her stewardship. Intel Israel's operations include two fabs: Fab 28 at Kiryat Gat, one of the company's most advanced fabs in the world; and a new fab in Jerusalem, which is engaged in packaging.
Fassberg manages Israel's largest high-tech company. She is directly responsible for 3,500 employees, half of Intel Israel's 7,000-man workforce, including at the Haifa R&D center, and she is responsible for a multibillion-dollar budget.
Fassberg has received extensive coverage as the point-woman in Intel's effort to persuade the Israeli government to subsidize its investments in new fabs. Her job includes relations with the Knesset, and her relationship with Israeli politics has prompted rumors that she wants to enter them.
A step down for Eden to the provinces
Eden reportedly received the Israel posting, after telling Intel that he wanted to return to the country. However strategically important Intel Israel is for Intel, in his previous job, Eden was responsible for 70% of Intel's total revenue, leaving the impression that the appointment of such a senior executive to the province of Israel is a step down. This impression is reinforced in view of Intel's critical situation.
"The company has to position itself in several growth markets, including mobile devices, where Eden definitely has something to contribute" said Mr. Peres Sailam (Bethel Finance Ltd).
It should be noted, however, that Intel's CEOs of the past decade - Craig Barrett and Paul Otellini - were not focused on the technology side of the company, but on its operations. It is therefore possible that Eden's expanded responsibilities will serve him as a springboard for a more senior position in the future.
Bethel Finance: Golan Telecom in talks to share sites with Partner, Pelephone
www.bethelfinance.com
Bethel Finance news:
Golan Telecom, controlled by Michael Golan, is negotiating to share cellular sites with Partner Communications Ltd. (Nasdaq: PTNR; TASE: PTNR) and Pelephone, according to sources familiar with the matter. The aim is use the sites of the two established wireless carriers in order to reach maximum deployment within a short time.
Golan Telecom has a roaming and site-sharing agreement with Cellcom Israel Ltd. (NYSE:CEL; TASE:CEL), but it appears that that agreement is insufficient, and the difficulty in finding available sites obliges Golan Telecom to cooperate with additional companies.
"Golan Telecom is currently deploying a highly efficient wireless network, in consultation with French company FREE. Unlike Mirs, which set up its network through Nokia-Siemens, Golan is setting up its network independently, with Nokia-Siemens only selling it the equipment" said Mr. Cedric Marmet from Bethel Finance Ltd.
Bethel Finance news:
Golan Telecom, controlled by Michael Golan, is negotiating to share cellular sites with Partner Communications Ltd. (Nasdaq: PTNR; TASE: PTNR) and Pelephone, according to sources familiar with the matter. The aim is use the sites of the two established wireless carriers in order to reach maximum deployment within a short time.
Golan Telecom has a roaming and site-sharing agreement with Cellcom Israel Ltd. (NYSE:CEL; TASE:CEL), but it appears that that agreement is insufficient, and the difficulty in finding available sites obliges Golan Telecom to cooperate with additional companies.
"Golan Telecom is currently deploying a highly efficient wireless network, in consultation with French company FREE. Unlike Mirs, which set up its network through Nokia-Siemens, Golan is setting up its network independently, with Nokia-Siemens only selling it the equipment" said Mr. Cedric Marmet from Bethel Finance Ltd.
Bethel Finance: Gov't approves switch to int'l product standards
www.bethelfinance.com
Bethel Finance news:
The government approved the recommendation today to expand the import of products under international standards, as opposed to local standards established by the Israel Standards Institute. The decision, brought before the government as part of the recommendations of the Committee for Social and Economic Change headed by Professor Manuel Trajtenberg, has aggrieved both the Institute and manufacturers. The latter claim that the move is aimed at weakening the Institute, and is liable to expose the economy to inferior imported goods that will put consumers at risk in the absence of suitable controls.
For their part, the importers argue that, because of the monopoly enjoyed by the Institute in setting and applying standards, they face bureaucratic difficulties in introducing imported products to Israel. The importers have claimed in the past that the Institute tended to act in the interests of local manufacturers to limit imports that could compete with local production.
Under the decision passed today, the process enabling a switch to international standards will be completed by the end of the year. New international standards will be adopted under an expedited procedure, to allow exposure to imported products. The basis of the decision is the Ministry of Finance’s aspiration to facilitate greater competition, ultimately leading to a substantial fall in price of products on store shelves.
The Israel Standards Institute said today that in recent years it had led moves to adopt international standards, and that in any case it planned to complete the process by the end of 2012. “We have been, and will continue to be, the public’s protector from deficient and dangerous products liable to cause harm to consumers,” the Institute said.
The proposal also stipulates that the Ministry of Industry, Trade and Labor will operate inspectors who will raise the level of enforcement in cases of imports of unsafe products. This however has failed to reassure manufacturers, who warn that the market will become exposed to such products.
”We don’t like this decision, because the discussion that led to it did not take place out of a desire to make improvements, but out of a desire to close the Israel Standards Institute. This is not a move designed to improve the level of service and of standards, but to injure the Institute, which is an important and serious organization in the country’s commercial and economic system,” Manufacturers Association director Amir Hayek told “Globes” today. “Exposing the Israeli market to imported products will turn the country into the world’s scrapheap.”
Last week, the Histadrut (General Federation of Labor in Israel) began the process of declaring a labor dispute at the Israel Standards Institute, with Histadrut chairman Ofer Eini promising that he would act to torpedo the government’s move.
Bethel Finance news:
The government approved the recommendation today to expand the import of products under international standards, as opposed to local standards established by the Israel Standards Institute. The decision, brought before the government as part of the recommendations of the Committee for Social and Economic Change headed by Professor Manuel Trajtenberg, has aggrieved both the Institute and manufacturers. The latter claim that the move is aimed at weakening the Institute, and is liable to expose the economy to inferior imported goods that will put consumers at risk in the absence of suitable controls.
For their part, the importers argue that, because of the monopoly enjoyed by the Institute in setting and applying standards, they face bureaucratic difficulties in introducing imported products to Israel. The importers have claimed in the past that the Institute tended to act in the interests of local manufacturers to limit imports that could compete with local production.
Under the decision passed today, the process enabling a switch to international standards will be completed by the end of the year. New international standards will be adopted under an expedited procedure, to allow exposure to imported products. The basis of the decision is the Ministry of Finance’s aspiration to facilitate greater competition, ultimately leading to a substantial fall in price of products on store shelves.
The Israel Standards Institute said today that in recent years it had led moves to adopt international standards, and that in any case it planned to complete the process by the end of 2012. “We have been, and will continue to be, the public’s protector from deficient and dangerous products liable to cause harm to consumers,” the Institute said.
The proposal also stipulates that the Ministry of Industry, Trade and Labor will operate inspectors who will raise the level of enforcement in cases of imports of unsafe products. This however has failed to reassure manufacturers, who warn that the market will become exposed to such products.
”We don’t like this decision, because the discussion that led to it did not take place out of a desire to make improvements, but out of a desire to close the Israel Standards Institute. This is not a move designed to improve the level of service and of standards, but to injure the Institute, which is an important and serious organization in the country’s commercial and economic system,” Manufacturers Association director Amir Hayek told “Globes” today. “Exposing the Israeli market to imported products will turn the country into the world’s scrapheap.”
Last week, the Histadrut (General Federation of Labor in Israel) began the process of declaring a labor dispute at the Israel Standards Institute, with Histadrut chairman Ofer Eini promising that he would act to torpedo the government’s move.
Bethel Finance: Rami Levi, Bank of Jerusalem in joint marketing talks
www.bethelfinance.com
Bethel Finance news:
Bank-Bank of Jerusalem (TASE: JBNK) is in talks with RMLI) to collaborate in the sale of financial products in the chain's supermarkets, sources inform "Globes." The bank is interested in opening sales points in the chain's supermarkets. A source close to the talks said that the sales point would sell the same products as in the banks, only cheaper.
The talks are still believed to be in their early stages. Negotiations are based on the notion of taking advantage of Rami Levi as a platform for marketing financial products. Such a step would enable Rami Levi to share in the profits of the bank without taking any financial risk.
Rami Levi and Bank of Jerusalem CEO Uri Paz declined to comment on the subject.
Bethel Finance news:
Bank-Bank of Jerusalem (TASE: JBNK) is in talks with RMLI) to collaborate in the sale of financial products in the chain's supermarkets, sources inform "Globes." The bank is interested in opening sales points in the chain's supermarkets. A source close to the talks said that the sales point would sell the same products as in the banks, only cheaper.
The talks are still believed to be in their early stages. Negotiations are based on the notion of taking advantage of Rami Levi as a platform for marketing financial products. Such a step would enable Rami Levi to share in the profits of the bank without taking any financial risk.
Rami Levi and Bank of Jerusalem CEO Uri Paz declined to comment on the subject.
Bethel Finance: Cobbler has made mark repairing shoes, winning human souls
www.bethelfinance.com
Bethel Finance news:
For the past two decades, 84-year-old Israel Wright Sr. had operated a shoe repair business in Eutawville. Back in December, he decided it was time to hang up his cobbler's tools.
"They don't make shoes like they used to," said Wright, a soft-spoken man.
Shoe repair, also known as cobbling, was Wright's "first love," he says. At age 14, he got his first job at a shoe repair shop in St. Matthews, where he grew up. On his walks home from John Ford High School, where he graduated, Wright would pass a shoe shop owned by a Mr. Johnson. He said he frequently stopped in at the shop and the owner would put him to work shining shoes for 5 cents a pair.
"That's where I learned about spit-shining shoes," Wright said.
"Spit-shine" refers to the "high gloss" finish that is achieved by polishing, brushing, buffing and then rubbing a damp towel quickly from side to side over a leather shoe, he said.
"Mr. Johnson taught me on the job," Wright said.
He spent 40 years employed as a steelworker at several companies in Charleston, including at the Charleston Naval Shipyard and Alcoa Aluminum, and in Orangeburg. Wright retired from the shipyard in 1991 after working as a shipfitter and anglesmith, a blacksmith skilled in forging angle irons, beams, etc., into various forms used in shipbuilding.
Even while working in the shipyard, he couldn't forget his love of repairing shoes, Wright said.
"A submarine and a shoe remind me of each other," he said, smiling. "There's only one way to go into a submarine and there's only one way a foot goes into a shoe."
In 1992, Wright decided to take on cobbling as a part-time job. The rest of the time, he'd be fishing, or so he thought.
"I hoped to have two to three pairs of shoes a week and then go fishing," he said.
Over the past 20 years, Wright says he's done work for 4,000 to 5,000 different customers from all walks of life and from all over the area.
"I've shined many shoes for The Citadel," he said.
Citadel cadets from the area would drop off their shoes at his Eutawville shop during a weekend visit, then pick them up on the way back to Charleston, Wright said.
"I felt good because they liked the high-gloss finish," he said.
Wright said he also shined shoes for the prison system.
In addition to shining shoes, Wright stitched, stretched, buffed, polished and sanded thousands of shoes over the years using German-crafted machines and tools he acquired when he bought out Brown's Shoe Repair on Russell Street in Orangeburg.
He said he prefers shoes made of genuine leather that are sewn, not glued, together. Many shoe companies today are taking shortcuts in the manufacturing of their products, Wright said. For example, a well-made dress shoe will not have a combined sole and heel but rather the sole and the heel will be attached separately, he said.
In addition to fixing the soles of shoes, Wright worked to save human souls as host of a local gospel radio broadcast, "The Word of God," for several years. He ended his radio program last year but continues to encourage others to put their faith in Jesus Christ.
Wright was pleasantly surprised when 100 of his closest friends and family gathered at ESJ Banquet Hall in Vance to celebrate his retirement from the shoe repair business on Jan. 14.
During the celebration, one of Wright's nephews, a retired U.S. Army sergeant major, recalled that Wright repaired a pair of boots for him prior to his deployment overseas about 20 years ago. He said he was proud to say he still had those boots.
Now that he's retired, Wright says he plans to focus on vegetable and flower gardening.
"That's one of the keys is to keep active," he said.
Bethel Finance news:
For the past two decades, 84-year-old Israel Wright Sr. had operated a shoe repair business in Eutawville. Back in December, he decided it was time to hang up his cobbler's tools.
"They don't make shoes like they used to," said Wright, a soft-spoken man.
Shoe repair, also known as cobbling, was Wright's "first love," he says. At age 14, he got his first job at a shoe repair shop in St. Matthews, where he grew up. On his walks home from John Ford High School, where he graduated, Wright would pass a shoe shop owned by a Mr. Johnson. He said he frequently stopped in at the shop and the owner would put him to work shining shoes for 5 cents a pair.
"That's where I learned about spit-shining shoes," Wright said.
"Spit-shine" refers to the "high gloss" finish that is achieved by polishing, brushing, buffing and then rubbing a damp towel quickly from side to side over a leather shoe, he said.
"Mr. Johnson taught me on the job," Wright said.
He spent 40 years employed as a steelworker at several companies in Charleston, including at the Charleston Naval Shipyard and Alcoa Aluminum, and in Orangeburg. Wright retired from the shipyard in 1991 after working as a shipfitter and anglesmith, a blacksmith skilled in forging angle irons, beams, etc., into various forms used in shipbuilding.
Even while working in the shipyard, he couldn't forget his love of repairing shoes, Wright said.
"A submarine and a shoe remind me of each other," he said, smiling. "There's only one way to go into a submarine and there's only one way a foot goes into a shoe."
In 1992, Wright decided to take on cobbling as a part-time job. The rest of the time, he'd be fishing, or so he thought.
"I hoped to have two to three pairs of shoes a week and then go fishing," he said.
Over the past 20 years, Wright says he's done work for 4,000 to 5,000 different customers from all walks of life and from all over the area.
"I've shined many shoes for The Citadel," he said.
Citadel cadets from the area would drop off their shoes at his Eutawville shop during a weekend visit, then pick them up on the way back to Charleston, Wright said.
"I felt good because they liked the high-gloss finish," he said.
Wright said he also shined shoes for the prison system.
In addition to shining shoes, Wright stitched, stretched, buffed, polished and sanded thousands of shoes over the years using German-crafted machines and tools he acquired when he bought out Brown's Shoe Repair on Russell Street in Orangeburg.
He said he prefers shoes made of genuine leather that are sewn, not glued, together. Many shoe companies today are taking shortcuts in the manufacturing of their products, Wright said. For example, a well-made dress shoe will not have a combined sole and heel but rather the sole and the heel will be attached separately, he said.
In addition to fixing the soles of shoes, Wright worked to save human souls as host of a local gospel radio broadcast, "The Word of God," for several years. He ended his radio program last year but continues to encourage others to put their faith in Jesus Christ.
Wright was pleasantly surprised when 100 of his closest friends and family gathered at ESJ Banquet Hall in Vance to celebrate his retirement from the shoe repair business on Jan. 14.
During the celebration, one of Wright's nephews, a retired U.S. Army sergeant major, recalled that Wright repaired a pair of boots for him prior to his deployment overseas about 20 years ago. He said he was proud to say he still had those boots.
Now that he's retired, Wright says he plans to focus on vegetable and flower gardening.
"That's one of the keys is to keep active," he said.
Bethel Finance: Egyptian Stocks Rise to Four-Month High After Peaceful Protests
www.bethelfinance.com
Bethel Finance news:
Egyptian stocks advanced to the highest in more than four months after peaceful protests marking the first anniversary of the uprising that toppled Hosni Mubarak.
Orascom Telecom Holding SAE, the Egyptian mobile-phone company that was split into two units, rallied 6.9 percent. Commercial International Bank, the biggest publicly traded lender in Egypt, jumped to the highest in almost two months. The EGX30 Index surged 2.3 percent to 4,535.18, the highest since Sept. 13, at the 2:30 p.m. close in Cairo, bringing its gain for the year to 25 percent. The measure is still down 20 percent in the past 12 months.
“It is definitely a deserved rally given the market performance since the revolution, but at current levels we think investors might have gotten carried away,” said Wafik Dawood, director of institutional sales at Cairo-based Mega Investments Securities. “Some feared the weekend would turn violent as protesters insisted on a sit-in” and are now relieved, he said.
Hundreds of thousands of Egyptians took to the streets over the weekend to mark the first anniversary of an uprising on Jan. 25 that culminated in the end of Mubarak’s reign over the North African country. Some celebrated while others protested against the ruling generals who took power.
Orascom Telecom climbed for a fifth day to 3.59 Egyptian pounds. The shares were suspended from trading for almost two months to allow the Cairo-based company to split its assets. Commercial International jumped 4.1 percent to 23.24 pounds, the highest close since Dec. 5.
Abu Dhabi Stocks Gain
About 180 million shares traded today, compared with a daily average of 88 million shares last year.
In the Persian Gulf, the Bloomberg GCC 200 Index increased 0.4 percent. Saudi Arabia’s Tadawul All Share Index rose 0.3 percent. Abu Dhabi’s ADX General Index climbed 1.8 percent, the most since December 2009. Bahrain’s BB All Share Index and Kuwait’s Stock Exchange Price Index rose 0.1 percent, while Oman’s MSM 30 Index and Qatar’s QE Index were little changed. Dubai’s DFM General Index slipped 0.3 percent, snapping a five- day rally.
Israel’s TA-25 Index declined 0.8 percent. The yield on the country’s 5.5 percent notes due January 2022 fell two basis points, or 0.02 percentage point, to 4.52 percent.
Bethel Finance news:
Egyptian stocks advanced to the highest in more than four months after peaceful protests marking the first anniversary of the uprising that toppled Hosni Mubarak.
Orascom Telecom Holding SAE, the Egyptian mobile-phone company that was split into two units, rallied 6.9 percent. Commercial International Bank, the biggest publicly traded lender in Egypt, jumped to the highest in almost two months. The EGX30 Index surged 2.3 percent to 4,535.18, the highest since Sept. 13, at the 2:30 p.m. close in Cairo, bringing its gain for the year to 25 percent. The measure is still down 20 percent in the past 12 months.
“It is definitely a deserved rally given the market performance since the revolution, but at current levels we think investors might have gotten carried away,” said Wafik Dawood, director of institutional sales at Cairo-based Mega Investments Securities. “Some feared the weekend would turn violent as protesters insisted on a sit-in” and are now relieved, he said.
Hundreds of thousands of Egyptians took to the streets over the weekend to mark the first anniversary of an uprising on Jan. 25 that culminated in the end of Mubarak’s reign over the North African country. Some celebrated while others protested against the ruling generals who took power.
Orascom Telecom climbed for a fifth day to 3.59 Egyptian pounds. The shares were suspended from trading for almost two months to allow the Cairo-based company to split its assets. Commercial International jumped 4.1 percent to 23.24 pounds, the highest close since Dec. 5.
Abu Dhabi Stocks Gain
About 180 million shares traded today, compared with a daily average of 88 million shares last year.
In the Persian Gulf, the Bloomberg GCC 200 Index increased 0.4 percent. Saudi Arabia’s Tadawul All Share Index rose 0.3 percent. Abu Dhabi’s ADX General Index climbed 1.8 percent, the most since December 2009. Bahrain’s BB All Share Index and Kuwait’s Stock Exchange Price Index rose 0.1 percent, while Oman’s MSM 30 Index and Qatar’s QE Index were little changed. Dubai’s DFM General Index slipped 0.3 percent, snapping a five- day rally.
Israel’s TA-25 Index declined 0.8 percent. The yield on the country’s 5.5 percent notes due January 2022 fell two basis points, or 0.02 percentage point, to 4.52 percent.
Bethel Finance: Riding a Dragon
www.bethelfinance.com
Bethel Finance news:
How did a mythical creature like a dragon come to feature so prominently in legend around the world? And why is the dragon an auspicious, benevolent figure in the East but a fire-spewing menace destined to be slain by a chivalrous knight in the West? This conundrum was the topic of much discussion in a group of Western journalists with whom I visited Taiwan (the Republic of China) a couple of years ago.
I have generally been too preoccupied with the art of living in this part of the Middle East to give the riddle much thought since then. If anything is going to keep me awake at night it will be the Iranian threat, Hamas-Hezbollah missiles and global anti-Semitism rather than the origins and nature of imaginary creatures.
Nonetheless, last week it jumped back to mind to the metaphorical sound of clashing cymbals at the start of the Chinese Year of the Dragon.
Not only do dragons fly; so does time. The past few decades have witnessed incredible changes and development for both giant China and tiny Israel, which on January 24 celebrated 20 years since the establishment of diplomatic ties.
When, in 1982, I began my BA in Chinese studies at the Hebrew University of Jerusalem, my class consisted of 12 students, all considered slightly crazy by the general student body.
It was the only Israeli academic institution offering Chinese-language studies at the time and we were the butt of many jokes, neither funny nor politically correct. The more sympathetic tried to figure out whether we were the optimists or the pessimists compared to the students of Russian.
But that was many years ago. Not only were diplomatic ties with the People’s Republic just a dream, world affairs were still dictated by the Soviet-US divide.
In my last year of studies I had to prepare a five-minute talk in Chinese on Reagan’s “Star Wars” initiative. I remember little of that stellar speech.
Fortunately, I have found basic greetings like “How are you?” and “Welcome” have served me better at winning friends and influencing native Chinese speakers than anything I might be able to summon up from that declamation. (My other notable student feat, learning Abraham Lincoln’s speech in Mandarin, at least had entertainment value; most Hebrew speakers doubled up with laughter as soon as I got going and even Mrs. Lincoln might have enjoyed that particular show.) The Chinese in those days aspired to the Hungarian economic model, combining Communism with progress. Chinese policy has grown even more pragmatic, and financially driven, since then.
And, it turns out, I was among the optimists. In 1982 we had no official ties. In 1992, bilateral trade was worth $60 million; as we start 2012, it is now worth about $8b. a year.
A growing number of students at universities around the country are learning to communicate in Chinese and even some high schools now have language programs.
For Israelis, there is an added pleasure in doing business with the Far East. Unlike Europe, a trip to China entails no emotional baggage when it comes to anti-Semitism. On the contrary, China’s record of offering a refuge to Jews escaping Nazism is heartwarming.
Mutual praise and admiration were very evident on January 24 at the reception held in Tel Aviv by the Embassy of the People’s Republic of China to mark the two decades of ties.
“One in five people in the world are either Chinese or Israeli,” quipped Prime Minister Binyamin Netanyahu, whose very presence at the affair shows the level at which Israel is actively courting the Chinese.
“Israel and China are a successful combination because we are peoples rooted in glorious traditions that also embrace the future,” said Netanyahu. “The rise of modern China is one of the most important events of our time, as is the rise of modern Israel. Millennia-old societies provide a strong basis for future cooperation in many fields. I believe that Israel and China can act together to ensure peace in the Middle East.”
Ambassador Gao Yanping also noted the size of her country and its population.
If every Israeli backpacker in the Far East were to converge on China at the same time, their presence would barely be felt. If even a fraction of the one billion Chinese were to collectively descend on Israel, on the other hand, there would be nowhere to put them.
As befits the celebratory nature of the event, the prime minister praised China’s decision to begin to reduce oil purchases from Iran, despite the country’s need “to ensure a regular supply of sources of energy in order to continue its impressive growth.”
The importance of bilateral ties echoed throughout the speeches, and reverberated in the small talk among the very diverse crowd of guests.
Although US opposition has definitely damaged military trade between Israel and China, military attachés from different countries in their dress uniforms stood out at the affair.
Among the journalists, diplomats and academics, I also found signs of the blossoming non-military trade ties: businessmen from various fields and Chinese women for whom diamonds are not just a best friend but a vocation.
More than 1,000 Israeli companies operate in China and there is cooperation in many fields including industrial R&D, water, biotechnology and pharmaceuticals.
Proving that the global village is full of surprises, last year ChemChina (China National Chemical Corporation) completed its purchase from Koor of a controlling stake in Makhteshim Agan Industries, which produces chemical pesticides. As a student, I could never have imagined that Koor – once owned by the Histadrut trade union federation – would find a partner in an eager-to-privatize China.
And here lies the reminder that as important as the ties with China are, they come – like everything in the modern world – at a price.
There is a question of whether an Israeli company dealing in natural resources should be able to sell the control over these assets to a foreign body, but I didn’t hear it being asked very loudly. Most media attention in Israel focused on the threat to jobs – and the fear that Israeli workers would suddenly have to abide by Chinese-style work practices.
Over the years I have met a great number of Chinese journalists. All were ultimately employed by the state, which controls all the media.
An American-Israeli friend who recently taught English in China bemoaned the lack of free Internet access and Facebook.
Throughout Taiwan during my last visit I saw protesters against human rights abuses on “The Mainland.”
Taiwan, a vibrant democracy, is constantly trying to find a way to maintain its independence while avoiding conflict with the People’s Republic, which still has its eyes, and missile sights, trained on the island.
Nonetheless, the People’s Republic is opening up to the West and rather than running away from it in fear, it makes more sense to ride with the dragon, and perhaps help point it in the right direction.
The Eastern dragon brings with it good fortune even if its size and power are daunting. We should enjoy the mythical creature while taking care not to be hurt by accident as it moves its massive body.
Bethel Finance news:
How did a mythical creature like a dragon come to feature so prominently in legend around the world? And why is the dragon an auspicious, benevolent figure in the East but a fire-spewing menace destined to be slain by a chivalrous knight in the West? This conundrum was the topic of much discussion in a group of Western journalists with whom I visited Taiwan (the Republic of China) a couple of years ago.
I have generally been too preoccupied with the art of living in this part of the Middle East to give the riddle much thought since then. If anything is going to keep me awake at night it will be the Iranian threat, Hamas-Hezbollah missiles and global anti-Semitism rather than the origins and nature of imaginary creatures.
Nonetheless, last week it jumped back to mind to the metaphorical sound of clashing cymbals at the start of the Chinese Year of the Dragon.
Not only do dragons fly; so does time. The past few decades have witnessed incredible changes and development for both giant China and tiny Israel, which on January 24 celebrated 20 years since the establishment of diplomatic ties.
When, in 1982, I began my BA in Chinese studies at the Hebrew University of Jerusalem, my class consisted of 12 students, all considered slightly crazy by the general student body.
It was the only Israeli academic institution offering Chinese-language studies at the time and we were the butt of many jokes, neither funny nor politically correct. The more sympathetic tried to figure out whether we were the optimists or the pessimists compared to the students of Russian.
But that was many years ago. Not only were diplomatic ties with the People’s Republic just a dream, world affairs were still dictated by the Soviet-US divide.
In my last year of studies I had to prepare a five-minute talk in Chinese on Reagan’s “Star Wars” initiative. I remember little of that stellar speech.
Fortunately, I have found basic greetings like “How are you?” and “Welcome” have served me better at winning friends and influencing native Chinese speakers than anything I might be able to summon up from that declamation. (My other notable student feat, learning Abraham Lincoln’s speech in Mandarin, at least had entertainment value; most Hebrew speakers doubled up with laughter as soon as I got going and even Mrs. Lincoln might have enjoyed that particular show.) The Chinese in those days aspired to the Hungarian economic model, combining Communism with progress. Chinese policy has grown even more pragmatic, and financially driven, since then.
And, it turns out, I was among the optimists. In 1982 we had no official ties. In 1992, bilateral trade was worth $60 million; as we start 2012, it is now worth about $8b. a year.
A growing number of students at universities around the country are learning to communicate in Chinese and even some high schools now have language programs.
For Israelis, there is an added pleasure in doing business with the Far East. Unlike Europe, a trip to China entails no emotional baggage when it comes to anti-Semitism. On the contrary, China’s record of offering a refuge to Jews escaping Nazism is heartwarming.
Mutual praise and admiration were very evident on January 24 at the reception held in Tel Aviv by the Embassy of the People’s Republic of China to mark the two decades of ties.
“One in five people in the world are either Chinese or Israeli,” quipped Prime Minister Binyamin Netanyahu, whose very presence at the affair shows the level at which Israel is actively courting the Chinese.
“Israel and China are a successful combination because we are peoples rooted in glorious traditions that also embrace the future,” said Netanyahu. “The rise of modern China is one of the most important events of our time, as is the rise of modern Israel. Millennia-old societies provide a strong basis for future cooperation in many fields. I believe that Israel and China can act together to ensure peace in the Middle East.”
Ambassador Gao Yanping also noted the size of her country and its population.
If every Israeli backpacker in the Far East were to converge on China at the same time, their presence would barely be felt. If even a fraction of the one billion Chinese were to collectively descend on Israel, on the other hand, there would be nowhere to put them.
As befits the celebratory nature of the event, the prime minister praised China’s decision to begin to reduce oil purchases from Iran, despite the country’s need “to ensure a regular supply of sources of energy in order to continue its impressive growth.”
The importance of bilateral ties echoed throughout the speeches, and reverberated in the small talk among the very diverse crowd of guests.
Although US opposition has definitely damaged military trade between Israel and China, military attachés from different countries in their dress uniforms stood out at the affair.
Among the journalists, diplomats and academics, I also found signs of the blossoming non-military trade ties: businessmen from various fields and Chinese women for whom diamonds are not just a best friend but a vocation.
More than 1,000 Israeli companies operate in China and there is cooperation in many fields including industrial R&D, water, biotechnology and pharmaceuticals.
Proving that the global village is full of surprises, last year ChemChina (China National Chemical Corporation) completed its purchase from Koor of a controlling stake in Makhteshim Agan Industries, which produces chemical pesticides. As a student, I could never have imagined that Koor – once owned by the Histadrut trade union federation – would find a partner in an eager-to-privatize China.
And here lies the reminder that as important as the ties with China are, they come – like everything in the modern world – at a price.
There is a question of whether an Israeli company dealing in natural resources should be able to sell the control over these assets to a foreign body, but I didn’t hear it being asked very loudly. Most media attention in Israel focused on the threat to jobs – and the fear that Israeli workers would suddenly have to abide by Chinese-style work practices.
Over the years I have met a great number of Chinese journalists. All were ultimately employed by the state, which controls all the media.
An American-Israeli friend who recently taught English in China bemoaned the lack of free Internet access and Facebook.
Throughout Taiwan during my last visit I saw protesters against human rights abuses on “The Mainland.”
Taiwan, a vibrant democracy, is constantly trying to find a way to maintain its independence while avoiding conflict with the People’s Republic, which still has its eyes, and missile sights, trained on the island.
Nonetheless, the People’s Republic is opening up to the West and rather than running away from it in fear, it makes more sense to ride with the dragon, and perhaps help point it in the right direction.
The Eastern dragon brings with it good fortune even if its size and power are daunting. We should enjoy the mythical creature while taking care not to be hurt by accident as it moves its massive body.
Bethel Finance: Secrets of the billionaire backing Gingrich's shot at the White House
www.bethelfinance.com
Bethel Finance news:
Abraham Foxman, the amiably chatty director of the Jewish civil rights group, the Anti-Defamation League, has a story to tell about his friend, the 78-year-old multi-billionaire casino mogul Sheldon Adelson.
Adelson, who is America's eighth richest man and has given millions of dollars in support of Newt Gingrich's presidential bid, was having dinner with Foxman in Las Vegas several years ago. Foxman let slip that he was having to miss an invitation to the White House from the then president, George W. Bush. Foxman explained it was impossible to get a commercial flight. Adelson replied: "If the president of the United States asks you to go, you go." Then he gave Foxman the use of his private plane.
Foxman asked Adelson if any condition was attached to the spontaneous act of generosity. "The condition is that you tell President Bush that is how you got there," said Adelson. Foxman made it in time to meet the president.
It is a classic vignette to describe the power and style of Adelson, a man who has given scores of millions of dollars to Republican and Jewish causes over the years but who only now – by backing Gingrich – is becoming known to the wider public. It shows the reach of great wealth and how it mixes with the most powerful people on earth. It also shows Adelson's willingness to use that wealth for causes and people he believes in.
Gingrich, the latest beneficiary of Adelson's goodwill, suddenly has an outside chance of becoming president. The veteran firebrand upset the entire Republican race by coming from behind to record a stunning victory in South Carolina. The win rocked the campaign of the frontrunner, the former Massachusetts governor Mitt Romney, and pitched the two candidates into a showdown in Florida on Tuesday. If Gingrich can win there, the contest could go all the way to the party's convention in Tampa, Florida, in August. And if Gingrich wins the nomination, then the first person he ought to thank is Adelson.
Together with his wife Miriam, Adelson has donated $10m to a "Super PAC" backing Gingrich's presidential bid. Super PACs (political action committees) are a new group of organisations, created by a recent loosening of campaign finance laws, that can accept unlimited donations as long as there is no official co-ordination with a candidate's campaign. The donations are among the largest from individuals in US political history. While other rivals to Romney struggle for cash, Gingrich does not. The Super PAC, Winning Our Future, has put TV ads all over the airwaves and even bought space for a half-hour anti-Romney documentary that helped give Gingrich his victory in South Carolina.
Critics have said Adelson's backing of Gingrich ushers in a dangerous new world where America's wealthiest people might feel able to single-handedly sponsor a major candidate's bid for the White House.
In a system already awash with campaign donations and money from lobbyists, such a level of financial backing has some worried. "It is an arms race of money. You can imagine a world where you can't get elected without the backing of a billionaire," said Professor Noah Feldman, a constitutional law expert at Harvard. "Adelson is not breaking any rules. But the rules are mad," he added.
Adelson and his wife do not see it that way. "Our motivation for helping Newt is simple and should not be mistaken for anything other than the fact that we hold our friendship with him very dear and are doing what we can as private citizens to support his candidacy," they said in a joint statement issued to the Observer.
The Adelsons believe their contributions to Gingrich differ only in scale, not kind, from those of any other citizen. "Our means of support might be more than others are able to offer but, like most Americans, words such as friendship and loyalty still mean something to us," they added.
Insiders at Adelson's company, Las Vegas Sands Corp (LVSC), say the billionaire does not understand why some groups – such as labour unions – do not get the same media scrutiny when their campaign contributions are likely to be in total much larger. "The attention he is getting is a little puzzling to him," one company source said. That raises an interesting thought. Labour unions give money to political campaigns in order to further their interests and that of their working members. So, in turn, what does Adelson want for his money? "Elections are not a 'bro-mance'. You expect something in return. Everyone knows that," said Feldman.
Adelson was not always a rich rightwing Republican. He was born poor in the liberal heartland of Massachusetts, where being a Democrat was the norm. His father, a Jewish immigrant from Lithuania, was a cab driver in Boston while his mother ran a knitting shop. They brought up Adelson and his three siblings in a tenement in a tough neighbourhood of the town of Dorchester. For a while the family slept together in the same room.
But Adelson had street smarts that seemed perfect for business. His first job, with money borrowed from an uncle, was at 12 when he sold newspapers on street corners. At 16 he was running a vending machine business. He became a court reporter, joined the army, sold de-icers, invested in real estate and packaged toiletries among many other things. Some ventures worked, others did not.
The idea that launched Adelson into the world's financial elite was Comdex, a computer trade show that he launched in 1979. It grew into a huge hit, attracting tens of thousands of visitors. "He does not tolerate mediocrity. He just does not 'settle' for anything," said Jason Chudnofsky, a former Comdex executive who worked with Adelman for years.
Even back in the 1970s, according to Chudnofsky, Adelman boasted his business acumen would one day put him in the company of world leaders. "He said we would deal with ministers and presidents of countries. Everything he said then is coming true now," Chudnofsky said.In 1989 Adelson nurtured his now booming convention business by buying the old Sands hotel in Las Vegas. By 1995 Comdex was sold with Adelson reportedly earning $510m for his controlling stake. It was just the beginning. Adelson's empire now includes the Venetian and the Palazzo in Vegas and has expanded into Asia. He is now a billionaire at least 20 times over.
It has also made him a Republican. He was apparently converted to the rightwing cause by William Bush, elder brother of the first President Bush, after they met during the 1988 election.Adelson once told a Washington party he "switched immediately" after a talk with Bush.
Through the 1990s and 2000s, as Adelson got richer and also battled trade unions at his Las Vegas casinos, he became more and more politically active. He was generous to George W. Bush's re-election campaign in 2004, and by 2008 helped bankroll Freedom's Watch, a group that ran ads against Democrats and in support of the Iraq war, to the tune of at least $15m.
He also became a backer of Gingrich and a personal friend. They first met while Gingrich was Speaker of the House in the 1990s. Since 2006 their ties have also been financial. In that year Adelson gave $1m to a group called American Solutions for Winning the Future that served as Gingrich's political organisation. By 2010 Adelson had donated around another $6m to the group as Gingrich toured the country, touting his causes and contemplating a presidential run. Eventually this group turned into the Super PAC Winning Our Future. The cheques from Adelson kept coming.
It is not just the American right that is Adelson's great political passion. There is also Israel. Always proud of his Jewish heritage, Adelson's activism took a pronounced leap when he married his second wife, Miriam, in 1991. She was an Israeli citizen who had been working in New York. The Adelsons are friends of Israel's prime minister, Binyamin Netanyahu, and Adelson purchased a Hebrew-language newspaper to support him.
Adelson is an impassioned opponent of an independent Palestine. He has given at least $60m to the charity Taglit-Birthright, which brings young Jewish Americans on trips to Israel. He has established a thinktank in Jerusalem and given large sums of cash to Yad Vashem, the Holocaust research centre. In the US he has donated to the lobbying group the American Israel Public Affairs Committee, helping fund the trips of Republican congressmen to Israel.
All of this dovetails with Gingrich's policies on Israel. Gingrich has vowed that on the very first day of his administration he would order America's Israeli embassy to move from Tel Aviv to Jerusalem. He has called for regime change in Iran and repeatedly denied that Palestinians are a real people, saying instead they have been "invented". In domestic politics, Gingrich has advocated getting rid of child labour laws so that poor children can work as janitors in their schools. He is an ardent fan of slashing federal government and loosening Wall Street regulations. He has warned that President Obama is a socialist who threatens America's traditional way of life. What Adelson thinks of these exact views is less known. Though often happy to talk to the business press, he rarely speaks to the media beyond that. His press spokesman, Ron Reese, said Adelson had turned down at least 50 interview requests in recent days. But Adelson is happy to use his billions to defend himself. In 2008 his lawyers tried to get reporters barred from a case brought by someone suing for compensation they said was owed after a deal in Macao.
He also sued John L Smith, a Las Vegas journalist over a book he wrote. Though Adelson eventually dropped the case after several years and paid some of Smith's legal costs, the journalist was still forced into bankruptcy. "Sheldon is a bully. He likes to get his own way. He hates it when people disagree with him... he does not like the spotlight when it is a critical spotlight," Smith said.
Nor is Adelson's life without controversies now. He is fighting several lawsuits in Nevada. One, brought by former employer Steve Jacobs, accuses Adelson and his firm of wrongful dismissal after Jacobs claimed he refused to follow instructions to dig up dirt on Chinese officials that could be used as "leverage" to help the business in Asia.
Adelson and Las Vegas Sands Corp have denied the charges, saying they come from a disgruntled employee. But the Securities and Exchange Commission has subpoenaed the firm for documents. The Nevada Gaming Board has also launched an investigation.
Another case has been brought by Adelman's former driver, Kwame Luangisa, who alleges he is owed overtime payments from the billionaire and his firm. Again, the accusations have been denied.
Adelson's personal life too has had its legal problems. In 1997, his sons sued him, claiming he had tricked them into selling their Comdex stocks back to him for less than they were worth. They lost. But the implications of such a family dispute hitting the law courts clearly struck Judge Hiller Zobel, who wrote in his judgment that the trial was "like something from the playwright Arthur Miller". Evidence had revealed the sons as "self-indulgent, substance-abusing, over-pampered" and depicted Adelson as a "harsh, demanding, unfeeling" person, the judge wrote.
It was a rare glimpse into Adelson's private life. Smith, who knows first hand what it means to cross Adelson, thinks his own experience told him a little of what Adelson could be like. "He is fascinating. He's worth billions, but he's pugilistic as the day is long," Smith said. "In his mind he's constantly under siege."
There is certainly no doubting the passion Adelson feels for his causes or the lengths he will go to fight for them. In 2008 he flew 40 wounded US soldiers for a weekend in Las Vegas on a private jet. They stayed in suites usually reserved for high-rollers. When one soldier, who had brought his girlfriend along, decided to get married in the city, Adelson paid for that, too. "He's known as this tough person, but one-on-one he can be a softy," said Foxman.
Not that Mitt Romney would agree. ** The money Adelson has poured into Gingrich's cause has battered Romney's campaign. An Adelson-funded Gingrich has become Romney's most implacable foe. Even if Gingrich loses in Florida, he will be able to fight on with a billionaire's backing. "The past would suggest that they [the Adelsons] will continue to finds ways to support Newt in the future," said a company source close to Adelson. Chudnofsky put it more bluntly. "He's not going to stop. If he's said he is going to support Gingrich, then he will go all in."
Bethel Finance news:
Abraham Foxman, the amiably chatty director of the Jewish civil rights group, the Anti-Defamation League, has a story to tell about his friend, the 78-year-old multi-billionaire casino mogul Sheldon Adelson.
Adelson, who is America's eighth richest man and has given millions of dollars in support of Newt Gingrich's presidential bid, was having dinner with Foxman in Las Vegas several years ago. Foxman let slip that he was having to miss an invitation to the White House from the then president, George W. Bush. Foxman explained it was impossible to get a commercial flight. Adelson replied: "If the president of the United States asks you to go, you go." Then he gave Foxman the use of his private plane.
Foxman asked Adelson if any condition was attached to the spontaneous act of generosity. "The condition is that you tell President Bush that is how you got there," said Adelson. Foxman made it in time to meet the president.
It is a classic vignette to describe the power and style of Adelson, a man who has given scores of millions of dollars to Republican and Jewish causes over the years but who only now – by backing Gingrich – is becoming known to the wider public. It shows the reach of great wealth and how it mixes with the most powerful people on earth. It also shows Adelson's willingness to use that wealth for causes and people he believes in.
Gingrich, the latest beneficiary of Adelson's goodwill, suddenly has an outside chance of becoming president. The veteran firebrand upset the entire Republican race by coming from behind to record a stunning victory in South Carolina. The win rocked the campaign of the frontrunner, the former Massachusetts governor Mitt Romney, and pitched the two candidates into a showdown in Florida on Tuesday. If Gingrich can win there, the contest could go all the way to the party's convention in Tampa, Florida, in August. And if Gingrich wins the nomination, then the first person he ought to thank is Adelson.
Together with his wife Miriam, Adelson has donated $10m to a "Super PAC" backing Gingrich's presidential bid. Super PACs (political action committees) are a new group of organisations, created by a recent loosening of campaign finance laws, that can accept unlimited donations as long as there is no official co-ordination with a candidate's campaign. The donations are among the largest from individuals in US political history. While other rivals to Romney struggle for cash, Gingrich does not. The Super PAC, Winning Our Future, has put TV ads all over the airwaves and even bought space for a half-hour anti-Romney documentary that helped give Gingrich his victory in South Carolina.
Critics have said Adelson's backing of Gingrich ushers in a dangerous new world where America's wealthiest people might feel able to single-handedly sponsor a major candidate's bid for the White House.
In a system already awash with campaign donations and money from lobbyists, such a level of financial backing has some worried. "It is an arms race of money. You can imagine a world where you can't get elected without the backing of a billionaire," said Professor Noah Feldman, a constitutional law expert at Harvard. "Adelson is not breaking any rules. But the rules are mad," he added.
Adelson and his wife do not see it that way. "Our motivation for helping Newt is simple and should not be mistaken for anything other than the fact that we hold our friendship with him very dear and are doing what we can as private citizens to support his candidacy," they said in a joint statement issued to the Observer.
The Adelsons believe their contributions to Gingrich differ only in scale, not kind, from those of any other citizen. "Our means of support might be more than others are able to offer but, like most Americans, words such as friendship and loyalty still mean something to us," they added.
Insiders at Adelson's company, Las Vegas Sands Corp (LVSC), say the billionaire does not understand why some groups – such as labour unions – do not get the same media scrutiny when their campaign contributions are likely to be in total much larger. "The attention he is getting is a little puzzling to him," one company source said. That raises an interesting thought. Labour unions give money to political campaigns in order to further their interests and that of their working members. So, in turn, what does Adelson want for his money? "Elections are not a 'bro-mance'. You expect something in return. Everyone knows that," said Feldman.
Adelson was not always a rich rightwing Republican. He was born poor in the liberal heartland of Massachusetts, where being a Democrat was the norm. His father, a Jewish immigrant from Lithuania, was a cab driver in Boston while his mother ran a knitting shop. They brought up Adelson and his three siblings in a tenement in a tough neighbourhood of the town of Dorchester. For a while the family slept together in the same room.
But Adelson had street smarts that seemed perfect for business. His first job, with money borrowed from an uncle, was at 12 when he sold newspapers on street corners. At 16 he was running a vending machine business. He became a court reporter, joined the army, sold de-icers, invested in real estate and packaged toiletries among many other things. Some ventures worked, others did not.
The idea that launched Adelson into the world's financial elite was Comdex, a computer trade show that he launched in 1979. It grew into a huge hit, attracting tens of thousands of visitors. "He does not tolerate mediocrity. He just does not 'settle' for anything," said Jason Chudnofsky, a former Comdex executive who worked with Adelman for years.
Even back in the 1970s, according to Chudnofsky, Adelman boasted his business acumen would one day put him in the company of world leaders. "He said we would deal with ministers and presidents of countries. Everything he said then is coming true now," Chudnofsky said.In 1989 Adelson nurtured his now booming convention business by buying the old Sands hotel in Las Vegas. By 1995 Comdex was sold with Adelson reportedly earning $510m for his controlling stake. It was just the beginning. Adelson's empire now includes the Venetian and the Palazzo in Vegas and has expanded into Asia. He is now a billionaire at least 20 times over.
It has also made him a Republican. He was apparently converted to the rightwing cause by William Bush, elder brother of the first President Bush, after they met during the 1988 election.Adelson once told a Washington party he "switched immediately" after a talk with Bush.
Through the 1990s and 2000s, as Adelson got richer and also battled trade unions at his Las Vegas casinos, he became more and more politically active. He was generous to George W. Bush's re-election campaign in 2004, and by 2008 helped bankroll Freedom's Watch, a group that ran ads against Democrats and in support of the Iraq war, to the tune of at least $15m.
He also became a backer of Gingrich and a personal friend. They first met while Gingrich was Speaker of the House in the 1990s. Since 2006 their ties have also been financial. In that year Adelson gave $1m to a group called American Solutions for Winning the Future that served as Gingrich's political organisation. By 2010 Adelson had donated around another $6m to the group as Gingrich toured the country, touting his causes and contemplating a presidential run. Eventually this group turned into the Super PAC Winning Our Future. The cheques from Adelson kept coming.
It is not just the American right that is Adelson's great political passion. There is also Israel. Always proud of his Jewish heritage, Adelson's activism took a pronounced leap when he married his second wife, Miriam, in 1991. She was an Israeli citizen who had been working in New York. The Adelsons are friends of Israel's prime minister, Binyamin Netanyahu, and Adelson purchased a Hebrew-language newspaper to support him.
Adelson is an impassioned opponent of an independent Palestine. He has given at least $60m to the charity Taglit-Birthright, which brings young Jewish Americans on trips to Israel. He has established a thinktank in Jerusalem and given large sums of cash to Yad Vashem, the Holocaust research centre. In the US he has donated to the lobbying group the American Israel Public Affairs Committee, helping fund the trips of Republican congressmen to Israel.
All of this dovetails with Gingrich's policies on Israel. Gingrich has vowed that on the very first day of his administration he would order America's Israeli embassy to move from Tel Aviv to Jerusalem. He has called for regime change in Iran and repeatedly denied that Palestinians are a real people, saying instead they have been "invented". In domestic politics, Gingrich has advocated getting rid of child labour laws so that poor children can work as janitors in their schools. He is an ardent fan of slashing federal government and loosening Wall Street regulations. He has warned that President Obama is a socialist who threatens America's traditional way of life. What Adelson thinks of these exact views is less known. Though often happy to talk to the business press, he rarely speaks to the media beyond that. His press spokesman, Ron Reese, said Adelson had turned down at least 50 interview requests in recent days. But Adelson is happy to use his billions to defend himself. In 2008 his lawyers tried to get reporters barred from a case brought by someone suing for compensation they said was owed after a deal in Macao.
He also sued John L Smith, a Las Vegas journalist over a book he wrote. Though Adelson eventually dropped the case after several years and paid some of Smith's legal costs, the journalist was still forced into bankruptcy. "Sheldon is a bully. He likes to get his own way. He hates it when people disagree with him... he does not like the spotlight when it is a critical spotlight," Smith said.
Nor is Adelson's life without controversies now. He is fighting several lawsuits in Nevada. One, brought by former employer Steve Jacobs, accuses Adelson and his firm of wrongful dismissal after Jacobs claimed he refused to follow instructions to dig up dirt on Chinese officials that could be used as "leverage" to help the business in Asia.
Adelson and Las Vegas Sands Corp have denied the charges, saying they come from a disgruntled employee. But the Securities and Exchange Commission has subpoenaed the firm for documents. The Nevada Gaming Board has also launched an investigation.
Another case has been brought by Adelman's former driver, Kwame Luangisa, who alleges he is owed overtime payments from the billionaire and his firm. Again, the accusations have been denied.
Adelson's personal life too has had its legal problems. In 1997, his sons sued him, claiming he had tricked them into selling their Comdex stocks back to him for less than they were worth. They lost. But the implications of such a family dispute hitting the law courts clearly struck Judge Hiller Zobel, who wrote in his judgment that the trial was "like something from the playwright Arthur Miller". Evidence had revealed the sons as "self-indulgent, substance-abusing, over-pampered" and depicted Adelson as a "harsh, demanding, unfeeling" person, the judge wrote.
It was a rare glimpse into Adelson's private life. Smith, who knows first hand what it means to cross Adelson, thinks his own experience told him a little of what Adelson could be like. "He is fascinating. He's worth billions, but he's pugilistic as the day is long," Smith said. "In his mind he's constantly under siege."
There is certainly no doubting the passion Adelson feels for his causes or the lengths he will go to fight for them. In 2008 he flew 40 wounded US soldiers for a weekend in Las Vegas on a private jet. They stayed in suites usually reserved for high-rollers. When one soldier, who had brought his girlfriend along, decided to get married in the city, Adelson paid for that, too. "He's known as this tough person, but one-on-one he can be a softy," said Foxman.
Not that Mitt Romney would agree. ** The money Adelson has poured into Gingrich's cause has battered Romney's campaign. An Adelson-funded Gingrich has become Romney's most implacable foe. Even if Gingrich loses in Florida, he will be able to fight on with a billionaire's backing. "The past would suggest that they [the Adelsons] will continue to finds ways to support Newt in the future," said a company source close to Adelson. Chudnofsky put it more bluntly. "He's not going to stop. If he's said he is going to support Gingrich, then he will go all in."
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