www.bethelfinance.com
The IDF will require Cellcom Israel Ltd. (NYSE:CEL; TASE:CEL) to connect to two centers to be selected, which will permit the monitoring and listening in on conversations by subscribers as part of the mobile services tender that the mobile carrier won yesterday. Cellcom will produce reports and provide details of calls at the IDF's request.
The condition was included in the tender, and all three participating carriers knew of it in advance.
This is not the first time, and probably will not be the last time, that such snooping will be carried out. The defense establishment has access to all of Israel's mobile networks; this fact appears in the confidential chapter in the mobile carriers' licenses and is not new.
Nonetheless, the fact that the IDF can listen in on and monitor anyone who receives a mobile phone through it creates legal problems concerning invasion of privacy and illegal wiretapping. The IDF is apparently unconcerned and believes that it has the right to listen in on a soldier or officer who receives a mobile phone from it without the need for a warrant.
The IDF spokesman said, "The IDF is an army that advances with technology. Paralleling the technological progress and development, a security risk analysis was conducted and special administrative and technical solutions were provided to handle the new security threats that constantly emerge from the use of devices of this kind."
Wednesday, April 4, 2012
Bethel Finance: Gov't agrees to one-third of IEC guarantee request
www.bethelfinance.com
Sources inform ''Globes'' that the Ministry of Finance is willing to guarantee up to a maximum of NIS 3 billion on debt raised by Israel Electric Corporation (IEC) (TASE: ELEC.B22) - less than a third of the NIS 10 billion in guarantees that the utility has asked for. On Monday, the ministry approved guarantees for a NIS 1.5 billion private debt placement by the IEC, which will be held this week.
In its prospectus, IEC states that it wants to raise up to NIS 10 billion in debt in July. It reportedly plans to actually raise only part of the amount - NIS 6 billion - but the Ministry of Finance refuses to back even this sum in full. By law, the government can guarantee up to 10% of the state budget - NIS 24.7 billion.
The Ministry of Finance believes that a debt offering by the IEC is the least bad alternative, and that it is better than raising electricity rates and forcing the public to cover IEC's cash flow problems. This is the position of Acting Ministry of Finance director general Doron Cohen, who is also director of the Government Companies Authority.
Accountant General Michal Abadi-Boiangiu has conditioned government guarantees on a public issue of tradable bonds by the IEC, which requires a prospectus. The last time that the utility held a public bond offering was in 2002. Every subsequent offering was by private placement with investment institutions, which does not require a prospectus.
"A prospectus means order," Abadi-Boiangiu told the cabinet at its last meeting, in response to ministers' questions about progress on IEC's crisis. In addition to public disclosure about IEC's condition, a prospectus, the cost of non-tradable bonds is higher than the cost of tradable bonds, which means that a public offering should save IEC considerable money. A prospectus can also serve as a basis for future offerings at low cost.
Sources inform ''Globes'' that the Ministry of Finance is willing to guarantee up to a maximum of NIS 3 billion on debt raised by Israel Electric Corporation (IEC) (TASE: ELEC.B22) - less than a third of the NIS 10 billion in guarantees that the utility has asked for. On Monday, the ministry approved guarantees for a NIS 1.5 billion private debt placement by the IEC, which will be held this week.
In its prospectus, IEC states that it wants to raise up to NIS 10 billion in debt in July. It reportedly plans to actually raise only part of the amount - NIS 6 billion - but the Ministry of Finance refuses to back even this sum in full. By law, the government can guarantee up to 10% of the state budget - NIS 24.7 billion.
The Ministry of Finance believes that a debt offering by the IEC is the least bad alternative, and that it is better than raising electricity rates and forcing the public to cover IEC's cash flow problems. This is the position of Acting Ministry of Finance director general Doron Cohen, who is also director of the Government Companies Authority.
Accountant General Michal Abadi-Boiangiu has conditioned government guarantees on a public issue of tradable bonds by the IEC, which requires a prospectus. The last time that the utility held a public bond offering was in 2002. Every subsequent offering was by private placement with investment institutions, which does not require a prospectus.
"A prospectus means order," Abadi-Boiangiu told the cabinet at its last meeting, in response to ministers' questions about progress on IEC's crisis. In addition to public disclosure about IEC's condition, a prospectus, the cost of non-tradable bonds is higher than the cost of tradable bonds, which means that a public offering should save IEC considerable money. A prospectus can also serve as a basis for future offerings at low cost.
Bethel Finance: Treasury offers early retirement to senior civil servants
www.bethelfinance.com
The Ministry of Finance is seeking to refresh the ranks of Israel's senior civil servants. For the first time, it is offering a NIS 250,000 bonus to senior civil servants aged 55-65 and with at least 12 years in their current position or at least 12 years in similarly ranked positions who take early retirement. The offer is for senior civil servants working under personal contracts, rather than through collective agreements and are therefore eligible for budget-financed pensions.
The ministry is offering the plan to the first 60 senior civil servants who apply for it by June 30. The retirements will take effect by June 2013.
To encourage the senior civil servants, the Ministry of Finance hired the consultancy firm Ethics Ltd. to provide the civil servants with information about their rights and payments should they retire. The senior civil servants can schedule a discrete personal meeting for obtaining the relevant information, including tax planning and tax alternatives.
Senior Ministry of Finance officials today promised that the measure was not intended to save money, but to refresh the ranks. It promises that the positions vacated with not be voided, but will be filled by new and younger civil servants.
The Ministry of Finance is seeking to refresh the ranks of Israel's senior civil servants. For the first time, it is offering a NIS 250,000 bonus to senior civil servants aged 55-65 and with at least 12 years in their current position or at least 12 years in similarly ranked positions who take early retirement. The offer is for senior civil servants working under personal contracts, rather than through collective agreements and are therefore eligible for budget-financed pensions.
The ministry is offering the plan to the first 60 senior civil servants who apply for it by June 30. The retirements will take effect by June 2013.
To encourage the senior civil servants, the Ministry of Finance hired the consultancy firm Ethics Ltd. to provide the civil servants with information about their rights and payments should they retire. The senior civil servants can schedule a discrete personal meeting for obtaining the relevant information, including tax planning and tax alternatives.
Senior Ministry of Finance officials today promised that the measure was not intended to save money, but to refresh the ranks. It promises that the positions vacated with not be voided, but will be filled by new and younger civil servants.
Bethel Finance: Electricity Authority approves rates discount
www.bethelfinance.com
The Public Utilities Authority (Electricity) has approved the Conserve and Save Plan, which offers discounts of up to 20% on electricity rates for households that reduce their electricity consumption during the summer. These consumers currently pay a uniform rate.
A household that reduces electricity consumption by 15-20% in July-September, compared with the corresponding months of 2011, will be eligible for a 10% discount. Households that reduce electricity consumption by 20-30% will be eligible for a 20% discount.
The Public Utilities Authority said that the plan will run from June through the end of September.
Consumers must register for the plan on the Israel Electric Corporation (IEC) (TASE: ELEC.B22) website.
The Public Utilities Authority (Electricity) has approved the Conserve and Save Plan, which offers discounts of up to 20% on electricity rates for households that reduce their electricity consumption during the summer. These consumers currently pay a uniform rate.
A household that reduces electricity consumption by 15-20% in July-September, compared with the corresponding months of 2011, will be eligible for a 10% discount. Households that reduce electricity consumption by 20-30% will be eligible for a 20% discount.
The Public Utilities Authority said that the plan will run from June through the end of September.
Consumers must register for the plan on the Israel Electric Corporation (IEC) (TASE: ELEC.B22) website.
Bethel Finance: Tnuva chairman quits
www.bethelfinance.com
Tnuva Food Industries Ltd. chairman Shlomo Rodav has unexpectedly quit only a few months after being appointed. Rodav said that he is resigning due to differences of opinion with the company's owners. It is assumed that Rodav was referring to Apax Partners.
Sources inform "Globes" that Apax Partners partner Nico Hansen, who chairs the group's approval and portfolio review committees, came to Israel yesterday following a dispute between Rodav and Apax.
Rodav's predecessor Zehavit Cohen, who stepped down in October 2011 following the summer's social protests that were focused on perceived high prices of dairy products, still serves as Apax Israel CEO. However, Tnuva's managers have been asked not to talk directly to her. A similar request was given to Psagot Investment House Ltd. managers, where Cohen also stepped down as chairman.
Market sources believe that the dispute, which led to Rodav's resignation, revolves around Tnuva's sales arrangements.
It is now five years since Apax acquired a controlling stake in Tnuva and because of this time span and new regulatory restrictions, the fund is expected to sell the food company within the next two years.
Since Rodav took over as chairman, he has led far reaching changes at Tnuva. He closed the company's factory in Romania, which was losing hundreds of millions of shekels. He was also seeking to streamline activities by consolidating operations and reducing headquarters staff levels.
Some of the measures he sought to lead encountered strong opposition from the workers committee, due to a work dispute with the company, and employees' demands for a new agreement giving them large benefits. Workers were refusing to implement streamlining measures before signing a new agreement.
Tnuva workers committee chairman Ahiav Simhi told "Globes," "Rodav probably didn't deliver the goods. What is a difference of opinion on professional matters? Things weren't working at Tnuva in full harmony. Rodav came to work. He wasn't suitable and said goodbye."
Tnuva said that until a new permanent chairman could be appointed Dr. Shmuel Even, a member of the board, would serve as temporary chairman.
Sources inform "Globes" that Even's appointment was not made with the approval of Apax Partners and the other shareholders - the kibbutz movement and Mivtach Shamir Holdings Ltd. (TASE:MISH).
Tnuva Food Industries Ltd. chairman Shlomo Rodav has unexpectedly quit only a few months after being appointed. Rodav said that he is resigning due to differences of opinion with the company's owners. It is assumed that Rodav was referring to Apax Partners.
Sources inform "Globes" that Apax Partners partner Nico Hansen, who chairs the group's approval and portfolio review committees, came to Israel yesterday following a dispute between Rodav and Apax.
Rodav's predecessor Zehavit Cohen, who stepped down in October 2011 following the summer's social protests that were focused on perceived high prices of dairy products, still serves as Apax Israel CEO. However, Tnuva's managers have been asked not to talk directly to her. A similar request was given to Psagot Investment House Ltd. managers, where Cohen also stepped down as chairman.
Market sources believe that the dispute, which led to Rodav's resignation, revolves around Tnuva's sales arrangements.
It is now five years since Apax acquired a controlling stake in Tnuva and because of this time span and new regulatory restrictions, the fund is expected to sell the food company within the next two years.
Since Rodav took over as chairman, he has led far reaching changes at Tnuva. He closed the company's factory in Romania, which was losing hundreds of millions of shekels. He was also seeking to streamline activities by consolidating operations and reducing headquarters staff levels.
Some of the measures he sought to lead encountered strong opposition from the workers committee, due to a work dispute with the company, and employees' demands for a new agreement giving them large benefits. Workers were refusing to implement streamlining measures before signing a new agreement.
Tnuva workers committee chairman Ahiav Simhi told "Globes," "Rodav probably didn't deliver the goods. What is a difference of opinion on professional matters? Things weren't working at Tnuva in full harmony. Rodav came to work. He wasn't suitable and said goodbye."
Tnuva said that until a new permanent chairman could be appointed Dr. Shmuel Even, a member of the board, would serve as temporary chairman.
Sources inform "Globes" that Even's appointment was not made with the approval of Apax Partners and the other shareholders - the kibbutz movement and Mivtach Shamir Holdings Ltd. (TASE:MISH).
Bethel Finance: Shekel splits
www.bethelfinance.com
The shekel is weakening against the dollar, but strengthening against the euro in inter-bank trading today. The shekel-dollar exchange rate is up 0.37%, compared with yesterday's representative rate, to NIS 3.737/$, but the shekel-euro exchange rate is down 0.67% to NIS 4.934/€.
According to the minutes of the US Federal Reserve Board interest rate meeting indicate, published yesterday, that it is in no rush to initiate a new qualitative easing plan (QE3). The Fed takes a cautious line on the US economic recovery. In Europe, traders are waiting for the upcoming interest rate decisions by the European Central Bank and the Bank of England.
The shekel is weakening against the dollar, but strengthening against the euro in inter-bank trading today. The shekel-dollar exchange rate is up 0.37%, compared with yesterday's representative rate, to NIS 3.737/$, but the shekel-euro exchange rate is down 0.67% to NIS 4.934/€.
According to the minutes of the US Federal Reserve Board interest rate meeting indicate, published yesterday, that it is in no rush to initiate a new qualitative easing plan (QE3). The Fed takes a cautious line on the US economic recovery. In Europe, traders are waiting for the upcoming interest rate decisions by the European Central Bank and the Bank of England.
Bethel Finance: Lebanon presses Cyprus to revise Israeli EEZ agreement
www.bethelfinance.com
Foreign Minister Adnan Mansour said Tuesday that contacts with Cyprus are ongoing in an effort to make it reconsider its Exclusive Economic Zone agreement with Israel.
“Contacts are ongoing with Cyprus; there is hope and we should reach [positive] results,” Mansour told The Daily Star.
Israel and Cyprus signed their own EEZ agreement in December 2010.
Under the agreement, Israel’s EEZ boundary with Cyprus begins at point 1, 17 kilometers northeast of point 23, where Lebanon proposed its maritime border with Israel when delineating its EEZ with Cyprus in 2007.
In other words, Israel’s EEZ infringes on a roughly 850-square-kilometer stretch of sea that Lebanon considers within its EEZ.
Two massive offshore natural gas fields were discovered near Haifa, a city in northern Israel, in 2009 and 2010. In March 2010, the U.S. Geological Survey estimated that the Levantine Basin in the eastern Mediterranean, which includes the territorial waters of Lebanon, Israel, Syria and Cyprus, could hold as much as 1.7 billion barrels of recoverable oil and 34.5 trillion cubic meters of gas.
“It [Cyprus] should resolve the matter. It demarcated its maritime border with Israel at the expense of Lebanon,” Mansour said.
In its Tuesday issue, Lebanon’s As-Safir newspaper quoted Lebanese sources as saying that Cypriot officials responded positively during discussions with the Lebanese side.
The sources said that in its demarcation agreement with Israel, Cyprus considered that point 1 would not be finalized before gaining the consent of all concerned parties, including Lebanon.
According to the sources, U.S. Special Coordinator for Regional Affairs Frederic Ho’s visit to Lebanon, Israel and Cyprusin March gave the impression that U.S. oil companies are not willing to make any investment before maritime disputes are resolved.
Mansour also said that Brazil’s Special Envoy to the Middle East Cesario Melantonio Neto had expressed to officials during a visit to Lebanon this week the willingness of his country to help in offshore drilling for gas and oil in Lebanon’s EEZ.
Foreign Minister Adnan Mansour said Tuesday that contacts with Cyprus are ongoing in an effort to make it reconsider its Exclusive Economic Zone agreement with Israel.
“Contacts are ongoing with Cyprus; there is hope and we should reach [positive] results,” Mansour told The Daily Star.
Israel and Cyprus signed their own EEZ agreement in December 2010.
Under the agreement, Israel’s EEZ boundary with Cyprus begins at point 1, 17 kilometers northeast of point 23, where Lebanon proposed its maritime border with Israel when delineating its EEZ with Cyprus in 2007.
In other words, Israel’s EEZ infringes on a roughly 850-square-kilometer stretch of sea that Lebanon considers within its EEZ.
Two massive offshore natural gas fields were discovered near Haifa, a city in northern Israel, in 2009 and 2010. In March 2010, the U.S. Geological Survey estimated that the Levantine Basin in the eastern Mediterranean, which includes the territorial waters of Lebanon, Israel, Syria and Cyprus, could hold as much as 1.7 billion barrels of recoverable oil and 34.5 trillion cubic meters of gas.
“It [Cyprus] should resolve the matter. It demarcated its maritime border with Israel at the expense of Lebanon,” Mansour said.
In its Tuesday issue, Lebanon’s As-Safir newspaper quoted Lebanese sources as saying that Cypriot officials responded positively during discussions with the Lebanese side.
The sources said that in its demarcation agreement with Israel, Cyprus considered that point 1 would not be finalized before gaining the consent of all concerned parties, including Lebanon.
According to the sources, U.S. Special Coordinator for Regional Affairs Frederic Ho’s visit to Lebanon, Israel and Cyprusin March gave the impression that U.S. oil companies are not willing to make any investment before maritime disputes are resolved.
Mansour also said that Brazil’s Special Envoy to the Middle East Cesario Melantonio Neto had expressed to officials during a visit to Lebanon this week the willingness of his country to help in offshore drilling for gas and oil in Lebanon’s EEZ.
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