www.bethelfinance.com
Bethel Finance news:
Nochi Dankner today completed the sale of Fundtech Ltd. and its merger with FT Israeli Mergerco Ltd., a company created by GTCR Fund X/A LP for this purpose. The sale by IDB Holding Corp. Ltd. (TASE:IDBH) unit Clal Industries and Investments Ltd. (TASE: CII) was made at $23.33 per share, giving Fundtech a value of $390 million.
Clal Industries received $205 million for its 58.6% stake in Fundtech, which has been delisted from Nasdaq and the Tel Aviv Stock Exchange (TASE) following the sale.
The consolidation of Fundtech with GTCR-affiliated BankServ will have an expanded range of wholesale banking and small-to-medium business products, and will combine Fundtech’s solutions for financial institutions and BankServ's SaaS solutions for US community and regional banks. Fundtech CEO Reuven Ben-Menachem will keep his job and BankServ CEO Dave Kvederis will join Fundtech's board.
Fundtech said that the combined company had estimated revenue of $200 million in 2011 and 1,300 employees worldwide.
Clal Industries co-CEO and Fundtech chairman Avi Fischer said, "The deal reflects international recognition of Fundtech's achievements, and reflects a handsome yield for investors. It is a certificate of honor, especially given the global market conditions. I believe that the company will continue to grow, develop and lead the market together with GTCR."
Friday, December 2, 2011
Bethel Finance: Israel falls to lowest ever ranking in Corruption Index
www.bethelfinance.com
Bethel Finance news:
Israel has fallen to 36th place in Transparency International's 2011 Corruption Perceptions Index, tying with St. Vincent and the Grenadines, down from 30th place in 2010 and its lowest-ever ranking since it was first included in the index. This year's index covered 183 countries. Israel's score fell from 6.1 points in 2010 to 5.8 points in 2011.
Nine of the top ten countries in the Corruption Perceptions Index are all OECD member states. New Zealand tops the rankings as the least corrupt country, with a score of 9.4 points, followed by Denmark, Sweden, Singapore, Norway, the Netherlands, Australia,, Switzerland and Canada. Japan is ranked 14th, the UK is in 16th place, and the US is in 24th place.
Israel is ranked 25th out of the 34 OECD member states, ahead of only Turkey, Italy, and Greece. In the Middle East, Israel is perceived to me more corrupt than Qatar (in 22nd place), the United Arab Emirates (28th place), and Cyprus (30th place).
Transparency International chairwoman Huguette Labelle said, "This year we have seen corruption on protesters’ banners be they rich or poor. Whether in a Europe hit by debt crisis or an Arab world starting a new political era, leaders must heed the demands for better government.
Shvil - Transparency International Israel executive director Galia Sagy said, "In 1996, Israel received a score of 7.71. There has been a steady, albeit slow, decline ever since in the perception of corruption in Israel. The current score is the lowest ever. We are in a critical period in the country, when the nation has made its voice heard and is demanding social justice. The demand is for transparency, information, ethical conduct, the severing of power and money, and for a fight against corruption, because corruption is one of the main causes of social inequality."
Shvil board member Amnon Dick said, "Israel's disappointing ranking and score should sound alarms among the politicians and decision-makers alike in the public sector. Israel is perceived in the world and among important international organizations as less clean than in the past, which will have negative economic repercussions in the future. Improved transparency is the key to correcting this situation and improving its ranking in this important index."
The Corruption Perceptions Index ranks countries based on how corrupt their public sector is perceived to be. A country's score indicates the perceived level of public sector corruption on a scale of 0-10, where 0 means that a country is perceived as highly corrupt and 10 means that a country is perceived as very clean. A country's rank indicates its position relative to the other countries included in the index.
The index draws on assessments and opinion surveys carried out by independent and reputable institutions. These surveys and assessments include questions related to the bribery of public officials, kickbacks in public procurement, embezzlement of public funds, and the effectiveness of public sector anti-corruption efforts. Perceptions are used because corruption is to a great extent a hidden activity that is difficult to measure. Over time, perceptions have proved to be a reliable estimate of corruption.
Bethel Finance news:
Israel has fallen to 36th place in Transparency International's 2011 Corruption Perceptions Index, tying with St. Vincent and the Grenadines, down from 30th place in 2010 and its lowest-ever ranking since it was first included in the index. This year's index covered 183 countries. Israel's score fell from 6.1 points in 2010 to 5.8 points in 2011.
Nine of the top ten countries in the Corruption Perceptions Index are all OECD member states. New Zealand tops the rankings as the least corrupt country, with a score of 9.4 points, followed by Denmark, Sweden, Singapore, Norway, the Netherlands, Australia,, Switzerland and Canada. Japan is ranked 14th, the UK is in 16th place, and the US is in 24th place.
Israel is ranked 25th out of the 34 OECD member states, ahead of only Turkey, Italy, and Greece. In the Middle East, Israel is perceived to me more corrupt than Qatar (in 22nd place), the United Arab Emirates (28th place), and Cyprus (30th place).
Transparency International chairwoman Huguette Labelle said, "This year we have seen corruption on protesters’ banners be they rich or poor. Whether in a Europe hit by debt crisis or an Arab world starting a new political era, leaders must heed the demands for better government.
Shvil - Transparency International Israel executive director Galia Sagy said, "In 1996, Israel received a score of 7.71. There has been a steady, albeit slow, decline ever since in the perception of corruption in Israel. The current score is the lowest ever. We are in a critical period in the country, when the nation has made its voice heard and is demanding social justice. The demand is for transparency, information, ethical conduct, the severing of power and money, and for a fight against corruption, because corruption is one of the main causes of social inequality."
Shvil board member Amnon Dick said, "Israel's disappointing ranking and score should sound alarms among the politicians and decision-makers alike in the public sector. Israel is perceived in the world and among important international organizations as less clean than in the past, which will have negative economic repercussions in the future. Improved transparency is the key to correcting this situation and improving its ranking in this important index."
The Corruption Perceptions Index ranks countries based on how corrupt their public sector is perceived to be. A country's score indicates the perceived level of public sector corruption on a scale of 0-10, where 0 means that a country is perceived as highly corrupt and 10 means that a country is perceived as very clean. A country's rank indicates its position relative to the other countries included in the index.
The index draws on assessments and opinion surveys carried out by independent and reputable institutions. These surveys and assessments include questions related to the bribery of public officials, kickbacks in public procurement, embezzlement of public funds, and the effectiveness of public sector anti-corruption efforts. Perceptions are used because corruption is to a great extent a hidden activity that is difficult to measure. Over time, perceptions have proved to be a reliable estimate of corruption.
Bethel Finance: Dankner sells Clal Insurance's UK unit
www.bethelfinance.com
Bethel Finance news:
Nochi Dankner-controlled IDB Holding Corp. Ltd. (TASE:IDBH) unit Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS) today completed the sale of its UK insurance business Broadgate Syndicate 1301 Ltd. and its subsidiaries to Torus Insurance Holdings Ltd. for ₤12 million (NIS 70 million). The sale comes ten years after Clal Insurance acquired Broadgate.
Clal Insurance estimates that, on the basis of it financial report for the third quarter, it will report a pretax profit of NIS 59 million (₤10 million) on the sale and a pretax profit of NIS 34 million (₤6 million) in its profit and loss statement. The final figure could change by the time the deal is closed.
Under the terms of the sale, Clal Insurance will continue to bear Broadgate's underwriting results for the years through 2011, inclusive, including insurance events occurring after 2011 that are covered by policies written through 2011. If necessary, the parties will indemnify the other.
IDB Development Corporation Ltd. owns 55% of Clal Insurance. Clal Insurance's share price rose 0.4% in morning trading at NIS 54.20, giving a market cap of NIS 3 billion.
Bethel Finance news:
Nochi Dankner-controlled IDB Holding Corp. Ltd. (TASE:IDBH) unit Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS) today completed the sale of its UK insurance business Broadgate Syndicate 1301 Ltd. and its subsidiaries to Torus Insurance Holdings Ltd. for ₤12 million (NIS 70 million). The sale comes ten years after Clal Insurance acquired Broadgate.
Clal Insurance estimates that, on the basis of it financial report for the third quarter, it will report a pretax profit of NIS 59 million (₤10 million) on the sale and a pretax profit of NIS 34 million (₤6 million) in its profit and loss statement. The final figure could change by the time the deal is closed.
Under the terms of the sale, Clal Insurance will continue to bear Broadgate's underwriting results for the years through 2011, inclusive, including insurance events occurring after 2011 that are covered by policies written through 2011. If necessary, the parties will indemnify the other.
IDB Development Corporation Ltd. owns 55% of Clal Insurance. Clal Insurance's share price rose 0.4% in morning trading at NIS 54.20, giving a market cap of NIS 3 billion.
Bethel Finance: Jerusalem light rail blames Egged for first-day fare foul-ups
www.bethelfinance.com
Bethel Finance news:
The first day that the Jerusalem light rail began charging fares, the line's smart ticket system for multi-ride tickets with Egged Israel Transport Cooperative Society Ltd. buses is not working properly. The light rail had been operating free for the past three months.
Operation of the light rail's smart ticket system had been delayed because of the inability to coordinate it with Egged's ticket system. Today, many passengers who tried to use their multi-ride tickets on the train found that it did not recognize the bus fare already paid.
"When I got on the train, I was told, 'This is Egged's money'," said one passenger. "There were 50 other passengers whose tickets were not recognized.
Light rail franchisee Citypass told "Globes" that the source of the error was Egged bus drivers, who continued to load the multi-ride tickets with the old code, instead of the new combined bus and light rail code. Citipass said that Egged had promised that its drivers would be taught the new ticketing procedure.
The incident highlights the Jerusalem light rail's dependence on Egged, which wants to acquire operation of the rail from Citipass shareholder Veolia Transportation.
Bethel Finance news:
The first day that the Jerusalem light rail began charging fares, the line's smart ticket system for multi-ride tickets with Egged Israel Transport Cooperative Society Ltd. buses is not working properly. The light rail had been operating free for the past three months.
Operation of the light rail's smart ticket system had been delayed because of the inability to coordinate it with Egged's ticket system. Today, many passengers who tried to use their multi-ride tickets on the train found that it did not recognize the bus fare already paid.
"When I got on the train, I was told, 'This is Egged's money'," said one passenger. "There were 50 other passengers whose tickets were not recognized.
Light rail franchisee Citypass told "Globes" that the source of the error was Egged bus drivers, who continued to load the multi-ride tickets with the old code, instead of the new combined bus and light rail code. Citipass said that Egged had promised that its drivers would be taught the new ticketing procedure.
The incident highlights the Jerusalem light rail's dependence on Egged, which wants to acquire operation of the rail from Citipass shareholder Veolia Transportation.
Bethel Finance: Dankner mulls Discount Investment-Koor merger
www.bethelfinance.com
Bethel Finance news:
IDB Holding Corp. Ltd. , controlled by chairman Nochi Dankner, is considering merging holding company Discount Investment Corporation with subsidiary Koor Industries Ltd. as part of a general restructuring of IDB Holdings. Dankner might also merge IDB Holdings with IDB Development, Discount Investment's direct parent company. Discount Investment's sister holding company, Clal Industries and Investments Ltd. may also share in the possible consolidation.
The companies added in a joint notice to the TASE that their boards of directors have set up independent committees to review and facilitate possible mergers. The companies have not yet made any practical decisions on the matter.
Yesterday, IDB Holdings and Discount Investment published their financial results, reporting massive losses due to Koor's investment in Credit Suisse Group AG and a huge write-off by IDB Development and Property and Building Ltd. , a subsidiary of Discount Investment, on their joint venture with Yitzhak Tshuva's Elad Properties, the Plaza casino in Las Vegas.
Bethel Finance news:
IDB Holding Corp. Ltd. , controlled by chairman Nochi Dankner, is considering merging holding company Discount Investment Corporation with subsidiary Koor Industries Ltd. as part of a general restructuring of IDB Holdings. Dankner might also merge IDB Holdings with IDB Development, Discount Investment's direct parent company. Discount Investment's sister holding company, Clal Industries and Investments Ltd. may also share in the possible consolidation.
The companies added in a joint notice to the TASE that their boards of directors have set up independent committees to review and facilitate possible mergers. The companies have not yet made any practical decisions on the matter.
Yesterday, IDB Holdings and Discount Investment published their financial results, reporting massive losses due to Koor's investment in Credit Suisse Group AG and a huge write-off by IDB Development and Property and Building Ltd. , a subsidiary of Discount Investment, on their joint venture with Yitzhak Tshuva's Elad Properties, the Plaza casino in Las Vegas.
Bethel Finance: Shekel gains sharply against dollar after global banking initiative
www.bethelfinance.com
Bethel Finance news:
The shekel is strengthening sharply against the dollar in inter-bank trading today, as the world's leading central banks took measures to strengthen global markets. The shekel-dollar exchange rate is down 1.26%, compared with yesterday's representative rate, to NIS 3.745/$, and the shekel-euro exchange rate is down 0.02% to NIS 5.047/€.
In the foreign currency market yesterday, the Bank of Israel set the shekel-dollar representative exchange rate at NIS 3.793/$, up 0.32% on Tuesday's rate, and set the shekel-euro representative exchange rate at NIS 5.048/€, down 0.03%.
In international markets, the dollar is mixed against leading currencies. It is down 0.1% against the euro to $1.3451/€, but up 0.1% against the pound to $1.5684/₤ and up 0.1% against the yen to ¥77.677/$.
Yesterday, in a coordinated move, the US Federal Reserve, European Central Bank, the Bank of England, the Bank of Canada, the Swiss National Bank and the Bank of Japan cut the interest rate on dollar swap deal in an effort to increase market liquidity and fend off a global recession. The central bankers are also trying to stem the debt crisis in Europe from spreading to more countries. A top market source told "Globes", "They appear to be laying the groundwork for an interest rate cut in Europe this month."
Bethel Finance news:
The shekel is strengthening sharply against the dollar in inter-bank trading today, as the world's leading central banks took measures to strengthen global markets. The shekel-dollar exchange rate is down 1.26%, compared with yesterday's representative rate, to NIS 3.745/$, and the shekel-euro exchange rate is down 0.02% to NIS 5.047/€.
In the foreign currency market yesterday, the Bank of Israel set the shekel-dollar representative exchange rate at NIS 3.793/$, up 0.32% on Tuesday's rate, and set the shekel-euro representative exchange rate at NIS 5.048/€, down 0.03%.
In international markets, the dollar is mixed against leading currencies. It is down 0.1% against the euro to $1.3451/€, but up 0.1% against the pound to $1.5684/₤ and up 0.1% against the yen to ¥77.677/$.
Yesterday, in a coordinated move, the US Federal Reserve, European Central Bank, the Bank of England, the Bank of Canada, the Swiss National Bank and the Bank of Japan cut the interest rate on dollar swap deal in an effort to increase market liquidity and fend off a global recession. The central bankers are also trying to stem the debt crisis in Europe from spreading to more countries. A top market source told "Globes", "They appear to be laying the groundwork for an interest rate cut in Europe this month."
Bethel Finance: Teva and Ranbaxy strike deal over generic Lipitor
www.bethelfinance.com
Bethel Finance news:
Teva Pharmaceutical Industries Ltd. is set to launch a generic version of Pfizer's cholesterol treatment Lipitor.
Last night Teva announced that its subsidiary, Teva Pharmaceuticals USA, Inc. and Ranbaxy Laboratories Limited had reached an agreement whereby a portion of the profits from Ranbaxy's sales of Atorvastatin Calcium Tablets (generic Lipitor) during Ranbaxy's 180-day first-to-file exclusivity period, will be paid to Teva. Teva declined to disclose the terms of the agreement.
Ranbaxy has exclusivity from the US Food and Drug Administration (FDA) to market a generic version of Lipitor for 180 days, a period when profits will be high prior to the competitive free-for-all when other drugmakers enter the market and prices come crashing down. Thus this agreement is very important for Teva.
In its statement, Teva said that the annual market for Lipitor in the US alone is worth $7.8 billion.
Pfizer's patent for Lipitor expired at midnight and the company has signed an agreement with Watson Pharmaceuticals to market a generic version together.
Teva said in its report for the third quarter that it hopes to "introduce an important undisclosed product" in the fourth quarter, which would boost revenue by $300 million. Teva did not mention the product involved but said that it would result in the company reaching the upper range of its earnings per share predictions of $4.92-$5.02.
Teva's share price rose 3% on Nasdaq yesterday to close at $39.61, giving a market cap of $35.05 billion.
Bethel Finance news:
Teva Pharmaceutical Industries Ltd. is set to launch a generic version of Pfizer's cholesterol treatment Lipitor.
Last night Teva announced that its subsidiary, Teva Pharmaceuticals USA, Inc. and Ranbaxy Laboratories Limited had reached an agreement whereby a portion of the profits from Ranbaxy's sales of Atorvastatin Calcium Tablets (generic Lipitor) during Ranbaxy's 180-day first-to-file exclusivity period, will be paid to Teva. Teva declined to disclose the terms of the agreement.
Ranbaxy has exclusivity from the US Food and Drug Administration (FDA) to market a generic version of Lipitor for 180 days, a period when profits will be high prior to the competitive free-for-all when other drugmakers enter the market and prices come crashing down. Thus this agreement is very important for Teva.
In its statement, Teva said that the annual market for Lipitor in the US alone is worth $7.8 billion.
Pfizer's patent for Lipitor expired at midnight and the company has signed an agreement with Watson Pharmaceuticals to market a generic version together.
Teva said in its report for the third quarter that it hopes to "introduce an important undisclosed product" in the fourth quarter, which would boost revenue by $300 million. Teva did not mention the product involved but said that it would result in the company reaching the upper range of its earnings per share predictions of $4.92-$5.02.
Teva's share price rose 3% on Nasdaq yesterday to close at $39.61, giving a market cap of $35.05 billion.
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