Subscribe to Print Edition | Tue., August 12, 2008 Av 11, 5768 | | Israel Time: 02:24 (EST+7) web haaretz.com   Back to Homepage Rosner's Domain Diplomacy Defense Jewish World Opinion National Print Edition Car Rental Books Haaretz Magazine Business Real Estate Easy Start Travel Week's End Anglo File

Markets in Brief Maalot S&P has downgraded Electra Real Estate's debentures by one notch, to A, but with a negative outlook. The credit rating agency notes the increased risk in the company's environment, including its investments in India, which is a slowing market, says Maalot. The outlook is negative because Electra RE is highly leveraged and is heavily exposed to the global credit crisis and the uncertainties in the real estate sector. Maalot suggests that Electra RE significantly lower its debt. (Yuval Maoz) Electra Real Estate has acquired half the rights to the French Hospital site in the Old City of Jaffa, where it plans to build a hotel at an investment of $60 million, of which it will shoulder half. It has hired the Starwood chain to run the thing. (Raz Smolsky) Advertisement Milomor Trade & Communication says that Clal Finance Batucha will act as its market maker, which rescues its stock from the twilight zone of the illiquid shares list. (TheMarker) Azorim is decelerating its expansion in India, even though a year ago its controlling shareholder Shaya Boymelgreen declared the subcontinent to be one of its growth drivers. But the Indian economy is slowing down a tad and CEO Mati Dov says Azorim's intentions will be adjusted accordingly. Building starts have stagnated and property prices are plunging, according to Israeli real estate sources active in India. (Ora Coren) Only two weeks after Tefron chief executive Yos Shiran quit his post, so has the company's chief financial officer, Asaf Alperovitz, after three years on the job. His resignation comes into force on October 22. Adi Livneh is taking over as CEO from September 1, but a successor for Alperovitz has yet to be chosen. Tefron, which makes seamless underwear, active wear and swimwear, has shrunk 75% in market valuation in the last 12 months to $41.6 million. Livneh, by the way, is the CEO of Kitan Textile Industries. (Nathan Sheva) ? BSR Europe says that the Warsaw municipality has approved construction plans for another high-rise on the land by the city's Marriott Hotel. To the best of its understanding, says BSR, zoning allows for the construction of a 70-story tower 260 meters in height for residence, commercial uses and a hotel. BSR owns 21.82% of the shares in the Polish company that owns the project. (TheMarker) Walla! Communication has signed an agreement with Redmatch International to found a 50-50 partnership that will run a classifieds Web site for jobs in Israel. Redmatch has undertaken to provide all the assets that had served the MSN Jobs Internet site and to grant the new site free license to use its software. Walla is giving a free permit to use the name Walla! Jobs and to fork over NIS 3.5 million for advertising. (TheMarker) The HOT cable company has extended the contract to air the Viva and Viva Platina channels for another three years. Dori Media, which owns the rights to the channels, swooned. "Our Viva channels have made a name for themselves as channels that broadcast quality, attractive, fascinating content to our faithful viewers," said Dori manager Nadav Palti. (TheMarker) Gazit Globe's Canadian subsidiary First Capital Realty yesterday revealed an upswing in second-quarter operating income, despite the real estate crisis pervading the U.S. market. It must have been some comfort to Gazit Globe considering the weakness at its other units Equity One and Citycon. Funds from operations, the usual financial measure used by REITs and real estate companies to define their operating performance, increased by 15% quarter over quarter to C$34.5 million. FCR netted C$10.2 million or 12 Canadian cents per share in the second quarter, an increase of 62% against the parallel quarter. (Michael Rochvarger) Ampal-American Israel Corporation yesterday announced the preliminary results of the tender offer by its wholly-owned subsidiary Merhav Ampal Energy to buy all the public's shares and convertible debentures in Gadot Chemical Tankers and Terminals. Namely, 16.00% of outstanding shares and 66.76% of the company's debentures have been tendered. (TheMarker) Yitzhak Tshuva's company Delek Capital had sent feelers regarding London-based brokerage Collins Stewart, but the preliminary takeover talks never went anywhere, says the Financial Times. The Telegraph points out that Nomura of Japan has also been eager to buy Collins Stewart, and could well be behind the stockbroker's announcement last week that "it had received a preliminary approach from a third party which it is considering." (TheMarker) Bookmark to del.icio.us   Basic training IDF soldiers who taught Georgian troops keep an eye on the recent conflict. Boot camp 200 Palestinian teens graduate from Hamas summer school, prepare for battle with Israel.

Read & React PA negotiator: Israel may make two-state solution impossible Responses: 332 Barak questions if Livni would be 'wise' choice for premiership Responses: 96 IDF vets who trained Georgia troops: War with Russia is no surprise Responses: 64 VIDEO / Young Hamas campers now ready for battle with Israel Responses: 52 IOC: Iran swimmer who quit race with Israeli competitor broke no rules Responses: 58 More Headlines 00:58 Georgia President says Russia cut country in half 21:35 Israel to shut Gaza border crossings following Qassam strike 09:07 PA negotiator: Israel may make two-state solution impossible 21:39 Israel weighs proposal for new West Bank settlement near Jerusalem 20:05 IDF vets who trained Georgia troops say war with Russia is no surprise 00:53 Olympics / After his father's death, swimmer Alon Mandel sets new Israeli record 22:34 Kosher slaughterhouse worker abuse case fuels ethical kashrut movement 08:14 Haaretz newsletter: All the news from Israel direct to your inbox 23:26 Knesset to approve higher stipends for Holocaust survivors 20:40 Arkia cancels flight meant to carry Israelis out of Georgia 20:42 Egypt's ancient pyramids at Giza get makeover 20:11 Hamas summer school graduates now ready for battle with Israel 22:03 Hamas blames Egypt for deaths of 8 Palestinians in border tunnels 17:05 Tamir infuriates rightists by removing Jabotinsky from curriculum Previous Editions Select Day 11 aug 10 aug 08 aug 07 aug 06 aug 05 aug 04 aug 03 aug 01 aug 31 jul 30 jul 29 jul

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