Subscribe to Print Edition | Thu., August 21, 2008 Av 20, 5768 | | Israel Time: 02:21 (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

Business in Brief From Yom Kippur this year, all New Pharm outlets will close on Shabbat. Rami Shavit, one of the chain's owners, had declared the intention to gradually institute Shabbat observance in the chain; so far, seven of its 18 stores honor the Sabbath. It should be a day of rest for workers, Shavit said, admitting that in the short run sales may fall. But he believes that New Pharm's loyal customers will "vote with their feet" in the longer term. (Avi Dovrat) After four years of lowering its prices, IKEA Israel is reversing track. Prices had been lowered by 10% in that time but in honor of its 2009 catalog, it's raising prices by an average of 5%. IKEA Israel recently completed its 2009 catalogue, to be delivered to 1.25 million households. Publication and delivery of the glossy catalogue will cost the local branch of the Swedish furniture giant NIS 8.5 million, which is half its annual marketing budget in Israel. IKEA Israel CEO Shlomi Gabai explains that the hike is because raw materials and shipping costs increased by about 15%. He also says that only 26% of IKEA Israel's products will cost more, 70% will remain unchanged, and 4% will drop in price. (Adi Dovrat) Advertisement Clal Finance Batucha has downgraded a stock-market darling, Delek Automotive, saying that its second-quarter report may have been a thing of beauty but at this stage, the stock is fully priced. Analyst Yuval Ben-Zeev cut the stock from Outperform to Sector Perform and lowered his 12-month price target by 10 shekels to NIS 57. He doesn't dismiss Delek Automotive's achievements at all, but its profits can't keep trouncing the trend, he says. (Yuval Maoz) From September 1, 2008, El Al will be charging a handling fee ranging from $5 to $19 for issuing tickets through its offices and hotlines. It isn't charging extra for tickets ordered through its Web site. The airline says the fee is meant to cover costs. Meanwhile, this week El Al admitted to losing $11.2 million in the second quarter of 2008 because of the soaring cost of jet fuel. In the parallel quarter of 2007, the carrier netted $16.6 million. Revenues, on the other hand, increased by 23% to $557 million for the quarter, lifted by duty-free sales and maintenance services provided to other companies, El Al said. (Irit Rosenblum) At the urging of the Israel Securities Authority, Shaya Boymelgreen's company Boymelgreen Capital divulged how it plans to meet its debts due by year-end 2010. As of the end of June 2008, its liabilities (including to bondholders) are NIS 321 million, its aggregate revenues to the end of 2010 are NIS 338 million and aggregate costs are NIS 479 million. Which means that Boymelgreen is expecting an aggregate deficit of NIS 142 million, give or take a bit, at the end of 2010. Boymelgreen Capital bonds, meanwhile, are trading at junk yields above 55%. (Michael Rochvarger) Bookmark to del.icio.us   Tears of joy Shahar Zubari's bronze medal was Israel's first of the 2008 Beijing Olympics. 'Germ of corruption' Mahmoud Ahmadinejad repeats his prediction that Israel will be wiped off the map.

Read & React Olmert: No restraint if Lebanon becomes Hezbollah state Responses: 194 Ex-Mossad chief: Ahmadinejad is Israel's greatest gift Responses: 58 Gaza women training as suicide bombers in case truce ends Responses: 132 Religious modesty guard 'enjoys support of rabbis and police' Responses: 62 More Headlines 23:05 PMO: Hezbollah plans to kidnap Israelis abroad 00:03 On eve of Assad visit to Moscow, Olmert, Medvedev discuss Mideast, Caucasus 22:08 Olmert to Zubari: Your Olympic win brings tears of joy to Israel 22:24 Ahmadinejad: Israel is a germ of corruption that will be removed 00:20 Rice: Russian reaction to U.S.-Polish missile shield agreement bizarre 19:31 Jordan acknowledges holding secret meetings with Hamas 12:39 Religious modesty guard 'enjoys support of rabbis and police' 22:54 West Galilee Hospital's newest donor is a 9-year-old boy 20:08 More than 140 people killed in Madrid plane crash 14:25 Hamas threatens to turn Shalit into 'second Ron Arad' 22:55 Anticipating truce breakdown, Gaza women training as suicide bombers 16:49 Seven-year-old falls off bicycle, dies of head injuries 14:19 Iraq to export oil to Lebanon, under series of upcoming trade deals 15:21 EU boosts aid to Palestinian Authority by an extra 40 million euros Previous Editions Select Day 20 aug 19 aug 18 aug 17 aug 15 aug 14 aug 13 aug 12 aug 11 aug 10 aug 08 aug 07 aug

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