Subscribe to Print Edition | Thu., August 28, 2008 Av 27, 5768 | | Israel Time: 02:15 (EST+7) web haaretz.com   Back to Homepage Haaretz Toolbar 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 The Israel Securities Authority has directed the real estate company RSY to explain exactly how it plans to repay its debts to bondholders. RSY's bonds are trading at yield levels of nearly 26% and the company owns its bondholders almost NIS 72 million, of which NIS 6 million is to be repaid this year. The rest is owed in 2015. RSY also owes the banks NIS 33.2 million and owes external investors another NIS 3 million. While about it, RSY also owes German banks about NIS 51 million. It says it expects to produce cash flow of NIS 8.2 million this year from projects in Russia, a figure that should rise to NIS 49.6 million in 2009. It expects its German operations to provide nearly NIS 16 million in cash by the end of 2010. So, by the end of 2010, it expects cash flow of NIS 39.1 million while it will owe bondholders NIS 25.9 million at that time. RSY adds that it's looking at options for increasing liquidity. (Yuval Maoz) VeriFone yesterday announced the appointment of two new external directors: Robert W. Alspaugh and Jeffrey E. Stiefler, who join on September 1. Alspaugh served as CEO of KPMG International from 2002 to 2006. Stiefler served as president and director of American Express Co. from 1993 to 1995. From 1995 to 2003, Mr. Stiefler was an advisor to two private equity firms, McCown DeLeeuw and Co. and North Castle Partners. Last week VeriFone admitted that its actual profits since fiscal 2007 were $70 million lower than previously stated. The board will now number ten directors, instead of eight. (TheMarker) Advertisement Subaru importer Japanauto reported a 12% drop in revenues year over year for the second quarter of 2008, to NIS 249 million. But operating income eroded and net profit sank 80% to NIS 3.5 million, the company said. Japanauto, which is owned in equal parts by Metis Capital and Mirage Development, said that car sales to the institutional sector had been lower this year compared with the second quarter of 2007, and also blamed a drop in prices. Altogether Japanauto admitted to a cash burn rate of NIS 94.5 million in the first half of 2007, compared with cash influx of NIS 48 million in the corresponding period of 2007. (Yael Pollak) Dor Chemicals says it is being sued in a Haifa court for allegedly polluting the environment with formaldehyde. The company says it is studying the lawsuit. (TheMarker) Despite the 0.25% interest rate hike for September, announced on Monday evening, the shekel weakened against the dollar on Tuesday. In fact, the dollar appreciated by 0.54% against the shekel to an official exchange rate of NIS 3.533. In world markets the greenback was strong against the euro yesterday. (Yael Pollak) Nidar Construction & Development is summoning its bondholders to an assembly on September 1, at 2 P.M. (TheMarker) Delek Energy Systems reports that Eliahu Ben Amram has become an interested shareholder. (TheMarker) Isracard's revenues rose to NIS 329 million in the second quarter of 2008, an increase of almost 18% from the year before. Isracard, the credit card subsidiary of Bank Hapoalim, said it netted NIS 79 million for the quarter, an increase of 61% from the second quarter of 2007. First-half revenues rose nearly 12% to NIS 621 million, on which Isracard netted NIS 67 million. Most of the "credit" card company's income derives not from actually granting any credit, but from transaction fees. (Tal Levy) Camtek admitted yesterday that it has received a minimum bid warning from Nasdaq. For the last 30 business days, Nasdaq warned, Camtek's bid price closed below the minimum of $1 per share. No, Camtek isn't about to be tossed off Nasdaq: It has until February 17, 2009, to amend that minimum bid price deficiency. Then, if it's still too cheap, the stock will be delisted. (TheMarker) ? Zanlakol is giving its shareholders NIS 7 million in dividends, to stockholders of record on September 3. Payment will be made on September 18. (TheMarker) Teva Pharmaceutical Industries is investing $3 million of a pledged $10 million in Andromeda Biotech's highly specific program to treat type I diabetes, says the life sciences startup. Teva should be handing over the other $7 million in the last quarter of the year, says Andromeda, after it provides interim data from the Phase III trial of its DiaPep277 product candidate. The product is designed to extend the lifetime of insulin-secreting pancreatic cells. Andromeda is owned by Clal Biotechnology Industries. (TheMarker) The privately owned Israeli company IMS will be helping Technoplus Ventures develop and establish business activity in China. The term of the agreement is one year, during which time IMS will locate business opportunities. (TheMarker) Bookmark to del.icio.us   Voice of peace silenced Israeli peace pioneer Abie Nathan dies aged 81. DeadSeaScrolls.com World's oldest Bible fragments to be available online.

Read & React Bradley Burston: What really scares us about Barack Obama Responses: 80 Haaretz TV: Iran-Israel arms race heats up, both boost naval capabilities Responses: 30 Moshe Arens: Gov't must act now to eliminate rocket threat against Israel's cities Responses: 31 Uzi Benziman: U.S. failed in peacemaking since it won't force its views on Israel, PA Responses: 31 More Headlines 23:34 Israeli peace pioneer Abie Nathan dies aged 81 00:37 Gideon Levy / The last of the dreamers of peace 22:04 Miki Goldwasser: Leaders care more about internal politics than Gilad Shalit 22:28 Nigerian militants say willing to help locate abducted Israeli 17:51 Police: We will do all we can to give Rose a proper burial 02:10 Police: Grandfather of missing girl hides info for bargain plea 22:47 Bill Clinton set to take center stage at Democratic convention 19:19 Iran's Republican Guard: Zionist Entity in range of our missiles 23:54 Digital Bible: Dead Sea Scrolls to be made available online 19:15 Mofaz: I can make fateful decisions, Livni can't 22:07 Iran-Israel arms race heats up, both boost naval capabilities 17:45 Young Egyptians are in no hurry to die for the homeland 16:44 Broadcast authority bans radio ad criticizing government policy on Gaza 23:17 PA Police: West Bank man kept his mentally disabled kids in dungeon for 20 years 13:27 What really scares us about Barack Obama 15:40 Prosecution: Talansky won't testify if U.S. doesn't give him immunity 21:12 Israel slams Jordan's talks with Hamas as 'unhelpful to peace process' Previous Editions Select Day 27 aug 26 aug 25 aug 24 aug 22 aug 21 aug 20 aug 19 aug 18 aug 17 aug 15 aug 14 aug

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