Subscribe to Print Edition | Tue., September 09, 2008 Elul 9, 5768 | | Israel Time: 01:47 (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 Ormat Technologies and its subsidiary Ormat Industries say that Nevada Geothermal Power has provided final approval for the project to build a geothermal power station, Blue Mountain Faulkner 1. The notice to proceed follows Ormat's completion of engineering and design for the plant. It has also started procurement of certain plant components under Limited Notices to Proceed, which were provided in February, Ormat says. (TheMarker) Delek Petroleum says its subsidiary Delek Benelux (100%) has bought all outstanding shares in Salland Olie Maatschappij, which owns 82 gas stations, mainly in eastern Holland. The stations posted retail sales of 333 million liters in 2007. (TheMarker) Advertisement Lito's bondholders just can't get a break. The company reported a 14% year-over-year increase in second-quarter revenues to NIS 50 million, and said its operating loss shrank to NIS 2.9 million from NIS 4 million the year before (thanks mainly to cutting cost of sales). But the company lost NIS 12 million in the second quarter of 2008 and still owes NIS 155 million to bondholders, NIS 63 million to banks and a subsidiary owes another NIS 24 million to its own bondholders. Lito admits that it needs fresh sources of financing and to cut costs more in order to meet its liabilities. (Rotem Sella) A couple is suing Trust Pro Investment Management of Ramat Gan for NIS 1.4 million, after the investments firm allegedly lost half their money in 10 months. Rachel and Emanual Theodor, retired doctors, claim the company indulged in speculative transactions and exceeded agreed-on risk levels. They say they agreed that 70% of their money would be placed in safe investments but in practice, the firm bet their money on options on the TA-25 index and the like, racking up thousands of transactions and charging NIS 182,000 in fees alone. Of the NIS 1.2 million they invested, NIS 0.8 million remains, the doctors claim. (Hila Raz) Nidar Construction & Development is selling land in Holon for NIS 7.8 million to Nathanel Group. The parcel of land comes complete with building rights for 20 apartments, out of a total of 124 housing units planned for the area. Nidar didn't advise investors of the transaction because it has been operating under a stay of proceedings for more than a month, and trading in its bonds has halted. The income from the deal won't change matters much for the tottering builder, which last week reported losing a net NIS 25 million on revenues of NIS 68 million for the second quarter of 2008. Its external directors boycotted the board meeting that approved the second-quarter report, by the way, after AIG voided their liability insurance from July 28, the day the court granted the stay of legal steps. (Sarit Menahem) Australia's Defense officials have scrapped a $150 million contract to buy spy drones (unmanned aerial vehicles) from Boeing, which was using technology made by Israel Aerospace Industries. The drones were due for delivery in late 2009, a schedule that proved impossible for technical reasons. Boeing has to give back $6 million paid up front and IAI is steaming, after having developed the I-View platform to meet Australia's requirements. It also blames Boeing for the glitches and says it carried out its bit on time, according to the Web site Defense Update. (TheMarker) Boaz Levy is leaving Clal Finance Underwriting following six years as its deputy CEO, after Tal Rubinstein took over as CEO in the stead of Tzahi Sultan, who has become chairman. Clal Finance Underwriting has been suffering a lot as the primary market (offerings) collapsed in the last year. (Sharon Shpurer) Paz CEO Yona Fogel has bought a million shekels worth of shares in Zadik Bino's energy company Paz Oil, paying more than NIS 800,000 for the pleasure. (Avi Bar-Eli) Eli Elezra's company ILD Insurance Holdings will be publishing a prospectus to issue shares, which will be offered to all existing stockholders. Elezra owns 89.5% of the stock in the company, which is supposed to repay bondholders NIS 55 million at the end of the year. It is also supposed to repay an NIS 10 million loan at that time. (Eti Aflalo) Elran Real Estate has managed to borrow $29 million from a European bank to finish building a 17-story office tower in Moscow. The company has reached the seventh story. Elran Real Estate is controlled by the Markstone private equity fund, Elran Investments and Ituran, by the way. It lost NIS 14 million in the second quarter of 2008 against netting NIS 2.1 million in the same period of 2007. (Rotem Sella) Bookmark to del.icio.us   Interfaith grandchildren A new group is helping U.S. seniors teach their interfaith grandkids Jewish traditions. Iranian war games Iran army to hold three-day drill amid speculation over Israeli strike.

Read & React Muslim immigrants attack three Jewish teens in Paris Responses: 130 Al Qaida No. 2: Iran waging 'crusader' war against Islam Responses: 54 Police: Indict Olmert's former partner too Responses: 58 Gideon Levy: Shin Bet operatives are no better than other students Responses: 32 Moshe Arens: Likud must say it won't give up Golan Responses: 53 More Headlines 22:13 Russia: Preparation for launch of Iran nuclear plant in final stage 22:44 Three people hurt in suspected mob hit in Netanya 15:05 Police: Indict Olmert's former business partner too 19:47 Al Qaida No. 2: Iran waging 'crusader' war against Islam 01:42 Security sources: Israel preparing for Hezbollah terror attack in Israel, overseas 23:03 Group offers Jews $50,000 to move to U.S. Bible Belt town 23:57 Livni: Kadima failed, but we'll rectify our mistakes 00:59 Neo-Nazi youth asks court to extend jail term so he can serve in IDF 01:40 Israel's first female ambassador submits credentials to UN 21:34 Joint Israeli-Palestinian industrial park to be built in north 20:06 14 Greenpeace activists arrested at Ashkelon power plant 15:39 Jewish World / Meet Michelle Obama's cousin the rabbi 22:32 Holocaust Claims Conference: We're running out of money 20:59 Olmert to olim: You've come to the most wonderful country in the world Previous Editions Select Day 08 sep 07 sep 05 sep 04 sep 03 sep 02 sep 01 sep 31 aug 29 aug 28 aug 27 aug 26 aug

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