Subscribe to Print Edition | Wed., October 08, 2008 Tishrei 9, 5769 | | Israel Time: 01:36 (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

Last update - 01:34 07/10/2008 Markets in Brief Bank Mizrahi-Tefahot has demanded that Shari Arison fork over more collateral to back loans to her companies. Arison controls Housing & Construction and Salt Industries (as well as Bank Hapoalim). The problem is that the shares of her publicly traded companies to which Bank Mizrahi-Tefahot has rights have taken a pounding on the market. Mizrahi and a consortium of insurance companies lent her company Arzaf NIS 1.3 billion in March 2007, bearing interest 1.9% above the rate on government bonds, which is presently around 5% to 5.2%. Arison refused to comment. (Sharon Shpurer) ? Advertisement Eliezer Fishman's company Industrial Buildings has sold the Cellcom House in Netanya to Migdal, yes, the insurance company, for NIS 356 million. Industrial Buildings will be posting a pretax capital gain of NIS 45 million on the deal. Migdal is getting the building's four stories, this is true, but it isn't getting the building rights to construct a fifth story. (Michael Rochvarger) Dexia Israel, subsidiary of the European bank Dexia, says that S&P Maalot isn't changing its credit rating: it gets to keep its AA-/Stable grade. S&P means to keep a beady eye on developments in the Dexia group, though. Yesterday Reuters reported that Dexia stock crashed, losing 30% and more after the weekend carve-up of Belgian-Dutch rival Fortis and the rescue of Germany's Hypo Real Estate. The Belgian government will discuss Dexia at a ministerial meeting which will kick off at 1930 GMT, Prime Minister Yves Leterme said on his way out of a meeting with regional counterparts in Brussels on Monday afternoon. (TheMarker, with Reuters) Leader Capital Markets feels that Israel's bond market isn't being affected by macroeconomic elements at this point in time. Dramatic as those macroeconomic elements may be, now it's being hammered by the wave of withdrawals from mutual funds. The surge in yields on corporate bonds is because the public is pulling major sums out of provident and mutual funds, says Leader. On the brighter side, perhaps, Leader sees inflation abating as domestic consumption drops and commodity prices do, too. (Yuval Maoz) Tel Aviv technology company Radwin, which makes wireless broadband solutions, says that the Ferronikeli mining plant in Kosovo has deployed its video surveillance transmission systems. Radwin's systems transmit high-resolution video from the plant's entryways and fence lines to a control center, enabling Ferronikeli to improve security in the plant and reduce theft and vandalism. Treo Electronics, a turnkey security firm and Radwin's partner, was in charge of project implementation. (TheMarker) BluePhoenix Solutions, which modernizes old enterprise computer systems, has completed the sale of its subsidiary Mainsoft Corporation to Catalyst Private Equity Partners Israel II, for $1.7 million cash at closing. More money could be forthcoming if Mainsoft is floated within a certain period of time, BluePhoenix adds. (TheMarker) For all the toughness of the times, Fortissimo Capital yesterday announced the first closing for its second fund, after raising $100 million. Most of its backers are banks, insurance companies and pension funds in Israel that also invested in its first fund, Fortissimo says. It means to raise $50 million more from overseas investors. Like the first fund, Fortissimo II will be investing in relatively mature technology and industrial firms. (Ora Coren) This isn't an Israeli story, to put it one way, but you might like to know that UBS has reduced the upside it sees for the S&P-500 index. UBS yesterday disseminated a report saying that a significant rally is likely, but you have to be patient and have a strong stomach for volatility. Over 12 months it sees a 1,500-point upside, instead of 1,650, as its expectations of a recession intensify because of the credit crunch facing businesses. While about it, UBS reduced its forecast for global growth in the year 2009 to 2.2%, from 2.8%. (TheMarker) IDB group companies yesterday announced dividends. IDB Holding says it will be paying nearly NIS 160 million to shareholders on record as of October 22. Payment will be made on November 5. Its subsidiary IDB Development says it will be paying nearly NIS 240 million to shareholders on record as of October 22. Payment will be made on November 5. (TheMarker) Perhaps sensing opportunity, Landmark Group says its board of directors has approved a non-binding memorandum of understanding to set up a joint venture in the United States with an American investor. The 50-50 venture will take over Landmark assets worth $25 million altogether, as well as properties that the American investor owns in Riverdale, New York, and Randolph, New Jersey. All is subject to binding agreements and due diligence. (TheMarker) Bookmark to del.icio.us   Asleep at the wheel Sharon told 1973 probe that IDF top brass was clueless in Yom Kippur War. Laughing at Hitler Clips parodying film The Downfall make their way onto the Web.

Read & React Security officials: Time running out on deal for Shalit release Responses: 100 Lebanese union to sue Israel for 'claiming ownership' of falafel Responses: 138 Avi Primor: It's time for the IDF to leave the West Bank Responses: 66 The Holocaust, Tarantino-style: Jews scalping Nazis Responses: 55 Hamas: Jewish Lobby in U.S. to blame for global financial crisis Responses: 178 More Headlines 21:40 Olmert wins no firm pledge from Russia on arms sales to Iran, Syria 00:54 Footage shows freed terrorist Kuntar training with Hezbollah 23:16 Trailing in polls, McCain seeks to gain ground on Obama in second debate 01:21 Experts offer tips on how to make the Yom Kippur fast a bit easier 16:28 Hamas: 'Jewish Lobby' in U.S. to blame for global financial crisis 19:50 VIDEO / YouTube pranksters have Hitler raving about Obama, Xbox 20:30 Settlers to Barak: Don't give PA security control of Hebron 01:30 Newborn heads home to Gaza Strip, leaving mother in coma in Israel 01:04 Surprise rate cut lifts TASE; real estate stocks jump 20 percent 22:59 Angola seeks to halt Gaydamak's Paris arms trafficking trial 19:47 Ariel Sharon told 1973 probe: IDF top brass was clueless in Yom Kippur War 22:02 Deputy FM protests gov't delays in funding of Druze sector 16:24 Dutch lawyers seek arrest of Minister Ayalon for 'war crimes' 20:36 Food giant Tnuva fined NIS 55m for adding silicone to milk 13:25 Israeli security officials: Time running out on Shalit deal Previous Editions Select Day 07 oct 06 oct 05 oct 03 oct 02 oct 01 oct 30 sep 29 sep 28 sep 26 sep 25 sep 24 sep

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