Subscribe to Print Edition | Tue., December 02, 2008 Kislev 5, 5769 | | Israel Time: 02:41 (EST+7)   Back to Homepage web haaretz.com Haaretz Toolbar Diplomacy Defense Jewish World Opinion National Print Edition Car Rental Books Haaretz Magazine Business Real Estate GA 2008 Travel Week's End Anglo File

Markets in Brief By Sharon Shpurer , TheMarker , TheMarker , Nathan Sheva , Sharon Shpurer , Nathan Sheva , TheMarker , TheMarker Nasvax has received approval in principle for support from the Industry and Trade Ministry's chief scientist. The company can get up to NIS 720,000 in loans for flu vaccination research and development abroad, and up to NIS 2.2 million for R&D in Israel. The funding is contingent on Nasvax proving that it meets the terms of the grant, which Nasvax says it does. In exchange, as usual, the company will be paying royalties from relevant future income to the ministry, until the loans are repaid. ? Advertisement Elbit Systems will be supplying a live warfare training system worth $10 million to an unnamed customer in Asia. The system will be delivered in 2010. Financing costs wreaked havoc on the third-quarter financial statement of Azorim, as was the case in the last couple of quarters as well. The company yesterday reported losing NIS 28.4 million in the third quarter, thanks in no small part to quarterly financing costs of NIS 94 million. In the parallel quarter, the real estate company had netted NIS 53 million, but it had booked a NIS 115 million increase in the value of its properties back then. Altogether Azorim's financing costs in the first nine months of 2008 came to nearly NIS 262 million and its net loss came to NIS 20 million. Third-quarter revenues were NIS 437 million, up 27% against the parallel quarter. The company says the crisis hasn't hurt its asset value much: Land in Romania dropped NIS 5.8 million in value but its U.S. properties have held their own, it says. Gilon Investments reported Sunday night that it has been hit with a NIS 9 million back-tax payment for the years 2004 to 2006. Gilon says it means to appeal the tax appraisal. Meanwhile, DS Apex, which owns 15% of Gilon's bonds, has suspended its demand for immediate repayment. Gilon isn't owned by Arcadi Gaydamak anymore, by the way. Zwi Williger took it over and sold it to Dirom. Losses on securities shifted the Tel Aviv investments firm I.B.I. to a third-quarter loss of NIS 28 million. Almost all that resulted from a NIS 200 million investment in corporate bonds. In the parallel quarter I.B.I. netted NIS 1.5 million. By the way, from the start of October, I.B.I. is down NIS 40 million on its investments. Third-quarter revenues were roughly unchanged year over year at NIS 35.4 million. Ananey Communications' board of directors has approved a NIS 4 million buyback of Series B1 bonds, until December 31. IDB Development says subsidiary Discount Investment Corp has amended its offer to buy back 650,000 shares of Property & Building, increasing the share price to NIS 154 and extending the deadline to December 4. Gmul reports that on Friday, Bank Hapoalim took "unilateral action in the company's bank accounts." Namely, the bank helped itself to Gmul's deposits to repay a loan. Gmul didn't say how much, but you can do the math: Gmul's outstanding loan is now NIS 5.7 million, it says, snarling that it's studying the meaning of Hapoalim's actions. A week ago Gmul reported having received a letter from the bank, stating that it was no longer in compliance with the terms of the loans, including minimal shareholders equity of NIS 250 million. If until November 28 (Friday) Gmul did not remedy the problem, the bank wrote, the bank would recall the outstanding NIS 27 million owed. Now it has, at least most of the sum. Gmul, which invests in real estate and hotels, hasn't published its third-quarter results yet. For the first half of 2008 it reported a loss of NIS 101 million, on top of a NIS 73 million loss in 2007. At the second quarter's end its liabilities were over 1 billion shekels, half to the banks and NIS 400 million to bondholders. The rest is to various. LifeWave reported an increase in sales for the third quarter, but continues to operate in the red, is running an equity deficit and can't drum up cash flow to finance its business. The company, which is developing innovative technology to treat chronic bed sores, reported a 70% increase in sales to NIS 0.8 million, and a 130% increase in gross profit to NIS 513,000. But it ran an operating loss of NIS 2.4 million, up 76% from the same quarter a year ago. Its operating loss for the first nine months of 2007 is NIS 9.1 million and its third-quarter net loss is NIS 2.8 million. The company's cash is NIS 0.3 million and its current liabilities are NIS 3 million. Yesterday the company reported that shareholders are putting NIS 2.25 million into the company in exchange for stock allocations. (Tal Levy)? Bookmark to del.icio.us   Boycotting Wagner The composer's works will remain a sensitive topic in Israel for many years. Bound for Gaza The Libyan ship is the most notable attempt yet to break the Gaza blockade.

Read & React Amos Harel: After Mumbai, the war against terror has changed Responses: 52 EU document on Israel, Mideast: Re-open Orient House Responses: 235 Anshel Pfeffer: Israel, stop offending India over Mumbai Responses: 62 Pope praises Nazi-era pontiff accused of Shoah inaction Responses: 57 Israeli Opera to uphold Wagner ban over Nazi link Responses: 47 More Headlines 00:32 Six bodies of Mumbai Chabad victims arrive in Israel 00:15 Olmert: I'm convinced Hillary Clinton will advance Israel-U.S. relations 01:07 Parents of Mumbai terror victim: We may take Rivka's place as Chabad envoys 21:43 Olmert offers condolences to Indian PM over Mumbai deaths 23:09 Hamas tells Haaretz journalist Amira Hass to leave Gaza 21:45 Bush: My biggest regret is false intelligence on Iraq WMDs 01:02 Israel turns back Libyan ship bound for Gaza with aid 00:56 Fetus kept in formaldehyde for 11 years found in Jerusalem 14:06 Israeli Opera to uphold Wagner boycott over link to Nazis 14:36 Indian investigators: Mumbai attackers trained in Pakistan 21:45 Iran dismisses Israeli military threats as 'psychological warfare' 12:14 German firms seek to bypass Berlin sanctions on Iran 14:29 Body of Israeli Omri Kidron found 5 months after he disappeared in China 11:06 Israeli security accidentally intrudes on live Livni interview 02:32 Five Palestinians hurt in clashes with settlers in Hebron 09:46 Eight IDF soldiers among 25 nabbed in drug trafficking bust Previous Editions Select Day 01 dec 30 nov 28 nov 27 nov 26 nov 25 nov 24 nov 23 nov 21 nov 20 nov 19 nov 18 nov

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