Subscribe to Print Edition | Fri., December 05, 2008 Kislev 8, 5769 | | Israel Time: 02:20 (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 Radware laying off 15 Advertisement Radware is firing 15 of its 300-strong workforce in Israel. The Zisapel group firm, which makes software to handle Web site loads (surfer traffic), has 550 employees around the world, so the layoffs amount to about 3%. Chief financial officer Meir Moshe said the company doesn't intend to lay off any more people: It's just adapting its workforce to its plan for 2009, he said. For the third quarter Radware reported a loss of $8.5 million on revenues of $23.5 million. A year earlier it had lost $2.6 million on revenues of $23 million. (Nir Zalik) UBS cuts Israel Corp target to NIS 2,400 UBS has reduced its 12-month price target for the Israel Corporation to NIS 2,400 from NIS 3,000, mainly because the Swiss bank had already lowered its price target for Israel Corporation's main subsidiary, Israel Chemicals. Analyst Roni Biron et al feel that in these troubled times, a more appropriate discount to net asset value would be 35%, not 30% as in their previous model, because the challenging outlook for shipping subsidiary Zim and Oil Refineries is likely to weigh on the group's share price. By the way, UBS notes that despite expectations of "capacity overhang expected to come on line in 2010-2012 when the global economy normalizes," both Zim and ICL have continued their aggressive capital expenditure plans, while rival companies have been scaling back or canceling similar plans. (TheMarker) ? Carmel Carpets bowing out of Turkey Carpeting maker Carmel Holdings is bowing out of Turkey and confining its operations to Israel. The company, which sports a going-concern warning in its third-quarter financial statement, says its local operations are profitable, but not profitable enough to compensate for the black hole in Turkey while generating enough cash to pay bondholders. Not that it means to repay them in full. The company plans to reach an "arrangement" with bondholders, to whom it owes 56 million (in terms of face value). It wants bondholders to waive 39% of that sum and allow it to pay part of the principal and interest payments late. (Yuval Maoz) Yuli Ofer drops Hungarian deal Yuli Ofer's CEE has decided not to pursue the purchase of 15 yield-generating properties in Hungary for 9.1 million euros, it said on Tuesday. The banks wouldn't lend as much as the company wanted, but if the situation changes, it may resume negotiations, CEE announced. TheMarker has learned, however, that CEE did wrap up financing, but the interest was too high to render the deal attractive. Interest on the forint has risen to 15%, compared with 7.5% just six months ago. (Yuval Maoz) EU extends review of Teva bid for Barr The European Commission on Tuesday extended its review of Israeli drugmaker Teva Pharmaceutical's bid to acquire U.S. biopharmaceutical and generic drugs marketer Barr Pharmaceuticals. The deadline was moved to Dec. 22 from Dec. 8 to consider remedies to perceived competition concerns, the Commission said. Teva says the closing remains on track for the end of the year, adding that the remedies it offered were minimal to the size of Teva's business in Europe. Teva is buying Barr for $7.46 billion. (Reuters) Ocif's loss mounts in Q3 Ocif Investments & Development, which doesn't belong to Arcadi Gaydamak anymore but to Isras, reported a third-quarter loss of NIS 133 million compared with a net profit of NIS 42 million a year earlier. Ocif was brought low by financing costs on its debt and the unfortunate acquisition of A. Arenson. For the first nine months of the year Ocif made a net loss of NIS 198 million, steeper than the NIS 57 million loss in the same period of 2007. At the end of September, Ocif's shareholders equity was NIS 345 million, down 38% from the end of 2007. That amount finances only 10% of Ocif's NIS 3.5 billion balance sheet, but the company also has NIS 350 million in cash. (Michael Rochvarger) ? Property buys pay off for REIT-1 While most of Israel's real estate companies are fighting for their lives, Leo Noe's REIT-1 reported a 31% increase in revenues to NIS 16.3 million for the third quarter, and doubled revenues for the first nine months of the year to NIS 45.8 million. That's because it bought more properties and now owns about a billion shekels worth of assets throughout Israel (by fair value). Funds from operations increased 54% to NIS 21.8 million. Even so, REIT-1's share price has dropped 50% this year, reducing the fund's market capitalization to NIS 204 million. (Michael Rochvarger) Hapoalim rates Elbit Systems Outperform Bank Hapoalim yesterday gave Elbit Systems an Outperform rating at low risk in a report titled "Organic growth of 29.3!" (Exclamation mark in source.) Analyst David Levinson notes that Elbit Systems widened its profit margin to 29.5% from 27% a year earlier. Noting the negative sentiment in the United States for defense-related stocks, based on expectations that cash-strapped America will be downsizing spending, Levinson believes Elbit Systems will sustain its double-digit growth in sales and profit in 2009. (TheMarker) Bookmark to del.icio.us   Settler rampage Video shows settler shooting Palestinian in the stomach from point-blank range. Living side by side An historic Chicago synagogue neighbors Barack Obama's house.

Read & React Israeli Arab leaders vow to sail to Gaza to break blockade Responses: 130 Settlers rampage in Palestinian areas after Hebron eviction Responses: 162 Editorial: Jewish terrorists are holding hostage Israel's future Responses: 50 Ari Shavit: Pakistan is as dangerous as Iran Responses: 28 Shlomo Avineri: The State of Israel as the kingdom of evil Responses: 16 More Headlines 02:03 Israel braces for settler violence following Hebron evacuation 01:59 ANALYSIS / No other word than 'pogrom' for settler acts in Hebron 23:27 Abbas aide: Settler attacks could scupper peace process 02:05 Obama's Palestinian friend 17:39 State Prosecutor closes Bank Leumi probe against Olmert 16:05 Report: Syria won't renew peace talks until Israel clarifies Golan plans 07:50 At synagogue overlooking Obama's house, blacks and Jews live side by side 22:55 High voter turnout for Labor's second primary this week 22:11 Top rightist MKs won`t head new national-religious party Habayit Hayehudi 20:36 Mumbai Jewish community on edge after attacks in India 17:28 WATCH: Will Bar Refaeli be the next James Bond girl? 19:39 Ex-N.Y. Governor Eliot Spitzer debuts as columnist for online magazine 'Slate' 21:32 UN forum: Israel systematically violating Palestinian human rights 21:23 IN PICTURES / The evacuation of 'House of Contention' in Hebron 00:22 Gilad Shalit's parents reportedly contact PIs to acquire information Previous Editions Select Day 04 dec 03 dec 02 dec 01 dec 30 nov 28 nov 27 nov 26 nov 25 nov 24 nov 23 nov 21 nov

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