Subscribe to Print Edition | Wed., January 07, 2009 Tevet 11, 5769 | | Israel Time: 02:17 (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 Joy of Giving Travel Week's End Anglo File

Markets in Brief Go figure. The global Aviation Index tracking airline shares has risen 20% in the last six months as oil prices plunged from their peak price of $147 per barrel to less than $40. During that time, El Al shares lost 73%. Like other airlines, El Al hedges to protect itself from oil surges. So what's the story? I.B.I. analyst Yuval Zehira sees two main reasons for the Israeli carrier's under-performance. One is that the financial crisis impelled institutional investors to dump smallcap stocks, in order to clean up their portfolios ahead of 2009, and what do you know, El Al is a smallcap. The second reason is the war - not down south, but between the Borovich twins Izzy and Dedi, which may have dismayed investors, Zehira suggests. (Shmuel Shuster) ? Advertisement Excellence Nessuah is being sued for allegedly misleading investors on short certificates. Ephraim Segal claims that Excellence did not cavil at use of misleading terms and hiding "substantial information." In short, in 2005 he bet against the TA-25 and TA-100 indexes using these short instruments, but only discovered half a year later, after checking his account, that the certificates didn't behave as the site described. As the devil would have it, in that time the TA-25 index rose from 748 points to 830 points and his loss should have been 10.9%, but it turned out to be 17.14%. Excellence firmly denies the allegations. (Hila Raz) Itschak Shrem and Rubin Zimmerman will be investing up to NIS 7 million in corporate bonds of their company Shrem Fudim Group, which they're buying through a private placement. The principal of the bonds will be repaid in 5 years from the placement date and will bear an annual interest of 7%, payable twice yearly. The principal will be linked to the consumer price index. The bonds will be convertible into equity at a ratio of NIS 8.50 f.v. of bonds per share. Before allocation, though, the SFG shareholders assembly has to agree to the allocation. Shrem owns 235 of the company and Zimmerman owns 24.5. (Nathan Sheva) Dan Avnon at Hermetic, the bonds trustee responsible for B1 Ofek Real Estate bonds confesses: "I was surprised to read that the company means to sell shares [in a Tampa, Florida project] to which bondholders hold attachments, without receiving bondholders' imprimatur." Ofek stated on December 31 that it would be selling the Tampa property for NIS 250,000. Ofek responded that it thought the rights bondholders had to another project had replaced their rights to the Tampa property. But under the circumstances, Ofek says, it will wait for the bondholders' reply before pursuing the deal. Ofek, which sports a going concern warning in its last financial statement, lost $14 million in the first nine months of 2008 and has a working capital deficit of $41 million. At the third quarter's end it had $1.9 million cash. (Yuval Maoz) Metis Capital has exercised its right under the agreement governing its loan to Ameris Holdings, to buy NIS 2.1 million shares of Ameris group company Petro Group (which runs gas stations in the United States) for NIS 3.8 million. That's on top of the NIS 2 million lent to Ameris. (TheMarker) Direct Capital Investments has added an item to the agenda of its upcoming bondholders assembly: delaying the date of record for an interest payment on Series B2 bonds due January 1, 2009, from January 19 to April 19. The ex-date would therefore be deferred to April 20, and the payment date - here it comes - to April 30. (TheMarker) Sapiens, a Formula Systems group company that makes software for finance companies, is instituting a blanket 8% salary cut and reducing vacations by three days per worker. The company has 320 employees around the world, of which 220 work in Israel. On the bright side, it isn't planning any layoffs, Sapiens said. The dual-listed company lost a major contract in November worth $15 million to upgrade computer systems at Yitzhak Tshuva's insurance company Phoenix. (Paz Vaysman) An hour before closing Olimpia warned that its shareholders equity had been substantially reduced by the 37% fall of the hryvnia, Ukraine's currency, against the dollar in the fourth quarter. (TheMarker) Analyst Yuval Ben-Zeev of Clal Finance issued a Sector Perform rating for Gazit Globe. Two weeks before, he had recommended Gazit Globe bonds, which have since jumped 20%, pressing yields on the bonds below 10%. It's time to take another look at Gazit Globe stock, Ben-Zeev suggests. He counsels investors to ignore the background noise surrounding Gazit Globe's investment in Atrium. But note ye that investment in Gazit Globe is for long-term players, he adds. (TheMarker) Bookmark to del.icio.us   'With total determination' Widow of IDF soldier killed Monday remembers her fallen hero. Anti-Semites unite! Protests against Gaza op worldwide have had a hateful, violent tone.

Read & React Bradley Burston / Gaza War Diary III: If Mexico shelled Texas, like Hamas shells Israel Responses: 151 At least 30 die in strike on Gaza school; IDF: Troops fired in self-defense Responses: 103 ANALYSIS / Israel is on its way to reoccupying all of the Gaza Strip Responses: 32 ANALYSIS / Price of stubborness over Gaza exit is dead Israeli soldiers Responses: 59 More Headlines 02:12 Abbas at UN calls for Gaza truce, fresh peace talks 01:51 Israel to establish 'humanitarian corridor' for Gaza Strip 01:55 Egypt's Gaza truce plan: ceasefire followed by border security talks 00:21 IDF shell kills 30 in Gaza UN school; Israel mulls appeal over Hamas fire from UN facilities 22:47 Obama breaks silence on Gaza, calls civilian deaths 'a deep concern' 23:03 Al-Qaida No. 2 urges Muslims to attack Israeli and Western targets over Gaza op 23:50 Five Israeli soldiers killed in 24 hours, as IDF closes in on Gaza cities 23:42 French TV claims photos from 2005 showed damage from Israel's Gaza operation 16:21 Gaza rocket hits Gedera, 30km from Tel Aviv; baby lightly hurt 17:12 ANALYSIS / Price of stubborness over Gaza exit is dead soldiers 18:20 Get up to the minute coverage of the warfare in Gaza directly to your email 00:22 'You'll be proud of me, yet' slain IDF soldier told family before entering Gaza 21:45 The view from Ramallah / An Intifada in its infancy? 22:19 Turkey-Israel basketball game canned after pro-Gaza protesters storm court 14:37 ANALYSIS / Israel is on its way to reoccupying all of the Gaza Strip 19:17 'Iran pledged Hezbollah won't respond to Gaza op,' says top Lebanese MP 18:39 Jewish and Arab students clash on Gaza offensive 13:06 ANALYSIS / The unspoken goal of bringing down Hamas in Gaza 20:07 Hospitalized but defiant, Israeli soldiers eager to return to Gaza battle 13:40 Israeli general: Never knew I was evacuating my wounded soldier son from Gaza 13:00 Burning car rams synagogue in southwest France 13:46 Egypt bars doctors from entering Gaza Strip 05:44 Hamas puts Gazans in danger by drawing IDF into urban warfare 18:21 PICTURE GALLERY / Gaza incursion sparks protests around world Previous Editions Select Day 06 jan 05 jan 04 jan 02 jan 01 jan 31 dec 30 dec 29 dec 28 dec 26 dec 25 dec 24 dec

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