Subscribe to Print Edition | Tue., March 31, 2009 Nisan 6, 5769 | | Israel Time: 01:42 (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 Ocif poised to default after NIS 226 million loss in 2008 Advertisement As last week rolled to a close, Ocif Investments & Development revealed that it lost NIS 226 million in 2008, compared with a loss of NIS 43 million the year before. Its auditors said the company didn't have the liquid assets to meet its liabilities. Now controlled by Shlomo Eisenberg's company Isras, not Israeli-Russian businessman Arcadi Gaydamak, Ocif is scheduled to pay NIS 102 million in principal and interest this June. Its plan is to sell assets and inventory to meet its liabilities. The bonds in question are Series B4, NIS 162.3 million trading at a junk yield of 52.5%, and Series B5, NIS 136.9 million, trading at a yield of 20.9%. (Yuval Maoz) Teva, Sun gets nod for generic Topamax Teva Pharmaceutical Industries said late last week that the U.S. Food and Drug Administration had approved its Abbreviated New Drug Application to sell in the United States copycat Topamax, an anticonvulsant made by Ortho-McNeil. Teva will be selling tablets 25 mg, 50 mg, 100 mg and 200 mg in dosage, starting now. It's a big story - annual sales of Topamax were $2.4 billion in the U.S. alone last year. Meanwhile, the Economic Times of India reports that Sun Pharma also got the FDA nod for its generic Topamax ANDA, and that it has started shipping. (TheMarker) Polar Investments' loss climbs The eroding value of Polar Investments' projects outside Israel led it to a loss of NIS 40.7 million for the fourth quarter of 2008. For the full year Polar posted a loss of NIS 98.6 million, an increase of 77% from the year before. The real estate company said that revenues in 2008 shrank by three-quarters from the year before to NIS 40.7 million, though in 2007 it had strong income from selling properties at the Holyland project in Jerusalem. Its operating loss climbed to nearly NIS 141 million after writing down properties, notably the ESI chain of hotels in the United States, by NIS 54 million. (Yuval Maoz) Soft income at Hard Rock dooms Polar park Meanwhile, subsidiary Polar Real Estate International reported on its Hard Rock theme-park fiasco. It had owned 10% of the beast, bought in 2006. The number of visitors to the South Carolina park from its inauguration in May 2008 fell well short of expectations and revenues from ticket sales failed to cover liabilities, so the park shut down and declared bankruptcy. The court approved its sale last month for $25 million. Polar International isn't expected to regain any of its investment even after the selloff. (Yuval Maoz) Danshar buys 50% of Fresh Ones trademark Wet-wipes maker Albaad Massuot Yitzhak says Danshar has exercised its option to buy 50% of Fresh Ones, a registered trademark in Israel. Danshar will pay Albaad $500,000. The agreement changes nothing in that Danshar will continue to be the exclusive distributor for Fresh Ones products in Israel, and Albaad will continue to be the exclusive manufacturer of said towelettes. (TheMarker) HOT: Nothing to report on alliance with MIRS The HOT cable TV company wishes to clarify that it has nothing to clarify in respect to a reported alliance being negotiated with cellular services provider MIRS. From time to time HOT examines various opportunities to develop and expand its business and that's all it has to say, HOT says. (TheMarker) Kardan's talks to sell Warsaw mall collapse Talks for Kardan NV to sell its share of a shopping mall in Warsaw have failed, the real estate investment company told investors yesterday. Globe Trade Centre, the Kardan subsidiary informally known as "GTC Poland," failed to reach an understanding with Unibail Rodamco to sell 50% of Rodamco CH1, the company that owns 50% of the Mokotow Galeria mall in Warsaw. The negotiations were undermined by the volatility of the Polish real estate market, Kardan says. Unibail-Rodamco is a Franco-Dutch company, headquartered in Paris, that focuses on investment in commercial property. (TheMarker) Granite to share half of profit with investors Granite Hacarmel Investments, these days owned by malls developer David Azrieli, has adopted a dividend policy. To wit: From this year, the company will give its shareholders cash worth 40% to 50% of annual net profit the previous year, after deducting nonrecurring gains achieved outside the regular course of business. In other words, stockholders won't get a share of capital gains or earnings from repricing the book value of properties. (TheMarker) LifeWave raises NIS 850,000 Medical-technology company LifeWave has managed to raise NIS 0.85 million from unaffiliated investors, who paid NIS 3.50 per share, which confers a 33% discount to the company's NIS 4.53 share price in Tel Aviv on March 24. (TheMarker) Discount Investment sells 1% of GVT at loss Discount Investment Corp has executed the first part of an agreement and sold 1% of GVT Holding, which reduces its stake to 8.6%. It received NIS 10 million for the shares and will post a capital loss of about NIS 15 million in its first-quarter report. (TheMarker) Bookmark to del.icio.us   The core of the conflict The Mideast conflict is between those who want compromise, and those who don't. Closer to insanity Arab League chief says Israel's military policies are nearing madness.

Read & React Arab League tells Israel: Accept Saudi initiative now or never Responses: 99 Israel Railways fires Arab staff to make way for IDF veterans Responses: 73 Study cites dramatic rise in anti-Semitic attacks in Europe Responses: 49 IDF ends Gaza probe, says misconduct claims are 'rumors' Responses: 27 More Headlines 23:26 Netanyahu vows 'every effort to reach viable peace' 00:07 In surprise move, Netanyahu names MK Steinitz finance minister 23:27 IDF ends Gaza probe, says misconduct claims are 'rumors' 00:21 Gaza probe / Either troops are liars, or the IDF is pure as snow 22:40 Study cites dramatic rise in anti-Semitic attacks in Europe 00:08 ADL slams Louis Farrakhan for 'bigoted' comments on Israel lobby 00:34 Jewish U.S. troops to get gefilte fish and matzot for an Iraq Pesach 22:13 WATCH: Daily news round-up from Israel 22:01 40 Arabs laid off as Israel Rail saves posts for army veterans 19:19 Spanish Holocaust survivors testify in U.S. Nazi extradition case 18:11 In Prague, Peres calls for regional peace in Middle East 16:44 The Mideast conflict in 27 words or less 16:32 Arafat Web site posts pictures of bedroom during IDF siege 15:50 Arab League chief: Israel's policies border on 'madness' 17:49 Assad: Israel's new government is against peace 17:43 Fayyad to stay on as PA prime minister - for now Previous Editions Select Day 30 mar 29 mar 27 mar 26 mar 25 mar 24 mar 23 mar 22 mar 20 mar 19 mar 18 mar 17 mar

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