Subscribe to Print Edition | Fri., July 10, 2009 Tamuz 18, 5769 | | Israel Time: 01:25 (EST+7)
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Psagot Investment House analyzed Delek Real Estate's ability to repay its bondholders, and thinks things look rosy. "We continue to expect the controlling shareholder [Yitzhak Tshuva] will support the company's obligations," a Psagot analysis said, though it noted the company still faces many risk factors. According to recent Finance Ministry information, Psagot holds about NIS 22 million in Delek Real Estate series B4 bonds. (Michael Rochvarger)

Teva Pharmaceutical Industries has announced it will cease shipping its generic version of Johnson & Johnson's Ortho Tri-Cylcen Lo oral contraceptive. Teva had just begun selling its version of the pill under the name Tri-Lo Sprintec, and agreed to cease distribution pursuant to an agreement with Johnson & Johnson, pending a preliminary injunction hearing on J&J's request for a restraining order filed as part of a patent infringement case against Teva. Teva is believed to already have distributed substantial quantities of the drug to market. (Yoram Gabison)
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Israeli securities valuation firm Shaarey Ribit reports more capital is being raised in corporate bond offerings. In the first half of 2009, Israeli firms raised NIS 15.7 billion in negotiable and non-negotiable bond offerings, compared to this year compared to NIS 4.4 billion during the second half of 2008 and NIS 20.2 billion for all of 2008. The firm says this is due to the sharp decline in institutional interest rates. (Yuval Maoz)

The Finance Ministry will refuse to give Intel a grant to finance the expansion of its Kiryat Gat facility, but it will try to give the company as many tax benefits as possible, TheMarker has learned. In internal discussions at the treasury, Finance Minister Steinitz said Intel doesn't meet legal criteria to qualify for a grant, but could receive substantial tax incentives. The company has been seeking a government grant of NIS 135 million, but reportedly does not qualify because this funding won't create additional jobs. (Ora Coren)

The Tel Aviv District Court gave Haaretz the green light Tuesday to sell its stake in Walla! Communications, whether or not Bezeq likes it. Bezeq International had requested a temporary injunction to block Haaretz from negotiating to sell its 33% share in Walla! Bezeq owns 34% of Walla! and has contended that Haaretz needs its permission to negotiate the sale of any of its Walla! shares. Haaretz said Bezeq was not acting in good faith and was seeking to deflate the Walla! share price in order to buy the shares itself. (Hila Raz)

The Israel Securities Authority has opened an investigation into the activities of Amnon Barzilay, one of the owners of Metis Capital, over his business dealings with TradeMobile. The latter buys and sells used cars from auto importers, including Japanauto, which is partially owned by Metis. The matters under investigation include an alleged deal granting Barzilay a 50% cut of TradeMobile's profits in its dealings with Japanauto, and an alleged NIS 2 million payment to Barzilay granted without board approval from Metis or Japanauto. Barzilay was required to post bond on Tuesday, and is not allowed to leave the country. (Eti Aflalo)

The Hamburger family's Harel insurance group is expanding abroad, and will start brokering insurance deals in London. Its wholly-owned subsidiary, Harel U.K., has received a brokerage license from the British Financial Services Authority, which will enable Harel to sell coverage from a range of companies, including Lloyd's. Harel U.K. intends to enter the catastrophe insurance market, among other fields, and to sell to Israelis doing business in Europe. (Eti Aflalo)

Last week's merger of Meitav and the Gaon investment house is expected to result in 30 layoffs. Completion of the merger is subject to regulatory approval. Also, the new firm's planned management has changed: Itzik Shenidovsky and Gadi Greenstein, who were expected to serve as co-CEOs, have stepped down. Shenidovsky will reportedly become CEO of the Analyst investment house. Meitav CEO Avner Stepak will head the merged firm until a permanent candidate is hired. (Sarit Menahem)

Pesticide producer Makhteshim Agan has announced that Brazilian authorities have ordered its Brazilian subsidiary, Milenia Agrociencias, to temporarily halt production and sale of several of its products, following an inspection. Makhteshim says the Brazilian subsidiary can provide customers with alternatives, but adds that at this point it cannot gauge how the developments will affect its financial results. (Yuval Maoz)
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