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Markets in Brief
By TheMarker

It seems that "statutory processes" are delaying the construction of a terminal to receive the liquefied natural gas to be extracted from the undersea field Tamar, located off the Haifa coast in the Mediterranean Sea. The Haifa District Planning Bureau opposes building the terminal anywhere near residential areas, or by the fish-farming pools of Kibbutz Maagan Michael (as the various ministries involved suggest), or by Maayan Zvi, or opposite the town of Fureidis. Each of the proposed sites is about a kilometer from the seashore and has the 200 dunams the project would require. But the land is zoned in all cases for agriculture, points out the planning authority: It would need rezoning for industrial use. Another option, building the 2-3 story terminal on Frutarom's site in Acre Bay, was nixed because the site isn't anywhere near the terrestrial pipeline system, and Acre didn't like the idea anyway. Another idea being floated is to build the thing on a rig-type platform in the sea. Stay tuned. (Avi Bar-Eli)

Meitav is buying the provident and mutual funds run by Africa Israel's investments arm, leaving the seller with an empty shell. Africa Israel yesterday announced a memorandum of understanding on selling the funds, subject to signature on a binding agreement. To date Africa Israel Investments has a billion shekels under management. Industry sources believe Meitav will be paying liquidity-strapped Africa Israel between NIS 10 million and NIS 20 million for the activities it's buying. (Yael Halak)
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As last week rolled to a close the Tel Aviv Stock Exchange warned that Migdal, Koor Industries and Discount Investment stand to be extracted from the benchmark (and prestigious) TA-25 index unless the public float is restored to the minimum, which is 25%, worth at least NIS 600 million. During the global economic crisis, which decimated share prices, the TASE relaxed its rules and dropped the minimum to 20%. That grace period ends on December 15. Regarding Migdal, the public float is currently 20%, worth about NIS 1.3 billion. Either Migdal issues new shares or its controlling shareholders, the Italian insurance company Generali (69.5%) and Bank Leumi (9.85%), sell some shares. As for Discount Investment, the public float is presently 24%, and at Koor it's 23.5%. (Noam Bar)

The Tel Aviv Stock Exchange halted trading in Oil Refineries stock after the company, which owns the larger of Israel's two refineries - the one in Haifa - said it estimates refining margins widened to around $7 per barrel in the third quarter of 2009. That figure is adjusted for changes in inventory value, and in the fair value of derivatives on commodity prices. (TheMarker)

Despite aggressive marketing, by the end of September 2009 Partner Communications had signed up only 32,000 clients to its Internet and wireline phone service. In the third quarter, the company, which specializes in cellular services, had recruited just 12,000 people, estimate industry sources. At first Partner offered three months' free online surfing; now it's tempting the People of the Phone high-speed Internet service at 2.5 megabits, for free, for one year - if you also sign up for its wireline services. The offer expires at month-end. The competition complains that Partner is cross-subsidizing - using income from one service to provide another on the cheap. (Amitai Ziv)

A month after the construction company huddled under the court's wing, receiver Aliza Sharon has found a buyer for Ramet. The buyer is El-Har, a subsidiary (50%) of real estate company Kardan, which will purchase it without its liabilities, if the court and banks can be persuaded to agree. The acquisition would set El-Har back only NIS 8 million, while the liabilities stand at about NIS 277 million. What the price tag secures for El-Har is mainly Ramet's goodwill, and a little bit of its assets. Nor is Ramet coming packaged with its subsidiaries, including those in Poland and Hungary. This means Sharon should have roughly NIS 50 million worth of assets she could sell to repay Ramet's creditors. (Ranit Nahum-Halevy)

There is no bubble in the real estate market, said Bank of Israel governor Stanley Fischer on the show "Meet the Press," Israel-style. He also said that the global economic crisis did not shake up his economic concepts at all. "I've seen things like this in the past," he said, perhaps not quite as grave, but still. Which doesn't mean that there weren't lessons to be learned, but the process will take a year or two, Fischer said. "One problem is that the banks have become very strong politically again," he said, not referring necessarily to Israel. (TheMarker)
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