Subscribe to Print Edition | Wed., March 19, 2008 Adar2 13, 5768 | | Israel Time: 22:13 (EST+7) web haaretz.com   Back to Homepage Rosner's Domain Diplomacy Defense Jewish World Opinion National Print Edition Advertising Books Arts & Leisure Business Real Estate Easy Start Travel Week's End Anglo File

Last update - 15:50 19/03/2008 Finance Min.: We won't hesitate to act against dropping dollar By Haaretz Service and News Agencies Tags: israel  Finance Minister Roni Bar-On told the Knesset Wednesday that the government will not hesitate to act in the wake of the U.S. credit crisis and the plummeting dollar. "The treasury is constantly following the crisis in the U.S. We shall act decisively and without hesitation if an intervention is needed," Bar-On said. "It is hard to assess the effect of the dollar dropping because the trend is still not clear and we do not have a wide enough perspective," Bar-On said, adding that "I am disturbed by the possibility that the dollar will continue to drop against the shekel. Obviously, that drop would have a negative influence on the economy." Advertisement Tel Aviv stocks rose Wednesday morning as investors welcomed a hefty U.S. interest rate cut and a rally on Wall Street overnight. The TA-25 index rose by 1.8 percent and the TA-100 by 2.16 percent. Sentiment was also lifted by better-than-expected earnings from major U.S. investment banks Goldman Sachs and Lehman Brothers, easing concerns about fallout from the global credit crisis. As stocks began to climb, however, the dollar continued to plummet and is being traded at NIS 3.36. While many investors were expecting the U.S. Federal Reserve to cut rates a full percentage point, they quickly overcame some initial disappointment, especially since a 0.75 point cut is still substantial. The Fed began lowering rates exactly six months ago, after the credit markets seized up due to soaring defaults in subprime mortgages. The cut in the American interest rates, however, have only made the Shekel even more attractive and the dollar is expected to continue to drop throughout the day. On Monday, Bank of Israel Governor Stanley Fisher will have to decide if he too will drop interest rates by 0.75 percent in order to strengthen the dollar and allay fears of a possible recession in Israel. In Asia, stocks were also on the rise Wednesday as Japan's benchmark Nikkei 225 index climbed 2.5 percent and Hong Kong's Hang Seng index was up 2.4 percent. On Tuesday, the Dow Jones industrial average soared 420 points - the biggest one-day point gain in more than five years. Investors were also heartened by better-than-expected earnings from Goldman Sachs Group and Lehman Brothers Holdings, which came out just a day after markets worldwide were shocked by Monday's news that JP Morgan Chase had bought rival investment bank Bear Stearns for US$2 per share, or less than $250 million. That sparked concerns about the full extent of the credit crisis. Bookmark to del.icio.us   Free interpretation Yesha rabbinical council ruled it is forbidden for Jews to employ Arabs. Little Africa Tel Aviv is setting up a tent city to improve the living conditions of African refugees.   1.   The Fed is running out of ammo 11:35  |  Clickfool 19/03/08   2.   Acting Decisively For Dollar, What About Kassams? 16:24  |  Mark 19/03/08   3.   to #1: Don`t Panic 17:07  |  Vitaly 19/03/08   4.   For Vitaly # 3 17:29  |  Clickfool 19/03/08   5.   Financial Prognostication 19:34  |  Daniel Donaly 19/03/08   6.   For Daniel Donaly # 5 22:02  |  Clickfool 19/03/08

Today Online Tom Segev: Merkel slams Qassams, but ignores Israel's actions Responses: 210 Egypt brokering Hamas-Israel deal for long-term Gaza truce Responses: 61 High Court closes off use of major highway to Palestinians Responses: 143 Study finds Israeli Jews increasingly racist toward Arabs Responses: 187 Security forces fear double Hezbollah attack in Israel, abroad Responses: 103 Rosner's Domain McCain rep to Jewish crowd: Christian right 'serious problem' Were Shakespeare's Plays Written By A Jewish Woman? (WTR) Rosner's Mailbox: I used to believe that you just hated Hillary Poll: Is the "road map" still relevant? Did Iraq have ties to Al Qaeda? (WTR) More Headlines 20:40 McCain in Sderot: Rocket attacks demand response 19:27 Yesha rabbinical council chief: Don't rent houses to Arabs 20:44 Foreign Ministry summons Swiss envoy to J'lem over Iran deal 20:05 J'lem police chief: Cop on duty should've stopped yeshiva attacker 18:18 Obama at oratorical best, but Wright saga still not over 22:08 Rights group accuses airport authority of 'discrimination' 17:32 Water Authority: Israel must act to avoid humanitarian crisis 21:38 Actress Orna Banai questioned for role in animal rights protest 10:07 Security forces fear double Hezbollah revenge attack in Israel, abroad 20:05 Nazareth man jailed for 22 years for sexually assaulting his children 10:09 Study: Israeli Jews becoming increasingly racist toward Arabs 10:53 High Court closes off use of major highway to Palestinians Previous Editions Select Day 18 mar 17 mar 16 mar 14 mar 13 mar 12 mar 11 mar 10 mar 09 mar 07 mar 06 mar 05 mar

Special Offers Advertisement FAREWELL ISRAEL New Film The Coming War for Islamic Revival - View Movie Trailer READY FOR PURIM? BUT - Who Will Guard The Hamentasch? Free the Palestinians from: Corrupt Kleptocracy, Tyrannical Theocracy, Abysmal Anarchy Long-term Israel programs MASA is your gateway. More programs. More grants. NEW! Dan Boutique Jerusalem Hotel Hip Dan Hotel in Jerusalem. Attractive Introductory Rates 7589 rockets fired so far HELP US TO HELP THEM FREE JEWISH HISTORY COURSE Berel Wein's best selling lectures. 5000 Years in Five hours /CD/MP3 Marina Royale Herzelia Pituach Your Luxurious Suite While Staying in Israel Fattal Hotel Chain Perfectly located hotels on best resorts of Israel. ISRAEL BONDS Build Israel Israel bonds - a multi-purpose way to celebrate Israel's 60th Eldan Rent a Car Israel's leading car rental company offers you a 20% discount on all online reservations Junkyard Junk a car - get free towing nationwide and a tax-deductible receipt

Home | TV | Print Edition | Diplomacy | Opinion | Arts & Leisure | Sports | Jewish World | Underground | Site rules |

Haaretz.com, the online edition of Haaretz Newspaper in Israel, offers real-time breaking news, opinions and analysis from Israel and the Middle East. Haaretz.com provides extensive and in-depth coverage of Israel, the Jewish World and the Middle East, including defense, diplomacy, the Arab-Israeli conflict, the peace process, Israeli politics, Jerusalem affairs, international relations, Iran, Iraq, Syria, Lebanon, the Palestinian Authority, the West Bank and the Gaza Strip, the Israeli business world and Jewish life in Israel and the Diaspora.

© Copyright  Haaretz. All rights reserved