The shortage of fresh chickens that usually accompanies the High Holy Days will be worse this year because they coincide with the Muslim Id al-Adha holiday, the Poultry Breeders Association said yesterday. Slaughterhouses will have fewer working days at a time when chicken consumption increases about 30%.
(Ora Coren and Adi Dovrat-Meseritz)
FinMin web upgrade
The Finance Ministry has revamped its website www.mof.gov.in what it says is an effort to improve transparency and make more information publicly available. The new site works with mobile devices and leading browsers, and is organized by topic, services and target groups. The individual pages of each unit in the treasury are being upgraded in stages.
Strauss settles with Carmit in Cadbury suit
Strauss Group, whose product line includes the country’s leading brands of chocolates, said yesterday it had reached a settlement with confectionary importer Carmit over claims it tried to block the entry of Cadbury chocolates to Israel more than a decade ago. Strauss said it would pay Carmit 9 million shekels ($2.5 million) and undertake to buy 50 million shekels of Carmit products over the next four to 10 years. The settlement ends a high-profile suit Carmit brought against Strauss, accusing it of industrial espionage, pushing Cadbury products off the shelves, exerting financial pressure on distributors and harming other products distributed by Carmit. Carmit sought 36 million shekels in damages. Shares of Strauss ended up 1.2% at 66.82 shekels in Tel Aviv. (Ora Coren)
Foxmix plans IPO in New York next week
Foamix Pharmaceuticals, which is using a proprietary foam technology to treat acne and other skin conditions, said it expects to raise $59 million to $81 million on Wall Street next week, selling shares at somewhere between $10 and $12. At the midpoint of the range, the Rehovot-based company said the IPO would give it a market value of $234 million, with a float equal to as much as 32.7% of the company. Foamix expects to enter Phase III clinical trials for its lead candidate, a 4%-minocycline foam formulation acne treatment next year. It is also targeting 2015 to begin Phase III trials for its treatment of impetigo, a bacterial skin infection that primarily affects young children. In addition, the company has developpharmaceutical majors like Bayer, Merz and Actavis to apply its foam technology to their products.(Yoram Gabison)
More investors now required to file tax report
Many more stock market investors will be required to file income tax reports under a new rule published last month by the Income Tax Authority. The rules, which are retroactive to the start of 2013, now set the minimum turnover in securities liable for tax filing at 811,560 shekels ($225,280), down from 1.85 million shekels until now. Lowering the threshold is part of the authority’s effort to widen the circle of people filing tax statements and ensure that everyone whose income puts them in the top 48% bracket is also paying the 2% surtax imposed on Israel’s wealthiest. Attorney Nir Hortsetin of Alter Attorneys at Law in Tel Aviv notes that investors have to file whether or not they register losses on their investments. “Not just the rich, the amendment is relevant to many middle class people,” he said. (Sharon Shpurer)
Refineries profits to fall after unit shutdown
Oil Refineries Limited said yesterday it expected its net profit to be $8 million to $10 million lower in the third quarter, after it was forced to shut down a production hydrocracker due to a pipeline failure. The company, which is 37%-owned by The Israel Corporation and 29% by Israel Petrochemical Enterprises, said the production line would be closed for much of the rest of the month until repairs were made. It stressed that the failure didn’t create any environmental or safety problems, but warned that its estimate for the lost profit was still preliminary. The $570 million hydrocracker was inaugurated in January 2013 and operates using lower-cost crude oil. Shares of Oil Refineries, which seeks to raise 750 million shekels ($208 million) in debt, fell 2.6% to 1.22 shekels in Tel Aviv. (Yoram Gabison)
Biomed shares lead Tel Aviv stocks higher
Biomed shares led the Tel Aviv Stock Exchange to another day of gains yesterday. The TA-25 index finished up 0.4% at 1,429.65 points while the TA-100 added 0.5% 1,292.46, on turnover of 609 million shekels ($169 million). Allot led TA-100 gainers, adding 4.4% to end at 40.55 shekels, with PhotoMedex not far behind with a 4% advance to 27.24, reversing a steep drop in suffered on Thursday. TowerJazz rose 3.8% to 42.81. On the fixed-income market, the government’s 10-year shekel bond edged down 0.07% to raise its yield to 2.44%, while its inflation-linked bond due in 2023 dropped 0.1% to a yield of 0.5%. (Dror Reich)