Business Briefs

Canada Israel to Buy Rights to Build Two 44-story Towers in TA

Canada Israel to buy rights to build two 44-story towers
Canada Israel, the property company controlled by Barak Rosen and Assaf Tuchmayer, is close to acquiring the rights to build one or two 44-story towers in the Tel Aviv wholesale market real estate project, for NIS 745 million. An agreement slated to be signed this week will include buying rights to one of the residential towers for NIS 365 million, and an option to buy rights for the second for NIS 380 million, prices that work out at NIS 2.5 million for each of the 150 apartments zoned for the buildings. Two other similar towers are planned for the site, as well as smaller residential buildings that will, all told, total 1,800 homes. (Raz Smolsky)

Oil Refineries weighing layoffs of 240 workers
Oil Refineries Limited, the Haifa-based oil processor controlled by Israel Corp. and Israel Petrochemicals, is mulling whether to lay off some 240 of its approximately 1,500 employees as it struggles with losses. The company, which lost $40 million on revenue of $4.8 billion in the first half of the year, is hoping to reach a debt-reschedule agreement with creditors, opening the door for Israel Corp. to inject new capital. Oil Refineries (known in Hebrew as Bazan) had salary costs last year of $186 million, but 1,340 of its employees are covered in collective-bargaining agreements that will make laying them off difficult. (Yoram Gabison)

Alon Ron