Business in Brief


Gas prices to rise 2% as of Wednesday midnight

The price of gasoline is likely back on its way up as of Wednesday night at midnight, with an increase of about 2% (16 agorot per liter) for 95 octane. The hike more than reverses a 1.2% drop last month. This week's increase follows a 7% spike in the quoted price for gasoline contracts in Europe over the past week, an increase that more than offsets the 2% depreciation of the value of the dollar against the shekel in the past month. The final price for August will be set today, based on the latest shekel-dollar rate and could move 2 agorot in either direction. The regulated price currently stands at NIS 7.43 a liter. (Avi Bar-Eli)

Karish condensate origins point to presence of oil

The condensate that has been found at the offshore Karish natural gas field is thermogenic in origin, boosting the likelihood of the existence of oil at the reservoir and in the Levant basin overall, Charles Davidson, CEO of Noble Energy, a partner in Karish, said over the weekend. Thermogenic means it derives from heat. The Karish field, hailed as an important discovery after being found to contain between 1.6 and two trillion cubic feet of natural gas, also contains 13 million barrels of condensate, used in the production of Brent oil. Davidson's statement, voiced during a video conference marking the release of the company's quarterly financial statement, breathed fresh optimism into the Leviathan oil exploration drilling slated to start at the end of the year. (Eran Azran)

Carmel Winery uncorks new CEO

Six months after being sold to a group of private investors, Carmel Winery will be welcoming Dalia Mandelman-Sonnenfeld as its new CEO, Chairman Gilad Halevy said yesterday. Mandelman-Sonnenfeld, 49, is new to the industry, having served as CEO at Tidhar Investments (part of the Tidhar real estate group) and in a number of positions at Strauss Group. Carmel was sold at a NIS 130 million company value. (Ido Efrati)

IR executive convicted of insider trading

Noam Tepper, principal of the investor relations firm Financial Access, was convicted yesterday of using inside information gleaned from clients. The conviction cited 40 transactions worth about NIS 500,000, yielding over NIS 60,000 in profits. The indictment against Tepper, filed in 2009, charged him with 40 violations of the Securities Law. The court accepted the prosecutor's claim that Tepper, should be considered an insider based on his access to proprietary information. (Yasmin Gueta)

Sunday's Value Added Tax (VAT) hike also pushed fuel prices up. Credit: Moran Maayan



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