Business in Brief

Maiman sets new conditions for Ampal bondholders: No suing management

Just a day before a New York court is due to determine the fate of Yossi Maiman's Ampal-American Israel Corporation, he has presented new conditions to bondholders. Ampal filed for bankruptcy at the court a month ago, and bondholders want to take control of the firm. Maiman submitted a new offer for a settlement with bondholders; the major change is Maiman's willingness to give up control in return for a commitment that bondholders won't file a suit against Maiman or other Ampal executives. The court was to rule last night whether to accept Ampal's proposal as the basis for further negotiations with bondholders, or to cancel Maiman's exclusivity period on making such offers and allow bondholders to present their own plan. In any case, the new offer is likely to be rejected by the bondholders, who view it as an attempt to draw out the legal process. (Oren Freund )

BoI orders banks to raise capital adequacy

The Bank of Israel is requiring Israel's two largest banks, Bank Hapoalim and Bank Leumi, to increase their capital adequacy ratio to 13.5% by the start of 2017, though under the Basel III rules, 12.5% should suffice. All banks still have to reach 12.5% by the start of 2015. The banks were undismayed at the directive, given that all have ratios of that or better anyway. The CAR is the ratio between the bank's capital - shareholder equity and certain types of deferred notes - and the bank's total risky assets - loans, investments and other liabilities. (TheMarker)

Pelephone taking orders for iPhone 5, but you'll have to wait till next week for delivery

Pelephone will start selling the iPhone 5 at 8 A.M. today - but the catch is you won't receive it until Thursday. The company is trying to get a leg up on its rivals who are not yet taking orders. The phone will be delivered directly to the customer's home. The price for the 16 giga model, in white or black, is NIS 3,990 including the nano-SIM and delivery. Apple's official launch of the iPhone in Israel is scheduled for next Friday. (Amitai Ziv )

Arkia employees end sanctions, reach accord

The labor dispute at Arkia is over: Workers announced last night they would stop disrupting the airline's flight schedules after they reached a tentative agreement with management yesterday. The employees started sanctions on Wednesday. The deal includes extending existing collective bargaining agreements - without any additional cost to the airline - but also the cancellation of pay cuts. The number of workers to be laid off will be reduced significantly and the owners will inject funds into the company, while the union, for its part, is promising no disruptions for the life of the agreement. Employees own 30% of Arkia shares. (Zohar Blumenkrantz )