Business in Brief

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Bank of Israel headquarters in Jerusalem.Credit: Bloomberg

Banking system could lose NIS 3b in severe recession
There is no danger to the stability of Israel’s banking system should there be a severe recession, although the hit to banks’ profits could be significant, according to the latest Bank of Israel stress test. The central bank yesterday said it tested two scenarios, one of which was an adverse one that included a domestic recession with a large impact to the housing and real estate industry as a result of a deterioration in the geopolitical situation. Banks’ profits would drop more than 3 billion shekels ($876.5 million), the central bank projected. (Reuters)

Delek Group sells Europe operations for 355m euros
Delek Group said yesterday its subsidiary Delek Europe Holdings signed an agreement to sell Delek Europe BV to a foreign fund for 355 million euros.Delek said 180 million euros would be paid in cash in two equal installments while the seller would extend a loan to the buyer for the remaining 175 million euros. The loan would be repaid within five years and three months. The deal is subject to regulatory approval, Delek said in a statement. The name of the buyer was not revealed. (Reuters)

TASE closes with small gains
The Tel Aviv Stock Exchange closed yesterday’s trading session with mild gains on particularly thin turnover of 420 million shekels. The blue-chip TA-25 index gained 0.13% to close at 1,386 points, while the broader TA-100 index closed up 0.16%, at 1,251 points. The Banks-5 and the Real Estate-15 indexes lost 0.15% and 0.2%, respectively. Notable shares included Avner Oil Exploration, Delek Drilling and Ratio Oil Exploration, which gained 1.8%, 1.2% and 3.3%, respectively, after announcing a preliminary deal to sell natural gas from the Leviathan site to Britain’s BG. Super-Sol lost 2.3% as detailed emerged about its plans to close stores and issue a one-time write-off of 200 million shekels. (Shelly Appelberg)

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