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Cabinet approves Flug as Bank of Israel chief

The government on Sunday approved the appointment of Karnit Flug as the new governor of the Bank of Israel. Flug, 58, who has been acting governor since her predecessor Stanley Fischer stepped down in June, was chosen on October 20 to officially take over as head of the central bank, ending a rocky nomination process. She was quickly sanctioned by the Turkel committee last week, but the decision still required formal government approval. "Karnit Flug has the right background and experience and she has performed very well in her post over the past several months," Prime Minister Benjamin Netanyahu's office said in a statement that came as the cabinet held its weekly meeting. (Reuters)

Malcha Retailing gets court approval for debt rescheduling

Malcha Retailing, whose stores include the Matim Li and Jump Fashion chains, received approval on Sunday from the Lod District Court to negotiate a rescheduling of some NIS 111 million in debt. Judge Irit Weinberg-Nutovitz was told that the group didn't intend to ask creditors to take a haircut and that it only sought to extend its repayment schedule. Avi Malcha, the controlling shareholder, faces a hearing on Monday in connection with Office Depot, another troubled retail business he controls. In the meantime, all the chain's outlets have been closed. (Yasmin Gueta and Adi Dovrat-Meseritz)

Bank of Israel Governor Karnit Flug. She called for retirement age of 67 for both men and women.Credit: Reuters