Business in Brief

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Matim−Li, Jump sold to Chinese company

Avi Malka’s financially troubled fashion store chains, Matim Li and Jump, were sold Monday to Global Retail, a Chinese-owned company. The sale to Global Retail, which was confirmed by the Lod District Court, came after Hamashbir 365 Holdings, which owns the Hamashbir department stores, informed the court on Monday that it would not be pursing a bid for Matim Li, the plus-size fashion retailer also known as ml. Earlier in the day, Hamashbir inked a pact with Onot, another plus-size clothing retailer, to jointly acquire Matim Li and Jump. Global Retail’s acquisitions were part of Malka’s collapsing retailing empire, which also included the Israeli franchisee of Office Depot, which was separately sold to Retail 3000. (Yasmin Gueta)

NIS 4.4b in new mortgages taken out in October

The public took out NIS 4.4 billion in new mortgages in October, slightly more than the monthly average of NIS 4.3 billion, the Bank of Israel reported Monday. The average interest rate on unlinked mortgages last month declined by 0.23 percentage points after the Bank of Israel lowered its base lending rate, although the average rate on inflation-linked mortgages last month rose by 0.35%. On the business front, the Bank of Israel reported that the business sector, excluding banks and insurance companies, issued about NIS 3.7 billion in bonds, most of which were tradable. This compares to a monthly average for the year to date of about NIS 2.5 billion. (Moti Bassok)

Gnrgy takes over remaining Better Place assets

A local energy startup, Gnrgy, said on Thursday it had taken over the remains of Better Place, the bankrupt electric car battery-charging infrastructure firm. Ran Eloya, founder and CEO of Gnrgy, said his company bought the remaining assets of Better Place for less than $450,000, a fraction of its $2 billion valuation less than two years ago. Eloya said his company would focus on operating the 1,800 public charging spots that service the country’s more than 1,000 electric cars, but would not sell cars or provide battery-swap services as did Better Place, which was launched in 2007 by Shai Agassi. (The Associated Press)

Better Place charge spots.Credit: Reuters