Business in Brief

Super-Sol begins belt-tightening layoffs; Ormat edging toward merger with subsidiary; TASE falls after opening in the green

Reuters

Super-Sol begins belt-tightening layoffs

Super-Sol has started laying off workers as part of an efficiency plan announced last month. Several workers at the company headquarters were handed dismissal notices, including the company’s chief veterinarian and several secretaries. The company has a total of 350 employees at its headquarters; between 30 and 90 may lose their jobs. Super-Sol reportedly plans to cut executive salaries. The efficiency plan also includes incentives for employees to resign, smaller discounts for customer clubs such as Hever, closing 15 branches and reducing the floor space in many others. (Adi Dovrat-Meseritz)

Ormat edging toward merger with subsidiary

The Fimi fund has hired J.P. Morgan Stanley to help advance a merger between Ormat Industries and its NASDAQ-traded subsidiary Ormat Technologies. Fimi is one of Ormat’s controlling shareholders. Ormat Industries, founded 50 years ago by the Bronitzky family, has lately had its operations limited to holding shares in Ormat Technologies, a company with a market cap of $1.27 billion that specializes in geothermal power plants. (Yoram Gabison)

TASE falls after opening in the green

The Tel Aviv Stock Exchange started Thursday’s trading session with gains but changed direction to close with losses, following in the footsteps of other exchanges. The blue-chip Tel Aviv-25 index lost 0.7% to close at 1,434 points, while the broader Tel Aviv-100 index lost 0.6% to close at 1,284 points. The Banks-5 lost 1, led downward by Bank Leumi, which lost 2% after revealing that New York State was seeking to fine it NIS 1.1 billion for allegedly helping clients launder money. The Real Estate 15 lost 0.5%, while communications shares were off 1.7%. Total turnover was 855 million, slightly under the recent daily average. (Dror Reich)