Business in Brief

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Credit: Reuters

TA-25 hits new peak

The Tel Aviv Stock Exchange’s blue-chip Tel Aviv-25 Index closed at a new record high yesterday, led upward by record highs on Wall Street over the weekend. The TA-25 gained 0.6% to close at 1,494 points, close to the 1,500 benchmark, while the broader Tel Aviv-100 Index gained 0.7% to close at 1,328 points. Real estate shares gained 0.8%. Total turnover was a low 693 million shekels. Notable shares included oil exploration partnership Givot Olam, which plummeted 28% following its announcement that it intended to carry out a reverse stock split, prompting TASE management to delay its decision to remove the share from several indexes. IDB Holdings lost 6% amid mounting speculation that the conglomerate’s new controlling shareholders, Eduardo Elsztain and Moti Ben-Moshe, are poised to go their separate ways. (Eran Azran)

Strauss unit in Brazil buys local coffee maker

Israeli food and drinks maker Strauss Group said yesterday its Brazilian subsidiary Tres Coracoes Group bought private coffee producer Itamaraty, which has the fourth largest market share in roasted and ground coffee in south and southeast Brazil. Details of the deal were not disclosed. (Reuters)

China’s Baidu makes first investment in Israeli startup

China’s dominant search engine Baidu Inc has made its first venture into Israel’s booming startup sector, investing $3 million in video capture firm Pixellot. Pixellot developed a system of unmanned cameras that it says can cover the entire field or court at a sporting event and automate video production for both professional broadcasters and amateur fans. Baidu’s Peter Fang said on Sunday the Israeli technology “will revolutionize video content production” for Internet users in China. Pixellot said it planned to use the funds to expand its R&D. (Reuters)

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