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Business in Brief: Switzerland Seeks Access to Israeli Financial Markets

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Trams drive past the offices of Swiss banks UBS and Credit Suisse at Paradeplatz square in Zurich August 10, 2012
Trams drive past the offices of Swiss banks UBS and Credit Suisse at Paradeplatz square in Zurich August 10, 2012Credit: REUTERS

Analysts laud Teva migraine approval, but stock falls

Teva Pharmaceuticals shares closed lower on the Tel Aviv Stock Exchange on Monday, despite analysts’ offering cheery forecasts for the drug maker’s newly approved Ajovy migraine treatment. Timothy Chiang, an analyst at BTIG, said on Monday that Ajovy would post modest sales of $25 million this year, rising to $200 million in 2019, $500 million in 2020 and up $1 billion in 2022 “We see the approval as a positive for Teva, as Ajovy could become a potential blockbuster product by 2022,” he said, noting its advantage over rival migraine treatment Aimoig because Ajovy needs to be taken by injection just once every three months. Mizuho’s Irina Koffler pointed to other positives at Teva. “We believe there are other underappreciated positives in Teva, like a more stable North American Generics business …and continued durability in Copaxone. Importantly, credibility of Teva’s new CEO remains intact after this event.” Teva shares, which soared on Sunday, finished down 0.8% at 86.61 shekels ($24.16). (Yoram Gabison)

Switzerland seeks access to Israeli financial markets

Switzerland has asked Israel to open its markets so Swiss banks can trade funds there, a senior Swiss Finance Ministry official said. Israel allows European Union banks market access, but not Switzerland as it is not an EU country and has different regulations. We need market access and each other’s markets unfettered and as free as possible,” Joerg Gasser, head of the State Secretariat for International Financial Matters, said during a visit to Israel with Finance Minister Ueli Maurer to discuss financial cooperation.“Israeli authorities focus on EU regulations but the EU doesn’t fully recognize our rules and regulations for political reasons.”Gasser said he had requested an answer from Israel within a year and had offered to provide any information needed to speed up the process and enable various funds to trade funds on the Tel Aviv Stock Exchange. Israel’s Finance Ministry declined to comment, but said both sides had agreed to cooperate on issues including market access, financial technology regulation, cryptocurrencies and combating money laundering and terrorist financing. (Reuters)

Tel Aviv shares end higher as dollar strengthens

Tel Aviv shares ended higher ahead of the two-day Yom Kippur break as the dollar strengthened against the shekel. The benchmark TA-35 index rose 0.4% to finish at 1,659.88 points, while the TA-125 gained 0.5% to 1,493.93, on turnover of 1.39 billion shekels ($390 million). Israel Chemicals was the star of the session, climbing 3.6% to 21.60 shekels on news that Byelorussian potash company BPC had signed contracts with China for the coming year at $290 a ton, a 26% increase over last year. The deal means ICL can expect to enjoy a similar deal. Israel Corporation, its parent company, rose 2.9% to 1,120. Opko Health fished up 3.65% at 14.75, marking a second day of rises after planning last week after the U.S. company and CEO Phillip Frost were cited by the U.S. in a securities investigation. Frost has denied the charges. In foreign currency trading, the dollar gained 0.5% to a representative rate of 3.5830 shekels. (TheMarker Staff)

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