Business in Brief: TASE Closes With Losses on Thin Trade

Partner, Histadrut sign new wage deal

File Photo: Tel Aviv Stock Exchange, Tel Aviv.
Ofer Vaknin

Partner, Histadrut sign new wage deal

Partner and the Histadrut Labor Federation signed a collective bargaining agreement on Wednesday. The deal covers 3,000 Partner employees for three years. This is a continuation of the deals signed in 2016, and it includes a 1% raise to employees with more than 18 months of seniority, to be paid retroactively from January 2019, and another raise of up to 1.5%, conditioned on the company’s performance in the first half of 2019. It also clarifies a mechanism for compensating employees based on the company’s profits in 2019-2021. As part of the deal, the company will hire 20 workers who until now worked through outsourcing, and will preserve their seniority status. (TheMarker)

TASE closes with losses on thin trade

The Tel Aviv stock exchange closed with losses Wednesday on low turnover of 940 million shekels, compared to the recent daily average of 1.3 billion. The blue-chip Tel Aviv 35 index lost 0.3% to close at 1,565 points, while bank shares lost 0.5%. Notable shares included Teva Pharmaceuticals, which ultimately gained 0.3%, as the suit against drug manufacturers including Teva over their role in the U.S. opioid crisis advanced. Africa Israel Properties lost 1.7% after being sold to a group led by Big, whose own share closed unchanged.(Assa Sasson)