Fischer: Olmert, Bar-On's bailout plans similar

Bank of Israel governor tells reporters pension funds' safety net plans devised by prime minister, finance minister vary only slightly. 'I'm all for providing a safety net, but we have to limit its scope,' he says

Africa Israel posts steep loss in Q3

Israeli real estate developer reports net loss of NIS 2.1 billion, at top end of profit warning

Bank of Israel to boost foreign currency reserves to $44b.

The Bank of Israel will boost foreign-currency reserves to between $40 billion and $44b. through the daily purchase of $100 million of foreign currencies.

Teva raided in EU antitrust probe

Teva Pharmaceutical Industries Ltd., the world's biggest generic-drug maker, France's Les Laboratoires Servier and Slovenia's Krka Group d.d. have been raided by European Union regulators as part of an antitrust investigation.

Despite economic crisis, Israelis send more Christmas gifts

Thousands of kilograms of citrus fruits, wines, chocolate and Israeli products are sent to destinations across the world ahead of Christian holidays despite tough financial situation.

PM rejects 'inadequate' Treasury pension safety plan

Prime Minister Ehud Olmert on Wednesday night declined to approve the Treasury's limited pension safety net plan in favor of a broader program, in an effort to avert a general strike in the public sector.

Treasury submits new 'safety net' plan

Bowing to public pressure, the Finance Ministry and the Bank of Israel have advanced the approval of a plan to boost investment in the capital market, including a limited pension safety net, as the Histadrut Labor Federation on Sunday declared a work dispute in the public sector.

Social groups seek PM's help to stay afloat

Leading social organization send Olmert letter pleading for monetary assistance during rough financial times; ask he includes them in market stimulus plan, set up emergency aid fund.

Citigroup gets guarantees on $306 billion of assets

The US government unveiled a bold plan Sunday to rescue troubled Citigroup, including taking a $20 billion stake in the firm as well as guaranteeing hundreds of billions of dollars in risky assets.

Israeli company to secure Vatican

Herzliya-based smart cam company gets contract to secure sensitive areas of Vatican City. Deal estimated at $4-$5 million

Egypt to appeal ban on natural gas deal with Israel

Egyptian authorities said to appeal Cairo Court decision to suspend gas deal with Israel. Analysts say decision may prompt renegotiation of terms

Netanyahu offers to help Olmert combat financial crisis

Likud chair meets with PM, offers his party's support for measures meant to secure public's savings in pension, retirement funds. Prime Minister's Office welcomes initiative

Price of subsidized bread to drop by 3%

Industry, Trade and Labor Ministry economists reconsider last week's decision to reduce bread costs by 7.4% in order to equalize losses suffered by bakeries in past year

Las Vegas site hasn't dropped in value, claims IDB group firm

Property & Building will be attaching an evaluation of the Las Vegas land it bought with Elad Properties to its third-quarter financial statement. In a surprise to capital market circles, based on a third-party evaluation, the IDB group company means to argue that the land hasn't dropped in value.

UN mulls buying Israeli defense systems

International body delegation to visit Israel, review drones, airborne electronics, intelligence gathering systems ahead of possible contract with local manufacturers

New guidelines for unemployment benefits planned

Recent layoffs prompt social affairs minister to instruct National Insurance Institute to formulate new, flexible directives meant to make stipends more accessible, especially for low-income workers

Employment Service seeks government intervention

Hundreds of workers are fired each day in Israel due to economic crisis. Employment Service Director General Yossi Farhi says government intervention is needed to solve situation.

Britain honors Israeli shipping tycoon

Businessman Sammy Ofer awarded honorary KBE by Queen Elizabeth in recognition of his services to UK maritime heritage

Central bank chief says Israeli economy resilient

Country's conservative, tightly-supervised banking system prevented kind of collapses seen elsewhere,' Stanley Fischer tells reporters. Adds: Central bank expects to see Israeli economic growth slowing to 2.7 percent in 2009

Price of subsidized bread to be reduced by 5%-10%

Industry, Trade and Labor Ministry slated to announce decision on matter later this week following drop in global wheat, fuel prices

Obama mulls naming Jewish economist secretary of treasury

Former Fed chair, who headed committee tasked with securing Swiss restitution funds for Holocaust survivors, shortlisted for two of new administration's top financial positions.

Treasury helps corporate-bond market

The Finance Ministry will allow institutional investors to buy new corporate bonds set at their book purchase price.

New Jerusalem MBA program will stress Jewish ethics in business

Course at JCT (also known as Machon Lev) in the capital's Givat Mordechai neighborhood is the first of its kind in Israel.

Remedia trial underway

Remedia, Health Ministry execs indicted for negligent homicide, consumer fraud for respective parts in distribution of faulty baby formula in 2003. Court grants defense's continuance, pushes trial to March 2009

Jewish Agency cuts $45 million from 2009 budget

But treasurer Hagai Meirom vows none of agency's flagship activities will be harmed due to cutbacks.

Gas prices to drop 12% next week

Even though oil prices have dropped 50% from their record high of $147 a barrel, Israeli gas prices will have fallen only about 20%.

Fischer cancels approval for Poalim buy of Ukrainian bank

Hapoalim subsidiary Tarshish was supposed to buy 76% of the bank for $116 million, for a total valuation of $150 million.

Early elections likely to cost the economy NIS 2 billion

Early elections will exact a heavy price on the Israeli economy.

Remedia trial underway

Remedia, Health Ministry execs indicted for negligent homicide, consumer fraud for respective parts in distribution of faulty baby formula in 2003. Court grants defense's continuance, pushes trial to March 2009

'Jewish banks masterminded crisis'

As world financial crisis continues to show little improvement, websites continue to be flooded with anti-Semitic conspiracy theories accusing financial leaders of Jewish heritage of orchestrating global economy to tune of all-encompassing Zionist plot

Warning: Israel may face power shortage

Israel Electric chairman says unless government steps up, agrees to fund costs of company's emergency contingency plan, future demand may exceed supply to point of lengthy blackouts

World financial crisis may put 4,000 Israeli jobs on the line

National Insurance Institute predicts job crunch despite Tel Aviv's relatively modest stock market decline.

Roman Abramovich loses £12billion in Russian share plunge

Roman Abramovich has lost £12billion on the Russian stock exchange, it was revealed earlier this week.

Peres: Drop in global oil price serious blow to Iran

Visiting sukkah of chief rabbis, president says Iran will struggle with costs following tumbling prices.

Israel on standby as global financial rescue takes shape

Israeli economic leaders remain tensely on watch as the debate rages over the merit of the coordinated move

AM:PM faces new boycott for employing Jews on Yom Kippur

Army Radio: Convenience-store chain paid workers triple wages to unload goods, clean during holiday.

Hamas blames Jews for global crisis

Spokesman says bad management, systems of "Jewish lobby" responsible for financial meltdown.

Tnuva ordered to pay NIS 55m. damages

Court ruling closes 1994-5 silicon-contaminated milk class action case; consumers to enjoy benefits.

Boaz Yona seeks forgiveness

Yona asked for forgiveness for fraud and theft he committed to innocent home buyers

Tel Aviv markets plummet across the board as TA-25 plunges 6.3%

Not only Sunday, but throughout the past few weeks, Israel's major "tycoons" have been taking a beating in the markets.

Leviev seen mortgaging more shares

The liabilities of Lev Leviev's Africa-Israel total NIS 8.6 billion, and it has been trying to realize assets.

Dexia Israel in shadow of parent's rescue

Dexia Israel Bank will be trading on the Tel Aviv Stock Exchange today under the shadow of the global financial crisis, which has slammed into its parent bank.

Sheldon Adelson sinking $475m into Sands

Adelson has injected $475 million in the casino operator so it could pay down debt and maintain leverage ratios

Sad loss for Israeli industry

The collapse of Lehman Brothers is of particular significance to Israeli industry, especially hi-tech.

Market Report / TA-25 up 2.2%, Africa Israel jumps 12%, Delek surges 14%

The Tel Aviv Stock Exchange closed its trading week yesterday with sharp gains as Wall Street opened strongly.

Segev buys Ocif from Gaydamak

Arcadi Gaydamak's lawyer, Yossi Segev, offered yesterday to purchase Gaydamak's holdings in the publicly traded company Ocif for NIS 110.5 million.

Arison buys 800,000 Hapoalim shares

The September 18 purchases increased the stake of Arison Holdings Ltd., her investment vehicle, to 20.03 percent.

Tel Aviv stocks soar back up on US rescue plan

Shares post biggest gains in more than 4 years after US announces plan to buy $700b. in bad assets

Stolen-car wave in Brazil spurs Israeli company's tracking service

Brazil is Ituran Location and Control Ltd.'s second-largest market after Israel and may boost its Brazilian client base to 500,000 in five years.

Bank Leumi to sue Lehman Brothers

Bank claims fallen American holdings company failed to implement sale order given just days prior to its filing for bankruptcy

Fischer holds emergency meeting in wake of Wall Street crisis

Bank of of Israel chief summons heads of Israel's seven leading banks for risk assessment meeting following continuing crisis in US, world markets

Libyan Jews demand compensation

Are Jews who immigrated to Israel from Libya about to receive a large sum of money from Libyan leader Muammar Gaddafi?

Nestle, Osem buy 51% of Materna

The companies acquired the stake from Maabarot Products Ltd., which retained 49% of the Israeli baby-formula maker Materna.

Chicken prices climb 40% before holidays

Chicken prices may soon reach NIS 24 a kilogram.

TA stocks slip in Wall Street's shadow, Bank Hapoalim drops 6.8%, Delek Group plunges 7.8%

Bank Hapoalim's exposure to Lehman Brothers is believed to be the highest of Israel's major banks.

Tel Aviv catches the global cold

TASE hits 18-month low on American and international financial woes

Adelson pledges another $30M to Birthright

The latest pledge consists of a $20 million contribution for 2009 and $10 million for 2010.

Arison invests $100 million in new water company

Shari Arison bought water companies for $100 million and combined them into new global services firm that will make more acquisitions.

Israeli hi-tech stocks feel pinch of slow US market

"Israeli technology companies are feeling an impact from the slowdown in the US hi-tech sector"

Apple to open store in Ramat Aviv Mall, first store in Israel.

The first bricks-and-mortar Apple Store is set to open on September 18 at the Ramat Aviv Mall.

Red Hat buys Qumranet for $107m.

Red Hat, the world's biggest seller of Linux software, has bought Ra'anana-based Qumranet Inc., a developer of desktop virtualization solutions, for $107 million.

Bank of Israel to stop buying dollars on Nov. 12

The Bank of Israel will apparently stop soaking up foreign currency on November 12.

Report: Social gaps in Israel widening

National Insurance Institute published 2007 poverty reports, notes vast sectorial difference between seculars and religious communities, Jewish and Arab ones

Imploding airline Alitalia could strand thousands of Israelis

Travel agents recommend pre-booked ticket holders to 'fly and pray' in case Alitalia suspends operation.

Teva says its Parkinson's drug is the first to slow disease

Company hopes sales of custom-designed Azilect will cross $1 billion.

Government approves 2009 State Budget

Following more than 16 hours of discussion, prime minister and finance minister manage to convince opposing ministers from Kadima and Pensioners Party to support budget proposal.

Lowest unemployment rate in 20 years

Israel’s Central Bureau of Statistics reveals statistic showing amount of jobless people in second quarter of 2008 is lowest in two decades

Israel gets low ranking in business index

The Israeli entrepreneurial spirit is well-known around the world, but a global report by business research firm Dun & Bradstreet shows that the rate of active businesses measured in proportion to the country's population is relatively low compared to the majority of countries in Central Europe and North America.

US Airways seeks Philadelphia-Tel Aviv route

US Airways announced Tuesday plans to operate nonstop service between its Philadelphia hub and Tel Aviv, Israel, as the carrier moves to expand its international service.

Army loses battle over budget as gov't moves to make defense cuts

The cabinet Monday approved the budget proposal for 2009 by a narrow majority of one vote.

Bank of Israel workers to return NIS 100 million of excess pay

Labor Judge Eyal Avrahami ruled that excessive payments and pension contributions will have to be repaid retroactively from 1998.

Tourists flock to Golan's upgraded attractions

In past 3 years, gov't invested NIS 26 million in improving Golan tourist infrastructure.

Bananas, dates are threatened by drought

Tens of acres of bananas, dates and other tree crops at Kibbutz Gesher, in the Jordan Valley, were deprived of water for 10 days this month.

Central bank defends bank-fee reform

Supervisor of Banks Rony Hizkiyahu on Sunday defended the controversial bank-fee reform after the consumer price index for July showed a rise in the cost of banking services.

Israel Chemicals is most traded stock on TASE

According to TASE data of stock performances in the first six months of the year, its average daily trading volume jumped 160% compared to 2007.

Travelers seek refunds for canceled Georgia trips

Israeli consumers who have booked plane tickets or organized trips to Georgia should not carry any financial responsibility, according to a legal opinion.

2008 tourism to Israel on the way to record

Some 1.7 million tourists visited Israel between January and July this year, up 41 percent compared to the same period last year, the Central Bureau of Statistics reported Thursday.

El Al reports $11.2m. loss in Q2

El Al reported $11.2 million in losses for the second quarter of 2008, despite record revenues of $557m., blaming the losses on rising fuel costs.

Out of cash, fast-food Burger Ranch chain closes doors

One day after the Paz Oil company sued to have a receiver appointed for the Burger Ranch fast-food chain that it used to own, some of the branches were already closed and major suppliers were refusing to deliver buns, burgers and special sauce.  

Croatian unit hurt Barr Labs in second quarter

A month after its acquisition by Teva Pharmaceutical Industries was announced, Barr Laboratories has released its quarterly financials, beating analyst expectations - but also revealing profitability problems in Europe.

Israelis may soon import U.S.-compliant Asian cars

The Transportation Ministry plans to establish a committee to draw up standards for vehicle imports from the U.S. and Europe, widening the pool of options.

Gaydamak to pay NIS 50 million for abandoning phosphate deal

An arbitrator has ordered businessman Arcadi Gaydamak to pay NIS 50 million to local businessman Joseph Troim, ending the dispute over the sale of a phosphate plant in Kazakhstan.

Treasury aims to strangle building in central Israel

The Finance Ministry plans to change Israel’s demographic map, by aggressive means if it has to.

Government cuts budget cuts

Cabinet goes back on original decision to laterally cut 6% of bureaus' budgets, settles on cutting half; making $89 million of its financial reserves available to make up difference

Tel Aviv to introduce congestion charge by 2009

Motorists will need to pay to enter Tel Aviv, as officials seek to fight traffic congestion.

El Al and AA announce cooperation deal

El Al strikes deal with American Airlines - largest US flight carrier. Agreement, to take effect on Sept. 2, replaces code-share deal with Delta that expired last year

The bank job

Bank of Israel committee tasked with finding next director- general approached by unprecedented number of applicants; 12 make initial cut, only three expected to make to final stage

Israeli company to build hydraulic power plant in China

Sea Desalination Energy awarded Chinese governmental bid to supply southern province with hydroelectric power. Company to build 100 additional plants across China should project prove successful.

Israel's Orbotech buys US-based Photon Dynamics for $290M

Teva to buy Barr Pharma for more than $7 billion

Israeli drugmaker says will purchase rival generic drug company in move to expand its presence in US, Eastern European markets.

UNICEF cuts ties to Israeli billionaire Leviev

Microsoft buys Israeli start-up for $25 million

Gaydamak ordered to sell stock in Israeli radio station