Financial

The Treasury has circulated a memorandum of law that will increase spending in the face of the Corona crisis by NIS 15.6 billion. The same extension is intended to fund the grants to encourage NIS 6 billion in employment, which was agreed to be distributed as a result of the retail chains' protest as well as the establishment of a dedicated loan fund for risk-averse businesses that were refused by the banks. The fund will receive a larger state guarantee and will provide NIS 5 billion in loans. According to the Accountant General's Budget Report, NIS 20 billion has been paid to date in the...

A fall in potash and phosphate prices resulted in a 57% drop in Israel Chemicals (ICL) 's net profit in the first quarter of 2020, totaling $ 60 million - 5 cents a share. ICL's revenue, managed by Reviv Zoller, fell 7% in the first quarter of 2020 compared to its corresponding quarter in 2019, totaling $ 1.3 billion - 4% more than the analysts' forecasts. The decrease in ICL's revenues (-2.89% 1210) was due to a 15% ($ 44 per tonne) drop in potash prices in the last quarter compared to the corresponding quarter, to $ 250 per ton. ICL was also hit by a fall in the price of green phosphoric...

The Bank Hapoalim published its financial results for the first quarter of 2020, and the Corona crisis was clearly evident with a sharp 76.6% drop in net profit to NIS 192 million. Bank Hapoalim is the first of the banks to publish its Q1 reports. The decrease in net profit is a significant increase in NIS 757 million in credit losses, including a group provision of NIS 603 million due to uncertainty over the effects of the Corona crisis and a preliminary step to the possibility of borrowers, including large borrowers such as a fuel group that will find it difficult to meet payments. The...

The Hertz Car Rental Company has applied for credit protection and liquidation protection, also called for bankruptcy. Hertz announced that it could not pay its debts totaling eighteen billion and seven hundred million dollars, with only $ 1 billion remaining. The announcement does not include company branches outside the United States and they will continue to operate normally. The Hertz branches also continue to operate for the time being. Outgoing CEO Catherine Marinello announced that no company can continue to rely on a situation where it has no revenue The Corona epidemic caused...

The Corona crisis led to a sharp increase in Strauss's sales but contributed to erosion of its profitability in the first quarter of 2020. The company earned NIS 171 million in the last quarter - down 0.3% on its corresponding quarter in 2019. The company's management report consolidates - in contrast to accounting rules - Strauss's relative share of the financial results of companies it holds only 50% of its shares, and does not control them like Strauss Frito Lei, which produces savory snacks, Sabra that produces chickpeas and tres Coracoes Brazil's largest coffee company, with Strauss's...

Another huge exit at the door: Netapp storage and data company reports that it is acquiring Israeli (formerly SpotInst, Spotinst). Netap is a NASDAQ publicly traded company for $ 10 billion. It did not report the purchase amount as it is not material to it in reporting terms (less than 10% of its balance sheet), but it is estimated to be a $ 450 million deal. The deal was heated Wednesday evening. Negotiations to purchase it began in February. Spot has developed a system that helps companies save cloud computing costs by "zapping" between servers, and taking advantage of the discounted...

Leading candidate for the post of CEO Mizrahi Tefahot, Vice President of the Bank Moshe Larry was officially appointed: Mizrahi-Tefahot Board of Directors today adopted the recommendation of the Detection Committee for the CEO position (chaired by the Chairman of the Board of Directors Moshe Weidman) and decided that VP And Finance Division Manager Moshe Larry will be appointed Mizrahi-Tefahot's next general manager. Weidman said: "The members of the detection committee were very impressed by Moshe Larry's many capabilities, his rich experience and significant contribution to the bank's...

Israel Aerospace Industries has signed a NIS 1.2 billion ($ 350 million) contract with a major European state to sell intelligence aircrafts. Intelligence aircrafst are developed in the Elta division of Israel Aerospace Industries, the radar and intelligence house of Israel, a world leader in the field. Aerospace intelligence aircraft operate in Israel and many countries of the world and are considered to be strategically important. The aerospace industry is one of the few companies in the world with the ability to develop these unique technologies. The company's breakthrough in the field...

El Al's CEO, Gonen Ussishkin, strongly attacked the company's pilots committee in light of the expected decision by the company's board of directors on the outline of the state's request for assistance. Adjust the scope of personnel to the activity. Ussishkin said that as of late June, the company pilots refused to staff the flights, and that all inquiries were not answered for four consecutive days after hundreds of inquiries. "Spins and Pike News can be talked about in the media, but the truth is always within the company and our people know it," the CEO wrote to his employees. It is her...

The grants announced by Prime Minister Netanyahu at the beginning of last week and promised to be paid by last Wednesday have not yet reached the bank accounts of Israeli citizens. Today, Sunday, the government approved the grants in the total amount of six billion shekels. However, it seems that not every citizen will receive the same grant in the coming days as Prime Minister Netanyahu announced. The proposals that will be summarized on Monday morning in the "Four Committee" of Prime Minister Benjamin Netanyahu, Defense Minister Bnei Gantz, Finance Minister Israel Katz and Economy...