Financial

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...

National Instruments Corporation (NI) acquires Israeli software company Optimal Plus for $ 365 million in cash. To date, the Israeli company founded in 2005 by Danny Glotter has raised $ 80 million, among others from the US investment fund KKR, Israeli venture capital funds Pitango, Viola Ventures, Spring Ventures, Vintage Scandi and Evergreen as well as private investors Kenneth Levy, Chairman of KLA. The acquisition is scheduled to close in the third quarter of 2020. The acquiring company trades on NASDAQ for about $ 5 billion and employs about 7,300 employees among others in its Texas...

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...

The effects of the krona: The Ministry of Finance reported that the government deficit in the last 12 months rose to 6% of GDP in May (NIS 17.9 billion), more than twice that of the government target of 2.9%. In April, the deficit rose to 4.8%, and in May, it made another leap. The Treasury estimates today that the deficit will reach more than 10% by the end of the year, as a result of the economic crisis facing the economy following the Corona epidemic. The deficit was caused, among other things, by a 23% reduction in state tax revenues in May compared to the corresponding month last...

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...

Although the "per citizen" grant program has been approved by the government and will be submitted to the Knesset for approval today, it turns out that hundreds of thousands of eligible people will probably have to wait to receive the money for several weeks or even more. The reason: the difficulty of the Social Security which is responsible for distributing the grants in locating their bank accounts. The National Insurance Institute currently has only the bank account data of 5.1 million eligible for the grant, out of the six million eligible. Therefore, it will be possible to transfer...

El Al is taking another step to extricate itself from the deep pit in which it finds itself. El Al's board of directors recently approved the planned $ 150 million share issue. According to the outline approved by the board, the offering will take place within a month - until August 30. The short schedule will require the submission of a draft prospectus by the company by next Friday, August 7th