Financial

Progress regarding investor Eli Rosenberg on the way to obtaining a permit to purchase El Al. The Companies Authority will recommend to the state the granting of a permit to Rosenberg, subject to the discretion of the ministers holding the state's gold share in El Al. A letter sent by the director of the Companies Authority, Yaakov Quint, to Rosenberg's representative, CPA Aminach Rusk, states: , To agree that he will hold a rate in excess of 40% and that give him control over El Al. Subject to the state's decision, the issuance of the recommendations is said to be conditional on the PA's...

On Thursday night, Nanox completed the pricing phase of the initial public offering of its shares on Nasdaq. Nanox issued 9.18 million shares at a price of $ 18 per share - which was at the top end of the planned price range for the issue: $ 18-16 per share. Nanox, which raised the shares at a company value of $ 634 million before the IPO and $ 800 million after it, initially planned to issue 4.9 million shares. However, due to large excess demand of $ 1.5 billion, the volume of the offering has almost doubled. Nanox was founded in 2012 by entrepreneur Ran Polyakin, and raised $ 138...

Teva is embarking on an extensive cut at the Teva Tech plant in Ramat Hovav. The plant, which produces active ingredients for medicines, employs almost 700 workers, but by nature in the last years of the crisis in the company, its utilization has dropped to only 20%. The main reasons for this are a significant drop in sales of Copaxone, Teva's flagship drug for multiple sclerosis that the plant produces its active ingredients as well as the lack of major launches of generic products. The dismissals agreed with the committee will begin in 18 months, meaning they will take effect in January...

El Al lost $ 105 million in the second quarter of 2020, compared with a profit of about $ 100,000 in the same period last year, according to the financial statements published by the company tonight (Wednesday). El Al's losses in the first half of 2020 amounted to approximately $ 244 million. The reports also show that the company has a negative cash flow from operating activities of approximately $ 23 million, compared with a positive cash flow of approximately $ 110 million in the corresponding quarter last year. It should be noted that the results for the quarter are affected by the...

Phoenix Insurance Company ended the second quarter of 2020 with a total profit of NIS 748 million and a total profit of NIS 171 million in the first half, according to the financial report published by the company this morning (Sunday). Tomorrow, Harel Insurance Company will publish its reports, It remains to be seen whether the Phoenix (+ 0.06% 1648) will remain the highest earner in the industry. The source of the increases in the Company's profitability is in the increases in the capital market that were properly utilized by the Company's investment managers, as well as in the increase...

The Research Division of the Bank of Israel examined the extent of the impact of the closure and the epidemic on the Israeli economy. What damage will be done to such a long-term locksmith economy? According to Prof. Michel Strawczynski, director of the research division at the Bank of Israel and a member of the Monetary Committee, the direct cost is about NIS 9 billion per week of closure. This means that the continuation of the closure in its current format for 90 days will cost the economy more than NIS 115 billion. The Bank of Israel's Research Division conducted a preliminary analysis...

The closure continues to deepen the decline in consumption data, according to recent data on the volume of credit card use in the past week published by the Bank of Israel. The data show a significant slowdown in all sectors of the economy. The average daily volume of credit card use was NIS 848 million, a decrease of 10% compared to the pre-crisis period. In the previous week, the average daily use was NIS 1.09 billion (an increase of 11% compared to the pre-crisis period). In examining the various industries, the decrease in expenditure on education and leisure of about 50% in the...

The International Monetary Fund has published its half-yearly global economic forecast (October 2020) and it seeks to dispel some optimism compared to the publication in April 2020. Also in relation to Israel, the forecast is less bad, but still - our recession will be severe compared to other developed countries. Precisely in the midst of the second wave of the corona, the fund's economists "softened" the recession forecasts published six months ago, and now the global economic contraction in 2020 is expected to stand at 4.4% (real decline in global GDP) instead of 5.2% when the plague...

In recent weeks, the tax authority has approached about 150 self-employed people who have received compensation for losses since the outbreak of the corona crisis - and demanded that they return the money they received. According to a senior PA official, it turns out that dozens of self-employed people demanded the funds based on losses incurred by them this year compared to last year. However, an examination carried out by the Tax Authority revealed that some of them did not receive the grants or were overpaid, as their losses were lower than the conditions eligible for the grant. In a...

The rating agency Moody's published on Wednesday an explanation of Israel's credit rating, after last weekend it postponed its rating decision from October 23 to a later date, thus effectively maintaining an A1 rating. Moody's notes that the main risk to Israel's credit rating is Israel's debt burden, Israel's long-term demographic trends (apparently referring to population growth where employment rates are as low as the ultra-Orthodox and Arabs - etc.) and the ongoing tensions in the Middle East. Against the background of the polarized political system that also threatens fiscal policy,...