ICEN articles from September 1991

ICEN archives from September 1991

Magic shares disappear. (Magic Software Enterprises)
September 6, 1991... Magic Shares Disappear Magic Software Enterprises recently sold a total of 1.3 million of its shares on the over-the-counter market in New York for a sum of about $10 million. The issue was oversubscribed by a factor of five. H.J. Meyers &...

Eshed Robotec issue oversubscribed.
September 6, 1991... Eshed Robotec Issue Oversubscribed The share issue of Eshed Robotec, manufacturing of robotic and machine vision systems for education, was oversubscribed by a factor of 400; orders totaling NIS 5 billion were received! Shares were sold at...

PEC profits up 65 percent. (PEC Israel Economic Corporation)
September 6, 1991... PEC Profits Up 65 Percent PEC Israel Economic Corporation reported profits of $14.82 million for the first half of 1991. This is an increase of 65 percent over earnings of $8.96 million for the parallel 1990 period. Per share earnings...

Ormat planning power station. (Ormat Industries)
September 6, 1991... Ormat Planning Power Station Ormat Industries has decided to become involved in an electricity power station project in the Negev. The equipment will be manufactured by subsidiary Ormat Turbines. The station is to use shale oil and will have...

Tadiran in Portugal. (airfield security systems for Portugal)
September 6, 1991... Tadiran in Portugal Tadiran has received an order to supply a security system for three airfields in Portugal. The value of the order is estimated at $1 million and includes warning and control systems incorporating both day and night vision...

Pepsi for Tempo. (contract to manufacture and distribute Pepsi in Israel)
September 6, 1991... Pepsi for Tempo Pepsi Cola International has announced the signing of a preliminary agreement with Tempo Beer Industries to negotiate with Tempo for the manufacture, distribution and marketing of Pepsi products in Israel. In addition to...

IDB Bankholding to Recanati. (IDB Bankholding Corporation interest sold to El Yam Hamigdal, holding company of the Recanati family)
September 6, 1991... IDB Bankholding to Recanati M.I. Holdings, the government company responsible for selling the government-held bank shares, has signed an agreement to sell a controlling interest in IDB Bankholding Corporation to El Yam Hamigdal, a holding...

Frutarom profits down. (Electrochemical Industries)
September 6, 1991... Frutarom Profits Down PVC plastic manufacturers Electrochemical Industries (Frutarom) ended the first half of 1991 with a profit of NIS 1.6 million compared to NIS 6 million in the first half of 1990. The drop in profits is due mainly to a...

DPA shining in Japan. (DPA Technology Systems)
September 6, 1991... DPA Shining in Japan DPA Technology Systems has developed an automatic system for visual quality inspection of glass used in the manufacture of optical and magnetic disks. The system has been developed for the Japanese company Nippon Sheet...

Carcom order from U.S. Air Force. (Carcom Carmiel Composite Industry)
September 6, 1991... Carcom Order from U.S. Air Force Carcom Carmiel Composite Industry has been awarded a $3.5 million order from the U.S. Air Force for the supply of underbelly fins for F-16 aircraft. Carcom Managing Director Giora Triffon says this is the...

Cotton futures. (Agriculture)
September 6, 1991... Cotton Futures The Cotton Production and Marketing Board has sold one-half of the projected yield of cotton due for harvesting in September at the relatively high price of $0.90 per pound. Prices increased during the coup in the Soviet...

Too many eggs in one basket. (surplus egg production in Israel) (Agriculture)
September 6, 1991... Too Many Eggs in the Basket The Egg and Poultry Board is unable to reduce egg production and each day about one million eggs are added to the surplus. Among the solutions under consideration is the slaughter of 10 percent of the six million...

Citrus to Japan. (Tnuport wins export contract) (Agriculture)
September 6, 1991... Citrus to Japan Tnuport (formerly Tnuva Export) has received an order for the export to Japan of about one million crates of grapefruit, oranges and pomelas. The exports are for the 1991/92 season and the fruit will be shipped from Eilat and...

Orchards of Nazareth. (company producing stuffed olives) (Agriculture)
September 6, 1991... Orchards of Nazareth Yoel Benash has succeeded in turning a mere idea into a thriving business. While on a tour in Spain, Benash was introduced to anchovy stuffed olives and from this arose the idea of producing and marketing olives with...

Spicy exports. (Agriculture)
September 6, 1991... Spicy Exports Agrexco Agricultural Export Co. reports increased exports of fresh spices. In the 1990-1991 season Agrexco exported 750 tons of spices valued at $6.7 million. This represents a 45 percent increase over the previous season's...

Milk production up. (Agriculture)
September 6, 1991... Milk Production Up Milk production for the six months ending June totaled 504 million liters compared to 462 million liters for the first half of 1990 - an increase of 9 percent. Production for the full year is expected to reach 939 million...

Cyclone profits stable. (Cyclone Aviation Products Ltd.) (Aircraft Industry)
September 6, 1991... Cyclone Profits Stable Cyclone Aviation Products reported profits of NIS 967,000 for the first half of 1991 compared to NIS 949,000 for the same period last year. Income from sales for the period totaled NIS 30.3 million versus NIS 29.7...

Israel/USSR joint aircraft project. (Aircraft Industry)
September 6, 1991... Israel/USSR Joint Aircraft Project Representatives of the Soviet Civil Aviation Ministry are due in Israel to hold discussions on the proposal Israel/Soviet/U.S. joint aircraft project. The upcoming visit is of a Soviet delegation follows...

Union Bank profit decline. (Union Bank of Israel)
September 6, 1991... Union Bank Profit Decline Bank Leumi subsidiary the Union Bank of Israel ended the second quarter of 1991 with a profit of NIS 3.2 million compared to NIS 5.8 million in the second quarter of 1990 - a decline of 44 percent. Profits for the...

Leumi profits decline. (Bank Leumi le-Israel)
September 6, 1991... Leumi Profit Decline Profits of bank Leumi totaled NIS 54.1 million in the first six months of 1991 compared to NIS 115.7 million in the first half of 1990 - a drop of 53.2 percent. Return on equity, on an annual basis at the end of the...

Hapoalim profits decline. (Bank Hapoalim)
September 6, 1991... Hapoalim Profits Decline Bank Hapoalim ended the second quarter of 1991 with a profit of NIS 34.7 million compared to NIS 46.2 million for the same period last year - a decrease of 25 percent. Profits for the half year ending June totaled...

Four contenders for Mizrahi. (United Mizrahi Bank Ltd.)
September 6, 1991... Four Contenders for Mizrahi The Bank of Israel has approved the candidature of four contenders for the purchase of the United Mizrahi Bank. The approved candidates are: a group of investors headed by Australian businessman Jack Lieberman and...

Share rights equalization. (planned equalization of Bank Leumi shares)
September 6, 1991... Share Rights Equalization M.I. Holdings, responsible for the sale of the government-held bank shares, is preparing legislation to equalize the rights of Bank Leumi shares so as to pave the way for sale of shares in the bank. M.I. Holdings...

New FIBI provident fund. (First Bank International of Israel)
September 6, 1991... New FIBI Provident Fund The First International Bank of Israel (FIBI) has introduced a new provident fund, Tueza, which will invest at least 10 percent of assets in shares. Investments will include options and covertibles to share bonds....

Bromine profits down. (Dead Sea Bromine Group)
September 6, 1991... Bromine Profits Down The Dead Sea Bromine Group, which includes Bromine Compounds and Dead Sea Bromine, registered a 57.5 percent drop in profits in the second quarter of 1991 - from NIS 13.7 million in the first quarter of 1991 to NIS 5.8...

Painting the export market. (Tambour Paint and Chemical Industries)
September 6, 1991... Painting the Export Market Exports of Tambour Paint and Chemical Industries totaled $4.5 million in the first six months of 1991 compared to $3.5 million in the first half of 1990 - an increase of 27.5 percent. Exports for the full year are...

Kedem profits increase. (Kedem Chemicals Production and Industrial Applications)
September 6, 1991... Kedem Profits Increase Kedem Chemicals Production and Industrial Applications, manufacturers of pesticides and disinfectants, ended the first six months of 1991 with a profit of NIS 1.5 million compared with NIS 1.3 million for the first...

Israel Chemicals shares for sale.
September 6, 1991... Israel Chemicals Shares for Sale The inter-ministerial privatization committee has approved the proposal to sell a 72 percent stake in Israel Chemicals. The shares are to be offered in three stages; the first stage will include a 25 percent...

Bezeq rings in large profits.
September 6, 1991... Bezeq Rings in Large Profits The government-owned telecommunications company Bezeq has ended the first six months of 1991 with a net profit of NIS 114.7 million compared to NIS 32.5 million in the first half of 1990 - an increase of 253...

Post speeding up. (Israel. Postal Authority)
September 6, 1991... Post Speeding Up The image of the Postal Authority is changing from the tortoise to the hare. The authority is currently working on a number of advanced projects which include computerization of the 250 branches and 400 postal agencies as...

New development by IBM. (IBM Israel's innovations in communication)
September 6, 1991... New Development by IBM The Scientific Center of IBM Israel has recently completed a number of new developments. The first relates to a method of accelerating or reducing the speed of voice transmission. The method adds or retracts a full...

Software for New York City. (ATL wins contract for traffic management software system)
September 6, 1991... Software for New York City The Tel Aviv-based software house ATL-Advanced Technology has been awarded a contract for a software system to manage the vehicle fleet of the city of New York. ATL Marketing Manager Oded Ritz says the fleet...

Financial management in Poland. (Mikunim, Israeli manufacturer of a financial management program)
September 6, 1991... Financial Management in Poland An Israeli bookkeeping and financial management program has found its way to the heart of Polish finance managers at several metal factories there. Nahum Shimon, the managing director of Mikunim, the company...

Atari saga continues. (Israeli government dispute over licensing of Atari factory)
September 6, 1991... Atari Saga Continues The government has approved the proposal submitted by Industry and Trade Minister Moshe Nissim to set up a government company to manufacture electronic consumer components which will be supplied to the planned Atari...

Milouad to market AS/SET. (Milouad-Milouot)
September 6, 1991... Milouad to Market AS/SET The Haifa-based software house Milouad-Milouot has signed an agreement with Applicum Systems to act as the northern region distributor of the CASE tool AS/SET. Milouad operates mainly in computerization of kibbutzim...

Clal net income up 57 percent. (Clal Israel)
September 6, 1991... Clal Net Income Up 57 Percent Clal Israel has ended the first half of 1991 with a net profit of NIS 20.3 million compared to NIS 12.9 million in the first half of 1990 - an increase of 57 percent. Income for the period totaled NIS 1.2...

Israel Corporation profits down.
September 6, 1991... Israel Corporation Profits Down The Israel Corporation ended the second quarter of 1991 with a profit of NIS 7.08 million compared to a 1990 second quarter profit of NIS 21.02 million - a decrease of 67 percent. Profits for the six months...

Koor U.S. shareholders accept cash and bonds.
September 6, 1991... Koor U.S. Shareholders Accept Cash and Bonds U.S. shareholders of Koor selected the combined option offered by the company. The offer expired on September 1, 1991, and 96.2 percent had chosen the option combining a cash offer with new bonds....

Joint Israeli/U.S. building project. (Israel Land Development Co. and Albrizzi)
September 6, 1991... Joint Israeli/U.S. Building Project Israel Land Development Co. and the U.S. construction company Albrizzi have received U.S. government guarantees for the construction of 1,050 apartments in Beersheba. Cost of the project is estimated at...

Housing for Gedera. (Gedera, Israel)
September 6, 1991... Housing for Gedera The Construction and Housing Ministry company Arim Urban Development is to develop a 375 acre tract of land in Gedera on which it is planned to build some 1,500 cottages and apartments. The land is currently designated for...

Housing starts up. (Israeli house construction statistics)
September 6, 1991... Housing Starts Up Data published by the Central Bureau of Statistics shows that there were 82,000 apartments under construction at the end of June. During the first six months, housing starts totaled 40,700 units, which is 2.5 times greater...

Land for housing. (Israel Lands Authority plan to offer sites for house units)
September 6, 1991... Land for Housing In the coming year, the Israel Lands Authority will offer sites for 100,000 housing units. These will be outside the framework of the Ministry of Construction and Housing building program. The sites offered will be in areas...

Ashkelon Marina. (Ashkelon Municipality plans marina)
September 6, 1991... Ashkelon Marina The Ashkelon Municipality has issued a tender, both locally and overseas, for the construction of a marina and tourist center which includes an apartment hotel and apartments. Cost of the marina is estimated at some $25...

Judaica auction. (auction of Jewish literature)
September 6, 1991... Judaica Auction The Sothebys Israel, auction house, is holding an auction of Judaica on October 2 in Tel Aviv. Sothebys Director Daniella Luxembourg says more than 300 items valued at about $2 million will be on offer. These include coins,...

National Semiconductor difficulties.
September 6, 1991... National Semiconductor Difficulties National Semiconductors, the Israeli subsidiary of the U.S. firm located in Santa Clara, California is laying off 100 of its 450 employees in its Migdal Ha'emek plant. The cuts in manpower are due to...

Oil Refineries loss. (Oil Refineries Ltd.)
September 6, 1991... Oil Refineries Loss The government-owned, Haifa-based Oil Refineries has registered a second quarter loss of NIS 126,000 compared to earnings of NIS 10.4 million in the parallel period last year. Half year profits dropped from NIS 43 million...

Naptha issue halted. (Naptha Israel Petroleum)
September 6, 1991... Naptha Issue Halted The Tel Aviv Stock Exchange (TASE) refused to approve a proposed stock issue of Naptha Israel Petroleum. The Securities Committee objected to the technique of a "limited partnership" proposed by Naptha which was seeking...

Dallas prize for Gottex. (Gottex Models, swimwear manufacturer)
September 6, 1991... Dallas Prize for Gottex Gottex Models, the Tel Aviv based manufacturer of fashion swim and beach wear, has won the prestigious Dallas 1991 fashion award for "Life Style". The award was given for innovative design, quality and commercial...

Paz Investment issue oversubscribed. (Paz Investment & Development)
September 6, 1991... Paz Investment Issue Oversubscribed Applications totaling NIS 2.5 billion were submitted for the NIS 28 million share issue of Paz Investment & Development. The bidders will receive 1.1 percent of their orders. Practically all investors...

Budget proposals. (Israeli government proposals for the 1992 budget)
September 6, 1991... Budget Proposals The government has approved proposals for the 1992 budget of some NIS 95 billion with an estimated deficit of NIS 8 billion. This budget will require approval of both the Knesset Finance Committee and the Knesset and no...

Small Business Fund to IDB. (Israel Development Bank)
September 6, 1991... Small Business Fund to IDB Israel Discount Bank has been awarded the Finance Ministry tender to operate and administer the Small Business Fund of NIS 100 million. The fund was established to assist the small business sector, and eligible...

Increased profits of Hapoalim Investment Company.
September 6, 1991... Increased Profits for Hapoalim Investment Company The Investment Company of Bank Hapoalim ended the first six months of 1991 with a net profit of NIS 2.3 million compared to NIS 1.9 million in the first half of 1990 - an increase of 21...

FIBI Holding profits down. (FIBI Holding Co.)
September 6, 1991... FIBI Holding Profits Down FIBI Holding Co., owners of the First International Bank of Israel, ended the first half of 1991 with a profit of NIS 11.3 million compared to NIS 14.2 million in the first half of 1990 - a decrease of 20 percent....

More credit, more growth.
September 6, 1991... More Credit, More Growth There are signs of growth in the economy, with the major banks reporting increases in credit to the public. Israel Discount Banks says credit to the public in the first half of 1991, increased by 9.8 percent compared...

Foreign currency reserves up.
September 6, 1991... Foreign Currency Reserves Up Israel's currency reserves increased by $94 million in August, amounting to $5.87 billion at the end of the month. Part of the increase is due to sums loaned by the government overseas. Government deposits held...

Busy stock exchange. (Tel Aviv Stock Exchange)
September 6, 1991... Busy Stock Exchange A series of stock issues recently concluded has demonstrated the effectivity of investment managers and brokers, and proven that the participation of provident funds and mutual funds of the banks is not essential. TelAviv...

U.S. guarantees. (finance for immigrant absorption in Israel)
September 6, 1991... U.S. Guarantees Finance Minister Yitzhak Moda'i is submitting the Israeli request for U.S. Government guarantees totaling $10 billion to finance new immigrant absorption. The application details how the finance is to be sourced, how it will...

Windfall for Tempo. (Tempo Beer Industries win court case)
September 6, 1991... Windfall for Tempo The Tel Aviv District Court has awarded Tempo Beer Industries a refund of purchase tax amounting to some NIS 40 million. The windfall could increase profits by NIS 22 million - company profits in 1990 totaled NIS 16...

Skandia issue. (Skandia Holdings)
September 6, 1991... Skandia Issue Skandia Holdings, manufacturers of furniture in kit form, is planning to raise between $2.7 million and $5.7 million through an issue, by auction, of shares, options and convertible bonds. The company will offer 28,000 shares...

Harel Hamishmar profit decline. (Harel Hamishmar Investments)
September 6, 1991... Harel Hamishmar Profit Decline The insurance group Harel Hamishmar Investments ended the second quarter of 1991 with a net profit of NIS 1.38 million compared to NIS 3.66 million in the second quarter of 1990. Profits for the six months...

Finance ministry employment plan.
September 6, 1991... Finance Ministry Employment Plan The Finance Ministry is proposing the creation of 120,000 jobs in the coming year, backed up by a budget of NIS 2 billion. The proposal calls for a massive training program for new immigrants, establishment...

Technion laser laboratory. (Haifa Technion Institute of Technology)
September 6, 1991... Technion Laser Laboratory The Metals Institute of the Haifa Technion Institute of Technology has inaugurated a new laboratory for surface treatment by laser. The institute has installed an Excimer laser and researchers are working to develop...

Elco reorganization.
September 6, 1991... Elco Reorganization Elco, which recently acquired control of appliance manufacturer Electra Israel, has decide to transfer its electrical infrastructure manufacturing operations to subsidiary Katzenstein Adler. Katzenstein will acquire the...

Desalination engineering for sale. (I.D.E. Technologies) (Brief Article)
September 6, 1991... Desalination Engineering for Sale Israel Chemicals has decided to sell subsidiary I.D.E. Technologies, the water desalination specialists. ICL's board of directors decided that the operations of IDE do not fit in with the current operations...

Car wars. (international competition for the Israeli car market)
September 6, 1991... Car Wars Fierce competition exists between Japanese and European car manufacturers for the Israeli market. So far Japanese firms have been dominating their arrival, supplying about 50 percent of Israel' imports. Recently, a price-cut on...

Biotechnology private issues. (Biotechnology General)
September 6, 1991... Biotechnology Private Issues Insurance companies Migdal, Aryeh, Ararat and Sahar have acquired $1.5 million in shares of Biotechnology General as part of a private share issue of $3.1 million (see ICEN Vol. 242, Sec. 37.2). Biotechnology...

Anglo Saxon expands. (Anglo Saxon Real Estate Agency)
September 6, 1991... Anglo Saxon Expands Anglo Saxon Real Estate Agency recently opened a branch in the Jerusalem neighborhood of Gilo. Their main branch, situated in central Jerusalem, had previously served the Gilo neighborhood, realizing much success in the...

New mall for Or Yehuda. (Or Yehuda, Israel)
September 6, 1991... New Mall for Or Yehuda Otzem Investments is investing $8 million to erect a shopping mall in Or Yehuda. In addition to retail stores, the "Canor" mall will include leisure and entertainment facilities. The mall will serve the populations of...

Housing costs increase.
September 6, 1991... Housing Costs Increase Economists of Tefahot Israel Mortgage Bank calculate that housing prices rose 11.7 percent between May and the end of July. In dollar terms, the rise is 16.5 percent. In the 12 month period beginning August 1990 and...

Israel Land Dev. profits down. (Israel Land Development Co.)
September 6, 1991... Israel Land Dev. Profits Down The Israel Land Development Co. ended the first six months of 1991 with a profit of NIS 3.6 million compared with a 1990 half year profit of NIS 7.2 million - a decrease of 50 percent. Most of the profit, NIS...

Zim profits keep on course. (Zim Israel Navigation Company Ltd.)
September 6, 1991... Zim Profits Keep on Course The shipping company Zim Israel Navigation reported profits of NIS 19.3 million (before provision for deferred taxes) for the first half of 1991 compared to earnings of NIS 20.9 million for the same period last...

Yet more VAT? (value-added tax)
September 6, 1991... Yet More VAT? If the government rejects the Finance Ministry proposal to cut NIS 2 billion from the 1992 budget currently under discussion, there may be no alternative other than to increase the value-added tax to 19 percent and the new...

August revenue tax increase.
September 6, 1991... August Tax Revenue Increase Government income tax revenue in August totaled NIS 3.3 billion - an increase of 5 percent in real terms compared to August of last year. For the five months April through August, tax revenue increased by 10...

Imported services levy extended.
September 6, 1991... Imported Services Levy Extended The 4 percent levy on imported services has been extended for an additional year to December 1992. Revenue from the levy is estimated at about NIS 50 million. The Finance Ministry also decided to extend the...

Good half year for Gibor Sabrina. (Gibor Sabrina Textile Industries)
September 6, 1991... Good Half Year for Gibor Sabrina GiborSabrina Textile Industries ended the first six months of 1991 with a net profit of NIS 1 million compared to NIS 254,000 for the same period last year - an increase of 293.7 percent. Sales for the half...

Total tourism still low.
September 6, 1991... Total Tourism Still Low During the seven month period ending July, the number of overseas tourists' bed nights is 56 percent lower than the first seven months of 1990. Data published by the Central Bureau of Statistics indicates bed nights...

Tourist influx in July.
September 6, 1991... Tourist Influx in July The number of tourists in July from France and the UK equaled the July 1990 level of some 30,000 visitors. Overall, the numbers of tourists from Europe registered a decline of only 6 percent over the corresponding...

Bigger trade budget for European Union.
September 6, 1991... Bigger Trade Budget for European Union The Industry and Trade Ministry is asking for an additional budget of NIS 40 million for preparations for the 1992 unification of Europe. The budget includes financing for activities relating to...

Business delegation to the Soviet Union.
September 6, 1991... Business Delegation to the Soviet Union A delegation of Israeli businessmen is scheduled to visit the Soviet Union in October. The visit, being organized by the Federation of Israeli Chambers of Commerce and its counterpart in the Soviet...

Trade surplus with Romania.
September 6, 1991... Trade Surplus with Romania In the first six months of 1991, Israel had a trade surplus with Romania - exports for the period totaled $15.3 million while Israeli imports from Romania amounted to $10.7 million compared to $22.5 million for the...

Bilateral standards accord with European Community.
September 6, 1991... Bilateral Standards Accord with European Community The uniform standards of the EC, which will be effective with the union of Europe in 1992, are not designed to create a barrier says Dr. Ian Dunstan, president of the European Standards Union...

Water consumption down.
September 6, 1991... Water Consumption Down Water consumption in July was 41.5 million cubic meters, slightly less than in July, 1990. Agriculture Minister Rafael Eitan says that from January through July water consumption totaled 118 million cubic meters,...

Private electricity.
September 6, 1991... Private Electricity An unnamed group of U.S. investors, specialists in selling electricity to industrial companies in the U.S., is proposing to invest $300 million to erect a 120 megawatt power station in the Negev operating on shale oil....

A revolution in trade. (progress in Soviet-Israeli trade)
September 6, 1991... A Revolution in Trade Over the past several years, local importers and exporters have been working deals with their Russian counterparts in industries ranging from food, agriculture, tourism, oil, medicine, electronics, airplanes,...