Israel stocks were weaker on Thursday as an analyst warned of severe problems at the country's banks, a couple of bold-face names in technology declined, and press reports indicated that the country's next government could be formed and led by the right-wing Likud Party.
Late in the trading day, the Tel Aviv Stock Exchange's benchmark TA-25 Index fell 0.4% to 688.6, while the TA-100 Index (XX:1884407: news , chart , profile ) rose 0.12% to 630.59.
Saturday, February 28, 2009
Israel's soundest real estate co: Africa-Israel Residences
Following a week when Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY), controlled by chairman Lev Leviev, was forced to sell lots in the company's Savyon residential project for bonds instead of cash, and when Hilton Hotels was granted by the courts a temporary attachment of a lien on up to NIS 97 million of assets of subsidiary of Alrov (Israel) Ltd. (TASE: ALRO), controlled by chairman Alfred Akirov, on the grounds that the company is close to insolvency, there is no need to tarry and explain the terror of homebuyers about the financial soundness of Israel's contractors.
As such, "Globes" has ranked 17 public residential real estate developers that focus on domestic projects. The rankings are based on four factors: ratio of equity to total assets; two-year net profit; two-year cash flow; and cash and cash equivalents.
As such, "Globes" has ranked 17 public residential real estate developers that focus on domestic projects. The rankings are based on four factors: ratio of equity to total assets; two-year net profit; two-year cash flow; and cash and cash equivalents.
Thursday, February 26, 2009
Kardan Halts East European Projects, Closes Branches
Feb. 25 (Bloomberg) -- Kardan NV, the Dutch-Israeli investor in real estate, banks and insurance, has suspended projects in eastern Europe and is closing branches at its financial-services division as the region’s economic crisis deepens.
Kardan has halted property developments in countries including Hungary and Poland, and won’t take on new projects or buy additional land in eastern Europe, Chairman Alain Ickovics said in an interview. The company is also shutting “less efficient” bank and financial-services branches and reducing its workforce, he said.
An economic slowdown triggered by tighter credit from western banks has weakened demand for the 140 residential, office and retail projects Kardan has built or is constructing. The Amsterdam-based company also operates two banks, in Ukraine and Russia
Kardan has halted property developments in countries including Hungary and Poland, and won’t take on new projects or buy additional land in eastern Europe, Chairman Alain Ickovics said in an interview. The company is also shutting “less efficient” bank and financial-services branches and reducing its workforce, he said.
An economic slowdown triggered by tighter credit from western banks has weakened demand for the 140 residential, office and retail projects Kardan has built or is constructing. The Amsterdam-based company also operates two banks, in Ukraine and Russia
Wednesday, February 25, 2009
Mizrahi-Tefahot raises 200 mln shekels in notes
Barclays Capital rates Israeli banks as "negative". However, it rates Mizrahi as its only "overweight" among Israeli lenders since it has a more than 30 percent market share of mortgages and just a 10 percent share of commercial and retail banking.
"While investors are inclined to recoil from the mere mention of mortgages and real estate in many geographies, we believe the stable and unchanged conservative lending practices in the Israel mortgage market make this stock increasingly attractive to a wider array of investors," analyst Joseph Wolf said.
"While investors are inclined to recoil from the mere mention of mortgages and real estate in many geographies, we believe the stable and unchanged conservative lending practices in the Israel mortgage market make this stock increasingly attractive to a wider array of investors," analyst Joseph Wolf said.
Tuesday, February 24, 2009
Gazit-Globe raises 400 mln shekels in bond issue
TEL AVIV, Feb 22 (Reuters) - Israeli real estate investment firm Gazit-Globe (GLOB.TA: Quote, Profile, Research) said on Sunday it raised about 400 million shekels ($96 million) in a public bond offering.
The bonds mature in 7.6 years and yield 7 percent, the company said in a statement.
Gazit-Globe raised another 200 million shekels in an offering of options to be exercised to buy bonds.
Gazit-Globe is the largest shareholder in Finland's Citycon (CTY1S.HE: Quote, Profile, Research).
The bonds mature in 7.6 years and yield 7 percent, the company said in a statement.
Gazit-Globe raised another 200 million shekels in an offering of options to be exercised to buy bonds.
Gazit-Globe is the largest shareholder in Finland's Citycon (CTY1S.HE: Quote, Profile, Research).
Sunday, February 22, 2009
The Yitzhak Tshuva unit is continuing its sell-off of properties
Delek Real Estate wants to sell the 120-room seaside Le Meridien Hotel in Haifa for NIS 90 million.
Fattal already manages the hotel. Fattal already manages two hotels in northern Israel, the Golden Tulip Club Tiberias, and the Tulip Inn Sea of Galilee.
If the deal for the Le Meridien Hotel is closed, this will be Fattal's first hotel that in owns in the north.
Fattal also manages the Le Meridien Hotel in Eilat.
Fattal already manages the hotel. Fattal already manages two hotels in northern Israel, the Golden Tulip Club Tiberias, and the Tulip Inn Sea of Galilee.
If the deal for the Le Meridien Hotel is closed, this will be Fattal's first hotel that in owns in the north.
Fattal also manages the Le Meridien Hotel in Eilat.
Friday, February 20, 2009
Israel has intensified the process of Judaizing the city of Jerusalem.
Access to Al Aqsa Mosque is increasingly difficult with closures of checkpoints and the imposition of age restrictions on worshippers. Israeli police also surround the Mosque with an increased presence on the eastern side. "They are controlling Al Aqsa from all angles, including underneath," added the Director of the Jerusalem Center for Economic and Social Rights.
The next step, described Hammouri, is garnering control of the remaining real estate. This will come in two ways: either through the activation of the Absentee Property Law or by demanding exorbitant taxes.
Palestinian merchants are prohibitively taxed which has driven many to abandon generations of work or the livelihoods for their families. Jerusalem was the center of commerce for thousands of Palestinians from Bethlehem and Ramallah until entrance to the city was blocked.
The next step, described Hammouri, is garnering control of the remaining real estate. This will come in two ways: either through the activation of the Absentee Property Law or by demanding exorbitant taxes.
Palestinian merchants are prohibitively taxed which has driven many to abandon generations of work or the livelihoods for their families. Jerusalem was the center of commerce for thousands of Palestinians from Bethlehem and Ramallah until entrance to the city was blocked.
Thursday, February 19, 2009
UBS warns Israeli banks under pressure
UBS finds that Israel's banks are under increasing pressure as they will need to increase their Tier 1 capital and raise provisions for problem debts, even as a weakening global economy and capital markets lead to investment write-offs.
UBS analysts Darren Shaw and Rami Myerson call 2009 "really problematic" for banks, and are not confident that 2010 will be better.
UBS analysts Darren Shaw and Rami Myerson call 2009 "really problematic" for banks, and are not confident that 2010 will be better.
Tuesday, February 17, 2009
Tshuva taking aim at Bank Leumi
Tshuva wouldn't be carrying out the acquisition through Delek Group, but would pursue it through one of his private companies.
In any case, it's dubious whether Delek Group will have the wherewithal. Granted, it's deeply involved in the Tamar-1 exploration, which found a huge field of natural gas in the Mediterranean. But investment in Tamar-1 will be enormous, for one thing. Also, the various Delek Group companies will need their resources to cover existing liabilities. One such, a sore point for the group, is Phoenix Insurance's purchase of a stake in Excellence Nessuah for NIS 700 million, a transaction it has been trying to cancel.
Another snag in any plan to purchase a chunk of Leumi is Tshuva's current holdings: He already owns 2%-2.5% of Leumi, and controls Phoenix.
In any case, it's dubious whether Delek Group will have the wherewithal. Granted, it's deeply involved in the Tamar-1 exploration, which found a huge field of natural gas in the Mediterranean. But investment in Tamar-1 will be enormous, for one thing. Also, the various Delek Group companies will need their resources to cover existing liabilities. One such, a sore point for the group, is Phoenix Insurance's purchase of a stake in Excellence Nessuah for NIS 700 million, a transaction it has been trying to cancel.
Another snag in any plan to purchase a chunk of Leumi is Tshuva's current holdings: He already owns 2%-2.5% of Leumi, and controls Phoenix.
Sunday, February 15, 2009
Real estate company Africa Israel has faced a lot of troubles recently, and one of the biggest is in Jerusalem.
Lev Leviev's firm is now building six projects in the capital, in which it has invested over NIS 500 million, but has not managed to finish or sell them. The new mayor Nir Barkat and city administration have been creating problems for Africa Israel. City hall is not willing to rubber-stamp every building plan presented, and has been demanding that developers moderate their plans.
In recent years Africa Israel has bought land in Jerusalem, putting its faith in what was a rapidly expanding real estate market with prices climbing. It also put its faith in the previous, ultra-Orthodox mayor, Uri Lupolianski. The former mayor had appointed Leviev to head his economic team for developing the capital.
In addition, two senior city council members who also served as deputy mayors also happened to be Africa Israel board members: Shmuel Shkedy, the deputy head of the municipal planning commission and Eli Simchayof, chairman of the municipality's finance committee. The chairman of the municipal planning commission under Lupolianski, Yehoshua Pollak, also worked actively to help real estate developers.
In recent years Africa Israel has bought land in Jerusalem, putting its faith in what was a rapidly expanding real estate market with prices climbing. It also put its faith in the previous, ultra-Orthodox mayor, Uri Lupolianski. The former mayor had appointed Leviev to head his economic team for developing the capital.
In addition, two senior city council members who also served as deputy mayors also happened to be Africa Israel board members: Shmuel Shkedy, the deputy head of the municipal planning commission and Eli Simchayof, chairman of the municipality's finance committee. The chairman of the municipal planning commission under Lupolianski, Yehoshua Pollak, also worked actively to help real estate developers.
Wednesday, February 11, 2009
Tel Aviv real estate ranked 33rd in world
Global Property Guide has ranked Tel Aviv as the world's 33rd most expensive real estate market with average prices of $4,582 per square meter.
This is less than 10% of the world's most expensive city Monte Carlo where the average price per square meter is $47,578. In second place is Moscow ($20,853) closely followed by London ($20,756), Tokyo ($17,998), Hong Kong ($16,125) and New York ($15,828).
The prices are based on a 120 square meter apartment in the city center.
Israel finds itself sandwiched between Milan in 32nd place with prices of $4,624 per square meter and Prague in 34th place with prices of $4,559 per square meter.
This is less than 10% of the world's most expensive city Monte Carlo where the average price per square meter is $47,578. In second place is Moscow ($20,853) closely followed by London ($20,756), Tokyo ($17,998), Hong Kong ($16,125) and New York ($15,828).
The prices are based on a 120 square meter apartment in the city center.
Israel finds itself sandwiched between Milan in 32nd place with prices of $4,624 per square meter and Prague in 34th place with prices of $4,559 per square meter.
Monday, February 09, 2009
Israel Elections - Open Areas & Beaches
1. Enlarge and nurture park and garden areas;
2. Strict compliance with orderly planning procedures, which give due weight to environmental considerations and involve the public in planning;
3. Instruct the Israel Lands Administration to work on managing open spaces for the benefit for the general public, based on environmental and social considerations;
4. Direct development towards built-up areas, avoid new development in the center of open areas and keep development far from environmentally sensitive areas;
5. Promote the declaration of nature reserves and national parks. Add the ecological corridors to the planning consideration in order to preserve Israel’s biodiversity;
6. Establish metropolitan parks and recreation areas in the heart of Israel’s urban areas, where natural and landscape resources are preserved and where leisure and recreational activity is possible for all.
2. Strict compliance with orderly planning procedures, which give due weight to environmental considerations and involve the public in planning;
3. Instruct the Israel Lands Administration to work on managing open spaces for the benefit for the general public, based on environmental and social considerations;
4. Direct development towards built-up areas, avoid new development in the center of open areas and keep development far from environmentally sensitive areas;
5. Promote the declaration of nature reserves and national parks. Add the ecological corridors to the planning consideration in order to preserve Israel’s biodiversity;
6. Establish metropolitan parks and recreation areas in the heart of Israel’s urban areas, where natural and landscape resources are preserved and where leisure and recreational activity is possible for all.
Friday, February 06, 2009
US-Iranian Jew seeks new luxury hotel in Tel Aviv
For Iranian-Jewish entrepreneur and hotelier Sam Nazarian, the worst recession in decades presents a good opportunity to bring to Tel Aviv a luxurious and sophisticated hospitality experience that he says the city has been missing until now.
Carlton and Hilton hotels in...
"Tel Aviv was always a target city for me as a basic business proposition and because of my emotional attachment to the place," Nazarian told The Jerusalem Post in Tel Aviv this week. "To me, opening a new hotel in Tel Aviv is like a self-fulfilling prophecy. Tel Aviv is a metropolitan resort city and one of the very few places in the world which are underserved or not oversaturated with high-end, quality-service hotels."
During his five-day visit to Israel, Nazarian met with developers, Tel Aviv Mayor Ron Huldai and officials in the Tourism and Finance ministries to discuss his project.
Carlton and Hilton hotels in...
"Tel Aviv was always a target city for me as a basic business proposition and because of my emotional attachment to the place," Nazarian told The Jerusalem Post in Tel Aviv this week. "To me, opening a new hotel in Tel Aviv is like a self-fulfilling prophecy. Tel Aviv is a metropolitan resort city and one of the very few places in the world which are underserved or not oversaturated with high-end, quality-service hotels."
During his five-day visit to Israel, Nazarian met with developers, Tel Aviv Mayor Ron Huldai and officials in the Tourism and Finance ministries to discuss his project.
Tuesday, February 03, 2009
Tel Aviv Real Estate 15 Index climbed 3.16%
Israeli shares snapped a three-session losing streak with a broad rise on Tuesday, led by strength in Isramco, banks, the tech sector and real estate.
Deutsche Bank analyst Dan Harverd issued a report a few weeks ahead of the banks' fourth-quarter earnings reports. Uncertainty is high, the report said, as investors and analysts are unclear about how big the provisions for possible losses on bad loans will be and how much of their securities portfolios the banks will have to write off.
Deutsche Bank analyst Dan Harverd issued a report a few weeks ahead of the banks' fourth-quarter earnings reports. Uncertainty is high, the report said, as investors and analysts are unclear about how big the provisions for possible losses on bad loans will be and how much of their securities portfolios the banks will have to write off.
Subscribe to:
Posts (Atom)