Good News Israel 14/11/08

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Good News Israel 14/11/08

Posted: Wed 19th November 2008 12.35 PM | Author: GoodNews Israel

14/11/08

Quote for the Week

“Energy is the basis of everything. Every Jew, no matter how insignificant, is engaged in some decisive and immediate pursuit of a goal... It is the most perpetual people on earth...”-Goethe Poet and playwright

Certainly applies to the Israelis.

While we try to avoid giving our readers the big yawn by not quoting a bunch of figures even if those figures add up to a lot of money in a fair number of pockets, we felt that we had to make an exception this week and bring you some really GN from Israel at a time when the developed countries are awash with the tears shed by Ministers of Finance, Investment bankers, and a whole raft of others in a world that seems to be experiencing an economic squeeze worse than most of us can remember. So here it is. Some of the monetary miracles recorded this week. Yes, one week’s wonders. So with a triumphant cry of; crisis shmisis, let’s read on.

· Foreign direct investment in Israel increased sharply during the third quarter of 2008; the banks collected $2 billion of it, a lot more than the second quarter and topping Q1 by $0.37 billion. So, the “crisis” heralded in the largest amount quarter on quarter that foreigners decided to place with us. There are three reasons for this. Confidence, confidence and confidence.

· A record quarter record net profit of $26.7 million was announced by NICE Systems Ltd. on the same day that it signed a $20 million security sector contract with an unnamed agency, the largest contract that the company has ever won. Gives a new meaning to the greeting; Have a NICE day.

· Starling Advanced Communications Ltd. has won an initial NIS 2.5 million order from Jason Wireless (Shanghai) Communications Company Ltd. for the supply of antennas for emergency and rescue services.

· Reportedly investing $100 million in a Chinese company, Runcom Technologies Ltd. will receive sole rights, as a quid pro quo, to supply equipment for the setting up of a wireless communications network by ChinaTel in China.

· On his Web site's page on healthcare, President Elect (of the US that is) Obama writes: "Lower – the verb not the adjective - drug costs by allowing the importation of safe medicines from other developed countries and increasing the use of generic drugs in public programs.” Are you listening up Teva? GN if you’ve got shares in the Company, still the largest generic drug manufacturer in the world.

· Delek Automotive Systems Ltd. today published its financial report for the third quarter of 2008. The Mazda and Ford importer posted a net profit of NIS 193.4 million compared to NIS 102.4 million for the corresponding quarter of 2007.

· Teva is the largest generic drug manufacturer in Israel but it’s not the only one Taro Pharmaceutical Industries Ltd. reported that they estimate $90.4 million in sales in Q3, 10.2% more than the $82 million for the corresponding quarter of 2007. And that’s not all. Its net profit is $12.5 million this quarter, 73.6% more than the corresponding quarter in 2007. Melt-down and all.

· Let’s talk Venture Capital funds. $600 million was raised in the Q3, by 124 companies, an increase of 29% over the second quarter, and up 45% on the same quarter in 2007. In the first nine months of 2008, Israeli high-tech companies garnered $1.68 billion, 34% more than the corresponding period in 2007. What does it all mean? It all means that 2008 looks to be the best year since the technology bubble in 2000, that’s what!

· Renewable power supplies are in and wave power company SDE Energy and Desalination Ltd. has obtained a 25-year franchise from a Muslim country-unnamed - in Africa to build a 100-megawatt ocean wave-driven power station at an investment of $100 million. The company expects $1 billion in revenue from the installation (and that’s a lot of revenue even if it takes them a while to collect it over the franchise period).

· Now for the company that never disappoints; Elbit Systems was awarded a contract by Embraer for the supply of

avionics for their Brazilian AMX jet airplane upgrade project. The entire contract, including the subsequent production phase, is valued at approximately $187 million. · And that’s not all; Israel Aircraft Industries have won two contracts from a country – unnamed - in the Far East for installing all-weather surface imaging technology on their satellites and Unmanned Aerial Vehicles (UAV’s). Total value - $40m.

· Cellcom Israel Ltd. published its financial report for the third quarter of 2008. The cellular operator posted NIS 1.65 billion in revenue ($482 million), up 5% on the NIS 1.57 billion for the corresponding quarter of 2007. The Company beat the analysts' consensus of $439.9 million. We’ve said it before, Israelis are great doers but they’re really champion talkers.

· IT integrator Magic Software Enterprises Ltd. published its financial report for the third quarter of 2008. Operating profit rose eight-fold to $1.6 million for the third quarter from $200,000 for the corresponding quarter in 2007with net profit more than doubling to $1.7 million.

· Here’s one to ponder. Nobody is canceling their holiday trip. Not to Tel Aviv at any rate and 2008 is proving to be an excellent year for Israel's party city, with a 34% rise in tourism compared to the year 2000 - Israel's record tourism year so far.

· Israeli businessman and shipping tycoon Samuel Ofer has been awarded an honorary KBE (Knight Commander of the Most Excellent Order of the British Empire) by Queen Elizabeth, in recognition of his services to UK maritime heritage. Ofer served in the Royal Navy during World War II. He and his brother, Yuli, went on to create one of the largest private shipping companies in the world, operating a significant part of its fleet from London. Why is this Knight different from all other Knights? Because he’s Israeli. The first with a KBE but probably not the last.

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