Investment Region Naher Osten : Israel

Afrika ist nicht zuletzt seiner Rohstoffe wegen und dem Engagement der Chinesischen Regierung dort,längst in aller Munde.
Regionale Märkte und Börsen,von Ägypten bis Nigeria zeigten sich zudem in der aktuellen Krise relativ stabil,weil viel weniger verwoben mit der US Wirtschaft,wie andere Märkte.

Erste Aktienfonds mit dem Schwerpunkt Afrika und Naher Osten gibt es bereits.
Insbesondere die Tatsache,daß Peak Oil die Golfstaaten zu einer grundsätzlichen Umstrukturierung der Wirtschaftlichen Basis und letztlich dann auch der Gesellschaft zwingt macht diese Region als Finanzplatz und internationale Drehscheibe des Transports sowie Freihandelszone äußerst interessant.
Auch wenn es politisch zur Zeit noch nicht PC zu sein scheint,laut darüber zu reden,israelische Unternehmen sind am Aufbau dieser neuen Wirtschaftsregion mit beteiligt und werden in Zukunft dort eine gute und rentable Rolle spielen.

Die Israelische Börse aber ist nach wie vor weithin eher unbekannt,auch an anderen Börsen notierte Unternehmen aus Israel,werden als solche oft nicht wahrgenommen,dabei scheint das kleine Land,trotz aller Schwierigkeiten immer wieder hochinteressante Firmen und Ideen hervor zu bringen.

Ein Thread also für alle,die sich über diese Unternehmen informieren wollen oder ihr Wissen,Neugier und ihre Infos einbringen möchten.

Fakten

Typ Open end Zertifikate

WKN ABN8W8

ISIN NL0000029973

Währungsgesichert Nein

Bezugsverhältnis 10:1

Wechselkurs 5,256

Referenzwährung ILS

Währung EUR

Fälligkeit Open end

Emissionstag 23.08.05

Land   Israel

AMERIKA  ISRAELI  PAPER                                                                                                 

ISIN  IL  00 06 32 01 83

AMIAD Filtration                                                        

A0HMWY  ISIN  IL  00 10 94 39 05

AMPAL  AMERIK. - ISRAEL                                                                                                   

ISIN  US  03 20 15 10 97

AUDIOCODES LTD                                                   

92 26 83  ISIN  IL  00 10 82 96 58

BEZEQ  ISRAEL  TELCOM                                                                                                   

ISIN  IL  00 02 30 11 14

BK  LEUMI  ISRAEL                                                                                                                   

ISIN  IL  00 06 04 61 19

BLUE SQUARE-ISRAEL                                            

90 21 89  ISIN  US  09 60 55 10 85

BLUEPHÖNIX SOLUTIONS LTD                                        

90 54 21  ISIN  IL  00 10 82 43 78

Cellcom  Israel                                                                            

A0MKP2  ISIN  IL  00 11 01 53 49

Ceragon Networks                                                                   

94 12 50  ISIN  IL 00 10 85 16 60

Check  Point                                                                                 

90 16 38  ISIN  IL  00 10 82 41 13

CIMATRON  LTD                                                                         

90 00 03  ISIN  IL  00 10 82 42 95

Clicksoftware Technologies                                              

93 18 50  ISIN  IL  00 10 84 56 54

DORI MEDIA Group                                                                  

A0D9RU  ISIN  IL  00 10 92 23 88

ECYEL  LTD                                                                                  

92 89 58  ISIN  IL  00 10 83 82 38

Elbit Systems LTD                                                                  

90 42 18  ISIN  IL  00 10 81 12 43

Electronics  Line                                                                         

A0B5R7  ISIN  IL  00 10 90 50 52

ELRON ELECTRIC INDUSTRY                                          

86 74 43  ISIN  IL  00 07 49 07 79

ELTEK  LTD                                                                                   

90 49 81  ISIN  IL  00 10 82 84 11

Formula Systems 1985                                                        

91 26 48  ISIN  US  34 64 14 10 56

Frutarom  Industries                                                                                                               

ISIN  IL  00 10 81 08 23

Gilat Satellite Networks                                                          

88 61 67  ISIN  IL  00 10 82 51 02

GOLD FROST  LTD                                                                   

A0JEQN  ISIN  IL  00 10 95 29 89

ICL  ISRAEL  CHEM                                                                                                                     

ISIN  IL  00 02 81 01 46

Ituran  Location & Control                                                                                                   

ISIN  IL  00 10 81 86 85

INCREDIMAIL  LTD                                                                     

A0JC7P  ISIN  IL  00 10 95 81 92

INSITUFORM  TECHNOLOGIES                                         

88 50 49  ISIN  US  45 76 67 10 30

INTERNET  GOLD - GOLDEN                                           

92 51 61  ISIN  IL  00 10 83 44 35

JACADA  LTD                                                                                

92 82 54  ISIN  IL  00 10 83 45 00

KOOR  Holding                                                                                                                               

ISIN  IL  00 06 49 01 27

MAGAL  Security  Systems                                               

89 57 61  ISIN  IL  00 10 82 91 61

Noova Measuring                                                                         

93 70 92  ISIN  IL  00 10 84 55 71

ON  TRACK  INNOVATION                                                     

92 48 95  ISIN  IL  00 10 83 46 82

OPTIBASE  LTD                                                                             

92 03 95  ISIN  IL  00 10 83 16 13

ORAD  HI  TECH  SYSTEMS                                                 

92 86 34  ISIN  IL  00 10 83 80 71

ORBOTECH  LTD                                                                         

87 22 87  ISIN  IL  00 10 82 33 88

ORCA  INTERACTIVE                                                                 

A0EAYF  ISIN  IL  00 10 91 32 13

ORCKIT  COMMUNICATIONS                                             

90 30 42  ISIN  IL  00 10 82 34 61

ORIDION  SYSTEMS                                                                  

92 48 31  ISIN  IL  00 10 83 78 18

ORMAT  TECHNOLOGIES  !                                                  

A0DK9Y  ISIN  US  68 66 88 10 21

PILAT  TECH International                                                      

90 49 14  ISIN  IL  00 10 81 98 32

RADVIEW  Software                                                                     

54 19 37  ISIN  IL  00 10 85 17 44

ROSETTA  Genomics                                                                 

A0MMDG  ISIN  IL  00 11 02 64 49

SHAMIR  OPTICAL  INDUSTRY                                           

A0D9EP  ISIN  IL  00 10 92 45 17

STRAUSS  Group                                                                                                                           

ISIN  IL  00 07 46 01 60

SYNERON  MEDICAL                                                                  

A0B7YM  ISIN  IL  00 10 90 93 51

TEFRON  LTD                                                                                  

90 92 98  ISIN  IL  00 10 82 58 84

TEVA  Pharmaceutical                                                           

88 30 35  ISIN  US  88 16 24 20 98

TOWER  SEMICONDUCTOR                                               

89 31 69  ISIN  IL  00 10 82 37 92

Valor Computerized                                                                     

92 87 31  ISIN  IL  00 10 84 53 24

VOCALTEC  COMMUNICATIONS                                      

89 92 22  ISIN  IL  00 10 82 39 58

VOLTAIRE  LTD                                                                               

A0MX5C  ISIN  IL  00 11 06 42 63

VIGILANT  TECH                                                                             

A0ESKB  ISIN  IL  00 10 94 77 08

VISONIC  LTD                                                                                   

A0CAVS  ISIN  IL  00 10 89 84 63

WIZCOM  TECHS                                                                          

91 58 56   ISIN  IL  00 10 83 07 06                          

TEVA verkaufen ?
So jedenfalls ein Rat,seitens eines TA  Analysten...




TEVA verkaufen
Datum 13.06.2008 - Uhrzeit 21:54 (© BörseGo AG 2007, Autor: Berteit Rene, Technischer Analyst, © GodmodeTrader - www.godmode-trader.de/)
WKN: 883035 | ISIN: US8816242098 | Intradaykurs:

Teva Pharmaceutical - Kürzel: TEVA - ISIN: US8816242098

Börse: Nasdaq in USD / Kursstand: 42,40 $

Rückblick: Die TEVA - Aktie generierte in der laufenden Woche mit Unterschreiten ihrer starken Unterstützung bei 43,45 $ ein größeres Verkaufssignal, mit dem das Sentiment in der Aktie nun auf Seiten der Verkäufer liegt.

Gleichzeitig rutscht der Kurs auch markant unter die exp. GDL 200 zurück, womit mittelfristig ein Bärenmarkt angezeigt wird. Das nächste markante Unterstützungsniveau liegt jetzt bei 40,16 $, während auf der Oberseite der kurzfristige Widerstand bei 46,15 $ als erste Entscheidungsmarke in den Vordergrund rückt.

Charttechnischer Ausblick: In den kommenden Wochen ist mit einer größeren Verkaufswelle bis auf 40,16 $ in den Aktien der TEVA zu rechnen.

Erst wenn der Kurs wieder über 46,15 $ anspringen kann, würde sich das Chartbild wieder verbessern. In diesem Fall sollte weiteres Kaufinteresse bis auf 47,73 $ und darüber bis auf 49,32 $ folgen.

Kursverlauf vom 08.10.2007 bis 13.06.2008 (log. Kerzendarstellung / 1 Kerze = 1 Tag)

Einst berühmt für Orangen und landwirtschaftliche Kibbuzim, ist es zu einem der führenden Zentren für Informationstechnologie, Kommunikation und Medizin aufgestiegen. Spitzentechnologiefirmen von internationalem Rang schnappen sich zwischen Tel Aviv und Haifa Ingenieure, Techniker und Softwarespezialisten. IBM verstärkt seine Forschungsaktivitäten in Israel und gründet sein drittes Institut. Microsoft hat in Israel Windows-Betriebssysteme entwickelt, Intel die Mikroprozessoren Pentium 4 und Centrum. Wichtige Technologien von Motorola tragen das Label "Made in Israel". Und SAP forscht hier.

Die Unternehmer des Landes verstehen es immer wieder, aus der Not eine Tugend zu machen. Die Wasserknappheit inspiriert sie zum Beispiel zu Innovationen bei Entsalzungs- und Bewässerungsanlagen. In dem Bereich ist Israel heute führend.

Um das Land in der feindlich gesinnten Nachbarschaft verteidigen zu können, achtet die Rüstungsindustrie stets auf einen qualitativen Vorsprung gegenüber dem Gegner und strebt einen möglichst hohen Grad an Selbstständigkeit an. Einen entscheidenden Faktor für die Hightech-Erfolge spielt denn auch die Armee. In der Computerabteilung der Israel Defense Forces erhalten unzählige Soldaten das Rüstzeug für eine spätere Hightech-Karriere in der Privatwirtschaft.

Unternehmen wie Elbit oder Rafel, die ursprünglich reine Rüstungsfirmen waren, produzieren nun auch für den zivilen Bereich. Die Kombination von Unternehmergeist und Spezialwissen lockt ausländische Investoren an. Seit acht Jahren hat Israel mehrere Milliarden Dollar an Wagniskapital aufgebracht, die vor allem in Bio- und Kommunikationstechnologie geflossen sind.

Zum 60. Geburtstag kann Israel denn auch mit stolzen Wirtschaftszahlen aufwarten. Die beiden jüngsten politischen Schocks - der Rückzug aus dem Gazastreifen und der Zweite Libanonkrieg - haben den Wachstumstrend nicht beeinflusst (siehe Grafik). Die Landeswährung hat trotz Interventionen der Notenbank gegenüber dem Dollar weiter zugelegt. Die Zinsen sind tief, und das Land hat einen Zahlungsbilanzüberschuss.

Doch in zwanzig Jahren müsse die Wirtschaft noch besser dastehen - davon zumindest träumen führende Wirtschaftsexperten wie der Vorsitzende von Teva, Eli Hurvitz, und David Brodet, ehemaliger Generaldirektor des Finanzministeriums. Der von ihnen entworfene Plan "Israel 2028" soll das Land zum 80. Geburtstag unter die 15 reichsten Länder der Welt katapultieren. Das Pro-Kopf-Einkommen solle dann bei rund 50 000 Dollar liegen - doppelt so hoch wie heute.

Der ehrgeizige Plan sei notwendig, sagt Brodet. Denn hinter der glitzernden Hightech-Kulisse versteckten sich noch all zu viele traditionelle Firmen und Produktionsmethoden. In Israel ist eine duale Wirtschaft entstanden. Die neue Armut nimmt zu und enthält sozialen Sprengstoff. Der in der globalisierten Welt höchst erfolgreichen High-Tech-Ökonomie steht ein in traditionellen Techniken verhafteter Sektor gegenüber, der mehr als die Hälfte der Arbeitsplätze stellt. Dort stagnieren die Löhne.

Die durchschnittliche Industrieproduktivität in der Chemie-, Nahrungsmittel, Textil- oder Maschinenindustrie ist nur halb so groß wie in den USA. Israels Ausgaben für Forschung und Entwicklung fließen hauptsächlich in den Hightech-Bereich. Innovative Prozesse in anderen Sektoren kommen deshalb zu kurz. Israel habe zwar die technologische Revolution für einen Wachstumsschub genützt. "Aber", räumt Brodet ein, "es ist uns nicht gelungen, die Veränderungen auf die breiten Schichten anzuwenden".

Israel Chemicals added to Merrill's best recommendation list

The firm was the only Israeli company added. Globes' correspondent

23 Jun 08   15:58

Merrill Lynch has added Israel Chemicals Ltd.  (TASE: ICL)  to its regional list of "highest conviction" stock recommendations.

Along with Israel Chemicals, the only Israeli firm added to the Merrill Lynch Emerging EMEA 1 in the current adjustment, Qatar National Bank was also added to the list.

Turkiye Is Bankasi and Turkcell have been removed from the EEMEA 1 list.

Merrill describes its Emerging EMEA 1 list as a collection of the highest conviction stock recommendations from Merrill Lynch research analysts, and it is designed to offer investors access to some of the firm’s best research ideas in the emerging EMEA region (Emerging Europe, Middle East and Africa including South Africa).

Stocks generally remain on Merrill's list for 12 months, except under certain circumstances such as a downgrade from a "Buy" rating.

Shares in Israel Chemicals have risen nearly 65% in 2008. The share is down 0.1% to NIS 79.91 in Tel Aviv Stock Exchange (TASE) trading today.  

Published by Globes [online], Israel business news - www.globes-online.com - on June 23, 2008

MediWound's wound debridement product is undergoing Phase III clinical trials, and Obecure's obesity treatment is undergoing Phase II clinical trials.

Ofer Hi Tech has also chalked up biomedical successes by portfolio companies, including the sale of Remon Medical Technologies Ltd. to Boston Scientific Inc. (NYSE: BSX), the sale of Biosense Webster to Johnson & Johnson (NYSE: JNJ), the merger of Predix Pharmaceuticals Epix Pharmaceuticals Inc. (Nasdaq:EPIX), Radiancy Ltd., Enzymotec Inc., and the sale of X Technologies to Guidant Corporation.

Ofer Hi Tech VP Assif Stoffman said,

"We know that doctors are very busy and don’t develop their ideas, which are excellent, because they originate from real clinical and market needs. The idea is to dig deep to encourage them to realize their inventions."

Ofer Hi Tech has been undergoing a strategic reorientation, of which the cooperation agreement with Mor Research is part. The company also plans to shortly begin investing in growth-stage and mature start-ups.

Naiot is also undergoing changes, planning over the next three years to double its investment in new companies from five a year to ten. This expansion includes collaboration with Mor Research.  Naiot has a surfeit of new ventures, one of the most interesting of which is EZ Surgical Ltd. Ofer Hi Tech is developing this start-up as a company based on its sales and distribution arm. This is a very rare direction for an Israeli company, which usually focus on developing products while leaving the sales and distribution to other companies.

Published by Globes

KurzProfil  

Jacada (NASDAQ: JCDA)    is a leading provider of unified desktop and process optimization software solutions for the customer service and support market.

Jacada unified service desktop solutions simplify and automate customer service processes - bridging disconnected systems into a single, intelligent workspace, without requiring modification or replacement of existing systems.

Contact centers worldwide are using award-winning Jacada unified desktop solutions to automate complex processes, improve customer satisfaction and retention, reduce operational costs, and enforce and monitor compliance with regulatory policies and procedures.

Our solutions empower customer services operations to "deliver the perfect interaction

."  Founded in 1990, Jacada operates globally with offices in the Americas, Europe and the Middle East.

 

Overall GAAP net loss for the second quarter of 2008 was ($1.6 million), or ($0.08) per share, which includes ($1.2 million) of net loss from continuing operations and a ($399,000) net loss from discontinued operations. This is compared to a GAAP net loss of ($681,000) or ($0.03) per share for the second quarter of fiscal year 2007, which includes ($2.5 million) of net loss from continuing operations and $1.8 million of net income from discontinued operations. GAAP net income for the first six months of 2008 was $18.5 million, or $0.89 per share, which includes ($1.7 million) of net loss from continuing operations and $20.2 million of capital gain net of taxes from discontinued operations. This is compared to a GAAP net loss of ($213,000) or ($0.01) per share for the first six months of fiscal year 2007, which includes ($4 million) of net loss from continuing operations and $3.8 million of net income from discontinued operations.

”In what continues to be a very tough economic climate, we are very excited to report another strong quarter in 2008 and significant progress towards our stated financial objectives,“ commented Paul O'Callaghan, chief executive officer for Jacada. ”We have recorded 32% more software revenue in the first six months of 2008 than we did in all of 2007, with software revenue now representing 41% of total revenue for the first six months of the year, compared to 37% last year. We remain encouraged that major customers are experiencing clear and early benefits from the deployment of Jacada solutions, leading to further investment. In the second quarter we recognized significant revenue from achieving critical milestones in many customer projects and received additional orders from existing customers. Media reports continue to emphasize a direct correlation between customer service quality and financial performance, as more and more companies are feeling the effects of the competitive market and commoditized offerings. We continue to see significant interest in the Jacada customer service solutions driven by the dramatic impact we can make on the quality of service our customers deliver.“

During the second quarter, Jacada repurchased approximately 390,000 of its ordinary shares at a cost of $1.4 million under its current stock repurchase program under which it is authorized to use of up to $10 million of its available cash to repurchase outstanding ordinary shares. The company plans to continue with the acquisition of its own shares through a self-tender offer, per the details in a press release issued this morning.

At the end of the second quarter of 2008, cash and investments were $53.7 million, compared to $33.8 million reported on December 31, 2007. The increase in the company's cash position is a result of the sale of the company's legacy business to Software AG, which closed on January 1, 2008. An additional $2.6 million is being held in escrow as part of the transaction.

During the second quarter, the company signed its second material contract in less than nine months with O2 UK, a leading provider of mobile services to consumers and businesses in the United Kingdom. The first Jacada project, which was announced via a press release on November 17, 2007, is ongoing within the company's prepaid division. This new agreement is for a project with the retentions group in the post-pay consumer area of the O2 UK business.

”We see tremendous upside revenue potential within the large corporations we serve,“ said O'Callaghan. ”Our customers frequently engage us, initially, to help improve the efficiency and effectiveness in one of their customer service centers, typically for one function or department within their enterprise. When they successfully deploy and begin to realize the financial and service benefits that result from a unified and automated customer service desktop, they quickly turn to other customer service functions within their business to see how they can apply our solutions. The recently announced agreements with O2 UK and Nationwide Insurance in the U.S. are indicative of this growth potential within our install base.“

”Due to our backlog, visibility into our sales pipeline, and the growing opportunity to expand our relationships with existing customers, we are raising our revenue guidance for 2008 to $21 to $23 million, which represents an increase of 57% to 72% year-over-year,“ concluded O'Callaghan. ”As demonstrated in this quarter's results, we are well on our way to achieving our stated objectives of reducing our annual non-GAAP net loss by as much as 40% to 50% in 2008 compared to 2007. We also still anticipate reaching non-GAAP profitability during 2009.“

Conference Call Details

Any investor or interested individual can participate in the teleconference, which will begin at 10:30 a.m. Eastern Time on August 14, 2008. To participate in the teleconference, please call toll-free 888.680.0865, or 617.213.4853 for international callers, and provide passcode 54369018 approximately 10 minutes prior to the start time. A (live audio) webcast will also be available over the Internet at www.jacada.com (under ”About Us“ then ”Investors“) or www.earnings.com. A replay of the teleconference will be available for three days beginning at 12:30 p.m. ET on August 14, 2008. To access the replay, dial toll-free 888-286-8010, or for international callers dial 617-801-6888, and provide passcode 27778676.

Use of Non-GAAP Financial Information

In addition to reporting financial results in accordance with generally accepted accounting principles, or GAAP, Jacada uses non-GAAP measures of operating income (loss), net income (loss) and income (loss) per share, which are adjustments from results based on GAAP to exclude discontinued operations, taxes, non-cash stock-based compensation expenses in accordance with SFAS 123R and amortization of acquired intangible assets related to acquisitions effected by Jacada in previous years. Jacada's management believes the non-GAAP financial information provided in this release is useful to investors' understanding and assessment of Jacada's on-going core operations and prospects for the future. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. Management uses both GAAP and non-GAAP information in evaluating and operating business internally and as such deemed it important to provide all this information to investors.

About Jacada

Jacada is a leading global provider of unified service desktop and process optimization solutions that simplify and automate customer service processes. By bridging disconnected systems into a single, intelligent desktop, Jacada solutions create greater operational efficiency and increase agent and customer satisfaction. Founded in 1990, Jacada operates globally with offices in Atlanta, Georgia; Herzliya, Israel; London, England and Munich, Germany. Jacada can be reached at www.jacada.com.

Forward Looking Statement

This news release may contain forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. The words "may," "could," "would," "will," "believe," "anticipate," "estimate," "expect," "intend," "plan," and similar expressions or variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of the future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control. Actual results may differ materially from those projected in the forward-looking statements as a result of various factors including the performance and continued acceptance of our products, general economic conditions and other Risk Factors specifically identified in our reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise any forward-looking statement for events or circumstances after the date on which such statement is made. Jacada is a trademark of Jacada Inc. All other brands or product names are trademarks of their respective owners.

Jacada is a trademark of Jacada Ltd. All other brands or product names are trademarks of their respective owners.

Scherz bei Seite! Ich würde mit Israel wegen der andauernden poltischen Anspannung nie investieren oder spekulieren, bis da Frieden ist und dieser mind. 2 Jahre gehalten hat. Genauso wenig würde ich jetzt in Venezuela investieren oder spekulieren wollen.  

Venezuela würde ich außer Urlaub evtl.  -- auch nix investieren, der Irrsinn dort trägt sich nicht lange,außer Ölindustrie fällt mir auf Anhieb auch nicht annähernd was gescheites ein,daß Venezuela auszeichnen würde,die israelische Wirtschaft ist da eben doch eine komplett andere.

Jacada Q2 net loss widens; lifts FY08 Revenue Outlook - Update
8/14/2008 1:57 P


Thursday, Jacada Ltd. (JCDA: News, Chart, Quote ), a provider of unified service desktop and process optimization solutions, reported a wider net loss for the second quarter, hurt by loss from discontinued operations. However, the company raised its revenue outlook for 2008. In addition, the company has commenced a "modified Dutch auction" tender offer to purchase up to 4 million of its ordinary shares.

The company posted a GAAP net loss of $1.6 million or $0.08 per share, wider than a net loss of $681,000 or $0.03 per share reported in the prior year quarter.

Net loss from continuing operations narrowed to $1.2 million or $0.06 per share from $2.5 million or $0.12 per share in the previous year quarter.

The result for the latest quarter included a net loss of $399,000 from discontinued operations, compared to net income of $1.8 million from discontinued operations last year.

Non-GAAP net loss from continuing operations was $1.1 million or $0.06 per share, narrower than a loss of $3.2 million or $0.16 per share in the year-ago quarter.

Total revenues for the second quarter jumped 198% to $6.0 million from $2.0 million in the same quarter of last year.

For the first six months of 2008, the company's GAAP net income was $18.5 million or $0.89 per share, compared to a GAAP net loss of $213,000 or $0.01 per share in the previous year period.

Net loss from continuing operations was $1.7 million or $0.08 per share, compared to a loss of $4 million or $0.20 per share last year. The result for the first half of 2008 included a capital gain of $20.2 million from discontinued operations, compared to $3.8 million of net income from discontinued operations in the year-ago period.

On a non-GAAP basis, net loss narrowed to $1.6 million or $0.08 per share from $5.4 million or $0.27 per share in the prior year period.

Total revenues for the year-to-date period climbed 135% to $11.9 million from $5.1 million in the preceding year period.

der juedische staat ist eine wirtschaftliche macht dieses volk hat
die wueste negev in eine gruene oase in der zeit von25 jahren vewandelt
dieses schafft,und wird auch in ferner zukunft in dieser zeit kein anderes
volk schaffen,ein engermant in israel hat u.wird sich in zukunft auszahlen
,dagegen sehe ich in russland die hoechsten risiko,miit einen unberrechenbaren
putin u,einen pseudopraesidenten mledew ist fast ein desaster an diesen
markt vorprogramiert, meine meinung als nichtjude sondern als geb.irlaenderin
molly malon

ist eigentlich nicht mein Part,aber....
Über Israel läßt sich jederzeit kontrovers diskutieren,antisemitische Stereotypen begegnen einem leider auch stets im Talk  -- da dann sollte man es auch belaßen.

Hier sollte es um Invests gehen oder um Infos über die israelische Wirtschaft,die tatsächlich gerade im Hightech Bereich enorm interessante,oft sehr kleine Firmen aufweist.
Mal nur das Thema Wasser und IT sei erwähnt...

Wenn irgendwelche Volltrottel aus anti-israelischen Gefühlen heraus,dies ausblenden mögen,mögen sie dies tun (und meinetwegen ihr Geld im Iran anlegen).

Man mag bei Elbit Sys. oder anderen Firmen die für das Militär wichtig sind,moralische Bedenken haben.
Auch O.K.,wenn sich das Gewissen ebenso gewissenhaft bei Invests meldet,die ohne isrealische Beteiligung in dem Bereich angesiedelt sind (immerhin die eindeutige Mehrheit).

Ansonsten Molly --
die langsame "Öffnung" z.B. der Emirate und der enorme Aufwand der auf der arabischen Halbinsel betrieben wird,um zu dem Drehkreuz der Zukunft zu werden,das bestärkt mich in der Ansicht, daß in der arabischen Welt der Zeitpunkt nicht mehr fern ist,an dem man erkennt und Konsequenzen zieht,daß das einstmals aus der Taufe gehobene Anti-Israelische Projekt "Palästina" besser entschärft und befreidet gehört,weil das längst aus dem Ruder läuft und ferngesteuert vom Iran,nicht nur Israel und Europa bedroht spndern eben ganz massiv die eigenen Zukunftspläne.

Wer investiert schon,wer siedelt sich in der Wüstenoase an,wenn der Frieden nicht wenigstens in Form von Abwesenheit von offenem Krieg und Terroranschlägen garantiert werden kann...?

WKN                                   ABN8W8

ISIN                                     NL0000029973

Währungsgesichert      Nein

Bezugsverhältnis           10:1

Wechselkurs                  5,196

Referenzwährung          ILS   Schekel

Währung                          EUR

Fälligkeit                          Open end

Emissionstag                 23.08.05

Emissionspreis            12,2

Land                                Israel

We invest directly in IT start-up companies alongside leading Israeli and international venture capital groups. The companies greatly benefit from a syndicated investment approach as each partner provides various facets of the operational, financial and managerial expertise to ensure success and lower the risk in early stage IT investments.

Venture Accelerator Pre-seed and seed investing is conducted through the Company’s wholly owned venture accelerator, Naiot (www.naiot.com).

Naiot has seeded 35 companies in the last seven years, which have gone on to raise more than $150 million from venture capital firms and strategic partners in Israel and the international community. More than 50% of the graduates now operate as independent companies.

Private Equity Ofer Hi-Tech's private equity investment arm provides extensive financial capabilities and powerful management sponsorship to lead and co-invest in mezzanine, private investments in public companies, leveraged buy-outs, management buyouts, and other late stage opportunities.

Ofer Hi-Tech focuses mainly on high technology industries, but also invests in wide variety of business sectors, benefiting and building on the vast experience of its parent company, Ofer.

 

www.oferhitech.com/approach.asp

3. Dividends will be paid only to shareholders entitled to $2 or
above.

4. This is the breakdown of the sources of the dividends in percent:

a. The share of dividend from income taxable at the regular
tax rate is 90.94%.

b. The share of dividend from income from approved
enterprises (25%) is 9.06%.

c. As for foreign residents, tax shall be withheld at source in
the amount prescribed by law, taking into account the rates
set in treaties for the prevention of double taxation.

8. The number of dormant shares of the company which are not eligible for
dividends and in respect of which the company has to provide a letter
waiving dividend receipt –5,158.

9. If the company has convertible securities, please describe the effect of the
dividend distribution:
The exercise price of the non-traded options (Security No. 2810125) will
be reduced by the dividend rate.


Reference of former documents in this regard (referring does not
constitute incorporation by reference):
Former name of reporting entity:
Form structure updated 21/07/2008

__________________________________________________

Name of Electronic Reporter:
Aner Berger. Position: General Counsel and Company Secretary.
Aranha 23, Millennium Tower, Tel Aviv 61070.
Phone – 03-6844412,
Fax: 03-6844435, e mail – anerb@icl-group.com

Kamada is a biopharmaceutical company developing, producing and marketing a line of specialty, life-saving therapeutics using a sophisticated chromatographic purification technology.

Utilizing its proprietary know-how, Kamada manufactures more than 10 high quality and highly safe biopharmaceuticals.

Founded in 1990, Kamada successfully completed an Initial Public Offering in 2005, and is now traded at the Tel Aviv Stock Exchange (KMDA).

Over the years, Kamada has established a prominent presence within Israel’s distinguished pharmaceutical industry community. Kamada's mission is to pursue its excellent capabilities of developing, producing and distributing high quality pharmaceuticals with the aim of enabling better life-quality and life saving.

According to Pnina Strauss, Kamada's Clinical Trials and IP Manager, “We are extremely pleased with this major achievement. Aerosolized administration of AAT for cystic fibrosis holds great potential for the treatment of these severely diseased patients. We are eager to pursue the development of this product and demonstrate the benefit for this patient population as well as other respiratory populations.”

About the study  

The trial, which was a double-blind, placebo controlled study was performed at the renowned Cystic Fibrosis (CF) Medical Center – Hadassah – Hebrew University Medical Center Mount Scopus in Jerusalem, Israel. The trial aimed at validating the safety of the product in CF patients and to assess its potential influence on lung inflammation.

The results indicate an excellent safety profile of the product. Further trial details are available at www.clinicaltrials.gov.

About Aerosolized AAT  Kamada’s Aerosolized AAT, which utilizes an optimized eFlow platform nebulizer (PARI Pharma GmbH), has been designated an Orphan Drug for the treatment of CF and Alpha-1 Deficiency, in both Europe and the U.S. This designation grants Kamada various benefits such as research fund support, tax incentives, reduced official fees and seven to twelve years of exclusive distribution rights, if the company’s product is first on the market. Phase II trials in bronchiectasis are currently ongoing.

About the eFlow® Platform Nebulizer  

The eFlow platform nebulizer, an electronic, portable nebulizer technology platform, enables extremely efficient aerosolization of liquid medications via a vibrating, perforated membrane. Compared to other nebulizer systems, the eFlow platform nebulizer can produce aerosols with a very high density of active drug, a precisely defined droplet size, and a high proportion of respirable droplets delivered in the shortest possible amount of time. Combined with its silent mode of operation, small size (it fits in the palm of your hand), light weight, and battery use, the eFlow platform nebulizer helps reduce the burden of taking daily inhaled treatments.

About PARI Pharma

PARI Pharma develops aerosol delivery devices and inhaled therapies. Based on PARI's 100-year history working with aerosols, PARI Pharma specializes in treatments for pulmonary and nasal administration optimized to advanced delivery platforms, such as the eFlow Platform Nebulizer.

About Kamada

Kamada is a public biopharmaceutical company (TASE: KMDA) developing, producing and marketing a line of specialty life-saving biopharmaceuticals using its proprietary chromatographic purification technologies. Licensed and marketed worldwide, several of these specialty therapeutics are currently undergoing advanced clinical trials.

Contacts

Kamada   ---   Sivan Shatil, +972-52-666-5762    Marketing Communications     sivans@kamada.com        www.kamada.com

Maalot's nine shareholders   — Bank Hapoalim Ltd., Bank Leumi Ltd., Israel Discount Bank Ltd., Mizrahi - Tefahot Bank Ltd., First International Bank Ltd., UBank Ltd., the Union of Stock Exchange Brokers, the Union of Life Insurance Companies Ltd. and Clal Finance Batucha Investment Management Ltd. —   each have equal ownership. The board of directors consists of 15 directors, including seven shareholder representatives and eight independent directors — senior faculty members from leading Israeli academic institutions, lawyers, accountants and executives from private organizations.

Standard & Poor’s Affiliation

In November 1998, Standard & Poor's Rating Services and Maalot entered into a strategic affiliation, agreeing to cooperate on analytical and business development. Standard & Poor's shares its rating expertise, knowledge of the capital markets and analytical criteria with Maalot, and provides assistance with marketing, publishing and other credit rating operations. Maalot provides Standard & Poor's with business development assistance in Israel and shares its considerable knowledge of the local debt market and debt issuers.    Affiliation Benefits

• Enhanced service quality and timeliness stemming from the unique mix of Maalot's in-depth local knowledge and analytical resources, combined with Standard & Poor's global experience and wide range of sophisticated credit risk assessment products.

• Expanded rating coverage across a combination of Maalot national scale ratings and Standard & Poor's global scale ratings, with the ability to make broad comparisons of the relative credit standing of issuers and issues.

• Time and cost savings resulting from a single set of management meetings during the rating process.

Debt Ratings

The previous years have been characterized by huge changes in the Israeli capital markets. New reforms and regulations are reflected in the increased number of debenture issues and a rise in non-bank financing. In 2006, the total amount of straight debenture issues reached approximately NIS 50 billion. Most of the issues were rated by Maalot.    Since its establishment, Maalot has analyzed more than 500 Israeli corporate issues. It tracks more than 230 issues that were made publicly available. Companies whose debt received ratings are shown below. Parties interested in obtaining details of specific issues are urged to contact Maalot   (Web site: www.maalot.co.il).  

Maalot Ratings (as of October 29, 2007)

A-         A. Levy Investment & Construction Ltd.

A-       Ace Auto Depot

BBB   Adriel Holdings

AAs-   Afik Hayarden Holdings (2006) Ltd.

AA      Africa-Israel Investments Ltd.

AA-     Africa-Israel Properties Ltd.

AA-      Alon Group

AA-      Alony Hetz Properties & Investments Ltd.

AA-      American Israeli Paper Mills Ltd.

A-       Amir Marketing and Investments in Agriculture

AA-     Amot Investments Ltd.

AAs   Ampa Capital Car Lease Ltd. 2

AAs   Ampa Capital Car Lease Ltd. 3

AAs  Ampa Capital Car Lease Ltd. 4

AAs  Ampa Capital Car Lease Ltd. 6

AAs Ampa Capital Car Lease Ltd. 8

AAs Ampa Capital Car Lease Ltd. 9

A+  Arazim Investments Ltd.

AA  Arison Holdings Ltd.

A+   Arison Investments Ltd.

A   Ashtrom Properties Ltd. AAAs Asia Issuances (2005) Ltd.

A-  Aspen Real Estate Ltd.

A-  Avgol Industries 1953 Ltd.

As- Avisror Moshe and Sons Quality Residences (2004) Ltd.

A+  Ayalon Holdings Ltd.

A    Azorim Investment Development and Construction Company Ltd.

AAA  Bank Hapoalim Ltd.

AAA   Bank Leumi Ltd.

A+   Bank of  Jerusalem Ltd.

AAAs  Best Issuances Ltd.

AA Bezeq - The Israel Telecommunication Corp. Ltd.

A+ Big Shopping Centers Ltd.

AA Blue Square Israel Ltd.

AA- Blue Square Real Estate Ltd.

A- Brack Capital Holdings Ltd.

A Brack Capital Investments Ltd.

A British Israel Investments Ltd. - Avnet Mall

A British Israel Properties Ltd.

AA- Cellcom Ltd.

A+ Clal Finance Batucha Ltd.

A+ Clal Finances Ltd.

AA Clal Industries Ltd.

AA Clal Insurance Company Ltd.

AA Clal Insurance Enterprises Holdings Ltd.

A Dan Vehicle & Transportation D.R.T. Ltd.

A- Darban Investments Ltd.

BBB- DBS Satellite Services (1998) Ltd. (YES)

AA   Delek Car System Ltd.

AA  Delek Energy Systems Ltd.

AA  Delek Group Ltd.

A+  Delek Oil Israel Ltd.

A+  Delek Petroleum Ltd.

A+  Delek Real Estate Ltd.

A     Delta Galil Industries Ltd.

AA   Derech-Eretz Highways (1997) Ltd.

AA   Dexsia Israel Public Finance A+ Direct - I.D.I. Insurance Company Ltd.

AA   Discount Investment Corp. Ltd.

BBB+   Dor Chemicals Ltd.

AAs-  Dor Energy Issuances 1 Ltd.

A    Eazo-Wright Properties Ltd.

AAAs Eden Dollar Ltd. - Clal Finances Ltd.

A      Edgar Investment and Development Ltd.

AAs- Egged Debentures 2004 Ltd.

AAs- Egged Properties 2002 Ltd.

AA   Elad Group Bermuda

AA Elad Group Canada Residential

AAs- Elad Group Florida

A+    Elbit Medical Imaging Ltd.

AA- Elco Holdings Ltd.

A-   Electra Consumer Products Israel Ltd.

A    Electra Ltd.

A+   Electra Real Estate Ltd.

AAA EMI - Ezer Mortgage Insurance Company Ltd.

A     Engel Eastern Europe

A-    Engel Europe Ltd. A+ Engel REIT

A    Engel Resources and Development Ltd.

AAAs Eshel Bonds Ltd.

AAAs Excellence - Kessem Currency Ltd.

AAAs Excellence - Paz Foreign Deposits

AAAs Excellence - Seon Bonds Ltd.

AAAs Excellence - Shahar Long

AAAs Excellence - World Currencies Ltd.

AAAs Excellence Adir Debentures Ltd.

AAAs Excellence Atzmon Debentures Ltd.

AAAs Excellence Bashan Debentures Ltd.

AAs+ Excellence Carmel Debentures Ltd.

AAAs Excellence Eitan Debentures Ltd.

AAAs Excellence Gilad Debentures Ltd.

A      Excellence Investments Ltd.

AAs + Excellence Keshet Debentures Ltd.

AAs   Excellence Netivim Debentures Ltd.

AAAs Excellence Omer Debentures Ltd.

AAAs Excellence Ram Debentures Ltd.

AAAs Excellence Ramon Debentures Ltd.

AAAs Excellence Tavor Debentures Ltd.

AA     First International Bank of Israel Ltd.

A      Gadot Biochemical's

A-      Gadot Chemical Tankers and Terminals Ltd.

AAs   + Galila Deposits Ltd.

A-     Gaon Agro Industries Ltd.

A    Gaon Holdings

AA    Gav-Yam Bayside Land Corporation Ltd.

AA    Gazit-Globe Ltd.

AA-   Gazit Inc.

AAAs Gilboa Dollar Ltd. - Clal Finances Ltd.

AAs- Global Finance GR1 Ltd.

AAs+ Global Finance GR2 Ltd.

AAs Global Finance GR3 Ltd.

Aas+ Global Finance GR5 Ltd.

A- Gold Bond Group Ltd.

A   Golden Pages

A Granite Hacarmel Investments Ltd.

AA- GTC Real Estate NV

A+ Hadarim Properties Ltd.

AAAs Hadas Negotiable Dollar Obligation Ltd.

AAAs Hadas Quarterly (2004) Ltd.

AAA Hadas Shekel ETF

AA      Haifa Port

BBB   Hamashbir Ha'chadash La'zarchan

AAs   Hamit Trade Leasing & Financing Company Ltd.

AA   Harel Insurance Investments & Finances Ltd.

A+   Hilan Tec Ltd.

A-   Home Center

A        Housing & Construction Holding Company Ltd.

AAs- Housing & Construction House Ltd.

A+     I.B.I. Investment House Ltd.

AA    IDB Development Corporation Ltd.

AA-   IDB Holdings Ltd. AAAs Inbar Vitality 1

AA-   Industrial Building Corp. Ltd.

A+ I  spro - The Israel Properties Rental Corp. Ltd

AA   Israel Aircraft Industries Ltd.

AA     Israel Chemicals Ltd.

AA-    Israel Cold Storage & Supply Company Ltd.

AA      Israel Corporation Ltd.

AA-    Israel Discount Bank Ltd.

AA+   Israel Electric Corporation Ltd.

A- Israel Land Development Company Ltd. (The)

A+ Israel Natural Gas Lines Ltd.

A+ Israel Salt Industries Ltd.

A- Isralom Properties Ltd.

A+ Jerusalem Economy Ltd.

A- Kamoor Ltd.

AA Kanith Investment Management & Finance Ltd.

A Kardan Israel Ltd.

AA- Kardan NV

AA- Kerur Holdings Ltd.

AAAs Kessem Jumbo Ltd.

A+ Koor Industries Ltd.

AAA Leumi Mortgage Bank Ltd.

A Maabarot Products Ltd.

BBB+ Maariv Holdings Ltd.

AAAs Mabat Foreign Currency Ltd. - Clal Finances Ltd.

AA Makhteshim - Agan Industries Ltd.

AA- Maman Cargo Terminals & Handling Ltd.

AA Mashav Initiating and Development Ltd.

AAA Mekorot Water Company Ltd.

AA- Melisron Ltd.

AA- Meniv Rishon Ltd.

AA-  Mercantile Discount Bank Ltd.

A     Meshulum Levinstein (secondary rating)

AA-  Meytav Water, Channeling and Sewage Ltd.

A   Middle East Tube Ltd.

AA   Mifal Hapais Limited LLC

AA-   Mishan Center Ltd.

A- Mishkenot Clal Mediterranean Towers Ltd.

AA+ Mizrahi Tefahot Bank Ltd.

AAs- Moll Ha'Yam Properties and Rentals Ltd.

A Nanette Real Estate Group NV

A Negev Industrial Minerals Ltd.

AA Nesher Israel Cement Enterprises Ltd.

AAs New Kopel 11 Ltd.

AAAs New Kopel 12 Ltd.

AAAs New Kopel 13 Ltd.

AAs New Kopel 3 Ltd.

AAs    New Kopel 4 Ltd.

AAs+ New Kopel 7 Ltd.

AAs   New Kopel 8 Ltd.

AAs   New Kopel 9 Ltd.

A    New Kopel Ltd.

BBB+ Nia Metal Works Ltd.

A- Nitsba Holdings (1995)  Ltd.

AA Oil Refineries Ltd.

A- Orad Control Systems Ltd.

A Orian Ltd.

AAs- P.R.I. Planning Resources Inc.

A+ Pardes Hana Water Resources

AA- Partner Communications Company Ltd.

AAs+ Paz - Foreign Deposit 2 Ltd. - Excellence

AA- Paz Ashdod Refinery Ltd

AA- Paz Oil Company Ltd.

AA- Pelephone Ltd.

AA- Perrigo Israel Pharmaceuticals Ltd.

AA Phoenix Holdings Ltd. (The)

AA Phoenix Insurance Company Ltd. (The )

As Pisga (Series A) Ltd.

A+ Plaza Centers

BBB+  Polar Investments Ltd.

AA-   Project 531 - State of Israel AA Property and Building Corporation Ltd.

AAAs  Psagot Ofek Currency Strategy Ltd.

AA         Ra’anana Municipality

A+        Rami Levy Marketing Hashikma Ltd.

As+      Ramla Municipality Finance 2005 A REIT - 1 Ltd.

AAs+   Reverse Mortgage

BBB+  RGI International Limited

A+       Scope - Metal Trading & Technical Services Ltd.

A         Scorpio Real Estate

AAAs Shaharit Issuances Ltd.

AAs    Shikun Ovdim Issuances

AA-    Shikun Ovdim Ltd.

AA+    Strauss Group Ltd.

AA        Super-Sol Ltd.

AA-     Taavura Group Ltd.

AAAs  Tachlit Currencies Ltd.

AAAs  Tachlit Dollar Worldwide Ltd.

A-        Tadbik Ltd.

A+      Taldor Computer Systems Ltd.

AAAs Tali Foreign Currency

A-       Taro Ltd.

AAA    Tel Aviv Municipality

A+       TMI Limited A Urdan Industries Ltd.

AA-      VID Desalination Company Ltd.

AA-       Vilar International Ltd.

As+      Yehud Municipality A Ytong Industries Ltd.

BBB+  Zarfati Zvi & Co. Ltd.

A+       Zim Integrated Shipping Services Ltd.

A         Zur Shamir Holdings Ltd.

Creating Wonder Out of Basics

The Strauss Group is an emerging international leader in the branded food and beverage industry.

With its home-base in Israel, Strauss Group employs approximately 10,106 people, manufactures hundreds of products and operates in five continents.

Based on over 70 years of excellence and innovation, Strauss offers products that serve a wide variety of tastes and occasions.

The group maintains a keen sense for local flavor, consumer health and wellness, convenient solutions and consumer satisfaction.

At Strauss, we are there for our consumers all the time – in moments of fun, with the family, at work or at home and on special occasions. We do our utmost to bring our customers the very best, every day, anywhere, any time.

compared to NIS 12.8 million last year, and were affected by accelerated
inflation in the quarter. Net financing expenses in the second quarter
totaled NIS 53.8 million compared to NIS 25.9 million last year.

   - Due to the increase in financing expenses, the net profit (pro-forma)
in the second quarter totaled NIS 65 million compared to NIS 70 million
last year. Net profit (pro-forma) in the first half totaled NIS 131 million
compared to NIS 149 million last year.

   - Net accounting profit in the second quarter totaled NIS 56 million
compared to NIS 76 million in the same quarter last year. Net accounting
profit in the first half totaled NIS 140 million compared to NIS 143
million last year.



   Main figures in the second quarter and the first half (in NIS
   million):

                             First Half               Second Quarter
                    2008        2007    % Chg     2008     2007    % Chg

   Sales           3,036.0    2,813.1    7.9%   1,532.0  1,420.5    7.8%

   Gross
   profits
   accounting      1,121.1    1,076.4    4.2%    575.4    552.3     4.2%

   Operating
   profits
   accounting(1)    255.5      255.0     0.2%    131.0    131.5    (0.4%)

   Operating
   profits
   Pro-forma
   /managerial      265.0      254.7     4.0%    128.4    118.3     8.5%

   Net profit
   accounting(2)    139.9      143.1    (2.2%)    55.9     75.5   (26.0%)

   Net profit
   Pro-forma
   /managerial(2)   131.1      149.0   (12.0%)    65.3     69.6    (6.2%)

   (1) Before other income (expenses)

   (2) Attributed to company shareholders

   Summary of main business activity results, (based on the Group's pro-
forma / managerial reports) by fields of business activities in the quarter
and the first half ending on the 30th of June 2008 and 2007 (in NIS
thousand):



                         First Half               Second Quarter
                   2008     2007    % Chg     2008     2007    % Chg
   Israel
   Net sales (1) 1,320.1  1,302.1    1.4     640.3    633.7      1.0
   Gross profit    532.8    541.2   (1.6)    260.6    266.7     (2.3)
   Operating
   profits         132.3    123.2    7.4      61.6     58.6      5.1
   Coffee
   Net sales (1) 1,547.9  1,334.3   16.0     818.2    701.0     16.7
   Gross profit    504.3    444.7   13.4     271.4    228.1     19.0
   Operating
   profits         136.9    123.5   10.9      72.5     56.3     28.8
   Other
   Net sales (1)   168.0    176.7   (4.9)     73.5     85.8    (14.3)
   Gross profit     80.4     86.2   (6.7)     34.3     43.9    (21.9)
   Operating
   profits          (4.2)     8.0             (5.7)     3.4
   Total
   Net sales (1) 3,036.0  2,813.1    7.9   1,532.0  1,420.5      7.8
   Gross profit  1,117.5  1,072.1    4.2     566.3    538.7      5.1
   Operating
   profits         265.0    254.7    4.0     128.4    118.3      8.5


   (1) Sales to external parties only


   Financial Review:
   General    Group business results in the second quarter and first half of the year
were affected by changes in the economic environment within which the
company operates, both in- and outside of Israel. These changes included,
the rise in raw material prices, and commodities in particular, the rise in
energy prices, accelerated inflation rates in Israel and the abroad, and
sharp fluctuations in exchange rates of foreign currencies used by the
company.

   The accelerated (double-digit) growth in the international activity
continued, while growth in Israel was more moderate. Price rises of raw
materials and energy resulted in increased selling prices in most spheres
of activity and in decreased gross and operating margins.

   Despite these phenomena, the company managed to improve its managerial
operating profit, but a sharp rise in financial expenses due to a high
inflation rate in the quarter (2.44%) resulted in a decreased net
managerial profit in the second quarter and first half of the year.

   Sales

   In the first half of 2008, the company continued to grow and its sales
totaled NIS 3,036.0 million, compared to NIS 2,813.1 million last year, a
7.9% growth. Organic growth, after neutralizing the affect of exchange rate
fluctuations and acquisition and sale of businesses in the first half,
totaled 9.6%.

   Accelerated growth in company sales, which is evident in all spheres of
activity in Israel, coffee, Sabra and Max Brenner, was affected by, among
other things, quantitative growth, a change in product mix, and price rises
due to an increase in raw material prices.

   The coffee activity continued to grow at high rates, presenting 16.0%
growth in the first half, and neutralizing the effect of exchange rate
fluctuations, the coffee activity grew by12.9 %. Sabra's activity in North
America is proportionately consolidated (50%) as of the second quarter, and
its pro-forma sales (assuming fully-consolidated Sabra sales) grew by 14.0%
in the first half. Neutralizing the affect of exchange rate fluctuations,
pro-forma sales grew by 34.4%. Sales in the Max Brenner activity grew by
11.8% in the first half, and neutralizing the affect of exchange rate
fluctuations the Max Brenner activity grew by 20.6% in the first half of
the year.

   Strauss Israel sales grew by 1.4% in the first half, and neutralizing
the industrial activity sold in January 2008, sales in Israel grew by 3.5%
in the first half.

   Sales in Israel, including the coffee activity in Israel, grew by 3.5%
in the first half, and neutralizing the industrial market, Strauss Israel
sales, including coffee grew by 5.3%.

   In the second quarter, company sales grew by 7.8% totaling NIS 1,532.0
million, compared to NIS 1,420.5 million in the corresponding period last
year. Organic growth after neutralizing the affect of exchange rate
fluctuations and acquisition and sale of businesses totaled 8.6%.

   Operating profit

   In the first half, the operating managerial profit totaled NIS 265.0
million (8.7%) compared to NIS 254.7 million (9.1%) last year, a 4.0%
growth. Improvement in the operating profit resulted from growth in sales,
streamlined cost structure, and decrease in sales, marketing and
administrative expenses. The increase in operating profit, evident in all
company units, occurred despite an erosion in the gross profit rate.

   In the second quarter, the operating managerial profit totaled NIS
128.4 million compared to NIS 118.3 million last year, an 8.5% growth.

   Net Profit

   The managerial net profit for the period attributed to shareholders
totaled NIS 131.1 million in the first half compared to NIS 149.0 million
during the corresponding first half last year. The net managerial profit
was affected materially by a sharp rise in inflation rates and by a
significant rise in the net financing expenses of the company which totaled
NIS 29.3 million in the second quarter compared to NIS 12.8 million last
year. In the second quarter the managerial net profit for the period,
attributed to shareholders, totaled NIS 65.3 million compared to NIS 69.6
million during the corresponding quarter last year

..............

that resulted, among other things, from the timing of the Passover Holiday.

   The operating profit of activities in Israel grew in the first half by
7.4%, totaling NIS 132.3 million. The increase in operating profits in
Israel resulted from improved cost structure of the activity in Israel and
a drop in the sales, marketing and administrative expenses.

   The operating profit in Israel in the first half improved as well,
totaling 10.0% compared to 9.5% in the corresponding period last year.

   The operating profit in Israel in the second quarter grew by 5.1%,
totaling NIS 61.6 million.

   Coffee Activity

Strauss' coffee activity in the first half grew by 16.0%, totaling NIS
1,547.9 million. Organic growth, after neutralizing the impact of
acquisition of businesses and exchange differentials, totaled 12.9%.

   Growth in sales was affected positively by the quantitative growth, by
organic growth in some countries, mergers and acquisitions, and increased
selling prices, and it was affected negatively by changes in the exchange
rates of various currencies (mainly the Romanian Lei, American dollar and
Serbian Dinar). Growth in activity is evident in most clusters in the first
half, however strong growth was specifically evident in company activity in
the former Soviet Union countries (following the purchase of Cosant
Enterprises Ltd.'s coffee brands in CIS countries), Israel, Poland and
Brazil. The AFH activity recorded strong growth in all countries of
operation, growing at a 12.6 % rate in the first half of the year.

   The coffee activity grew by 16.7% in the second quarter, totaling NIS
818.2 million. Organic growth after neutralizing the impact of acquisition
of businesses and exchange differentials totaled 9.7%.

   The operating profit of coffee activities in the first half totaled NIS
136.9 million (an 8.8% rate) compared to NIS 123.5 million last year (a
9.3% rate), a 10.9% increase. The operating profit was affected by the
strong growth and increase in gross profit.

   The operating profit of coffee activities in the second quarter totaled
NIS 72.5 million (an 8.9% rate) compared to NIS 56.3 million last year (an
8.0% rate), a 28.8% increase. The operating profit was affected by the
strong growth, increase in gross profit and considerable sales growth in
Israel, Poland and former Soviet Union countries.

   Sabra's refrigerated spreads activities and sale of Kosher products in
the U.S. - "Sabra"

   As of the second quarter, the company consolidated the company's
activity in a proportionate manner (50%) according to its holding stake,
after finalizing the transaction with PepsiCo.

   Sabra's sales in the first half totaled NIS 122.2 million, compared to
NIS 135.8 million last year. Pro-forma sales (assuming a fully-consolidated
Sabra activity) totaled NIS 154.8 million, a 14% growth. After neutralizing
the effect of the decline of the dollar against the NIS, pro-forma growth
in the first half totaled 34.4%(3).

   Sabra's sales in the second quarter totaled NIS 49.6 million, compared
to NIS 67.9 million last year. Pro-forma sales (assuming a
fully-consolidated Sabra activity) totaled NIS 82.2 million, a 21.0%
growth. After neutralizing the effect of the decline of the dollar against
the NIS, pro-forma growth totaled 44.1%.

   Sabra continues its expansion efforts in top retail chains together
with continuous innovation (five hummus flavors were launched in the second
quarter) and marketing activity. Sabra continues to retain its No.1
position in the refrigerated flavored spreads category. Its average market
share in the first half of the year was 28.2% (according to IRI figures
published on June 15, 2008).

   Max Brenner's Operations
In the first half, Max Brenner sales totaled NIS 45.8 million, compared
to NIS 41.0 million last year, a 11.8% growth. After neutralizing the
affect of the erosion of the dollar against NIS, growth in the first half
totaled 20.6%.

   In the second quarter, Max Brenner sales totaled NIS 23.9 million,
compared to NIS 17.9 million last year, a 33.5% growth. After neutralizing
the affect of the erosion of the dollar against NIS, growth in the second
quarter totaled 46.4%.

   Analysis of the Company's Financial Accounting Results:

                        Sales
The company's consolidated sales turnover in the first half totaled NIS
3,036.0 million, compared to NIS 2,813.1 million last year, a 7.9%
increase. In the second quarter, sales totaled NIS 1,532.0 million,
compared to NIS 1,420.5 million in the corresponding quarter last year, a
7.8% increase.
                _________________________
(3) In Group managerial reports (pro-forma), Sabra is presented under
proportionate consolidation as of the second quarter. For comparison
purposes, Sabra's pro-forma results are presented here under the assumption
of full consolidation in the reporting period as well.

                       Gross Profit
The Company's consolidated gross profit in the first half totaled NIS
1,121.1 million (36.9% from sales), compared to NIS 1,076.4 million (38.3%
from sales) in the corresponding period last year, a 4.2% increase. The
Company's consolidated gross profit in the second quarter totaled NIS 575.4
million (37.6% from sales), compared to NIS 552.3 million (38.9% from
sales) in the corresponding period last year, a 4.2% increase.

   Operating Profit Before Other Income (Expenses)

   The company's consolidated operating profit, before other income
(expenses) in the first half, totaled NIS 255.5 million (8.4% from sales),
compared to NIS 255.0 million (9.1% from sales) in the corresponding period
last year, a 0.2% increase.

   Following are details relating to changes that occurred in the
operating profit before other income (expenses): Sales and marketing
expenses in the first half totaled NIS 683.8 million (22.5% from sales)
compared to NIS 649.9 million (23.1% from sales) in the corresponding
period last year, a 5.2% increase. Management expenses in the first half
totaled NIS 181.8 million (6.0% from sales) compared to NIS 171.5 million
(6.1% from sales) last year, a 6% increase.

   The company's consolidated operating profit before other income
(expenses) in the second quarter totaled NIS 131.0 million (8.6% from
sales), compared to NIS 131.5 million (9.3% from sales) in the
corresponding period last year, a 0.4% decrease.

   Other income, net

   Other income, net in the first half totaled NIS 19.8 million compared
to expenses of NIS 6.8 million in the corresponding half last year. Other
income in the first half included capital gain in respect of the PepsiCo
transaction in the U.S., which was partly offset by expenses of an
unrealized transaction totaling NIS 9.5 million.

   Financing expenses, net
Financing expenses, net in the first half totaled NIS 53.8 million
compared to NIS 25.9 million last year. Financing expenses, net in the
second quarter totaled NIS 29.3 million compared to NIS 12.8 million last
year. The jump in financing expenses resulted mainly from a sharp rise in
inflation rates in the report period: 2.85% in the first half this year
compared to 0.27% in the first half last year.

   Profit Attributed to the Company's Shareholders
The profit attributed to the company's shareholders totaled NIS 139.9
million, compared to NIS 143.1 million last year, a 2.2% decrease. The
profit for the second quarter, attributed to the company's shareholders
totaled NIS 55.9 million, compared to NIS 75.5 million last year, a 26.0%
decrease.

   

   
   Table 1 - Summary of Profit & Loss Accounting Statements for the
   quarter and first half ending on June 30th 2008 and 2007 (in million
   NIS):

                                    Six Months            Three Months
                                2008    2007    % Chg  2008    2007   % Chg

   Sales                       3,036.0 2,813.1    7.9 1,532.0 1,420.5    7.8
   Cost of sales not including
   impact of hedging
   transactions                1,920.8 1,741.0          965.7   881.8
   Hedging Transactions          (5.9)   (4.3)          (9.1)  (13.6)
   Cost of sales               1,914.9 1,736.7   10.3   956.6   868.2   10.2
   Gross Income                1,121.1 1,076.4    4.2   575.4   552.3    4.2
                                  36.9%   38.3%         37.6%   38.9%
   Selling and marketing         683.8   649.9    5.2   351.8   332.7    5.7
   expenses
   General and administrative    181.8   171.5    6.0    92.6    88.1    5.1
   expenses
   Operating income before       255.5   255.0    0.2   131.0   131.5  (0.4)
   other income (expenses)
                                   8.4%    9.1%          8.6%    9.3%
   Other income (expenses),       19.8   (6.8)          (8.0)   (5.6)
   net
   Operating income after        275.3   248.2   10.9   123.0   125.9  (2.3)
   other income (expenses)
   Financing expenses, net      (53.8)  (25.9)  107.7  (29.3)  (12.8)  128.9
   Income before taxes on        221.5   222.3  (0.4)    93.7   113.1 (17.2)
   income
   Taxes on income              (62.2)  (63.1)  (1.4)  (27.5)  (26.2)    5.0
   Effective tax rate            28.1%    28.4%         29.4%   23.2%
   Income for the period         159.3   159.2    0.1   66.2    86.9  (23.8)
   Income attributed to
   shareholders of the Company   139.9   143.1  (2.2)   55.9    75.5  (26.0)
   Income attributed to
   minority interest              19.4    16.1   20.5   10.3    11.4   (9.6)
   Income for the period         159.3   159.2          66.2    86.9


   Table 2 - Summary of Business Activity Results (pro-forma) for
   the quarters and first half ending on June 30th 2008 and 2007:

                                     Six Months           Second Quarter
                                2008    2007   % Chg   2008    2007   % Chg

   Sales                       3,036.0 2,813.1  7.9  1,532.0 1,420.5    7.8
   Cost of sales not including
   impact of hedging
   transactions and inventory
   write-off in Sabra          1,918.5 1,741.0  10.2   965.7   881.8    9.5
   Gross Income                1,117.5 1,072.1  4.2    566.3   538.7    5.1

   Selling and marketing
   expenses                      683.8   649.9  5.2    351.8   332.7    5.7

   General and administrative
   expenses                      168.7   167.5  0.7     86.1    87.7   (1.8)

   Operating income before
   other income (expenses) -
   management accounting         265.0   254.7  4.0    128.4   118.3    8.5
   Financing expenses, net       (53.8)  (25.9) 107.7  (29.3)  (12.8) 128.9
   Income before taxes on
   income                        211.2   228.8   (7.7)  99.1   105.5   (6.1)

   Taxes on income               (60.7)  (63.7)  (4.7) (23.5)  (24.5)   4.1
   Income for the period -
   management accounting         150.5   165.1   (8.8)  75.6    81.0   (6.7)

   Income attributed to
   shareholders of the Company   131.1   149.0  (12.0)  65.3    69.6   (6.2)

   Income attributed to
   minority interest              19.4    16.1   20.5   10.3    11.4   (9.6)

   Income for the period -
   management accounting         150.5   165.1          75.6    81.0

Table 3 -Consolidated Balance Sheet (in NIS million):

                                            As at June 30
                                          2008                    2007
                                   Millions NIS   %    Millions NIS     %

   Cash and Marketable Securities       418      7.9%       620       12.8%

   Accounts Receivables                 987     18.7%       869       17.9%

   Other Accounts Receivables           349      6.6%       245        5.1%

   Inventory                            700     13.3%       647       13.3%

   Investments & Long Term Loans         92      1.7%       101        2.1%

   Fixed Assets                       1,230     23.3%     1,099       22.7%

   Other Assets                       1,506     28.5%     1,266       26.1%

   Total Assets                       5,282    100.0%     4,847      100.0%

   Current Bank Liabilities             720     13.6%       280        5.8%

   Accounts Payables                    702     13.3%       663       13.7%

   Other Creditors                      533     10.1%       570       11.8%

   Long Term Liabilities              1,295     24.5%     1,426       29.4%

   Minority interest                    194      3.7%       217        4.5%

   Total equity attributable to the
   Company's shareholders             1,838     34.8%     1,691       34.8%

   Total Liabilities & Equity         5,282    100.0%     4,847      100.0%

Bank of Israel mulls further bank fee demands

One of the ideas suggested is limiting the minimum fee to NIS 10.

Eran Peer 27 Aug 08   15:31

The Bank of Israel is losing patience with the commercial banks over their handling of the new fee scale and may intervene.

"The less competition there is between the banks, the more intervention there will be," say officials in the Bank of Israel Banking Supervision Department.

"The banks have to understand that the rules have changed, and if there isn't any effective competition, the Bank of Israel will exercise its authority under the new law and intervene in fee setting."

The Banking Supervision Department is considering a number of provisional ideas for fee regulation such as:

* Limiting the minimum fee to NIS 10 - At present, the minimum fee is classed as the cost of two over-the-counter transactions, meaning NIS 11-15, compared with NIS 10 before the reform.

The Banking Supervision Department is considering separating the minimum fee from teller fees and setting it at NIS 10.

Banking sector data shows that the minimum fee accounts for some 15% of bank income from checking account fees, so a cut of between 10% and 33% (from NIS 11-15 to NIS 10) will bring fees down substantially.

 

* Setting a fee of NIS 0 for an indirect transaction involving the crediting of a customer's account through the clearing system.

This service currently carries a charge of NIS 1.35-2.90. Payments under this category include direct deposits of salaries, national insurance benefits and child benefits which are automatically transferred to bank accounts by the authority making the payment.

Migdal Group now runs approximately 30% of life insurance and new pension funds in Israel, in premiums and contributions.      Migdal is the first insurance company that launched a non-union pension fund. Today Migdal holds 100% of the "Migdal Makefet" pension fund, the second largest fund in Israel, with a total capital of 11.2 billion ILS and fluent contribution of 2 billion ILS.

Migdal Makefet has grown by 25.1% in 2007 in premiums and contribution. But the company has not only earned a reputation in the life insurance market, but it's also active in general insurance products for small and large businesses, property, health, etc.     Migdal Subsidiaries     Migdal owns insurance and financial management agencies, agents and investments, credit and real estate companies.

Migdal Capital Markets is a leading branch for financial services: investments management, trust fund management, stock market services, consultation, follow-up and issuing.

Migdal Directors     Chairman of the Board is Mr. Aharon Fogel, who held the position of former Minister of Treasury, chairman and consultant to various companies and is currently the chairman of the consulting committee for the Bank of Israel.

The CEO is Mr. Izzy Cohen, who is the director of Migdal and its subsidiaries. During his 32 years of work as manager, Mr. Cohen has been integral in the unification staff management of the unique actions of the group.

Unlimited Commitment for Our Clients    

Migdal is obligated to its clients and thus invests many resources in consultation full support for all clients, even those whose insurance plans have been finalized / realized.      The combination of all branches of Migdal and its control in the fields of insurance and financial services provide the clients with trustworthy and advanced services throughout the years. This it does with more than 1500 insurance agents and agencies and with the Migdal customer service center, a sophisticated center ready to answer any question or problem.

Loss in financial services leads Migdal profit down

Net profit at Migdal dropped 62.4% in the second quarter.

27 Aug 08   09:33

Net profit at Migdal Insurance and Financial Holdings Ltd. (TASE: MGDL) fell 62.4% to NIS 108.5 million in the second quarter of 2008.

Revenue at the insurance firm fell 13.8%, as financing expenses grew 69.4% to NIS 7.63 million.

In its financial services area, the company posted a loss of NIS 676,000, in contrast to a NIS 9.38 million profit in the corresponding quarter.

The sharp drop reflects the contrast between in current market sentiment and activity with that of a year ago. Migdal's financial services revenue reflects its Migdal Capital Markets unit.

Migdal recently completed the acquisition of JP Morgan's 50% stake in the venture.

Bear Stearns and Migdal each owned 50% of Migdal Capital Markets, and JP Morgan bought Bear Stearns.

Migdal now owns 100% of its subsidiary.

Migdal also owns a large real estate portfolio, which grants steady income and management fees for its long term deposits. Its life insurance division reported that the value of its real estate holdings was NIS 223.1 million.

Im Bereich Wassertechnik gehört Israel bereits mit zu den führenden Ländern,was angesichts der klimatischen Bedingungen logisch erscheint. Doch die Negev Wüste sollte auch im Energiesektor Ansporn sein,innovative solare Techniken mit aller Macht voranzutreiben,bisher hat Israel nicht annähernd begonnen,das vorhandene Potential für eine solare Zukunft auszuschöpfen,das die Negev Wüste bietet.

 

Pioneering 'Green Energy' at a Dairy Farm in the Negev

A Negev couple has pioneered the commercial production of “green energy” on a farm in Ramat HaNegev.

Orit and Moshe Teneh have built the first 50-kilowatt solar energy system in Israel.  The couple set up a smaller, 6-kilowatt system on their solar dairy farm two years ago, slowly adding more to the system in stages until it exceeded 45 kilowatts daily, about one-third of the local dairy’s electricity consumption.

The family “decided to exploit the potential embodied in the sunlight that floods Ramat HaNegev in order to produce an alternative to electricity," according to the community’s website.

The photo-voltaic solar panels used by the farm follow the sun’s motion from dawn to dusk, gathering the energy from the sun’s rays and converting them into electric current.

The energy is immediately transferred directly to the farm’s electric grid, rather than stored in batteries, which would result in a loss of approximately 15 percent of the electricity produced.

Two-thirds of the power that is generated will be sold to the Israel Electric Corporation (IEC).

The farm receives support from the Ramat HaNegev Regional Council in partnership with the Desert Research Institutes at Midreshet Ben-Gurion to explore other clean energy production methods.

The team is working together on a plan to generate additional electricity using wind turbines and to use organic waste as part of the power for the local community.

Der Negev und andere Gebiete fern der Städte und Industrieansiedlungen sollen in den kommenden 3 Jahren von Investitionen profitieren,die das zuständige Ministerium aktuell beschloßen hat.

 

Ministry of Industry and Trade to invest in periphery Outlying areas will receive around NIS 2.5 billion over the next three years.

26 Aug 08   17:41

The Ministry of Industry, Trade and Labor has announced that it will invest a total of NIS 2.5 billion over the next three years in outlying areas under a program agreed on by its director general and the Ministry of Finance budget director.

The program, which was approved by the cabinet at its meeting yesterday, will employ a wide range of tools and new plans, designed to strengthen outlying areas by providing government backing for economic ventures that could create thousands of jobs.

The director of development for the Galilee and the Negev said that the plan would have a number of focused targets.

Regional industrial zones will qualify for special incentives substantially larger than those awarded to regions classed as Priority A development areas.

In addition, the Investment Promotion Center will set out new guidelines for grants to low or mixed technology companies in these areas.

A research institute for traditional industries will also be opened in one of the regional industrial zones.