Bank Leumi News
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Partner Communications Co. and Cellcom Israel Ltd., Israel’s two largest mobile phone providers, gained on bets the advent of a wholesale telecommunications market will boost revenues.
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Israel’s IDB Holding Corp. disclosed new terms of a $75 million investment by Argentine businessman Eduardo Elsztain before a Tel Aviv court decision today as Chairman Nochi Dankner fights for control of the debt-strapped company.
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The Bank of Israel bought U.S. dollars for the first time this month in a bid to prevent shekel appreciation from undermining growth, traders said. The currency fell for a third time in seven days.
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IDB Holding Corp. countered bondholder efforts to wrest control of the debt-strapped Israeli company from Chairman Nochi Dankner with a plan of its own, pushing the company’s 2020 bonds to an 11-week high.
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Israel’s two largest lenders, Bank Hapoalim Ltd. and Bank Leumi Le-Israel Ltd., posted lower first- quarter interest income as they reduced risky loans.
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Mizrahi Tefahot Bank Ltd., Israel’s fourth-largest bank, advanced to the highest level in more than a month after reducing bad loan provisions amid an improvement in corporate credit quality.
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Bank of Israel Governor Stanley Fischer, who took economists by surprise earlier this month with an unscheduled rate cut, now has them divided on whether borrowing costs will fall again at today’s monetary policy meeting.
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El Al Israel Airlines Ltd. declined for the second time in three days after the carrier reported a wider first-quarter loss and on concern competition and fuel prices will weigh on results.
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Bezeq Israeli Telecommunication Corp. gained the most in more than seven months as the fixed-line and wireless services provider reported earnings that beat Bank Leumi Le-Israel Ltd.’s estimates.
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A Los Angeles businesswoman charged with conspiring to defraud the Internal Revenue Service used accounts at two Israeli banks, Bank Leumi Le-Israel Ltd. and Mizrahi Tefahot Bank Ltd., to hide assets, her attorney said.
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