Bank Of Israel News
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Israel’s shekel weakened to a two- month low and government bonds rose on investor bets the central bank will cut interest rates next week.
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Bank of Israel Governor Stanley Fischer used his tie-breaking vote for the first time to restrict last week’s rate cut to 0.25 percentage point, as half the panel pressed for a bigger reduction.
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Azorim-Investment Development & Construction Co.’s bonds gained, pushing the yield down the most on record, after investors sought more than three times the amount available of the Israeli company’s debt.
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Bezeq Israeli Telecommunication Corp. 2022 bonds fell, lifting the yield to the highest in more than a month, as the country’s largest phone service provider today plans to sell debt in a private placement.
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Pension funds in the U.K. cut their allocations to stocks even as the benchmark FTSE 100 Index rallied to the highest level in more than five years, according to data compiled by Mercer.
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Bank of Israel Governor Stanley Fischer, who last week unexpectedly cut the benchmark interest rate to a three-year low, may not be done yet, according to Jonathan Katz, an economist at HSBC Holdings Plc.
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EZchip Semiconductor Ltd. is beating peers by the most since February after Cisco Systems Inc., which contributed 43 percent of the Israeli chipmaker’s sales last year, said demand for products using their technology is rising.
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Israel’s economy expanded an annualized 2.8 percent in the first quarter, with growth in exports and private consumption partly offset by declining investment.
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Federal Reserve Vice Chairman Janet Yellen is seen by a third of international investors as the most likely to take the helm of the central bank when Ben S. Bernanke’s term ends in January.
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The shekel slid to a two-month low after Israel’s central bank pledged this week to buy foreign currency to arrest appreciation and as optimism the U.S. economy is improving fueled gains in the dollar.
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