Clal Insurance reports net profits of NIS 65.3 million in Q2 2001, compared with NIS 48.4 million in Q2 2000. Profits from general insurance doubled to NIS 22 million, while profits from life insurance increased to NIS 90 million, compared with NIS 80 million in Q2 2000.
Retalix (Nasdaq: RTLX) has signed of a memorandum of understanding to acquire all the outstanding shares of privately held BASS, of Dayton, Ohio. BASS is a provider of retail automation technology, primarily to tier-two grocery operators. Retalix will acquire the company's assets and marketing rights to its product line. No value was disclosed.
Real-estate company Alrov Israel reports its net profits fell to NIS 15.8 million in Q2 2001, compared with NIS 50.8 million in Q2 2000. Revenue collapsed to NIS 74 million, compared with NIS 218 million in Q2 2000. The company is suffering from the impact of the security situation on its Jerusalem hotel business.
Israeli start-up ForeScout Technologies has raised $12 million in its first fundraising round. Pitango Venture Capital and US-based Accel Partners led the round. ForeScout was founded in early 2000 and develops network security technologies for protection against network attacks.
Ensemble Communications has closed its research and development center in Kfar Saba and laid off 32 employees who worked there. Ensemble, headquartered in San Diego, employs about 190 workers after the job cuts. The company develops wireless access systems for LMDS and other broadband wireless access markets.
Israeli private company Novia Pharmaceuticals and Carolina-based Quintiles Transnational today announced the signing of a strategic alliance for further testing of Novia's AD4 compound for treatment of central nervous system disorders. Quintiles will make an investment in Novia and receive an equity position and royalties. The compound is based on Hebrew University research.
Calanit Hi Tech reports that in its Q2 report it will write-off its $150,000 investment in the Israeli start-up Always-On.
Eltek (Nasdaq: ELTK) reports revenue of $6.4 million in Q2 2001, compared with $7.0 million in Q2 2000. Net profits fell to $208,000, or $0.04 per share, compared with net profits of $725,000, or $0.14 per share for Q2 2000. Eltek CEO Arieh Reichart: We are well positioned to capitalize on all opportunities that will arise once the market turns around.
United Steel Mills' last quarterly report before closure: Net losses were NIS 150 million in Q2 2001, compared with losses of NIS 6.4 million in Q2 2000. Revenue dropped to NIS 91.9 million in Q2 2001, compared with NIS 128 million in Q2 2000.
Central Bureau of Statistics labor force survey: The number of people unemployed, as a proportion of the labor force, was 8.6% in the second quarter of 2001, unchanged from the first quarter.
The Ministry of Finance has released its economic policy principles for 2002: The budget for 2002 will be NIS 205.4 billion. The Finance Ministry also proposes amending the Budget Deficit Reduction Law so that the following targets for deficit (as a proportion of GDP) can be set: 2.4% for 2002, 2% for 2003, 1.5% for 2004 and 1% for 2005.
Published by Israel's Business Arena on 22 August, 2001