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Dubai-based NY Koen values Israir at $70m – report

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Israir would be valued at around $70 million, according to UAE-based NY Koen Group, which on Wednesday confirmed it will be one of the bidders for it, “Gulf News” reports.

The auction for companies wishing to buy the airline closes on November 8 according to Adv. Ophir Naor who was appointed by the courts as trustee for parent company IDB Development.

So far the only bid to buy the airline has come from Rami Levy and Shalom Haim who have offered NIS 70 million. Levy and Haim (through his private company Taaman) hold equal shares in Shay Odem, which holds 67.7% of BGI Investments (1961) Ltd. (TASE: BGI). BGI Investments announced today that it would bid to buy Israir in a combined deal with Shay Odem or its owners Rami Levy and Taaman.




According to “Gulf News,” “Through the acquisition, NY Koen plans to enter the market for short-haul low-cost carriers, which is set to recover faster than the rest of the airlines industry. The company, which owns Aero Private Jet, is still waiting for ‘all the information’ on Israir’s ‘plans’ to figure out a bid amount.”

If the acquisition goes ahead, Israir will continue to operate as an independent entity within NY Koen’s portfolio, NY Koen CEO Naum Koen told “Gulf News.” “It will be a separate company because we are speaking about low-cost – it will give big benefits to the company.”

Koen said Israir would not be merged with Aero Private Jet, which is a business aviation company with access to 7,000 aircraft and 4,000 airports.

Published by Globes, Israel business news – en.globes.co.il – on October 15, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020




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Economy

Calais is Brexit-ready, but many businesses are not: French customs By Reuters

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© Reuters. FILE PHOTO: A truck boards an Eurotunnel freight shuttle at the Eurotunnel terminal of Coquelles near Calais

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By Michel Rose

PARIS (Reuters) – Many European businesses have yet to anticipate the new red tape that will be compulsory to trade with Britain after Jan. 1, the head of French customs warned, as the risk of queues of European lorries being turned down at the French port of Calais looms.

Whether London and Brussels reach a trade deal or not in the current phase of talks, in just over two months’ time Britain will leave the transitional arrangement that allows it to trade freely with the European Union since it officially left the bloc in February.

That means some five million trucks crossing the Channel every year will suddenly have to submit paperwork to customs officials before being allowed to go through the tunnel or take ferries between Britain and the continent. Dover-Calais is the shortest sea route.

“We consider that we, at French customs, are ready,” Isabelle Braun-Lemaire told Reuters in an interview.

“Our infrastructure is ready but it relies on companies having taken on board the fact that with Brexit, there will be custom checks on all goods. And that’s a reality we think some companies have not taken into account yet.”

Some 100,000 French companies trade with Britain today, and Braun-Lemaire said she had no way to know exactly how many of them already knew what they had to do to be allowed to trade.

“Since trade is free today, we don’t know them. That’s tomorrow’s unknown,” she said.

British companies will also have to confront a wall of bureaucracy that threatens chaos at the border if they want to sell into the world’s biggest trading bloc.

“WE DON’T KNOW EVERYTHING”

Although the new customs arrangement does not depend on current negotiations on the future relationship – it is now known Britain will leave the EU’s customs union – French customs officials said the political tension meant communication with their British counterpart was kept to a minimum.

“We can’t have technical discussions that are as frank as we could have had,” she said, adding that she had little visibility about British customs’ preparedness. “We’re not naive. We don’t know everything.”

But ironically, the coronavirus epidemic, which has greatly reduced traffic across the Channel, may help smooth the transition, said Jean-Michel Thillier, the French customs Brexit organiser in the region around Calais.

“The health crisis might help, in a way, by reducing traffic,” he said. “So we might have a bit of respite at the beginning of the year.”

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U.S. issues fresh Iran-related sanctions targeting state oil sector By Reuters

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WASHINGTON (Reuters) – The United States on Monday imposed fresh Iran-related sanctions targeting the Islamic Republic’s oil sector, including the Iranian Ministry of Petroleum, in Washington’s latest action to increase pressure on Tehran.

Also blacklisted in Monday’s move targeting individuals and entities are the National Iranian Oil Company (NIOC), and the National Iranian Tanker Company (NITC), according to a statement from the U.S. Treasury Department.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Virus Gains Momentum, Stimulus Stalls, Ant Group IPO

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© Shutterstock

By Geoffrey Smith 

Investing.com — The spreading coronavirus triggered sharp new containment measures in Europe, hitting global stocks. Aides to Vice President Mike Pence tested positive for the virus, while U.S. stimulus talks remained deadlocked. Ant Group gets closer to completing its IPO. New homes sales are set to hit a new 14-year high. Here’s what you need to know in financial markets on Monday, October, 26th.

1. Virus spreads further; Stimulus talks still deadlocked

The U.S. registered over 60,000 new cases of Covid-19 on Sunday, a drop from the daily records set last week but still up from a week earlier. While the high number is partly explained by expanded testing, hospitalizations, at just under 42,000, are up by some 50% from a month ago, while the seven-day daily average for deaths, at 885, is also up by over 10% over from a week ago.

Over the weekend, the White House confirmed that a number of aides to Vice-President Mike Pence had tested positive for the virus, casting further doubt over the administration’s ability to keep the virus under control. Pence, who denied the reality even of a second wave of the pandemic in the summer, has indicated he won’t suspend his campaigning activities, with only eight days to go before the election.

The chance of a package of economic stimulus measures, meanwhile, receded still further at the weekend, with both sides blaming each other (yet again) for the lack of progress.

2. Europe takes fright as cases hit record 

Europe lurched further toward a full lockdown as France – with just 20% of the U.S.’s population – posted over 52,000 new cases on Sunday, or nearly 90% of the U.S.’s number. Italy meanwhile enforced a 6 PM nationwide closing time on bars and restaurants, while Spain’s government declared a fresh nationwide state of emergency (which can stay in force for up to six months).

The rapid deterioration in the public health situation was evident in the closely-watched , which tracks German business sentiment. It fell more than expected to 92.7 from 93.2.

Some modest relief came from the delayed reaction to Standard & Poor’s ratings announcements over the weekend. S&P upgraded the outlook on Italy’s sovereign debt to stable from negative, leaving the long-term rating at BBB. It also left the U.K.’s AA-rating untouched, adding some favorable commentary about the flexible response of U.K. monetary and fiscal policy to the pandemic. bond yields fell nearly 10 basis points to test record lows

3. Stocks set to open lower: SAP shocks, Astra reassures

U.S. stock markets are indicated to open markedly lower, with investors spooked by the surge in virus cases and the prospect of a long and difficult winter.

By 7:35 AM ET (1135 GMT), were down 266 points, or 0.9%, while were also down 0.9% and were down 0.8%.

Europe’s stock markets had fallen sharply at the open before recovering somewhat, as business software giant SAP (NYSE:) slashed its short- and medium-term profit forecasts after accepting that the pandemic will have a longer-lasting impact on business.

Markets were supported by positive news from AstraZeneca (NYSE:), which claimed that its experimental Covid-19 drug had provoked a robust response in the immune systems of elderly patients in its late-stage trial.

4. China sanctions U.S. defense companies, Ant Group prices HK leg of IPO

China slapped sanctions on Boeing (NYSE:) and Lockheed Martin (NYSE:) in response to the recent U.S. deal to sell state-of-the-art weaponry to Taiwan.

The measure came as China’s Communist Party begins a four-day meeting to map out its priorities for the next five years. The event is closed to the press so its conclusions may not be known until later in the week.

Elsewhere, Bloomberg reported that Ant Group has priced the Hong Kong leg of its record-breaking IPO at HK$80 a share. The IPO, which is set to be the world’s largest ever with an estimated US$35 billion of shares up for grabs, has sparked a scramble for stock among notoriously exuberant Chinese retail investors. Ant Group has earmarked 80% of the dual offering in Shanghai and Hong Kong for institutional investors.

5. New home sales, regional Fed surveys due

The U.S. will report new home sales data for September at 10 AM ET.  Sales are expected to hit 1.025 million, the highest level since the heady days of the subprime credit boom in 2006, albeit that would reflect a slowdown in month-on-month growth to 2.8% from over 4% in August.

There will also be surveys from the at 8:30 AM ET and the at 10:30 AM ET, as the focus sharpens on the Federal Reserve’s policy-making committee meeting next week.

The earnings calendar is also relatively light before a flood of updates later in the week, with Hasbro (NASDAQ:) already reporting better-than-expected results. Twilio (NYSE:) and NXP (NASDAQ:) report after the closing bell.





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