Steinitz: Israel getting over financial crisis

Cabinet sees data showing renewed growth; TASE up; Leumi to buy 5% of Partner Communications.

August 23, 2009 11:57
tase building 224

tase building 224. (photo credit: Courtesy)


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Finance Minister Yuval Steinitz on Sunday morning presented the government with data which suggests recovery from the financial crisis. Ministers were shown figures indicating renewed economic growth, a rise in tax collection, and an increase in stock market investments. The data also showed that Israel had recovered from the global economic crisis faster than the US and most European countries, including the UK. In other finance news, Bank Leumi announced Sunday that it would buy 4.99 percent of Partner Communications from Scailex Corp, at a price of NIS 515 million. Partner is Israel's second-largest mobile phone operator under the Orange brand. According to a Bank Leumi statement, the deal, in which 7.68 million shares in the mobile phone operator will be purchased, includes an option to buy convertible bonds for NIS 103 million.

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