Tel Aviv-25 Index continues decline

Alvarion Ltd., the maker of broadband-wireless technology agreed to work with Nortel Networks Corp., to develop WiMax technology, and rose 4.9%.

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June 12, 2008 07:27
3 minute read.

 
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SHARES TEL AVIV The Tel Aviv-25 Index fell for a second day, losing 2.13, or 0.2 percent, to 1,103.54, as 18 shares dropped and seven gained. Investors traded about NIS 2.19 billion in shares and convertible securities. Alvarion Ltd. rose 4.9%. The maker of broadband-wireless technology agreed to work with Nortel Networks Corp., North America's biggest telephone-equipment maker, to develop WiMax technology. Mizrahi Tefahot Bank Ltd. advanced 1.2%. Israel's fourth-largest lender said it would change the way managers are compensated to link pay increases to the performance of individual executives and that of the bank. Teva Pharmaceutical Industries Ltd., the world's largest maker of generic drugs, climbed 1.4%. The shares dropped Tuesday after US rival Mylan Inc. signed a contract to distribute a copy of Teva's top-selling Copaxone drug. WALL STREET US stocks retreated for a fourth day, led by banks and railroads, on speculation faster inflation may force central banks around the world to raise interest rates. Washington Mutual Inc., the largest US savings and loan, and Lehman Brothers Holdings Inc., the fourth-biggest securities firm, pushed financial shares to the lowest level in five years. Burlington Northern Santa Fe Corp. led industrial shares lower after UBS AG said the second-largest US railroad may cut its profit forecast. FedEx Corp. and United Parcel Service Inc. slid after oil surpassed $137 a barrel. The Standard & Poor's 500 Index lost 15.76, or 1.2%, to 1,342.68 as of 1:43 p.m. in New York. The Dow Jones Industrial Average declined 161.78, or 1.3%, to 12,127.98. The Nasdaq Composite Index decreased 38.41, or 1.6%, to 2,410.53. EUROPE European stocks retreated for a sixth day, the longest losing streak since 2005, on speculation rising inflation will force central banks to increase interest rates, worsening the outlook for lenders as the economy slows. Royal Bank of Scotland Group Plc fell to an eight-year low after saying it faces "more bad news than good news," two days after completing Europe's biggest rights offering. HBOS Plc dropped below the price of the mortgage bank's rights offer. Barratt Developments Plc tumbled 21% after Merrill Lynch & Co. recommended selling the builder's shares as the housing market deteriorates. National indexes decreased in all 18 western European markets. France's CAC 40 slipped 2.1%. The UK's FTSE 100 tumbled 1.8% to 5,723.3, as did Germany's DAX. ASIA Asian markets were mixed, with Tokyo shares rebounding on a stronger dollar and a big upward revision in Japan's economic growth figures. Markets in Hong Kong and mainland China extended losses from the previous day amid uneasiness about Chinese and US markets, and shares in the Philippines also sank. But shares in Australia and South Korea advanced after Wall Street stabilized Tuesday. In Tokyo, the Nikkei 225 Index rose 162.31 points, or 1.2%, to 14,183.48. CURRENCIES The shekel fell as low as 3.4170 per dollar, from 3.3913 on Tuesday, and was at 3.4030 most recently. The euro rose against the dollar after its biggest two-day decrease since 2005 as a European Central Bank policy maker said he could not rule out more interest-rate increases after July. The euro increased 0.6% to $1.5560 at 2:07 p.m. in New York, from $1.5467 on Tuesday. COMMODITIES Crude oil rose more than $5 a barrel in New York after a US government report showed that inventories declined for a fourth week, increasing concern stockpiles may be strained during the summer driving season. Supplies fell 4.56 million barrels to 302.2 million last week, the Energy Department said, three times what was forecast in a Bloomberg News survey. Prices also climbed because the euro rose against the dollar, China said oil imports climbed 25% last month and BP Plc CEO Tony Hayward said Russian output may continue to fall. Crude oil for July delivery rose $5.45, or 4.2%, to $136.76 a barrel at 2:13 p.m. on the New York Mercantile Exchange. Oil reached a record $139.12 a barrel on June 6. Futures have doubled in 12 months as investors looking to hedge against the dollar's drop helped push oil, gold and corn to records this year. US crude-oil stockpiles fell 7.2% in the past four weeks, the department said. Supplies of gasoline and distillate fuel, a category that includes heating oil and diesel, rose. Gold rose for the first time this week after the euro rebounded against the dollar, boosting the appeal of the precious metal as an alternative investment. Gold futures for August delivery rose $11.30, or 1.3%, to $882.50 an ounce at 11:04 a.m. on the Comex division of the New York Mercantile Exchange. The metal declined 3.1% in the previous two sessions.

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