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Elbit Systems fires dozens of
Elbit Systems has fired scores of employees over the
past few months as part of a company-wide restructuring in response to defense
spending cuts worldwide as the economic crisis bites into budgets, people
familiar with the matter said Tuesday. Elbit Systems has fired engineers,
development staff and temporary employees and transferred staff among various
divisions. More layoffs will be made in the coming months, following the
cancellation or scaling back of contracts and potential projects in target
“Elbit Systems adjusts its manpower every year on the basis of
the work plans of its various divisions,” Elbit Systems said in a statement.
“This year the company also made structural changes to better prepare for market
Dankner announces bond buyback
Holding Corp. Ltd., controlled by chairman Nochi Dankner, announced Tuesday its
subsidiaries will buy back bonds totalling NIS 920 million. IDB Development and
Clal Industries and Investments Ltd. will each buy back NIS 150m. in bonds,
Discount Investment Corporation will buy back NIS 250m., and its subsidiaries
Koor Industries Ltd. and Property and Building Ltd. will buy back NIS 250m. and
NIS 120m., respectively.
IDB Development has already launched the
Its TASE-traded bonds rose by up to 4.6 percent by midday,
reversing a prolonged slide in the bond prices, which sent their yields up to
17%. Discount Investment has also begun the buybacks, including NIS
19m. worth of its No. 9 Bond series. Koor is buying back bonds in its 8,
9, and 10 series.