Business in Brief: January 11

Virginia to assist Israeli clean-tech firms; Noble Energy keeps up the pressure; Correlix gains NYSE Euronext share; Bankers: Global economy ticks upward.

By GLOBES
January 11, 2011 07:50
3 minute read.
Trader watches the stocks

Trader watches the stocks 311. (photo credit: AP)

Virginia to assist Israeli clean-tech firms • By BATYA FELDMAN

The Virginia state government believes in Israeli capabilities and has launched a program to support and encourage Israeli clean-tech companies. Via Virginia Israel Advisory Board and with the collaboration of the Zysman, Aharoni, Gayer & Co. law firm, a Dominion Resources commercialization team is now in Israel to interview 25 clean-tech companies, of which five will receive aid packages.

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The program is directed at companies close to commercialization of their products and which are targeting the US market. The chosen companies will receive financial, technological and management assistance and will open offices in Virginia. Candidates include CQM Ltd., Emefcy Ltd. and Pythagoras Solar Ltd.

The Virginia government and ZAG are cooperating with Dominion Resources, which has a market cap of $25 billion. Dominion Resources is one of the largest US energy products and transportation companies, operating in 12 states.

Noble Energy keeps up the pressure • Globes correspondent

Finance Minister Yuval Steinitz met Monday with Noble Energy chairman and CEO Charles Davidson, after meeting Delek Group controlling shareholder Yitzhak Tshuva and representatives of Isramco controlling shareholder Jackob Maimon last week. Noble Energy owns 36 percent of the Tamar license and 39.66% of the Leviathan license.

“The meeting between the finance minister and Davidson was held in accordance with Steinitz’s promise to hear the representatives of the energy companies after the publication of the final report of the Sheshinski Committee to review fiscal policy in the oil and gas industry,” the Finance Ministry said in a statement.

The gas exploration companies are continuing to apply pressure on Steinitz and Prime Minister Binyamin Netanyahu not to accept the Sheshinski Committee recommendations. A senior advisor in the Bush administration has said Noble Energy would ask Congress to pressure the Israeli government, Globes reported Sunday.

Correlix gains NYSE Euronext share

Correlix Ltd., the Israeli startup whose software monitors the speed of transactions on financial exchanges, said Monday its technology was chosen by NYSE Euronext, giving it a majority market share. “Today Correlix is being used to monitor about 60 percent of all US equity daily trading volume,” Correlix founder, president and chief technology officer Shawn Melamed said in a phone interview from New York.

NYSE Euronext will start implementing the Correlix software later this year, the two companies said in a press release. Correlix clients include Nasdaq OMX Group Inc., CBOE Holdings Inc. and Direct Edge Holdings LLC, all added last year. In the coming year, it plans to expand in Europe and Asia and extend offerings to monitor trading of futures, foreign-currency exchanges and fixed income, Melamed said. • Bloomberg

Bankers: Global economy ticks upward

BASEL, Switzerland (AP) – The global economy is recovering faster than expected, the world’s leading central bankers said Monday, though they see dangers from inflation and rising food prices in emerging markets.

The recovery is particularly strong in emerging economies such as China, Brazil and India, according to the group of central bankers that meets in Basel every other month to assess the world economy.

“At the level of the global economy, the recovery would be confirmed in the eyes of the global economy meeting. Growth is there and particularly I’d have to say impressive in the emerging economies. But it’s confirmed at the global level,” Jean-Claude Trichet, the group’s chairman and president of the European Central Bank, said at a press conference.


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