Germany's Central Bank Votes to Oust Sarrazin for "Jew" Comments
Germany's central bank has voted to pursue the dismissal of Thilo Sarrazin, the board member who recently caused major controversy with public comments about Jews and immigration. The Berliner Zeitung quoted a bank source saying that Deutsche Bundesbank Axel Weber and the other four members of the board unanimously voted to recommend the dismissal of Sarrazin following his remarks. The details of the dismissal had yet to be arranged, and Bundesbank had no comment.
State Bank of India's Israel Branch Breaks Even in 2nd Year
In only its second operating year, the State Bank of India's Israeli branch has broken even, The Economic Times reported. In 2007, in light of heightened trade between Israel and India, SBI opened a branch in the Israel Diamond Exchange. At the time, some analysts expressed doubt about whether SBI was making a wise move in opening offices in Israel at a time when other foreign banks were closing their Israeli branches. The bank's performance has been confirmed by the Bank of Israel, as well as by its local business partners.
Makhteshim Drops Bid For World's Largest Agrochemical Firm
Israel's Makhteshim Agan Industries Ltd has pulled out of negotiations to acquire Albaugh Inc, the largest private producer of agrochemicals in the world, Globes reported. Makhteshim had planned to buy Albaugh for $340 million in cash and $455 in a seven-year loan, but decided to forgo the deal after its due diligence found "material deviation from the data based on which the company decided to enter the letter of intent." Albaugh Inc. is still wholly owned by its founder, Dennis Albaugh.
Israel Electric Returning to Local Bond Market
Eighteen months after its last bond offering, the Israel Electric Corporation is once again offering local bonds as a fundraising measure. According to news reports, the IEC board of directors has approved private bond placement of up to NIS 1 billion - $264.4 million – intended to go toward repaying principal and interest on the company's liabilities, which include $600 million in bonds to be repaid by the end of May 2011. IEC's bonds have a negative outlook and a current rating of Aa2.
Zsa Zsa Gabor Loses Consciousness, Reported Stable
After being rushed back to a Los Angeles hospital after losing consciousness, actress Zsa Zsa Gabor was reported to be in stable condition. Earlier this week, the 93-year-old Gabor had been in severe pain and her husband stated that she was "not responsive." A spokesman for Gabor's daughter, Francesca Hilton, said that Gabor's life was not in danger.