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September 17, 2014 / 22 Elul, 5774
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Posts Tagged ‘dollar’

Fischer Cuts Interest Rate and Says Bank to Buy 2 Billion Dollars

Monday, May 13th, 2013

Bank of Israel Governor Stanley Fischer announced on Monday a surprise cut the prime interest rate as part of his battle to fight the appreciation of the shekel and help the economy to keep growing. The financial markets responded with the shekel-dollar rate rising more than 1.5 percent to the level of 3.61 shekels to the dollar.

Fischer announced the interest rate cut two weeks ahead of the usual end-of-the-month decision on whether to change the rate.

The dollar was worth only 3.55 shekels last week, dropping over the past several weeks from the relatively lofty level of 3.8 shekels to the dollar.

A lower shekel-dollar rate hurts exports because foreign buyers have to pay relatively more dollars than they would when the shekel is worth less. In addition, exporters make less money after converting foreign dollars into shekels.

Factors in the lower rate are the anticipation of tax revenue from Israel’s natural gas bonanza, which came on-stream several weeks ago, Warren Buffet’s $2 billion purchase of the remaining shares of the Israel-based Isracar tool-making company, the possibility of a $1 billion buyout of Waze by Facebook, and the relatively stable Israeli economy.

Fischer cut the rate by a quarter of a percent, with the new 1.5 percent rate making the shekel less attractive to foreign investors.

After the Bank of Israel’s two small purchases of dollars the past three weeks in an effort to keep speculators from forcing the shekel-dollar rate any lower, Fischer announced on Monday a massive dollar-buying plan on the scale of his purchases several years ago when the shekel-dollar rate sank to 3.30.

The Bank of Israel said the decisions to lower the rate and buy dollars was made “in light of the continued appreciation of the shekel, taking into account the start of natural gas production from the Tamar gas field, interest rate reductions by many central banks – notably the European Central Bank, the quantitative easing in major economies worldwide and the downward revision in global growth forecasts.”

The Bank of Israel added that global growth forecasts, especially for Europe and China have been revised downward, which effect Israel’s economy.

It explained that the program to buy dollars takes into account “the effects on the financial account resulting from the natural gas production” that will result in foreign exchange payments by the gas companies.

“As in the past, the Bank of Israel will continue to operate in the foreign exchange market in cases of exchange rate fluctuations which are not in line with fundamental economic conditions, or when conditions in the foreign exchange market are disorderly,” the Bank of Israel added.

Warren Buffet Buys Out Israeli Firm for $2 Billion

Wednesday, May 1st, 2013

Warren Buffett’s Berkshire Hathaway is paying $2.05 billion for the remaining 20 percent of IMC International Metalworking Co, otherwise known as Isracar, completing the buyout that began with the giant $4 billion purchase of 80 percent of the company in 2006.

“We are delighted to acquire the portion of the company that was retained by the Wertheimer family when IMC first became a member of the Berkshire group of companies,” Buffett said Wednesday in a statement.

“As you can surmise from the price we’re paying for the remaining interest, IMC has enjoyed very significant growth over the last seven years,” Buffett, 82, said.

Isracar employs more than 2,000 people in Israel and 7,500 others around the world.

Buffett has literally fallen in love with Israel. The 2006 purchase of most of Isracar was Buffett’s largest-ever investment outside of the United States.

When he visited Israel prior to the spectacular purchase of the precision carbide cutting tools company, he said, “If you’re going to the Middle East to look for oil, you can skip Israel. If you’re looking for brains, look no further. Israel has shown that it has a disproportionate amount of brains and energy.”

Since then, an American-Israeli consortium drilling off the Haifa coast has made the world’s largest discovery of natural gas in the past 20 years, with a strong possibility of commercial quantities of oil.

Buffet’s purchase of the rest of Isracar on Wednesday helped strengthen the shekel against the dollar, with the going rate for a greenback now less than 3.58 shekels.

Fischer Launches New War on Shekel-Dollar Rate

Monday, April 8th, 2013

Bank of Israel Governor Stanley Fischer launched a new war on the falling shekel-dollar rate Monday and ordered the purchase of $100 million of greenbacks, soon after the rate dropped close to 3.59 shekels to the dollar for the first time in nearly two years.

The massive purchase catapulted the rate from the 18-month low of 3.592 to 3.62 in only a few minutes.

The shekel has strengthened this year, receiving recent support from expectations of positive fallout from the beginning of the flow of Israeli natural off-shore gas.

A strong shekel is great news for consumers buying items imported from the United States, but it sends shivers through Israeli companies with revenues in dollars. After converting income to shekels, the firms are left with less money, and their executives are constantly pressuring the Finance Ministry and the Bank of Israel to take measures to raise the currency rate.

U.S. Sending 20 More F-16s to Egypt – Just What An Islamic Republic Needs

Tuesday, December 11th, 2012

Despite it’s Muslim Brotherhood government, the US has decided to send 20 more F-16 fighter planes to Egypt,  FoxNews reports.

Egypt already has 200 planes, and these 20 are part of an order placed by the U.S., for former president Hosni Mubarak 2 years ago, as part of a $1 billion dollar foreign package to Egypt.

With Islamic Egypt cozying up to Iran, and the Israel-Egypt peace treaty on the rocks, is sending them the most advanced F-16s that Lockheed Martin makes the best of ideas right now? You would think with problems that Egypt faces, sending food and teachers might be a far more wiser use of that money.

Carny Nation

Sunday, November 11th, 2012

Come right in and step right up. See the bright lights and the oddities of nature. Inside folks, for the low price of twenty-two trillion dollars, you can see Binders of Women, Team Big Bird and entire reams of green windmills and fields full of bayonets and horses. Here lies become the truth and everything is full of sugar. And the highlight of the show with be Barack, the Exotic Prince from the Wilds of Indonesia and Kenya, with a special appearance by Oprah and a hologram of JFK. Here in the Carnival of Fools, the party never stops and no one ever has to pay the bill.

“There’s a sucker born every minute,” a famous connoisseur of them once said. And suckers are big business. Very big business indeed. But don’t feel too sorry for the sucker. The sucker is a creature composed of ignorance and greed. He believes in his own specialness. He believes that he can fool other people into giving him their money, when actually he is the one being fleeced. The mark is an aspiring scammer who is too dumb to realize that nothing in life is free and the scam is on him.

If you browse through your email’s spam folder, the chances are good that you will come upon a missive from a Nigerian prince offering you the opportunity to help him cart away his fortune in exchange for a sharp cut of the profits. These scams date back to the dinosaur years of the internet, and though there are occasional elaborations on the theme, the African scammers stick to the tried and true, even though the tried and true has become a cliche that anyone should be able to see through.

Why?

Because the Nigerian Prince scam is a self-selecting group. Anyone who still falls for it after all these years is dumber than your average sucker. The scammers know this and they don’t want to waste their valuable time hooking a difficult fish with a plausible scam. They go for easy marks for the same reason that some men fish with dynamite. Because it’s easier.

America has its own Nigerian Prince. I think you know his name by now. His campaign sent out nearly as many emails as his Nigerian colleagues do, promising fame and fortune to those suckers who would help him transfer some wealth from the 1 percent to the 99 percent. And now that his second term is here, the check is in the mail. And if the government check doesn’t clear, well that’s what happens when you put your faith in Nigerian Princes.

A scam like the Democratic Party needs suckers. It needs millions and millions of the dumbest people that can be found outside of specially supervised group homes. And then it needs to appoint people to watch over them, give them the occasional food and minor check, and drive them in vans to the polls after two or four years so that the con artists can keep their manicured paws on the local treasury.

These people have to be stupid, yes, but like all marks, they have to be greedy. They have to be the kind of people who relish taking someone else’s money without working for it. The kind who grin at the idea of putting something over someone else. The kind who think that they are smart because they decided that the world owes them a living. They think that they’re smart, but they’re only the marks in a con. And when the con is done, like the guy depositing a check from Nigeria’s Prince Uscamo, they are going to be the ones left holding the bag.

A con plays on the greed of the mark. And on his stupidity. And in a democracy, you can take over a country if you organize enough motivated suckers to vote for trillions in government money that they will never see, but that they are on the hook for. And if you don’t have enough native suckers, then you import more, taking care that your immigration policies favor the greedy sucker demographic. But unfortunately in a democracy where half the population doesn’t bother to vote and a quarter votes for the scammers, we are all on the hook for the scam.

Iran Currency Plummets

Tuesday, October 2nd, 2012

Iran’s currency fell a whopping 16 percent on Monday to a record low of 34,500 rials to the dollar, plummeting from 29,500 rials on Sunday.

Analysts say the currency’s dive signals the deepening impact of Western sanctions on the country initiated because of Iran’s continuing nuclear program.

$1 Million Israeli BRAIN Prize To Be Awarded in 2013

Monday, September 24th, 2012

A $1 million dollar prize has been announced which will go to the individual or team with the highest potential for helping people around the world by the non-profit organization Israel Brain Technologies.

The Breakthrough Research and Innovation in Neurotechnology (BRAIN) prize will be awarded by a panel of international leaders in neuroscience, technology, and business.

Israeli President Shimon Peres, whose love of brain research led to the founding of IBT, lauded the potential for make inroads against debilitating brain diseases, both in terms of the benefit to mankind and the possibility of economic profit.

The first BRAIN Prize will be awarded at IBT’s Global Brain Technology Conference in 2013.

Printed from: http://www.jewishpress.com/news/1-million-israeli-brain-prize-to-be-awarded-in-2013/2012/09/24/

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