In a 31.7% offering for NIS 200 million, mostly foreign demand for the TASE IPO currently sits at NIS 1 billion. Yet with the backdrop of declining volume, multiple delistings, and a disinterested Israeli public, some investors are beginning to ask: why?
Over the past month Israel has been acknowledged as having one of the hottest property markets on the planet. While Europe and the US slog through their respective recessions, prices for apartments in Israel have been skyrocketing.
The government deficit in 2012 totaled NIS 39 billion, 4.2% of GDP, more than double the figure planned, the Ministry of Finance announced today. The original deficit target was NIS 18.3 billion, or 2% of GDP.
The Ministry of Finance today admitted the unprecedented deviation from the original budget was due to an NIS 18.5 million shortfall in projected tax revenues. The ministry added that, even after the revised tax revenues projection made in early 2012, the revenues shortfall was NIS 2.21 billion.