Misplaced Pages

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122-579: Africa Israel Investments was founded in 1934, during the British Mandate , by Jewish investors from South Africa who wanted to support development in the local economy of the Yishuv . After the establishment of the state of Israel the company expanded its commercial and financial activities and was one of the first companies in the country whose shares were traded on the Tel Aviv Stock Exchange . In

244-532: A NIS 148 million profit. The company recorded net gains in real estate investment for the first nine months of 2011 in the amount of NIS 712 million ($ 188 million), of which NIS 599 million ($ 159 million) were recorded in the third quarter. On 30 January 2014, the Government Pension Fund of Norway excluded Africa Israel Investments from its portfolio, citing "Serious violations of individuals' rights in situations of war or conflict." On 17 November 2014,

366-631: A centimeter because I don't owe any of them money, to no bank in the world. I piss on every bank from above, even Rakefet" (referring to Bank Leumi CEO Rakefet Russak-Aminoach). The company became the subject of newspaper coverage in 2008, for Leviev's association with the construction of Israeli settlements on the West Bank . The British Embassy in Israel was planning to move into the Kirya Tower , one of its buildings, but cancelled when these ties were revealed in

488-895: A civil war. The three main Jewish underground forces later united to form the Jewish Resistance Movement and carry out several attacks and bombings against the British administration. In 1946, the Irgun blew up the King David Hotel in Jerusalem, the southern wing of which was the headquarters of the British administration, killing 92 people. Following the bombing, the British Government began interning illegal Jewish immigrants in Cyprus . In 1948,

610-531: A clandestine immigration effort called Aliya Bet was spearheaded by an organisation called Mossad LeAliyah Bet . Tens of thousands of European Jews escaped the Nazis in boats and small ships headed for Palestine. The British Royal Navy intercepted many of the vessels; others were unseaworthy and were wrecked; a Haganah bomb sunk the SS ; Patria , killing 267 people; two other ships were sunk by Soviet submarines :

732-578: A considerable discount from both the banks and the investment houses, so that the fees collected from the larger traders are at tariffs approaching the TASE pricelist. Furthermore, the Israeli banks collect a range of different fees in relation to transactions with TASE, such as distribution fees for mutual funds and " custodianship fees ", which is an archaic fee that very few of the investment houses continue to collect; it amounts to 0.1–0.2% annually and originates from

854-611: A counter to British hegemony. On the anniversary of the Balfour Declaration in 1943, Reichsführer-SS Heinrich Himmler and Foreign Minister Joachim von Ribbentrop sent telegrams of support for the Grand Mufti of Jerusalem , Mohammad Amin al-Husseini , to read out for a radio broadcast to a rally of supporters in Berlin . On the other hand, as many as 12,000 Palestinian Arabs, with the endorsement of many prominent figures such as

976-681: A day, a 55% increase over the previous year. The number of exchange-traded funds (ETFs) grew to 240. The Tel Bond-20 index was also launched that year. The TA-25 rose 175% in the period 2004–07. In May 2008 Northern Trust started the first US exchange-traded fund on the NYSE based on TASE's benchmark, the TA-25 Index. As of May 25, 2010, TASE's largest stocks by market capitalization were Teva Pharmaceutical Industries ($ 51.5 billion), Israel Chemicals ($ 14.3bn), Bank Leumi ($ 6.1bn), and Bezeq ($ 6.0bn). Daily turnover of shares and convertibles in 2009

1098-475: A fee that is 100–200 times higher than the TASE fee charged to them. It is usually possible to obtain a discount of tens of percent from the banking pricelist, just by asking, even if volumes are not significant (reducing the fee to 0.2–0.3%). The fee collected from low-volume traders by non-bank members (i.e., the investment houses) is lower (approximately 0.1%), only some 20 times higher than the TASE fee. Significant-volume private and institutional traders receive

1220-593: A firefight with a Palestine Police patrol hunting fruit thieves and a policeman was killed. Following the incident, British colonial police launched a search and surrounded al-Qassam in a cave near Ya'bad . In the ensuing battle, al-Qassam was killed. The death of al-Qassam on 20 November 1935 generated widespread outrage in the Arab community. Huge crowds accompanied Qassam's body to his grave in Haifa . A few months later, in April 1936,

1342-709: A for-profit company, while separating the ownership and control of TASE from membership therein. The Israel Securities Authority has regulatory oversight over TASE's operations, as well as over the Tel-Aviv Clearing House, the MAOF Clearing House and the Tel-Aviv Stock Exchange Nominee Company, which are wholly owned subsidiaries of TASE. In 2018, the Nominee Company was established as a private subsidiary of TASE. The Nominee Company

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1464-668: A meeting of the Jewish Agency executive in June 1938, as well as by Chaim Weizmann. Following the London Conference in February and March 1939, the British Government published a White Paper which proposed a limit to Jewish immigration from Europe, restrictions on Jewish land purchases, and a programme for creating an independent state to replace the Mandate within ten years. This was seen by

1586-506: A policy regarding the admission of Jews to Palestine. In April, the Committee reported that its members had arrived at a unanimous decision. The Committee approved the American recommendation of the immediate acceptance of 100,000 Jewish refugees from Europe into Palestine. It also recommended that there be no Arab or Jewish state. The Committee stated that "in order to dispose, once and for all, of

1708-587: A public company itself, listed on its own exchange since August 1, 2019. It is regulated by the Securities Law (1968) and is under the direct supervision of the Israel Securities Authority (ISA). The TASE plays a significant role in the Israeli economy , facilitating the trade of securities and the raising of capital and debt for companies and the government on the Israeli capital market. Trading on

1830-558: A share's maximum weighing in an index. For instance, the Tel Aviv 25 Index, which was considered TASE's flagship index was expanded from 25 to 35 shares, with its name being changed to the TA- 35 Index , accordingly. The maximum weighting for a share in the Index was reduced from 10% to 7%. One of the main objectives of the reform was to reduce the level of concentration in the indices. Since more than 70% of

1952-519: A unified leadership. Indeed, it might be argued that they were virtually without any leadership at all." In 1937, the Peel Commission proposed a partition between a small Jewish state, whose Arab population would have to be transferred, and an Arab state to be attached to the Emirate of Transjordan , this emirate also being part of the wider Mandate for Palestine . The proposal was rejected outright by

2074-624: A year heading the design team, Gottlieb left the company. The company has a controlling stake in Tadiran Telecom which develops telecom solutions and in Channel 9 (Israel) , a TV station serving Russian speakers. Mandatory Palestine Mandatory Palestine was a geopolitical entity that existed between 1920 and 1948 in the region of Palestine under the terms of the League of Nations Mandate for Palestine . After an Arab uprising against

2196-599: A year while the British sent the Peel Commission to investigate. During the first stages of the Arab Revolt, due to rivalry between the clans of al-Husseini and Nashashibi among the Palestinian Arabs, Raghib Nashashibi was forced to flee to Egypt after several assassination attempts ordered by Amin al-Husseini. After the Arab rejection of the Peel Commission recommendation, the revolt resumed in autumn 1937. Over

2318-472: Is engaged in two main areas of activity: it ensures the proper and complete registration of the number of securities registered in its name (held by the public) and serves as a conduit for the transfer of payments deriving from corporate actions (such as dividends, interest) between the issuing companies and the end-holders of the securities. In August 2018, the Israel Securities Authority approved

2440-620: Is expanding its operations in Europe. It also holds and operates an amusement park in Eilat, Israel. The company's fashion Brands include Gottex , Gideon Oberson, Christina (Canada) and other beachwear international brands, and the Zara and Pull & Bear franchises in Israel. Lev Leviev and the Africa-Israel Group acquired Gottex in 1997, from its founder and chief designer Lea Gottlieb . After about

2562-752: Is involved in major infrastructure projects in Israel, Russia, Romania and North America. BOT & PFI Projects: Africa Israel owns 37.5% of the company operating the Cross-Israel Highway (Highway 6), Israel’s first toll road. Other BOT and PFI activities include Highway 431 , Israel's first private penitentiary, student dormitories at the Hebrew University and the Tel Aviv Light Rail . Alon Group: Consists of Dor Alon Oil TASE :  DRAL , Israel's largest international energy group; Alon USA Energy, Inc. NYSE :  ALJ which operates

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2684-685: Is only granted the power to make recommendations; therefore, UNGAR 181 was not legally binding. Both the US and the Soviet Union supported the resolution. Haiti, Liberia, and the Philippines changed their votes at the last moment after concerted pressure from the US and from Zionist organisations. The five members of the Arab League , who were voting members at the time, voted against the Plan. The Jewish Agency, which

2806-569: The Yishuv as betrayal of the mandatory terms, especially in light of the increasing persecution of Jews in Europe. In response, Zionists organised Aliyah Bet , a programme of illegal immigration into Palestine. Lehi , a small group of extremist Zionists, staged armed attacks on British authorities in Palestine. However, the Jewish Agency , which represented the mainstream Zionist leadership and most of

2928-666: The Augusta Victoria Hospital complex on Mount Scopus on what was then the northeastern edge of Jerusalem, a building that had been constructed for the Germans circa 1910. Damaged by an earthquake in 1927, this building served as the headquarters and official residence of the British High Commissioners until 1933. In that year, a new, purpose-built headquarters and official residence for the High Commissioner

3050-629: The Haganah , which were to prove decisive in 1948. Secondly, it became clear that the two communities could not be reconciled, and the idea of partition was born. Thirdly, the British responded to Arab opposition with the White Paper of 1939 , which severely restricted Jewish land purchase and immigration. However, with the advent of the Second World War , even this reduced immigration quota was not reached. The White Paper policy itself radicalised segments of

3172-591: The London Stock Exchange's Main Market and the Nasdaq Small Cap Market. Today, tens of dual-listed companies are traded on TASE (being listed in Tel Aviv and on overseas exchanges, in parallel). In 2005, market makers began operating on TASE. In 2007, the annual volume of securities and convertibles hit a new record of NIS 593.2 billion. Since 2008, against the backdrop of the global economic crisis ,

3294-678: The Palestine Police Force withdrew from the Tel Aviv area, home to more than half the Jewish population, and turned over responsibility for the maintenance of law and order to Jewish police. As the civil war raged on, British military forces gradually withdrew from Palestine, although they occasionally intervened in favour of either side. Many of these areas became war zones. The British maintained strong presences in Jerusalem and Haifa , even as Jerusalem came under siege by Arab forces and became

3416-772: The Selvino children . Later, veterans of the Jewish Brigade were to play a major role in the foundation of the Israel Defense Forces (IDF). From the Palestine Regiment, two platoons, one Jewish, under the command of Brigadier Ernest Benjamin , and another Arab, were sent to join Allied forces on the Italian Front , having taken part in the final offensive there. Besides Jews and Arabs from Palestine, in total by mid-1944

3538-717: The State of Israel , the Hashemite Kingdom of Jordan , which annexed territory on the West Bank of the Jordan River , and the Kingdom of Egypt , which established the " All-Palestine Protectorate " in the Gaza Strip . Mandatory Palestine was designated as a Class A Mandate , based on its social, political, and economic development. This classification was reserved for post-war mandates with

3660-693: The War Office announced the formation of the Jewish Brigade Group of the British Army. The Jewish Brigade then was stationed in Tarvisio , near the border triangle of Italy, Yugoslavia , and Austria, where it played a key role in the Berihah 's efforts to help Jews escape Europe for Palestine, a role many of its members would continue after the brigade was disbanded. Among its projects was the education and care of

3782-511: The financial crisis of 2007–2008 , the company was hurt by the drop of real estate values in the United States, Russia and eastern Europe. It defaulted on a series of bonds and in 2010 it restructured 7.4 billion shekels of debt. In 2016, the company sought a second debt settlement. In a recorded conversation that was leaked to Israel Channel 10 News , Lev Leviev is heard saying: "I shit on every bank, but they haven't been able to make me move

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3904-467: The "hostile control" by the Israel Securities Authority and the regulator's interference in the executive management of the bourse as the main reasons for his resignation. Increase in trading volumes in 2020 The average daily trading volume on the equities market in 2020 amounted to approximately NIS 1.9 billion, some 35% higher than the average volume in the years 2015–2019 (that amounted to approximately NIS 1.4 billion per day). The major contributor to

4026-486: The 1960s, the scope of activity on TASE was limited and, in 1965, only 80 companies were listed on TASE. At the end of January 2021, 457 companies were listed on TASE with a total market cap of NIS 837 billion. Since the Israeli stock exchange indices reform at the beginning of 2017, there have been two equity universes. The Rimon universe is the senior of the two and comprises some 230 shares that are suitable to be used as underlying assets for derivatives. Such shares have

4148-536: The Arab national general strike broke out. The strike lasted until October 1936, instigated by the Arab Higher Committee, headed by Amin al-Husseini. During the summer of that year, thousands of Jewish-farmed acres and orchards were destroyed. Jewish civilians were attacked and killed, and some Jewish communities, such as those in Beisan ( Beit She'an ) and Acre , fled to safer areas. The violence abated for about

4270-411: The Arab rebels in the lower Galilee and in the Jezreel valley" by conducting raids on Arab villages. Irgun , a Jewish militia group, used violence also against Arab civilians as "retaliatory acts", attacking marketplaces and buses . By the time the revolt concluded in March 1939, more than 5,000 Arabs, 400 Jews, and 200 British had been killed and at least 15,000 Arabs were wounded. In total, 10% of

4392-403: The Arab world, there was no unanimity amongst the Palestinian Arabs as to their position regarding the belligerents in the Second World War. A number of leaders and public figures saw an Axis victory as the likely outcome and a way of securing Palestine back from the Zionists and the British. Even though Arabs were not highly regarded by Nazi racial theory , the Nazis encouraged Arab support as

4514-431: The Arabs. Another issue was the Balfour Declaration of 1917, in which Britain promised its support for the establishment of a Jewish "national home" in Palestine. Mandatory Palestine was then established in 1920, and the British obtained a Mandate for Palestine from the League of Nations in 1922. During the Mandate, the area saw successive waves of Jewish immigration and the rise of nationalist movements in both

4636-423: The Arabs. The two main Jewish leaders, Chaim Weizmann and David Ben-Gurion , had convinced the Zionist Congress to equivocally approve the Peel recommendations as a basis for more negotiation. In a letter to his son in October 1937 , Ben-Gurion explained that partition would be a first step to "possession of the land as a whole". The same sentiment was recorded by Ben-Gurion on other occasions, such as at

4758-502: The Big Spring refinery, 1,700 FINA gas stations in several states, terminals, more than 1,850 miles of oil pipelines, asphalt factories and more than 170 7-Eleven convenience stores. Dor Energy: A national network of gas stations and Super Alonit convenience stores in Israel, controlling also Blue Square, Israel's second largest supermarket chain. AFI Industries: Africa Israel holds a major interest in AFI Industries (formerly Packer Plada), Israel’s largest steel company and Negev Ceramics,

4880-461: The British authorities formally decided to use the traditional Arabic equivalent to the English name, and its Hebrew transcription i.e. Filasţīn (فلسطين) and Pālēśtīnā (פּלשׂתינה) respectively. The Jewish leadership proposed that the proper Hebrew name should be ʾĒrēts Yiśrāʾel (ארץ ישׂראל, Land of Israel ). The final compromise was to append the initials of the Hebrew proposed name, Alef - Yod , within parenthesis (א״י) after Pālēśtīnā whenever

5002-541: The British had assembled a multiethnic force consisting of volunteer European Jewish refugees (from German-occupied countries), Yemenite Jews and Abyssinian Jews . In 1939, as a consequence of the White Paper of 1939 , the British reduced the number of immigrants allowed into Palestine. The Second World War and the Holocaust started shortly thereafter and once the 15,000 annual quota was exceeded, Jews fleeing Nazi persecution were interned in detention camps or deported to places such as Mauritius . Starting in 1939,

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5124-586: The British intended to favour Zionism. The British administration claimed that electrification would enhance the economic development of the country as a whole, while at the same time securing their commitment to facilitate a Jewish National Home through economic – rather than political – means. In May 1921, following a disturbance between rival Jewish left-wing protestors and then attacks by Arabs on Jews, almost 100 died in rioting in Jaffa . High Commissioner Samuel tried to establish self-governing institutions in Palestine, as required by

5246-409: The British maintained the ban on immigration. The Jewish Lehi (Fighters for the Freedom of Israel) and Irgun (National Military Organisation) movements initiated violent uprisings against the British Mandate in the 1940s. On 6 November 1944, Eliyahu Hakim and Eliyahu Bet Zuri (members of Lehi) assassinated Lord Moyne in Cairo . Moyne was the British Minister of State for the Middle East and

5368-431: The British media. In September 2009, Leviev's empire was on the verge of collapse. During the real estate bubble of the early 2000s, he had borrowed huge sums of money to acquire property around the world, including America. As American real estate prices plummeted and market values declined to less than half of what Leviev had paid for properties, so did the value of Africa Israel investments. Leviev said: "Our main mistake

5490-528: The British withdrew from most of Haifa but retained an enclave in the port area to be used in the evacuation of British forces, and retained RAF Ramat David , an airbase close to Haifa, to cover their retreat, leaving behind a volunteer police force to maintain order. The city was quickly captured by the Haganah in the Battle of Haifa . After the victory, British forces in Jerusalem announced that they had no intention of overseeing any local administration but also that they would not permit actions that would hamper

5612-419: The CEO of Bank Leumi. In the office that served as the stock exchange, daily trading within the framework of the "Exchange Bureau of Securities" lasted for just one hour. Among those that conceived the original idea were bankers who had immigrated from Germany such as Max Kollenscher and his brother Leo. In 1968, TASE activity was regulated by law and the Israel Securities Authority, which supervises TASE activity,

5734-418: The Cypriot AFI Development Plc, which did not file its 2012 financial results indicator report and delayed filing its 2013 financial results indicator until March 18, 2014, was fined by the Cyprus SEC for lack of transparency a violation of the section 13 (1) Law. Danya Cebus TASE :  DNYA is the construction and infrastructures arm of Africa Israel, listed on the Tel Aviv Stock Exchange . Danya Cebus

5856-529: The ETF is subject to the Joint Investment Trusts Law. TASE collects fees from its members on every transaction executed thereon, calculated in thousands of a percent of the asset value in the case of the TACT system and in tens of agorot per MAOF option unit. Citizens interested in trading on TASE do so through the TASE members (the abovementioned banks and investment houses), which collect a considerably higher fee for their services from low-volume traders. The banks collect, using their default pricelist (0.6–0.8%),

5978-415: The European MSCI. Several financial products are traded on TASE: The fund does not guarantee a return linked to the movement in the index and the return for the investor can be higher or lower than the movement in the selected index, due to the fund's trading activity and the deviation (generally, small) in the composition of the fund's assets. Actually, an ETF is obligated to make its best effort to track

6100-436: The French-ruled Mandate for Syria and the Lebanon , and organised and established the Black Hand , an anti-Zionist and anti-British militant organisation. He recruited and arranged military training for peasants, and by 1935 he had enlisted between 200 and 800 men. They used bombs and firearms against Zionist settlers and vandalised settlers' orchards and British-built railway lines. In November 1935, two of his men engaged in

6222-439: The Homeland is illegal. It will never be recognised. The signature by institutions and individuals of the partition agreement is invalid. It will not bind the Jewish people. Jerusalem was and will forever be our capital. Eretz Israel will be restored to the people of Israel. All of it. And for ever." When the United Kingdom announced the independence of the Emirate of Transjordan as the Hashemite Kingdom of Transjordan in 1946,

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6344-411: The Index's weighting related to just 10 shares, a sharp change in the value of just one of these would cause the Index to react dramatically, and the Index was considered to be too concentrated. As part of the reform, new indices were created with the aim of raising investors' interest in TASE and increasing activity thereon. The new indices that were created are: the TA-BlueChip15Price, the TA-SME150 and

6466-417: The Jewish and Arab communities. Competing interests of the two populations led to the 1936–1939 Arab revolt in Palestine and the 1944–1948 Jewish insurgency in Mandatory Palestine . The United Nations Partition Plan for Palestine to divide the territory into two states, one Arab and one Jewish, was passed in November 1947. The 1948 Palestine war ended with the territory of Mandatory Palestine divided among

6588-436: The Jewish population, still hoped to persuade Britain to allow resumed Jewish immigration and cooperated with Britain during the Second World War . On 10 June 1940, during the Second World War , the Kingdom of Italy declared war on the British Empire and sided with Nazi Germany . Within a month, the Italians attacked Palestine from the air , bombing Tel Aviv and Haifa , inflicting multiple casualties. In 1942, there

6710-421: The Jewish population, who after the war would no longer cooperate with the British. The revolt had also a negative effect on Palestinian Arab leadership, social cohesion, and military capabilities, and it contributed to the outcome of the 1948 War because "when the Palestinians faced their most fateful challenge in 1947–49, they were still suffering from the British repression of 1936–39, and were in effect without

6832-593: The Lehi assassinated Count Bernadotte , the UN mediator, in Jerusalem. Yitzak Shamir , a future Prime Minister of Israel , was one of the conspirators. The negative publicity resulting from the situation in Palestine caused the Mandate to become widely unpopular in Britain itself and caused the United States Congress to delay granting the British vital loans for reconstruction. The British Labour Party had promised before its election in 1945 to allow mass Jewish migration into Palestine but reneged on this promise once in office. Anti-British Jewish militancy increased, and

6954-424: The Mandate's name was mentioned in Hebrew in official documents. The Arab leadership saw this compromise as a violation of the mandate terms. Some Arab politicians suggested " Southern Syria " (سوريا الجنوبية) as the Arabic name instead. The British authorities rejected this proposal; according to the Minutes of the Ninth Session of the League of Nations' Permanent Mandates Commission : Colonel Symes explained that

7076-406: The Ottoman Empire during the First World War in 1916, British forces drove Ottoman forces out of the Levant . The United Kingdom had agreed in the McMahon–Hussein Correspondence that it would honour Arab independence in case of a revolt but, in the end, the United Kingdom and France divided what had been Ottoman Syria under the Sykes–Picot Agreement —an act of betrayal in the eyes of

7198-470: The Palestine Mandate and place the Question of Palestine before the United Nations , the successor to the League of Nations . The UN created UNSCOP (the UN Special Committee on Palestine) on 15 May 1947, with representatives from 11 countries. UNSCOP conducted hearings and made a general survey of the situation in Palestine and issued its report on 31 August. Seven members (Canada, Czechoslovakia , Guatemala, Netherlands, Peru, Sweden, and Uruguay) recommended

7320-468: The TA Rimon indices. The Israeli Stock Exchange has 23 members The central Bank of Israel In 1960, TASE moved to its own premises in the "Passage" at 113 Allenby Street in Tel Aviv and, in February 1983, TASE moved premises to 54 Ahad Ha'Am Street in Tel Aviv. In 2001, a Visitors Centers was opened on the historic trading floors of the TASE building. Educational visits took place in the Visitors Center, as well as conventions and events associated with

7442-521: The TASE and the Toronto Stock Exchange signed a memorandum of understanding, committing to the cultivation of stronger ties between the two exchanges. TASE only operates from Sunday through Thursday. TASE does not operate on Friday as it is a short workday. TASE also does not operate on Israeli national and religious holidays[2]. Every so often, the idea of changing the trading days is raised such that TASE would not operate on Sundays and would operate on Fridays. The reasons for proposing this change include

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7564-510: The TASE is conducted exclusively through its 23 members, which include major banks and investment houses that collect a fee for their services. The TASE was founded in 1953, with its precursor dating back to 1935. As of 2021, it lists 473 companies, 901 series of corporate bonds, 204 series of government bonds, 416 index-tracking products, and 1,231 mutual funds. The exchange's market capitalization for equities stands at US$ 216 billion, and for bonds at US$ 196 billion. The Tel Aviv Stock Exchange

7686-491: The TA–25 index topped the Bloomberg Riskless Return Ranking list, outperforming 23 other developed-nation benchmark indexes when adjusting for volatility. CEO Ester Levanon resigned on 18 July 2013, effective 31 December 2013. A week later, on 25 July 2013, Chairman Saul Bronfeld resigned. According to Bloomberg, the executives' decisions follow a drop in trading volume and the bourse's failed bid to join MSCI Inc.'s Europe Index. Bronfeld, who served as chairman since 2006, cited

7808-435: The adoption and implementation of the Plan of Partition with Economic Union as Resolution 181 (II), while making some adjustments to the boundaries between the two states proposed by it. The division was to take effect on the date of British withdrawal. The partition plan required that the proposed states grant full civil rights to all people within their borders, regardless of race, religion or gender. The UN General Assembly

7930-420: The adult Arab male population was killed, wounded, imprisoned, or exiled. From 1936 to 1945, while establishing collaborative security arrangements with the Jewish Agency, the British confiscated 13,200 firearms from Arabs and 521 weapons from Jews. The attacks on the Jewish population by Arabs had three lasting effects: firstly, they led to the formation and development of Jewish underground militias, primarily

8052-424: The afternoon (and for derivatives – 17:35) local time ( GMT +2). Since March 8, 2020, trading on Sundays occasionally ends at between 15:49 and 15:50 local time ( GMT +2). Correspondingly, derivatives trading on such Sundays ends 35 minutes earlier, viz. at 16:00 on local time ( GMT +2). Calcalist reported in May 2024 that TASE is expected to begin operating also on fridays. This will allow TASE to be included in

8174-476: The assassination is said by some to have turned British Prime Minister Winston Churchill against the Zionist cause. After the assassination of Lord Moyne, the Haganah kidnapped, interrogated, and turned over to the British many members of the Irgun (" The Hunting Season "), and the Jewish Agency Executive decided on a series of measures against "terrorist organisations" in Palestine. Irgun ordered its members not to resist or retaliate with violence, so as to prevent

8296-415: The capital market[ On July 24, 2014, TASE moved to its new home on the corner of Montefiore Street and Ahuzat Bayit Street, close to the Shalom Meir Tower. The TASE complex stands on a one and a half dunam plot that was acquired by it in 2007 at a cost of NIS 58 million and construction took five years. The 14 story building tops out at 60 meters and has 22,600 m of floor space. The nonstandard ratio between

8418-439: The country should be called "Southern Syria" in order to emphasise its close relation with another Arab State. The adjective " mandatory " indicates that the entity's legal status derived from a League of Nations mandate ; it is not related to the word's more commonplace usage as a synonym for "compulsory" or "necessary". Following the arrival of the British, Arab inhabitants established Muslim-Christian Associations in all of

8540-420: The country was described as "Palestine" by Europeans and as "Falestin" by the Arabs. The Hebrew name for the country was the designation "Land of Israel", and the Government, to meet Jewish wishes, had agreed that the word "Palestine" in Hebrew characters should be followed in all official documents by the initials which stood for that designation. As a set-off to this, certain of the Arab politicians suggested that

8662-442: The country’s leading company in design and manufacture of building and interior design ceramic products. AFI Industries is also active in Russia and intends to expand its activities to additional countries. Africa Israel Hotels holds the Crowne Plaza and Holiday Inn franchise in Israel, operates 10 hotels in Israel (2,250 rooms) a Spa Hotel in Kislovodsk, Russia (400 rooms), a hotel in Germany, and 3 hotels in Bucharest, Romania, and

8784-470: The creation of independent Arab and Jewish states, with Jerusalem to be placed under international administration . Three members (India, Iran, and Yugoslavia ) supported the creation of a single federal state containing both Jewish and Arab constituent states. Australia abstained. On 29 November 1947, the UN General Assembly, voting 33 to 13, with 10 abstentions, adopted a resolution recommending

8906-517: The curtain on the trading floors era and completed the changeover to fully automated trading making use of a "continuous" trading system (TACT). In 2000, the Knesset passed Amendment No. 21 to the Securities Law, which makes it easier for companies whose shares are listed in the United States, to also list in Tel Aviv ("dual listing"). In July 2005, dual listing was expanded to include companies listed on

9028-538: The distribution of the seats, arguing that as they constituted 88% of the population, having only 43% of the seats was unfair. Elections took place in February and March 1923, but due to an Arab boycott , the results were annulled and a 12-member Advisory Council was established. At the First World Congress of Jewish Women which was held in Vienna , Austria, 1923, it was decided that: "It appears, therefore, to be

9150-408: The dividends (15.8 billion shekels) in 2022. The remaining dividends were paid to stakeholders. The average dividend yield of the listed companies in 2023 amounted to approximately 2.9%, compared to about 2.8% in the previous year. This was the highest yield since 2017, topping the yield of the record year of 2022. The market value in 2023 was approximately 9% lower than in 2022, while the total dividend

9272-524: The duty of all Jews to co-operate in the social-economic reconstruction of Palestine and to assist in the settlement of Jews in that country." In October 1923, Britain provided the League of Nations with a report on the administration of Palestine for the period 1920–1922, which covered the period before the mandate. In August 1929, there were riots in which 250 people died. In 1930, Sheikh Izz ad-Din al-Qassam arrived in Palestine from Syria, then part of

9394-594: The early 1970s control of the company was acquired by Bank Leumi . From 1978 to 1996 Shlomo Grofman served as President and CEO of the company. In early 1997, Lev Leviev acquired control of the company and Grofman left. In November 1996, the diamond cutter and diamond merchant Lev Leviev acquired control from Bank Leumi ; he soon expanded the group’s activities into new markets and territories. Including: energy – Dor-Alon in Israel, US and Europe. Real Estate – AFI development, Russia, USA and Europe. Manufacturing – AFI Industries (by acquiring Packer Plada). Following

9516-650: The end of the Second World War, especially by the Haganah, who carried mostly illegal Jewish immigrants in the period 1945-47. After the war, 250,000 Jewish refugees were stranded in displaced persons (DP) camps in Europe. Despite the pressure of world opinion, in particular the repeated requests of the U.S. President , Harry S. Truman , and the recommendations of the Anglo-American Committee of Inquiry that 100,000 Jews be immediately granted entry to Palestine,

9638-435: The energy, oil and gas sectors, as well as in the banking and financial services sector. The Tel Aviv Stock Exchange reported that 206 listed companies distributed dividends totalling approximately 27.2 billion shekels in 2023. This was slightly less than the all-time high recorded in 2022 when 233 companies distributed about 28.6 billion shekels. Despite these uncertainties, the percentage of public holdings in traded stocks on

9760-399: The exchange has gradually increased over the recent years, reaching 63.3% by the end of 2023. This trend contributed significantly to an increase in the proportion of dividends received by the public. The year 2023 also marked a record in the total dividends distributed to public shareholders, which was about 62% of the distributed sum (16.8 billion shekels), as opposed to approximately 55% of

9882-448: The exclusive claims of Jews and Arabs to Palestine, we regard it as essential that a clear statement of principle should be made that Jew shall not dominate Arab and Arab shall not dominate Jew in Palestine". U.S. President Harry S. Truman angered the British Government by issuing a statement supporting the 100,000 refugees but refusing to acknowledge the rest of the committee's findings. Britain had asked for U.S. assistance in implementing

10004-495: The fighting, the British did not allow the regular armies of the surrounding Arab states to cross into Palestine. Tel Aviv Stock Exchange 34°46′14″N 32°03′52″E  /  34.77059°N 32.06455°E  / 34.77059; 32.06455 The Tel Aviv Stock Exchange ( TASE ; Hebrew : הַבּוּרְסָה לִנְיָירוֹת עֵרֶךְ בְּתֵל אָבִיב ), colloquially known as The Bursa , is the only public stock exchange in Israel and

10126-588: The final Assembly of the League of Nations and the General Assembly both adopted resolutions welcoming the news. The Jewish Agency objected, claiming that Transjordan was an integral part of Palestine, and that according to Article 80 of the UN Charter , the Jewish people had a secured interest in its territory. During the General Assembly deliberations on Palestine, there were suggestions that it would be desirable to incorporate part of Transjordan's territory into

10248-563: The general public during 2020, compared to some 98,000 new accounts in 2019, a 44% increase. The pace at which non-bank members acquired new members – some 170% more than in 2019 – was particularly noticeable. Among the banks, the growth was 36% up on the previous year. In 2023, despite significant events such as war and legal reform, about 40% of the companies listed on the Tel Aviv Stock Exchange continued to distribute dividends to their shareholders. This included notable dividends in

10370-415: The highest capacity for self-governance. All Class A mandates other than mandatory Palestine had gained independence by 1946. The name given to the Mandate's territory was "Palestine", in accordance with local Palestinian Arab and Ottoman usage and with European tradition. The Mandate charter stipulated that Mandatory Palestine would have three official languages: English, Arabic and Hebrew. In 1926,

10492-503: The index and, as such, the ETF should generate a similar, if not an identical, return to the movement in the index that it tracks. An ETF is a hybrid product, since it is listed on TASE like any other security listed on TASE and can be bought or sold on TASE. However, in addition to this, the investor has the possibility of buying or selling the ETF, in a similar fashion to open-end mutual funds (funds that are not listed on TASE). Like mutual funds,

10614-606: The infrastructure for launching new indices. At the beginning of 2017, the Knesset passed the second and third readings of a law for TASE's demutualization, which created the outline for turning it into a for-profit company. In April 2017, the Knesset passed an amendment of the Securities Law enabling changes to TASE's ownership structure; in September 2017 the District Court ratified the TASE demutualization arrangement, enabling changes to TASE's ownership structure, whereby TASE became

10736-505: The list of companies that fail its Socially Responsible Investment policy; a bank spokesman noted that it was acting in the interests of its customers by not 'placing their money in companies that violate international standards'. In October 2011, Africa Israel sold the Metropolitan Life Insurance Company Tower for US$ 165 million, increasing its cash flow by $ 88 million. In the third quarter 2011, Africa Israel made

10858-425: The lowest volume since 2004. In 2016, TASE launched an analysis project for high-tech companies, within the framework of which the international research company, Frost and Sullivan, publishes informational and financial analyses regarding technology and biomed companies that are listed on TASE. In 2017, the TASE indices underwent a reform – "the diffusion reform", which had several objectives, including: improving

10980-730: The major towns. In 1919 they joined to hold the first Palestine Arab Congress in Jerusalem. It was aimed primarily at representative government and opposition to the Balfour Declaration . Concurrently, the Zionist Commission formed in March 1918 and actively promoted Zionist objectives in Palestine. On 19 April 1920, elections took place for the Assembly of Representatives of the Palestinian Jewish community . In March 1920, there

11102-434: The mandate, but the Arab leadership refused to co-operate with any institution which included Jewish participation. When Kamil al-Husayni , the Grand Mufti of Jerusalem , died in March 1921, High Commissioner Samuel appointed his half-brother, Mohammad Amin al-Husseini , to the position. Amin al-Husseini, a member of the al-Husayni clan of Jerusalem, was an Arab nationalist and Muslim leader. As Grand Mufti, as well as in

11224-485: The mayors of Nablus and Gaza and media such as "Radio Palestine" and the prominent Jaffa -based Falastin newspaper, volunteered to join and fight for the British, with many serving in units that also included Jews from Palestine. 120 Palestinian women also served as part of the Auxiliary Territorial Service . However, this history has been less studied, as Israeli sources put more focus in studying

11346-617: The motor schooner Struma was torpedoed and sunk in the Black Sea by a Soviet submarine in February 1942 with the loss of nearly 800 lives. The last refugee boats to try to reach Palestine during the war were the Bulbul , Mefküre and Morina in August 1944. A Soviet submarine sank the motor schooner Mefküre by torpedo and shellfire and machine-gunned survivors in the water, killing between 300 and 400 refugees. Illegal immigration resumed after

11468-422: The next 18 months, the British lost Nablus and Hebron. British forces, supported by 6,000 armed Jewish auxiliary police, suppressed the widespread riots with overwhelming force. The British officer Charles Orde Wingate (who supported a Zionist revival for religious reasons ) organised Special Night Squads of British soldiers and Jewish volunteers such as Yigal Alon ; these "scored significant successes against

11590-576: The number of stories and the building's height is due to the building having stories with high ceilings, such as the ground floor that rises to a height of 10 meters. In 1993 TASE had the third largest number of IPOs of all the world stock exchanges. In 2005, non-Israeli investment in TASE reached an all-time high of NIS 2 billion, while the TA-25 increased 34%. By the end of the year foreign investment banks UBS , Deutsche Bank , and HSBC had become members of TASE. In 2007, trading averaged $ 500 million

11712-576: The other influential positions that he held during this period, al-Husseini played a key role in violent opposition to Zionism . In 1922, al-Husseini was elected President of the Supreme Muslim Council which had been established by Samuel in December 1921. The Council controlled the Waqf funds, worth annually tens of thousands of pounds, and the orphan funds, worth annually about £50,000, as compared to

11834-569: The partition plan, but refused to enforce it, arguing it was not accepted by the Arabs. Britain also refused to share the administration of Palestine with the UN Palestine Commission during the transitional period. In September 1947, the British government announced that the Mandate for Palestine would end at midnight on 14 May 1948. Some Jewish organisations also opposed the proposal. Irgun leader Menachem Begin announced, "The partition of

11956-684: The proposed Jewish state. A few days before the adoption of Resolution 181 (II) on 29 November 1947, US Secretary of State Marshall noted frequent references had been made by the Ad Hoc Committee regarding the desirability of the Jewish State having both the Negev and an "outlet to the Red Sea and the Port of Aqaba". According to John Snetsinger, Chaim Weizmann visited President Truman on 19 November 1947 and said it

12078-407: The recommendations. The US War Department had said earlier that to assist Britain in maintaining order against an Arab revolt, an open-ended US commitment of 300,000 troops would be necessary. The immediate admission of 100,000 new Jewish immigrants would almost certainly have provoked an Arab uprising. These events were the decisive factors that forced Britain to announce their desire to terminate

12200-426: The relatively low trading volume on Sundays, due mainly to the world's main stock exchanges not operating on Sundays. The TASE trading schedule on workdays is divided into five phases: "Pre-opening", "Opening auction", "Continuous trading", "Pre-closing", and "Closing auction" On the days when operations are conducted, trading is executed between the hours of 9:25 in the morning (derivatives – from 9:45) and 17:25 in

12322-457: The rise in trading volumes was global coronavirus pandemic, which reached Israel in February 2020, and led to a steep increase in trading volatility on the markets. Growth in the number of retail accounts with Israeli members of TASE in 2020 The Israeli capital market was stormed by the local retail public in 2020, which opened a significantly greater number of new accounts with TASE members than in 2019. Some 141,000 new accounts were opened by

12444-606: The role played by Jewish soldiers. Meanwhile, Palestinian sources "were not eager to glorify the names of those who cooperated with Britain not so many years after the British put down the Arab Revolt of 1936-1939, and thereby indirectly helped the Jews establish a state." On 3 July 1944, the British government consented to the establishment of a Jewish Brigade within the British Army , with hand-picked Jewish and also non-Jewish senior officers. On 20 September 1944, an official communiqué by

12566-414: The safe and orderly withdrawal of their forces; military courts would try anybody who interfered. Although by this time British authority in most of Palestine had broken down, with most of the country in the hands of Jews or Arabs, the British air and sea blockade of Palestine remained in place. Although Arab volunteers were able to cross the borders between Palestine and the surrounding Arab states to join

12688-499: The sale of 71.7% of TASE's shares to five groups of foreign investors. On August 1, 2019, trade in TASE shares commenced on the Tel-Aviv Stock Exchange. The 2017 indices reform At the beginning of 2017, TASE carried out a comprehensive reform of the security indices listed on it and established new indices. Among the principal changes made by the reform was expanding the number of shares included in each index and lowering

12810-435: The scene of fierce fighting, though the British occasionally intervened in the fighting, largely to secure their evacuation routes, including by proclaiming martial law and enforcing truces. The Palestine Police Force was largely inoperative, and government services such as social welfare, water supplies, and postal services were withdrawn. In March 1948, all British judges in Palestine were sent back to Britain. In April 1948,

12932-478: The situation required the presence of over 100,000 British troops in the country. Following the Acre Prison Break and the retaliatory hanging of British sergeants by the Irgun, the British announced their desire to terminate the mandate and to withdraw by no later than the beginning of August 1948. The Anglo-American Committee of Inquiry in 1946 was a joint attempt by Britain and the United States to agree on

13054-449: The stability of the TASE indices, broadening the sectoral diffusion within the various indices, setting more stringent threshold terms for the flagship indices and easing the threshold terms for the other indices, encouraging foreign investors to invest in the TASE indices, significantly increasing the free float rate for the shares included in the flagship indices, fully realizing the potential of small and medium company shares, and enlarging

13176-637: The tightening of the regulatory regime in which TASE operates (by the Israel Securities Authority , the Capital Market, Insurance and Savings Division at the Israeli Ministry of Finance, the Anti-Money Laundering Authority, etc.) and other factors, the number of trading participants and trading volumes have become less significant. In 2012, the annual volume of securities and convertibles amounted to just NIS 265.1 billion (a 54% decrease) –

13298-554: The time had 70 Israeli companies listed on the exchange, with a combined global market capitalization of over US$ 60 billion. In July 2008, the TASE entered into a memorandum of understanding with NYSE Euronext . At the time seven Israeli companies traded on the NYSE. In November 2008 the TASE and the Shanghai Stock Exchange signed a memorandum of understanding, with delegations to be sent to each other's markets to deepen understanding and promote trade. In February 2010,

13420-454: The time when securities were actual paper documents that were kept in a safe for the bank's customers. In the digital world, the justification for this fee is less clear and most of TASE's non-bank members do not collect this fee from their customers; the banks too are tending to waive this fee for some of their customers. TASE publishes a fees comparison table on its website, which allows the different trading fees to be swiftly compared. During

13542-583: The £600,000 in the Jewish Agency 's annual budget. In addition, he controlled the Islamic courts in Palestine. Among other functions, these courts had the power to appoint teachers and preachers. The 1922 Palestine Order in Council established a Legislative Council, which was to consist of 23 members: 12 elected, 10 appointed, and the High Commissioner. Of the 12 elected members, eight were to be Muslim Arabs, two Christian Arabs, and two Jews. Arabs protested against

13664-424: Was US$ 432 million, $ 1,035M of bonds and exchange-traded notes (ETNs), $ 163M of T-bills, and 252,000 options and futures contracts. Total market capitalization at the end of 2009 was $ 189bn shares and convertibles, $ 174bn government and corporate bonds, and $ 23bn T-bills, a total of $ 386bn. On April 25, 2010, TASE's benchmark TA-25 index reached a record high of 1,239 points. For the decade ending 12 February 2012,

13786-681: Was a period of great concern for the Yishuv , when the German forces of General Erwin Rommel advanced east across North Africa towards the Suez Canal , raising a fear that they would conquer Palestine. This period was referred to as the " 200 days of dread ". This event was the direct cause for the founding, with British support, of the Palmach – a highly trained regular unit belonging to Haganah (a paramilitary group composed mostly of reserves). As in most of

13908-500: Was an attack by Arabs on the Jewish village of Tel Hai . In April, there was another attack on Jews, this time in Jerusalem. In July 1920, a British civilian administration headed by a High Commissioner replaced the military administration. The first High Commissioner, Sir Herbert Samuel , a Zionist and a recent British cabinet minister, arrived in Palestine on 20 June 1920 to take up his appointment from 1 July. Samuel established his headquarters and official residence in part of

14030-417: Was completed on what was then the southeastern edge of Jerusalem. Referred to as Armon HaNetziv by the Jewish population, this building, located on the 'Hill of Evil Counsel' on the ridge of Jabel Mukaber , remained in use as the headquarters and official residence of the British High Commissioners until the end of British rule in 1948. One of the first actions of the newly installed civil administration

14152-507: Was established in 1953. Even prior to this, commencing in 1935, securities trading was carried out in the Land of Israel and, afterwards, in the State of Israel at the mandate-period Anglo-Palestine Bank (today, Bank Leumi ). The trade was conducted at the bank, in the office of Mordechai Pinchas Hasson , an Israeli banker who was one of the founders of the Exchange Bureau of Securities and

14274-445: Was established. In 1983, TASE was hit by the bank stock crisis , during which the share price of Israel's four largest banks collapsed – resulting in the state's nationalization of the banks and a third of the public's investment in them being wiped out. In the same year, TASE moved from its premises at 113 Allenby Street to a building at 54 Ahad Ha'Am Street, Tel Aviv. In 1993, trade in derivatives commenced. In 1999, TASE brought down

14396-653: Was imperative that the Negev and Port of Aqaba be within the Jewish state. Truman telephoned the US delegation to the UN and told them he supported Weizmann's position. However, the Trans-Jordan memorandum excluded territories of the Emirate of Transjordan from any Jewish settlement. Immediately after the UN resolution, civil war broke out between the Arab and Jewish communities, and British authority began to break down. On 16 December 1947,

14518-527: Was only about 5% lower than the previous year. In February 2007 the TASE signed a formal memorandum of understanding with the London Stock Exchange intended to smooth the trading of securities listed on both exchanges. At the time, 50 Israeli companies were listed on the London Stock Exchange. A similar memorandum of understanding was signed with The Nasdaq Stock Market in November 2007. NASDAQ at

14640-570: Was the Jewish state-in-formation, accepted the plan, and nearly all the Jews in Palestine rejoiced at the news. The partition plan was rejected by the Palestinian Arab leadership and by most of the Arab population. Meeting in Cairo on November and December 1947, the Arab League then adopted a series of resolutions endorsing a military solution to the conflict. Britain announced that it would accept

14762-589: Was the investments in the U.S." In 2009, Africa Israel's recently constructed private prison near Beersheba was banned by Israel's High Court of Justice. The prison had not yet been occupied when it was declared unconstitutional. In 2009, BlackRock divested from the company, allegedly "due to firm's involvement in West Bank settlement construction." Following campaigning by the Boycott, Divestment and Sanctions movement, in January 2010 Danske Bank added Africa Israel to

14884-453: Was to begin granting concessions from the Mandatory government over key economic assets. In 1921 the government granted Pinhas Rutenberg – a Jewish entrepreneur – concessions for the production and distribution of electrical power. Rutenberg soon established an electric company whose shareholders were Zionist organisations, investors, and philanthropists. Palestinian-Arabs saw it as proof that

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