American small and medium-size companies that rely on China are scrambling to adjust their business plans in response to the escalating trade war.Traderead more
Here are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.Marketsread more
Trump said he will raise tariffs on $250 billion in Chinese goods to 30% and hike duties on another $300 billion in products to 15%.Politicsread more
China said on Saturday it strongly opposes Washington's decision to levy additional tariffs on $550 billion worth of Chinese goods and warned the United States of consequences...Politicsread more
The European Union will respond in kind if the U.S. imposes tariffs on France over digital tax plan, EU chief Donald Tusk told G-7.Technologyread more
Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US Marketsread more
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"We don't need China and, frankly, would be far better off without them," Trump tweeted.Politicsread more
Recent trade friction between the two Asian powerhouses has morphed into a dispute with political implications that go far beyond the region.Asia Politicsread more
(Adds details, CEO comment)
JERUSALEM, Aug 1 (Reuters) - The Tel Aviv Stock Exchange transformed into a public company on Thursday after completing a long awaited initial public offering that valued the bourse at 710 million shekels ($202 million).
Joining a global trend, the Israeli exchange sold nearly 32% of its shares at 7.1 shekels per share. They jumped 30% in their first hours of trading to 9.25 shekels in heavy turnover.
The TASE, founded 66 years ago, said the IPO drew demand from institutions, mostly global investors.
Itai Ben-Zeev, the TASE's chief executive, said the bourse will operate more transparently and responsibly.
"We hope we have paved the way for other Israeli companies seeking to issue on the Tel Aviv Stock Exchange with an offering that includes large international investment entities alongside local investors," he said.
"Such a global offering has many benefits to Israeli companies in terms of their valuation and the diversity and number of investors."
Last year, TASE -- which has lost 40% of investors since 2010 -- sold nearly a 20% stake to investment fund Manikay Partners and another 19% to four other foreign investors. That sale valued the exchange at 551 million shekels.
With 447 traded companies at a market value of $215 billion, the TASE has been struggling with delistings and declining trading volumes.
In the first half of 2019, daily trading averaged 1.2 billion shekels.
The TASE earned 5.4 million shekels in the first quarter, down from 8.1 million a year earlier, citing lower revenue and higher expenses. Revenue slipped 2% to 64.6 million shekels.
It plans to distribute 30-50% of its ongoing profit starting in 2020 as a dividend.
($1 = 3.5217 shekels) (Reporting by Steven Scheer; Editing by Tova Cohen and David Evans)