Shekel Drops Against Dollar, BOI Mulls Dropping Interest Rate The shekel was down against the dollar in foreign currency trading Thursday morning, trading at NIS 3.5346 at mid-morning, after dropping 1.04% on Wednesday. The shekel-euro exchange rate, meanwhile, dropped 0.23% to NIS 5.0369. The drops in the shekel come in response to Wednesday's Wall Street losses. The Cost Price Index for July is scheduled to be published on Monday, data which will play a part in determining the Bank of Israel's interest rate. Some believe that BOI Governor Stanley Fischer will drop the rate, reversing a trend of rising interest rates that has been in place for several months. Dairy Reforms Won't be Presented at Sunday's Cabinet Meeting A series of reforms for the country's dairy sector – which include lowering the price of dairy products to consumers and opening the country's dairy market to imports – won't be presented at Sunday's cabinet meeting due to opposition to the reforms by a number of ministers. Agriculture Minister Orit Noked claims that the proposed reforms will cause serious damage to the country's dairy farmers and let marketing chains and dairies "off free." Finance Minister Yuval Steinitz is trying to convince Noked to stop opposing the planned reforms, saying that dairy farmers will be offered a benefits package that will keep them in business. Partner's Profit Down 30% Partner Communications's net profit was down 30% in Q2 2011, despite the fact that its revenue rose 12.6% to $553 million. Partner – which predicts that profits will continue to fall – says the drop is due to a mandated reductions of 71% and 94% in interconnect voice and interconnect SMS tariffs, respectively, that took effect at the first of the year. Cameron Convenes Special Parliament Session on UK Riots UK Prime Minister David Cameron convened a special session of Parliament on Thursday to address the recent series of violent riots and looting that spread across the country starting Saturday night. Over 1,000 have been arrested in connection with the riots and some 3000 are facing charges. Initial assessments of damage caused thus far stand at £200 million. Cameron asserted that a "culture of fear" will not take over the streets. Second Temple-Era Artifacts Unearthed in Jerusalem Second Temple-era artifacts, including a sword that belonged to a Roman soldier and a stone engraving of the menorah in the Temple have been excavated in a drainage channel between the City of David and the Jerusalem Archeological Garden, authorities announced on the eve of the Tisha Be'av fast, which marks the destruction of the Temple. The drainage channel, which dates back 2,000 years, provided cover for Jerusalem residents when the Temple was sacked in 70 CE.

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