Israel's Orbit wins large satellite communications deal
TEL AVIV (Reuters) - Orbit Technologies (ORBI.TA) won a contract for its Ka-band communications systems from one of the world's largest satellite ventures, the Israeli company said on Sunday.
Orbit said the customer, a consortium of carriers that provides satellite high-speed broadband communications around the world, estimates the potential market for Orbit's systems at $150 million over five years.
The company received an initial immediate order worth 4 million shekels ($1.03 million).
Orbit's shares were up 40 percent to 8.68 shekels in afternoon trade.
Orbit will supply communications systems, including 2,500 antennas, for the Ka band frequency, a key growth engine for the satellite communications industry.
($1 = 3.90 shekels)
(Reporting by Tova Cohen)
LONDON - Most of Europe's big banks shed risky assets in the quarter to September, but they have yet to take extra provisions against doubtful loans to show they have put the financial crisis behind them in time for a critical review by regulators.
SAN FRANCISCO - At Pinterest, the four-year-old online bulletin board service that is valued near $3.8 billion, some 70 percent of the users are female. But the company's board of directors is 100 percent male. | Video
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.