• '85 FORD ESCORT $99 Mo. NEWS Israeli shipping lines face dismal economic future Tel Aviv (JTA) — The Zim Lines, Israel's worldwide ship- ping company owned jointly by the government and the finan- cially troubled Eisenberg indus- trial conglomerate, has been added to the list of major Israeli enterprises with an uncertain fu- ture. Although Zim, which owns or charters 100 ocean-going vessels and has some 2,000 employees ashore and afloat is said to be bas- ically sound, because of the pro- longed worldwide shipping slump, Zim finds it difficult to raise working capital. But economists stress that the company's troubles are not im- mediate. While its long term debts amount to about $510 mil- lion, its short term obligations total only about $40 million, lower than last year, and a sum that can be managed with a year of good earnings. Far more desperate is the condi- tion of the government-owned Haifa Shipyards whose orders have dwindled to a point where it may have to lay-offhalf of its work force of more than 600. The yards have already agreed to reduce its payroll by arranging early retirement for veteran em- ployees and some dismissals. The Haifa Labor Council and the shipyard workers committee are pressing the government to place new orders for naval vessels. The shipyards were hard hit re- cently when the Defense Ministry canceled orders for two large land- ing craft for the navy. This fol- lowed cancellations by commer- cial shipowners and the order books are down to two tugboats for the Israel ports authority. Spokesmen for the shipyard said that' if new orders sufficient to keep it busy for the next 2-3 years are not forthcoming, there will have to belarge scale dismis- sals. The yards will becreduced to repair and maintenance work that will require no more than 350 employees. The problems of the Zim Lines, on the other hand, are linked to the downfall of the giant Ata tex- tile combine, a much larger enterprise in terms of employees, which is part of the Eisenberg group. Ata, the largest single em- ployer in the Haifa area, has been, for several months, in the hands of a government receiver who is seeking to find a suitable buyer. If none materializes within the month, Ata will be declared bank- rupt. It survives only because a Haifa district court which had or- dered the mills shut down Dec. 31, granted a 30-day reprieve at the 11th hour. * * * * * * * * * * * * * * * * * * * Or '.* * * * * * * * * NATIONWIDE EQUIPMENT LEASING & SALES CORP. 353-6363 48 MO. CLOSED-END LEASE * * * Turn your next party into an "Event" : Rent A Big Screen ...and * "Be a Big Hit * With A * Big Screen" Dance to the latest music videos. * call : * Simulcasts-Music Videos • Parties, Bar Mitzvahs, etc. 352-8878 * T.V. Sporting Events Ross H. 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You'll be helping them realize their dream of liVing a life of quality, pride, and dignity. And helping keep hope alive for the hundreds of others waiting for a home. Send a JARC tribute today. Because only a very special gift brings joy before it's ever received. Israeli exports increase in 1984 Jerusalem (JTA) — Encourag- ing figures on Israel's export per- formance in 1984 were released last week. They show an overall rise of 13% in exports compared with 1983. In cash terms, Israel exported close to $5.50 billion worth in 1984. * FULL FACTORY EQUIPMENT its fleet of container ships, one of the largest in the world, main- tains a wide range of services be- tween non-Israeli ports. Concern for the future of Ata, the shipyards and the Zim lines is growing in Haifa. It was an- nounced last week that unem- ployment has risen by 15 percent in the port city. There are now, 6,600 jobless workers registered at the labor exchange searching for new jobs. Both Ata and Zim are heavily in debt to local banks and should either or both go under, the banks would suffer a major blow as would Israel's already staggering economy. Observers pointed out that Zim, though not itself in crisis, could be pulled under by the collapse of Ata. The shipping company is a major earner of hard currency for Israel. In addition to carrying the bulk of freight to and from Israel, ** Friday, January 18, 1985 THE DETROIT JEWISH NEWS Order your tribute from the following: ■ Brick ($50) ■ Double Chai ($36) ■ Regular Tribute (Minimum $5) ■■ :,;;;= • '‘‘k\ .,' • Call Today 557-7650 Jewish Association for Retarded Citizens 24525 Southfield, Ste. 207 Southfield, MI 48075 Sponsors of Haverim Homes. A non-profit, non-sectarian organization. M ICS 4206 Call today for your FREE CONSULTATION 559-2272 Southfield 29