BUSINESS I
or-rac.s.---
...,,s4w—n 17e111,}11
The Republic
Advantage
r.
Personalized Service, No Tellers or Lines
PLUS Highly Competitive Rates
ANNUAL RATE*
ANNUAL YIELD*
$10,000 Minimum Balance
$30,000 and Over
N
Long Lake
REPUBLIC
BANK S. E.
111
Lone Pine
1700 N. Woodward
Bloomfield Hills
258-5300
MEMBER FDIC
'Based on Donoghue Rate as of 6/21/89
Certain restrictions may apply
•
Begadim
VALEIL TAYLM
on the Boardwalk
FASHION RESALE
•
•
•
•
•
•
Sportswear
Party Dresses
Business Clothing
Leather Handbags
Jewelry
Furs
We Pay Cash
SOPHISTICATED
FASHIONS
FOR
TODAY'S
WOMAN
For Fine Quality Clothing,
Accessories, Furs and Jewelry
By oppointment.
Banks Finding
New Owners
Jerusalem (JTA)
Israel's
decision to find new owners
for the country's major banks,
rocked by scandal seven years
ago, seemed to be ap-
proaching fruition this week.
The World Mizrachi Move-
ment, owner of the United
Mizrachi Bank, informed
Finance Minister Shimon
Peres last week that they are
prepared to see their bank
sold to the highest bidder.
Their only condition was
that efforts be made to see to
it that the new owners, like
the current one, represent the
interests of Orthodox Jews.
That leaves Bank Leumi,
one of the country's largest
financial institutions, the last
holdout.
Bank Leumi's major
shareholder is the Jewish
Agency. It objects to Peres' in-
sistence that all bidders get
an equal opportunity to buy
the bank. The Agency
demands that the present
owners be given preference.
It believes it can persuade
major Jewish investors to bid
for Bank Leumi while retain-
ing its present ownership
structure as the bank of the
Zionist movement.
Peres has flatly rejected
that approach and is backed
by the Bank of Israel, the
country's central bank.
Peres says he will introduce
legislation requiring the open
and equal sale of all banks
and intends to begin with
Bank Leumi. He expects its
sale to realize a substantial
profit for the Treasury.
It was the Treasury that
bailed out Israel's largest
banks when they faced col-
lapse in 1982.
—
Coll for informotion.
1844 S. Woodward
Birmingham
540-9548
Open M F 12-6, Sat. 11-6
Exceience
,n Fashion for the Young ar Heart
6919 Orchard Lake Rd. • West Bloomfield. MI
855-5528
-
• Unique Gifts For All Ages
FUN
STUFF
FOR YOUR CAMPER!
SEND SOME EXTRA FUN
TO YOUR SUMMER CAMPER
FROM . . .
TRES SWEET
visA.
44
(313) 626-3435
SUZI & RANDY
FRIDAY, JUNE 30, 1989
MasterCard
at
THAT
• PERSONALIZED
TOUCH
(" Customized Imprinting
.
Always 20% OFF!
•
o
Napkins, Guest Towels, Place Cards
Cake Boxes and Matches.
Bev and Sue 661-0177
All Occasions •
• Invitations For All
CLASSIFIEDS
GET RESULTS!
Call The Jewish News
354.6060
Israel Looking
At Recession
Jerusalem (JTA)
Israel's
economy appears to be sink-
ing into a recession and
business leaders do not expect
it to recover this year, despite
rosier forecasts by the
Treasury.
According to newly released
figures, the trade deficit has
widened, exports are stag-
nant and unemployment is on
the rise.
Industrial output has fallen
2.5 percent so far this year, on
top of a 3.5 percent decline in
1988, the Central Bureau of
Statistics reported.
Treasury officials say the
immediate effect of the
economic downturn has been
a sharp drop in tax revenues,
which may force a further
tightening of the state
budget.
—
Exports have not risen
despite the devaluation of the
shekel and the erosion of
salaries, the business leaders
pointed out.
Industrial wages for the
first three months of 1989
dropped to the level of the se-
cond quarter of 1987.
Kibbutz
Hagoshrim
Wins Prize
Kibbutz
Hagoshrim's
Mepro, makers of the unique
Epilady hair remover, has
been awarded the Export
Prize for 1988 at a ceremony
at the President's residence.
Speial citation was given to
the Schechter Nimdar dia-
mond polishing firm, and
another 13 companies were
designated Outstanding
Exporters.
Candidates for the Export
Prize must have achieved ex-
ports of at least $20m for
1988.
The award for Outstanding
Exporter in the food industry
went to Jaffa-Mor Ltd., in the
textile industry to Solog Knit-
ting Mills and to Tri-plus;
jewelry to Paz-Chen; plastics
to Netafim; chemicals to
Inter-pharm Laboratories;
wood to Etz Lavud; metals to
Luz and Na'an Metals; elec-
tronics to Orbot Systems and
Rafael; film to Jerusalem
Capital Studios; and the dia-
mond industry to Y. Elishyuv
and Sons.
STONE, AUGUST, BAKER
PUBLIC RELATIONS has
received its second award of
merit for a promotional cam-
paign for Homearama '88, the
showcase of new homes held
last spring and summer in
the Detroit metropolitan
area.
ROBERT I. SCHOSTAK of
Schostak Brothers and Co., in
Southfield, was recently ap-
pointed state director for
Michigan by the Interna-
tional Council of Shopping
Centers.
WILLIAM T. CADOTTE,
MARK D. CODEN and
TERRY A. BRICKMAN have
joined The Friedman Group,
Inc., a Birmingham-based
real estate office/industrial
leasing and commercial
brokerage company.
DIANE B. MOROF has
been named director of
marketing for Laventhol and
Horwath, an accounting firm.
She was previously an
associate in the management
advisory services
department.