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July 07, 1989 - Image 42

Resource type:
Text
Publication:
The Detroit Jewish News, 1989-07-07

Disclaimer: Computer generated plain text may have errors. Read more about this.

BUSINESS

The HIGHEST Money Market Rate
Among Major Financial Institutions
in the Detroit Metropolitan Area for

275

Consecutive Weeks

Israel Beginning To Push
Free 'Dade Opportunities

KIMBERLY LIFTON

INSTANT LIQUIDITY

INTEREST RATES AS OF: 6-28-89

FINANCIAL INSTITUTIONS

MONEY MARKET RATES'

Franklin Savings

8.25

National Bank of Detroit

7.40

Manufacturers

7.00

Comerica

6.90

Standard Federal

6.75

Michigan National of Detroit

6.70

First of America

6.60

First Federal of Michigan

6.50

First Federal Savings Bank & Trust

6.50

*Based on 510,000 deposit. Some minimum deposit requirements may be lower.
Higher rates may be available for larger deposits.

180 DAY HIGH INCOME C.D.

10.10% 10.58%

Annual Percentage Rate

Effective Annual Yield
Monthly check may be issued or reinvested to another
Franklin Savings Account

Balance of 510,000 or more Limited time offer. Early withdraw! subject to penalty.

CALL ABOUT OUR NO COST HOME EQUITY LOAN

Franklin
Bank

SAVINGS

Call Toll Free

1 800 527-4447

Ask About Our Other Full Service Products

2_0330 Twelve Mile Rd. • Southfield

(313) 358.5170

20247 Mack Avenue • Grosse Pointe Woods

tnen,

Cr

Road, '

(313) 881-5200

ME MBE

FSLIC

470 South Woodward • Birmingham

(313) 647.0000

FIGHT THE BIG "F" .. .

FURNITURE
FADING

3M Scotchtint will stop 99% of the sun's
ultraviolet rays — the major cause of fabric
fading — without mirrored or darkened
windows. Installed by trained professionals, it comes
with a five-year warranty. Now available in NEUTRAL.
Call for a FREE home estimate. We are licensed and
insured for your protection.

VISA'

SOLAR SALES, INC.
537-7900

Moster6ard

42

FRIDAY, JULY 7, 1989

SEYMOUR ZATE
— SINCE 1969 —

Staff Writer

V

ishay Intertechnology
Inc., a publicly traded
$400 million a year
American manufacturer of
electronic resistors, opened its
Israel subsidiary in Holon in
1968 just after the Six-Day
War.
Today Vishay Israel —
founded after Vishay sold
military products to the
Israeli Air Force during the
French embargo on military
supplies — is a success story,
exporting more than $20
million a year to the United
States, Europe and Japan.
Vishay avails itself of
Israel's free trade agreements
with the United States and
Europe, claiming savings of 6
percent in customs duties
since the United States
entered into a free trade
agreement with Israel in
1985. Israel and the Euro-
pean Common Market signed
a similar agreement 10 years
earlier.
Now the Israeli government
is touting Vishay as an exam-
ple of an American company
that is helping reduce the
U.S. trade deficit by investing
in Israel. In his last months
as Israel's economic minister
to North America, Gabriel
Levy is traveling the United
States, contacting economic
officials to muster business
for the sagging Israeli
economy. He spoke about free
trade during a recent visit to
Detroit.
"The U.S. trade imbalance
provides a powerful incentive
for American industry to step
up its export activities," Levy
said. "Israel serves as a
verifiable bridge to European
markets for American
manufacturers because of our
unique advantage as a nation
with free trade agreements
with both the U.S. and the
European Economic Com-
munity."
Levy said the link will im-
prove in 1992, when barriers
among the European Com-
mon Market countries are
scheduled to be eliminated. In
1992, he said, American
goods can enter Israel duty-
free and be re-exported to the
European Common Market if
Israeli plants take part in the
assembling process of the
product.

lb be re-exported to Europe,
it would be mandatory that
final manufacturing take
place in Israel, said Howard

Seligmann, an investment
consultant for the Israel
government. He said Israeli
additions would need to in-
crease product value by 35
percent.
To participate, Levy said,
American companies could
open subsidiary manufactur-
ing facilities or start joint
ventures with Israeli
companies.
"As members of the Euro-
pean Economic Community
race ahead to make Western
Europe a single, all-powerful
economic entity by 1992,
Israel's open gateway to free
trade offers a two-way
benefit," Levy said. "The
American economy gains
from tax-free access to the
European marketplace and
Israel gains from work done
on American goods in Israel,
stimulating industrial expan-
sion."
To date, Israel has signed
reciprocal trade agreements
with 13 states, including
Michigan. Levy said goals of
the agreements are im-
plementing trade, investment
and manufacturing oppor-
tunities to mutually
strengthen the economies.
Five Israeli companies
operate offices in
metropolitan Detroit.
Gelman Sciences of Ann Ar-
bor is the only Michigan com-
pany with a wholly-owned
subsidiary in Israel.
U.S. Department of Com-

merce statistics show that
two-way trade has jumped
from $103 million in 1950 to
$6.3 billion in 1988, making
Israel the United State's 21st
largest trading partner. In
fact, U.S. exports to Israel
reached $3.2 billion in 1988,
and Israel's exports to the
United States rose to $3.1
billion.



"mmil IN BRIEF I

DOUG SCHUBOT

was
recently elected president
of the American-Israel
Chamber of Commerce of
Michigan. Also elected to the
board was Jim Safran, chair-
man; Joel Jacob, Alan
Gilman and Larry Meyer, vice
presidents; Jonathan
Brateman, secretary; Scott
Eisenberg, treasurer.

THE
SOUTHFIELD
CHAMBER OF COM-
MERCE will host its first an-

nual trade show — Expo '89
— at the Southfield Civic
Center pavilion on Sept. 12
and 13.
The trade show will
showcase products and
services.

SHERRI HASSEL has join-
ed Sinai Hospital as director
of public relations. Previous-
ly, Hassel worked as an ac-
count executive with An-
thony M. Franco, Inc., public
relations.

I FOCUS

Egypt-Israel Relations
Are Deteriorating

Egypt is moving closer to Iraq and Libya,
and reportedly developing chemical
weapons — signs that worry Israel.

GIORA SHAMIS AND
LOUIS RAPOPORT

erusalem — At a mo-
ment when the 10-year
peace with Egypt is be-
ing touted as the basis for a
future agreement with the
Palestinians, Egyptian-Israeli
relations are under serious
strain. .
Israel can't afford to lose
Egypt; the Egyptians know it,
and are treating Jerusalem
accordingly.
The Egyptians are telling
Israeli leaders to circumscribe
the American monopoly on
Middle East peace talks and

j

to talk directly to the
Palestine Liberation
Organization through Cairo.
If Israel would agree, Egyp-
tian President Hosni
Mubarak would finally con-
sent to a summit with Prime
Minister Yitzhak Shamir.
The next step after the sum-
mit would be to include the
Americans, as Sadat and
Begin did 12 years ago.

But Shamir doesn't want to
take any political step
without the Americans. He
won't talk to the PLO, as
Egypt demands. And he is in-
creasingly wary of Cairo
because behind all of the

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