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May 24, 1991 - Image 54

Resource type:
Text
Publication:
The Detroit Jewish News, 1991-05-24

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

BUSINESS

SPECTACULAR
PRE-HOLIDAY SALE!

Come join the festivity! If you're looking for exceptional luxury, attentive
personal service, great selection and . . . fun, see us today! We're hosting a celebra-
tion in honor of Cadillac style and spectacular value, and every model in our
inventory is specially priced. Stop in while this celebration is in full swing. You
You will drive off in Cadillac Style

Israel Could Become
World Financial Center

JOEL BAINERMAN

SEDAN DeVILLE

Special to The Jewish News

D

6469
No Mone Down*

a month
36 Months



USED CAR SHORTAGE!

We pay top-dollar for Cadillac trades!

- First month's lease payment of 5469 lus 5550 refundable security deposit for a toad of 51,019 due at lease
signing. Tax, license, tide fees and insurance extra. You must take delivery from dealer stock by June 10,
1991. GMAC must approve lease. Example based on Sedan DeVille: $32,211 MSRP including destination
charge. Total of 36 monthly Payments is 516,884. Option to purchase at lease end for 515,945. Mileage
charge of 10c per mile over 45,000. Lessee pays for excessive wear and use.

Suburban

Olds

1810 Maplelawn in the Troy Motor Mall 6430070

S110.1.0141 NOLL OV

ACTION MOTORS

Lowest Prices
Greatest Selection
Convenient Location
Higher Trade
In Value!

SUO.LOW NOLLOV

ACTION MOTORS

ACTION MOTORS

ACTION MOTORS ACTION MOTORS ACTION MOTORS

"Hey, Detroit:

CHECK OUT THESE PISTONS!"

. d•

ANY MODEL
ANY STYLE
ANY OPTIONS

0

BELOW
$ 2 0 0 o
INVOICE

33850 Plymouth Rd., Livonia

IL VW% 261-6900

Oldsmobile

'Notice to Buyer: - Imrolce Total - includes factory holdback and advertising assessments and
Is not a net factory cost price to dealer. The invoice may also reflect the ultimate cost of the
vehicle in view of future rebates, allowance, discounts and incentive awards from the manufac-
turer to the dealer. Dealer installed options are not included and are extra. In stock units only.

ACTION MOTORS ACTION MOTORS ACTION MOTORS

54

FRIDAY, MAY 24, 1991

DELTA 88

ID

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1:f:RTI:RI
A MAY

* *

1

MOOD IN RD

SUOION NOLLOV

SUPREME

SUOION NOLLOV

ACTION MOTORS

ACTION MOTORS

.A ■ laNWM 1/4
1f,

CALAIS

ACTION MOTORS

oes Israel have the
key ingredients to be-
come a world financial

center?
Professor Dan Galai of the
School of Business Ad-
ministration at the Hebrew
University in Jerusalem
thinks it does, if the govern-
ment passed legislation turn-
ing the banking environment
into an attractive "off shore"
island.
In a research study publish-
ed for the Institute for Ad-
vanced Strategic and Political
Studies, Professor Galai in-
vestigated the pros and cons
of establishing an Interna-
tional Financial Center (IFC)
in Israel to attract a portion
of global financial trans-
actions.
An IFC is essentially an off-
shore financial center.
Foreign companies operating
in it work in a "free-zone" and
extra-territorial status is
granted to their activities. A
free transfer of funds is
guaranteed, and little or no
taxes are levied on profits.
"Israel is among the few
economies in the world with
no capital gains tax on
securities traded on the Tel
Aviv Stock Exchange," Galai
says. "If the same exemption
is given to other financial in-
- struments, the international
investment community might
consider Israel an attractive
place to do business."
Israel has some advantages.
Israel has a highly trained
and skilled manpower in the
area of financial services,
with approximately 50,000
people employed in the bank-
ing and financial services sec-
tor. Israel's high level of
education in the work force
enables it to train people in
the latest developments in
the world financial markets
and many Israel academi-
cians serve in advisory
capacities in various areas of
financial engineering for in-
ternational institutions.
All the major Israeli banks
already have extensive inter-
national financial activities.
Computers are becoming an
increasing important compo-
nent in international bank-
ing and Israel's experience in
this field is well-developed.
Israel's geographical loca-
tion and time zone is a major
advantage as it is situated
between the two major

Joel Bainerman is an Israel-
based freelance writer.

trading centers: seven hours
ahead of New York and seven
hours behind the Far East.
Therefore, the working day
in Israel overlaps one or two
hours with both trading
centers. Sunday is a regular
work day and as Jewish
holidays do not coincide with
Christian holidays, financial
services can be offered when
banks and exchanges in the
U.S. and Europe are closed.
The obvious major disad-
vantages are Israel's exten-
sive Foreign Exchange Con-
trol Laws, relatively high in-
flation and tax rates and the
Arab Boycott.
Yet Israel could establish
exchanges for trading bonds,
stocks, futures and options. It
could also serve as a clear-
inghouse to settle interna-
tional transactions. When
ownership of bonds changes
hands a clearing-house must
register the transaction.
Due to the skilled
workforce, Israel's special in-
ternational niche could be the
creation of innovative finan-
cial products and financial
engineering.
Professor Galai says if cer-
tain laws were passed, Israel
could become an interna-
tional financial center within
10 years.
"Singapore began its march
toward being an IFC in the
early 1970s when its banking
environment was just as con-
trolled as Israel is today," Pro-
fesor Galai says.

Dial For Dollars
For Charity

Dialing for Dollars, a fund-
raising program, has been
developed by a group of
Jewish not-for-profit organi-
zations.
Universal Telecom Access
Corporation (UTAC) has
entered into a partnership ar-
rangement with US . Sprint
whereby its founding mem-
bers and affiliates are
authorized to market long
distance telephone services
provided by US Sprint.
The UTAC program pro-
vides for lower long-distance
telephone rates for the end-
user and substantial commis-
sion income for the UTAC af-
filiate organization.
UTAC, which was formed
early in 1990, retained
telecommunications con-
sultants and a Washington
law firm with extensive F.C.C.
experience to help research
the national long-distance
carriers, their programs and
services. US Sprint was

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