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 Rig 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