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March 04, 1994 - Image 33

Resource type:
Text
Publication:
The Detroit Jewish News, 1994-03-04

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

Countrywide,
we're #1 and
we do Jumbos.

Economic
Freedom Is Low

Israel ranks among the lowest
countries in economic freedom
in the world, according to the
Institute for Advanced Strate-
gic and Political Studies' annu-
al scorecard on the country's
economy.
A point of light in the other-
wise gloomy report was the
stock market, which received
high marks for affording "en-
trepreneurs access to capital
without subjecting themselves
to the state-owned bank system
or the whims of government bu-
reaucrats."
Although the economy gets
poor grades, Finance Minister
Avraham Shohat is commend-
ed for standing up against gov-
ernment bureaucrats and
refusing to tax the stock mar-
ket.
He also gets praise for pur-
suing the establishment of a
Free Export Processing Zone
and for taking "a tough line
against bailing out money-los-
ing state enterprises."
The scorecard cites a study
sponsored by Canada's Fraser
Institute in conjunction with the
Liberty Fund which gave Israel
31 points on a scale of 100,
ahead only of India.
The scorecard authors con-
clude that because the country
does not observe the principles
of economic freedom, Israelis
can quickly lose their freedom
to decide where to live, what to
eat and what to wear.
Economists dismissed the re-
port as irrelevant.
"It's so absurd that it's irrel-
evant, and no one takes it seri-
ously," Bank Hapoalim chief
economist Ptachia Bar-Shavit
said of the report's criticism.

Wardinon Group
Gets Carpets

The E. Wardinon Evergreen
Group won the tender to pur-
chase the Cannel Carpet con-
glomerate for $14.25 million
plus VAT, the Tel Aviv District
Court ruled.
Judge Yeshai Levit made the
ruling exactly one year and one
day after MK Avraham Shapi-
ra's carpet conglomerate was
put into receivership.
Mr. Levit ruled that the
agreement should be signed
within three days and owner-
ship transferred within 30 days.
Cannel Carpets operating re-
ceiver Israel Gafni said Giza ap-
praised the conglomerate for the
purpose of the sale at between
$17 million and $18 million.
"We hope to put the con-
glomerate back on its feet, to re-
gain customers' trust and
develop new fields," said Wardi-
non's managing director. ❑

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