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ECONOMY page 55

The trade deficit, in dollar
terms, rose sharply, hitting
$745 million in February.
The trends evident in the la-
bor market point to a continued
reduction in the oversupply of
Israeli labor, a movement which
began in the beginning of last
year. The labor force increased
by 0.5 percent, as did the num-
ber of workers from the territo-
ries, the number of work hours

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Tadiran Reports Improved Profits

Tadiran registered a 5 percent
increase in net profit last year
to $62.3 million from $59.2 mil-
lion in 1992, the company re-
ported.
Profits from continuing op-
erations before taxes, interest
and one-time gains were 8.7
percent ahead at $68.3 million
from $62.8 million.
Speaking at a press confer-
ence to announce the results,
Tadiran managing director Gu-
rion Meltzer said the company
is considering registering its
shares on the Tel Aviv Stock
Exchange to raise capital to fi-
nance the acquisition of com-
panies operating in similar
fields.
Mr. Meltzer said Tadiran is
at the first stage of preparing
the public offering and added
that the company may hold the
issue in New York.
He refused to name the com-
panies Tadiran may buy or to
discuss how much the compa-
ny hopes to raise.

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THE

AMERICAN

DREAM

To all of our friends and customers ..
our sincerest wishes for a healthy
and happy Passover

Cr)

w

w

from the Weintraub family,
serving you for 3 generations

Al•INV an YESA 'WEINTRAUB , BRUCE ariaSIIELLY 1-1OFFNIAN

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56

$780.9 million.
The breakdown in sales be-
tween the commercial and de-
fense markets remained stable
from previous years, at 61.8 per-
cent and 38.2 percent respec-
tively.
Mr. Meltzer said export sales
of commercial telecommunica-
tions products rose 31 percent,
mainly due to penetration of
new products.
In the fourth quarter, Tadi-
ran's net profit rose to $17.3 mil-
lion from $11.8 million in the
corresponding quarter in 1992.

PHONE-. 353-4000

0

Israel's debt balance rose 3.5
percent last year in real terms
to NIS 227 billion. from NIS
197.5 billion in 1992, the Bank
of Israel reported. The balance
rose 6.5 percent in 1992.
The ratio between the na-
tional debt and GNP went up
slightly to 117 percent from 116
percent.
The Bank of Israel said this
ratio is too high, and its reduc-
tion should be a long-term goal
of the state's economic policy.
The balance of the state's in-
ternal debt rose 4 percent in
real terms to NIS 167 billion
from MS 147 billion.
This follows a 4 percent in-
4rease the previous year. There
was no change, at 87 percent,

in the ratio of internal debt to
GNP.
The nation's gross external
borrowings increased to $20.3
billion from $18.3 billion, ac-
cording to the Bank of Israel's
Foreign Currency Control Di-
vision.
The increase resulted from
the raising of $2 billion on the
international capital markets
backed by the U.S. loan guar-
antees.
This was also the main fac-
tor in the rise in the ratio of the
nation's debt to GNP. The
state's external debt net of for-
eign currency reserves rose to
$13.3 billion from $12.7 billion
and to 21 percent of GNP from
18 percent.

Tax Credit Is Available

RS

1-•

LLJ
I=1

Tadiran is currently traded
on the New York Stock Ex-
change with a market value of
$420 million. A public issue on
the TASE will allow the com-
pany to issue shares to its work-
ers.
The manufacturer of military
and civilian electronics systems,
household appliances, batteries
and telecommunications equip-
ment reported a slight rise in
sales to $784.5 million from

Israel's Debt Balance On Rise

MEMBER FDIC

FINANCING

per worker increased; but the
number of unemployed fell by
just over 17,000.
Unemployment fell by a per-
centage point to about 9 per-
cent, and the number of job
seekers applying to the Em-
ployment Service also fell.
These developments were ac-
companied by a 1.2 percent fall
in the real wages of salaried em-
ployees.

10

With two weeks left before the
April 15 filing deadline,Gov.
John Engler encouraged every
Michigan family that qualifies
to take advantage of the Earned
Income Credit (EIC).
The EIC is provided by the
federal government and can be
worth up to $2,364 to low-in-

come working families.
It is critical that families
know that they will not auto-
matically get the credit like
they have in the past," said En-
gler. "Please, take the time to
check and maximize your tax
cut."
In prior years, the EIC has

