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May 06, 1994 - Image 52

Resource type:
Text
Publication:
The Detroit Jewish News, 1994-05-06

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

12 MOM CERTWICATE

3.500/0
3.55%

INTEREST
RATE

A.P.Y./

24 MONTH CERTIFICATE

4.00%
4.06%

INTEREST
RATE

A.P.Y./

These are fixed rate
certificates of deposit
that are insured by
the Federal Deposit
Insurance Corporation
(FDIC). A minimum
opening deposit and
balance of $500.00
is required to obtain
the stated A.P.Y.

Call 338-7700
352-7700

60 MONTH CERTIFICATE

5.00°/o
5.09°l0

First
Rate
Rates.

INTEREST
RATE

A.P.Y./ *

f

FIRST SECURITy

sAviNci s BAND

"First in Service .'

Main Office

2600 Telegraph Rd.
Bloomfield Hills. MI 48302

Annual percentage yield when compounded quarterly. Rate is accurate as of 5/6/94.

Penalty for early withdrawal from certificate accounts may be assessed.

EQUAL HOUSING

LENDER

• We will not be undersold on
any diamond of comparable
size and quality
• GIA reported diamonds
• Instant credit

(/)

LLI

LLJ

F-
LU

LLJ

52

32419 Northwestern Highway Farmington Hills, Michigan 48334 313-855-0040
Located between Middlebelt and Fourteen Mile Road
Mon, Tues, Wed, Fri 10-6, Thurs 10-8, Sat 10-5

A Third Generation of Quality and Tradition in Diamonds and Diamond Jewelry, passed down from Norman Allan

Israeli Economy
Is Threatened

Jerusalem (JTA) — The
closure of the territories,
after a series of terror at-
tacks on Israeli civilians,
threatens to cripple sections
of Israel's economy and the
livelihoods of tens of
thousands of Palestinians in
the Gaza Strip and the West
Bank.
Such were some of the
assessments made at the
weekly Cabinet meeting
about the implications of
sealing off the territories.
But Prime Minister Yit-.
zhak Rabin told his Cabinet
that the closure "must reac-
custom the country to being
independent of the ter-
ritories for its labor force."
Communications Minister
Shulamit Aloni, of the
Meretz bloc, warned that the
closure could bring the ter-
ritories'. 2 million people to
the point of starvation.
The Israeli army's com-
mander for the southern sec-
tor said the closure will
make life "very difficult for
the Gazans and is likely to
increase violence there."
"If we want to advance
peace, we have to let these
people be more relaxed and
allow (PLO Chairman
Yassir) Arafat to come to an
area where Hamas will not
be in control, where there
will be a better mood," Ms.
Aloni said, referring to the
Islamic organization that
has taken responsibility for
the recent attacks on
Israelis.
"When we are talking
about making peace, their
situation will never have
been worse than it is today,"
Ms. Aloni said of the
residents of the territories.
"We cannot ignore their
needs."
Israel has closed off the
territories before, including
in late March 1993. This
closure is seen by some to be
a delicate maneuver that
must provide for Israelis'
need for security without
jeopardizing the peace pro-
cess.
In Israel, those most af-
fected by the closure are the
building trades and
agriculture, which, since
1967, have become increas-
ingly dependent on cheap
Arab labor.
The order to close the ter-
ritories came April 7 — one
day after a suicide car-bomb
attack in the northern
Israeli town of Afula claimed

the lives of seven Israelis,
most of them high school
students.
Last week, the llamas
movement said it would step
up terror attacks against'
Israel.
To counter potential econ-
omic problems Israelis may
face because of the closure of
the territories, Agriculture
Minister Yaacov Tsur and
the director general of the
Prime Minister's Office,
Shimon Sheves, are to work
out a scheme that will
mobilize thousands of Israeli
high school students and
army personnel to help with
the harvest.
Both men are, incidental-
ly, kibbutz members who
could be expected to be espe-
cially sensitive, and hostile,
to the idea of importing for-
eign labor, an idea also
discussed here.
Israelis may also be en-
couraged to return to
agricultural work by
government subsidies that
will increase wages paid in
this sector.
Some of the shortfall in the
labor force is to be met by
permitting the entry into
Israel of some 18,000 foreign
workers, mostly from
Thailand.
Some 15,000 of them will
be employed in the building
trades, and the rest in
agriculture. ❑

Stock Market
Recovers

Jerusalem (JTA) — Israeli
investors are hoping the
latest bounce in the market
reflects the end of the bear
market which began in
February, rather than just
another temporary reprieve
from the mauling they have
suffered.
Shares on the Tel Aviv
Stock Exchange fell more
than 10 percent last week,
the equivalent of a nearly
400-point drop in New
York's Dow Jones Industrial
Average.
Share prices rose almost 7
percent to brisk demand, as
small investors and portfolio
managers returned to the
market.
There is a long way to go,
however, before the Ahad
Ha'am St. exchange recovers
the spectacular 40 percent
gains it saw between July
1993 and the beginning of
February.



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