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Inflation-Fighting
Efforts Praised

Members of the Knesset Finance
Committee and economic experts
both came out squarely in favor
of the Bank of Israel's inflation-
fighting efforts and warned that
the Treasury must do its part as
well.
Committee chairman Gedalya
Gal (Labor) promised the com-
mittee would do its bit to ensure
Treasury cooperation, but asked
that in exchange, Bank of Israel
Governor Jacob Frenkel commit
to not raising interest rates again
in the short term.
The constant small rate in-
creases, Mr. Gal said, are caus-
ing inflationary expectations,
which in turn cause inflation.

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Cabinet OKs
Budget Framework

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The Israeli cabinet approved the
Treasury's 1995 budget frame-
work, including an NIS 800 mil-
lion cut in taxes, NIS 1.6 billion
in new spending and a lower bud-
get deficit amounting to 2.75 per-
cent of the gross domestic
product.
Prime Minister Yitzhak Rabin
modified slightly Finance Minis-
ter Avraham Shohat's original
proposal to turn the mandatory
section requiring tax cuts of NIS
1.2 billion both in 1996 and 1997
into a recommendation to follow
a pattern of lower taxes in those
years.

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Laser Industries of Israel an-
nounced a near doubling in net
profits for the second quarter to
$1 million from $506,000 in the
same period last year. Second
quarter revenues rose 37 percent
to $10.2 million from $7.5 million.
Earnings per share doubled to
$0.18 from $0.09.
Board chairman Benjamin
Givli said the results reflected the
successful implementation of the
company's strategic plan for
growth in revenues.

The Bank of Israel's "S," or state
of the economy indicator, rose 0.5
percent in June. It reflected the
economy's continued expansion,
although at a slower pace than
during the first quarter of the
year.
The index jumped 3.8 percent
in the first quarter compared to
a current 0.9 percent increase in
the second quarter. Since the be-
ginning of the year, the index has
increased by 4.67 percent com-
pared with 1.75 percent during
the same period last year.

Kaufman
Insurance and
Financial Planning Group

Jerald Kaufman,

Laser Industries
Profits Double

Economic Growth
Is Slowing

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