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Leaders of the international ac-
counting giant Ernst and Young
came to Israel to formally unveil
their new association with Israeli
accounting firm Kost, Levary and
Forer. Informally, the two firms
have been cooperating for a
decade.
Ernst and Young is the second
of the "Big Six" accounting com-
panies to officially align itself with
an Israeli accounting organiza-
tion, following the affiliation of in-
ternational firm Deloitte and
Touche with Yigal Brightman,
Ltd. The rest of the "Big Six" are
expected to follow suit soon.
The trend is a result of both the
expansion and attractiveness of
Israeli companies and the in-
creased ability to do business in
Israel and in the Arab world.
Ernst and Young is established
in 11 other Middle Eastern coun-
tries, employing more than 1,000
people.
Michael Henning, Ernst and
Young international CEO, said
his firm's Israeli affiliate will ben-
efit from Ernst and Young's abil-
ity to smoothly conduct business
in the 120 countries in which it
maintains operations.
Within the year, Mr. Henning
said, Ernst and Young in New
York will have a Kost, Levary and
Forer partner heading an Israel
desk in New York and an Ernst
and Young partner will be head-
ing a U.S. desk in Tel Aviv.

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The Israel Foreign Trade Risks
Insurance Corporation (INTRIC)
has proposed a credit and in-
vestnient line of up to $30 million
for Israeli companies interested
in trading with the Palestinian
autonomy, IIITHIC managing di-
rector Doron Klausner said.
Mr. Klausner said the idea was
a result of needs expressed by the
business community as the peace
process has developed.

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Ormat Industries of Israel has
signed an agreement to issue four
percent of its shares in Pratt &
Whitney in return for the latter's
40 percent stake in Beit Shemesh
Engines (BSE), increasing its
holding to 99 percent.
Ormat said the transaction is
estimated at NIS 16.28 million
and the deal is in the framework
of the two companies' cooperation
agreement to develop power sta-
tions based on Pratt & Whitney's
gas turbines.

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