"Great Rate" % APY* 7 MONTH CD 665-4030 Bloomfield Hills 258-5300 Ann Arbor (Downtown) Ann Arbor (Main Centre) 665-4080 Farmington Hills 737-0444 882-6400 Grosse Pointe Visit Any Branch, Or Open By Phone Today, 1-800-968-4425 Republic Information Center Hours Monday-Friday 7 AM - 7 PM • Saturday 9 AM - Noon REPUBLIC BANK Member FDIC * Annual Percentage Tield (APT) is accurate as of September 26, 1994. Penalty (or early withdrawal. Minimum of $1,000 balance to open and earn interest. DISTINCTIVE PERSONAL BANKING L'OREAL page 41 When asked when he would view the company's boycott as be- ing over, Mr. Schumer replied, "Well know it when we see it." The issue of L'Oreal compli- ance with the boycott has made headlines recently in part be- cause of a suit brought in the United States earlier this year against the company by a French- Israeli businessman, Jean Fryd- man. In his $100 million lawsuit, Mr. Frydman echoed charges he first brought in France in 1989 that he and his brother were oust- ed from a joint venture with a L'Oreal executive in order to ap- pease the Arabs. Mr. Frydman took out a full- page advertisement in the New York Times last month detailing the charges against L'Oreal, and the case has been the subject of major news articles in Business Week, the Washington Post and Newsweek. The Frydmans lost their crim- inal case in France, but a subse- quent French government investigation found that L'Oreal did, in fact, comply with the Arab boycott. The French media also turned the spotlight on the company's Nazi ties. Jacques Correze, chairman of L'Orears Helena Ru- binstein unit, resigned in 1991 af- ter French papers publicized his 1948 conviction for wartime crimes. L'Oreal made its first step to- ward reconciliation with Israel this past May, with a $7 million investment in its Israeli distrib- utor, Interbeauty. In July, L'Oreal pledged $1 million to help finance a cam- paign to stamp out the high rate of road accidents in Israel. Later that month, the Wiesen- thal Center and the National Coun- cil of Jewish Women joined Schumer and Nadler at a rally in New York, where the congressmen called for a boycott of L'Oreal. The groups also called for the Commerce Department's Office of Anti-Boycott Compliance to step up its ongoing investigation of the company's American sub- sidiary, Cosmair. Officials at the Commerce Department refused to comment on the investigation. The Jewish groups that par- ticipated in the rally later dis- tanced themselves from Mr. Schumer's call for a boycott, but nonetheless maintained that L'Oreal was still in compliance with the boycott. In preparation for its new push in Israel, L'Oreal is now putting the final touches on four new Is- raeli projects. According to Mr. Valeriola, the L'Oreal executive, the company plans to invest $3 million to $4 million in an Israeli distribution company, independent of its in- vestment in Interbeauty. L'Oreal also plans to import to France from Israel at least $500,000 worth of jojoba oil a year for use in the manufacture of shampoo products. L'Oreal will also enter into a research and development coop- erative with Hadassah Hospital for three studies on product de- velopment. "We are always trying to invest for the future and Israel is pre- cisely that possibility," Mr. Vale- riola said. Other forms of cooperation with the Israeli public will include scholarships to study in France and internship opportunities, he said. When asked if the company has heard from the Arab boycott Authorities since its May invest- ment in Israel, Mr. Valeriola said there have been "no questions and no comments. Maybe I should say not yet." He added, "But we are devel- oping our business without any consideration of contacts from other countries." A Revolution In Blood Sugar PHOTO © GLEN CALVIN MOON (r) LU Cr) INNOVATIVE DESIGN CUSTOM CABINETS FOR HOME OR OFFICE MANUFACTURED ON OUR PREMISES LU rr LU 42 From concept to reality, our custom designs, expert craftsmanship and quality installation suit your specific needs. Our custom cabinets and furniture will enhance your surroundings. Showroom Hours: Monday-Friday 11-5, Saturday 11-3 or by appointment (810) 624. 7300 3160 Haggerty Rd. • West Bloomfield • 48323 The Haifa company Cannel Biotechnology and the U.S. firm W.R. Grace are developing a "rev- olutionary" device for measuring blood sugar levels without the need for a blood sample. The device, which should be ready for marketing in two years, is based on capsules implanted under the skin. The capsule transfers data on blood sugar to a monitoring device outside the body. Professor Yoram Palti, presi- dent of Carmel Biotech, which in- vented the technique, says 5 percent of the world's population suffers from diabetes; there are more than 200,000 diabetics in Israel. Carmel is reluctant to provide more details because the tech- nology has yet to be patented. The company, established only last year to develop and produce the blood-sugar monitor, has 10 employees. W.R. Grace is a giant firm with tens of thousands of workers and an annual turnover of $4.5 bil- lion. The project is being financed in part by the U.S.-Israel Bi-Na- tional Industrial Research and Development (BIRD) Founda- tion.