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Israeli Economy
Headed For A Fall?
Israeli business and economic
leaders shared their concerns
about worsening economic con-
ditions for next year at a meeting
with Finance Minister Avraham
Shohat.
Although most of the people
agreed that the economy has
been doing well, "indicators are
showing that the situation will
not continue next year," said a
participant.
Most see an erosion in indus-
trial and export profitability due
to higher wages in the private
sector and steep business inter-
est rates.
Asked whether the Treasury's
much-touted proposal to reduce
the cost of living wage adjustment
by about 3 percent will help keep
inflation down, a participant re-
sponded that it would not be
"earthshaking," but perhaps a
step in the right direction.
Among those attending the
meeting were Manufacturers As-
sociation president Dan Propper,
Dov Lautman of Delta, and Israel
Chambers of Commerce presi-
dent Danny Gillerman.
Everyone at the meeting
agreed that inflation is the most
pressing problem and that al-
though the government has con-
sidered steps to bring down
housing and fruit and vegetable
prices, it has failed to implement
them.
Participants called on the gov-
ernment to carry out its program
and speed up privatization by of-
fering attractive companies to
capital market investors.
A majority rejected a devalua-
tion of the shekel as a means to
improve industry's profitability.
They warned that a one-time de-
valuation would only heat up in-
flation.
Tadiran Profitable
In Third Quarter
Israeli company Tadiran com-
pleted the third quarter with a
119.5 percent rise in net profits
to $14.5 million from $6.6 million
during the same period last year.
For the first nine months of the
year, net profits fell 23.9 percent
to $34.3 million from $45.1 mil-
lion. Earnings per share dropped
to $1.75 from $2.3.
The rise in third quarter prof-
its was due to unrealized gains
reflected in a rise in net financ-
ing income to $7 million from $2.4
million.
Tadiran managing director Is-
rael Zamir, who took over from
Gurion Meltzer in October, said
the company is preparing for a
global public offering of its shares
in the United States and anoth-
er market, most likely Europe.
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