FURS • LEATHERS
KNITS • SHEARLINGS
CLOTH COATS
RAINCOATS
tional accounts such as Delta
Airlines and Pepsi-Cola.
Day-to-day operation and
management of Gitam will con-
tinue as in the past, Mr. Rosen-
shine said.
"The areas we will influence
most will be multi-national
business where Israel is not the
center of the client's opera-
tions," he said.
Going global is a growing
concern for United States-
based advertising firms — par-
ticularly since IBM shook the
advertising world several
months ago with its an-
nouncement that it would con-
solidate all its advertising work
in one firm.
With the growing develop-
ment of an international pop-
ular culture, said Mr.
Rosenshine, it has become eas-
ier to create advertising cam-
paigns that are successful in
several countries and to "com-
municate on lines everybody
can understand."
Still, he said, local expertise
always will be necessary.
"The more you want your
campaign to have an emotion-
al component, the more you
have to be tuned into the par-
ticular culture," he said. 0
Bank Chief Calls
For Tax Cuts
Cutting taxes is an economic im-
perative, even if it means an at-
tendant cut in government
services, Bank of Israel Gover-
nor Jacob Frenkel said.
Mr. Frenkel also stressed that
not only was the economy show-
ing no signs of recession, but
there were even indications of
overheating, such as the strong
growth in GNP.
"A large portion of Israel's cit-
izens would be happy to keep
their income in their pockets and
use it as they wish," Mr. Frenkel
responded when asked how peo-
ple would react if tax cuts en-
gendered cuts in services.
"Whoever says it's hard (to cut
taxes) is simply testifying about
his order of priorities," Mr.
Frenkel said.
Mr. Frenkel advocated draw-
ing up a multi-year plan for tax
cuts which would have binding
force.
Otherwise, he said, chances
were too great the plan would not
be followed if unexpected ex-
penses cropped up, like those cre-
ated this year by the peace
process and the new public-sec-
tor wage agreements.
Mr. Frenkel was speaking af-
ter a Knesset Finance Commit-
tee meeting on the state of the
economy at which he defended
his recent decision to jack up in-
terest rates to fight inflation.
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