Diamond
Investment
Savings
Account

Annual
Percentage
Yield.

♦ No penalty for early withdrawal
♦ FDIC insured
♦ Unlimited transactions at our branches

♦ High rate - totally liquid account
♦ $50,000 minimum
♦ ATM Accessible

Ann Arbor (Downtown)
665-4030
Ann Arbor (Main Centre) 665-4080

Bloomfield Hills
Farmington Hills
Grosse Pointe

258-5300
737-0444
882-6400

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

MEMBER FDIC

APP is anomie is of January I, 1995, and may change after that date. Minimum balance to open and obtain the 'disclosed APY is 550,000. The more savings deposited the more interest. SIOD-S I -t.999. 2,52'o API: SI 5,000.5-19,999,
S50,000,, 5.5O% APY. The Diamond Investment annum is a variable rate account, therefore the interest rate may change after opening. Fees may reduce earnings on the account for balances that fall below S1.1,000. Individuals only.

v E PERSONAL

BA NKING

SECURE YOUR
PlIVRETIREMENT INCOME...

Single Premium Deferred Annuity Plus from
The Principal ® offers you:

• Tax-deferred growth
• Annual withdrawal and flexibility

• Income options
• IRA rollovers

Current
One Year Rate*-

7.85%

Minimum
Guaranteed Rate

3.00%

Call today.

Jerald Kaufman, CLU, ChFC

21411 Civic Center_Dr., Suite 204
Southfield, MI 48076
(810) 354-4111

Current rate effective 1/1/95. This rate includes a 1% bonus which is only applied in the
first contract year. Call 354-4111 for today's rate. Rate no guaranteed and subject to
change without notice.

46

SF/311, 312, 315, 316

t

Israel's 1994 budget deficit was
$1.4 billion, or 2 percent of the
Gross Domestic Product. That
was 1 percent less than original-
ly planned, Deputy Accountant-
General Avisar Cohen reported.
Higher-than-expected tax rev-
enues were the major cause for
the drop in red ink. Tax receipts
were $1.5 billion greater than
originally estimated.
Expenditures last year were
$30.2 billion, while revenues to-
taled $28.8 billion.
The government's net borrow-
ing to finance the deficit was neg-
ative, with the Treasury paying
out $200 million more than it bor-
rowed.
A weak stock market caused
revenues from the sale of gov-
ernment companies to register
only $2.3 million instead of the
budgeted $755 million.

Israel Is Hungary
For A Deal

REPUBLIC
BANK

Dis -riNc

Budget Deficit
Not So Bad

Principal Mutual Life Insurance Company (The Principals) Des Moines, Iowa 50392-0001

Your edge on the future.sm

Israel and Hungary have begun
initial discussions exploring the
possibility of a free trade area
agreement, the Israel Industry
and Trade Ministry reported.
After both sides reviewed trade
pacts reached with third coun-
tries, they decided to adopt, as a
framework, the agreements they
have with the European Union
and with the European Free
Trade Association (EFTA).
They also agreed to modify the
framework to accommodate each
other's trade needs.
An ad-hoc committee was ap-
pointed to work out the required
changes.

Sales To China
Are Investigated

Washington (JTA) — Did Israel
sell sophisticated U.S. military
technology to China?
The U.S. State Department
has launched an investigation to
determine if Israel is using Amer-
ican technology to help China
beef up its air force, State De-
partment officials have con-
firmed.
Israeli officials have vehe-
mently denied the charge that
they gave American technology
to China for a recently complet-
ed prototype fighter jet.
The Chinese plane is based in
part on a joint U.S.-Israel project,
called the Lavi fighter, that was
scrubbed seven years ago due to
escalating costs.
Israeli officials are under in-
vestigation for passing U.S. tech-
nology from that project to the
Chinese without American ap-

proval, according to a State De-
partment official.
U.S. Secretary of Defense
William Perry, who is visiting the
Middle East, said on the eve of
his departure, "We are looking
into it, and if it turns out to be ac-
curate, we will have some diffi-
cult words for the Israeli
government."
If investigators conclude that
Israel gave U.S. technology to the
Chinese without permission, the
Jewish state could face econom-
ic sanctions, officials said.
This is not the first time that
Israel has stood accused of pass-
ing on American military tech-
nology. In 1993 an extensive
investigation vindicated Israel of
charges that Patriot missiles
were sold to China.
Defense officials in Washing-
ton say charges such as these are
not uncommon.
"This is a gray area," one offi-
cial said. "Countries frequently
improve on military technology
and can then sell it as their own.'

Mideast Bank
Tied To Boycott

Washington (JTA) — Arab states
must lift the economic boycott of
Israel in order to reap the fruits
of a proposed Middle East re-
gional development bank.
During a two-day meeting
here, representatives from 39
countries and international or-
ganizations reached a prelimi-
nary agreement to hammer out
the lingering differences on the
bank's logistics.
"The boycott is being disman-
tled,' Secretary of State Warren
Christopher said to the confer-
ence delegates. "I feel that the re-
gion will once again become
economically whole."
"There was no dissent" that
member nations must lift all lev-
els of the economic boycott
against Israel, said conference co-
chair Joan Spero, under secre-
tary of state for economic,
business and agricultural affairs.
The talks come on the heels of
the landmark Casablanca Mid-
dle East Economic Summit held
last November where the same
participants agreed to pursue the
possibility of establishing a re-
gional development bank.
The bank would serve as a
"catalyst and a deal maker in the
region," Mr. Spero said, adding it
would "demonstrate strong sup-
port for the peace process."
After the latest round of talks
here, officials agreed to set up a
task force to delve into specific
funding and eligibility issues.
The task force is scheduled to
begin monthly meetings in
March with the goal of submit-
ting a proposal before the second
regional economic conference
slated for October in Amman,

r/

(