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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/ (