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It's Time To
Share The Wealth
Ofeq 3 Satellite
Ready For Launch
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percent while the economy is suf- distributing the images would be
fering from a slow-down in activ- less than $100 million, far less
than the $250 million invested so
He also criticized the Bank of far by Lockheed-led Space Imag-
Israel's freezing of the exchange ing.
rate, saying that it is a direct re-
Israel launched Ofeq 1 in Sep-
sult of the interest rate policy.
tember 1988 and Ofeq 2 in April
Mr. Propper said the economy 1990. Both weighed about 160
is suffering from a large balance kilograms and remained in space
of trade deficit.
for about six months.
"The Israeli economy is cur-
Ofeq 3 is designed to last two
rently moving toward a crisis and years in orbit and will be
the point of no return is not far launched on a Russian Molniya
off, " he said. "The government rocket, Space News said. Russia
has to look for all possible ways and Israel recently signed a space
to force the Bank of Israel to cooperation agreement to launch
change its monetary policy, which Israeli satellites on Russian rock-
is sweeping us toward a severe ets.
IAI is building a second satel-
lite with a spatial resolution of
one meter, Space News said. That
spacecraft is tentatively sched-
uled for launch in late 1996 or
Bateman Engineering of Israel
signed a $100 million transaction
with Russian gas manufacturer
Tomskneft after the Israel For-
eign Trade Risk Insurance Com-
pany (IFTRIC) and the U.S. Shares in Electronics for Imag-
Eximbank agreed to act as guar- ing surged 15 percent in New
antors for $92.5 million.
York to $31 after the Israeli com-
Kiryat Bialik-based Bateman pany announced a. record 67 per-
will supply equipment to treat cent increase in annual net profits
last year to $21.3 million from
The agreement to approve the $12.8 million in 1993.
transaction was signed in Wash-
Annual revenues rose to $130.4
ington among Eximbank, million from $89.5 million, while
IFTRIC, Bank Hapoalim, the earnings per share surged to
Chase Manhattan Bank and a $1.71 from $1.04.
group of European and Russian
Fourth quarter net profits
leaped to $7.6 million from $3.8
Eximbank has agreed to act as million, while quarterly earnings
a guarantor to Chase for $67.5 per share doubled to $0.60 from
million, while IFTRIC will act as $0.30.
a guarantor to Bank Hapoalim
for $25 million. The European
and Russian banks will provide
the rest of the financing.
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Advertising in The Jewish News Gets Results
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A First For
Israel In Tunis
Israel's first economic delegation
to Tunis has arrived in that coun-
try. The delegation is the guest of
the Tunisian Manufacturers As-
Israel Aircraft Industries (IAI) is sociation and of UTICA, the state
developing remote-sensing com- business authority.
mercial satellites with a resolu-
Headed by Koor president Ben-
tion of two meters, a U.S. trade ny Gaon, the group will meet with
Tunisian economic ministers, in-
Space News reports in its lat- dustry leaders, bankers and the
est issue that IAI has already governor of the Bank of Tunis.
developed Ofeq 3, which is sched-
Delegation members include
uled for launch in July on a Hapoalim chairman Emmanuel
Sharon, Tadiran general manag-
The satellites were approved er Yisrael Zamir, Amos Mar
by the Israel government after Haim of the Israel Corporation
the Gulf War but have not been and members of the U.S. finan-
launched because of financial cial community, including Mer-
The publication said IAI plans
to cooperate with a U.S. company,
Core Software Technology of
Pasadena, Calif , to find partners
for distributing imagery from
They hope to combine IAI's Zim of Israel general manager
satellite imaging with Core's abil- Matti Morgenstern has been
ity to distribute the data via its elected to the World Trade Cen-
worldwide computer network.
ter Hall of Fame for his contri-
A source close to the project bution to advancing international
told Space News the estimated trade and improving the world
cost of launching the satellite and economy.