Jobs In Israel
Economic activity in Israel con-
tinued to expand in the first quar-
ter of the year, albeit at a slower
rate than in the previous quar-
ter, according to the quarterly
company survey conducted by the
Bank of Israel's research depart-
Growth was most significant
in the industrial and construction
The number ofjob-seekers in Is-
rael dropped 3.7 percent in March
after increasing in January and
Some 98,500 people registered
at Employment Service offices in
March, compared with 102,300
the previous month. Without
taking seasonal factors into
account, the number ofjob-seek-
ers in March was 102,600,
compared with 105,200 in Feb-
The Israeli economy is in need of
a real devaluation, accompanied
by a cut in the budget, industry
and bank leaders said at a Man-
ufacturers Association emergency
president Dan Propper said the
economy's major problem is the
trade deficit, which hinders
growth and makes it more diffi-
cult to repay foreign currency
"Israel's trade deficit, which is ex-
pected to reach $11 billion this year,
is one of the economy's most press-
ing problems," Mr. Propper said.
"The government and Bank of Is-
rael must take immediate action
'e are in an era in which the
economy has the potential to
shoot upward, but instead com-
panies have their hands tied."
Mr. Propper said the first 120
public companies to publish their
financial statements for 1994 re-
ported a drop in operating profit.
He blamed the fall on the gov-
ernment's and Bank of Israel's
When you buy a pair of men's or women's shoes
at Sherman's during March or April and mention
this ad, we'll donate 10% of the proceeds - to
the Allied Jewish Campaign.
The Baran group has been se-
lected by developer Merhav Hold-
ing to coordinate all Israeli
exports to the Israeli-Egyptian
oil refinery to be built near
Baran, a holding company in-
volved in the construction field,
will manage all procurement,
commissioning of engineering
work, orders and services from
the Israeli side.
Merhav and its Egyptian part-
ners have instructed all major in-
ternational contractors to prepare
bids for a $200 million construc-
Selection of a chief contractor
is expected to be completed in
Construction of the refinery
will take years, at a cost of $1 bil-
The oil refinery will be a state-
of-the-art facility. It will process
fuel from Egypt and other
sources, with products to be sold
in Egypt and Israel.
Baran is 65 percent owned by
founders Meir David, Yitzhak
Friedman, Menahem Gal, Israel
Gutman, Yehonatan Inbar and
The Israeli state budget regis-
tered a NIS 96 million surplus
last month, the Treasury report-
ed. Expenditures were NIS 10.1
billion, while revenues totaled
NIS 10.2 billion.
The jump in the volume of gov-
ernment spending and revenues Imports to Israel jumped in the
of about NIS 3 billion each re- first two months of the year, fu-
flected the cashing of National In- eled by a large demand for con-
surance Institute bonds and the sumer goods, machinery and
reinvestment of the money in equipment, and production in-
puts, the Central Bureau of Sta-
Since the beginning of the year, tistics reported.
Imports soared 51.1 percent in
a budget surplus of NIS 664 mil-
January and February as indus-
lion has accumulated.
trial machinery and equipment
imports rose a sharp 120.3 per-
cent and industrial input imports
increased 53.5 percent. Con-
sumer imports expanded by 118.9
Barzilai Accountancy and Part-
Durable imports, including
ners of Israel has joined the U.S.- cars, furniture, refrigerators and
based Horwath chain, which laundry machines, shot up 111
specializes in international percent after rising 40 percent in
November and December.
Up 51.1 Percent
When You Bring
Your Feet To Sherman's,
We'll Lend A Hand
To Miracle Mission
The store that fits you. The shoes that move you.
Birmingham 810/646-8431 • Eastland 313/839-0877 • Laurel Park Place 313/591-7800 • Southland 313/287-4120
Somerset 810/643-6443 • Twelve Oaks 810/349-7676 • Urban Walker (Downtown Birmingham) 810/540-3468
Mylf-S 1 7
For phone orders call 1 800 421 SHOE. Monday-Friday, 8:30-5:30 pm.
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