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Arthur Andersen
Picks Israeli Firm

The Arthur Andersen Worldwide
Organization (AAWO) has signed
up Luboshitz, Kasierer & Co. as
its member firm in Israel. This
follows the lead of the other Big
Six international accounting
firms which already have estab-
lished a presence in the country.
"We receive two to three in-
quiries about Israel each week,"
said Victor Levy, a senior part-
ner at Arthur Andersen's London
branch. "People have an appetite
for new markets. They want to
know what is happening in oth-
er parts of the world."
AAWO says it is the leading
global professional services or-
ganization, with more than
73,000 personnel and represen-
tative relations in over 100 coun-
tries worldwide.
Founded in 1951 by managing
partner Joseph Kasierer, Lu-
boshitz Kasierer employs 10 part-
ners and has a staff of 160.
Under the leadership of Mr.
Kasierer, the firm has grown into
one of Israel's largest accounting
firms, with offices in Tel Aviv and
Haifa. The firm will continue to
operate under its founder's name.

Fewer Exports
May Slow Growth

The Israeli economy will grow 4
percent this year, about 1 percent
lower than the government's ex-
pectations, Manufacturers Asso-
ciation Director-General Yoram
Belizovsky predicted.
The drop in the growth rate
mainly reflects an expected de-
crease in export growth to 4-5
percent from the government's
initial forecast of 8 percent, Mr.
Belizovsky said.
The slowdown in growth will
boost unemployment to 8 per-
cent, slightly higher than last
year's 7.5 percent rate, he said.
"There is a good chance the
economy will reach its targeted
annual inflation rate of 8-11 per-
cent this year," Mr. Belizovsky
said. "The major factor which
may prevent the economy from
reaching this goal is housing
prices.
"If housing prices continue to
fall, like in March, the inflation
rate may drop to below 8 percent
this year."

Investment
Company Formed

Israeli textile manufacturer
Delta Galil Industries and Ever-
green Canada Investments have
agreed in principle to set up a
jointly held investment company.
Both sides will invest $3 million.
Part of Evergreen's investment

r

will be through a transfer to the
new firm of shares held in Inti-
ma, a women's clothing chain.
Delta Galil deputy general
manager Dedi Lederman de-
clined to say if the new firm
would specialize in textile-relat-
ed investments or if investment
would be in Israeli or foreign
markets.

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Trade Talks
Should Conclude

Israel and Jordan were expected
to conclude trade negotiations by
this week's deadline.
The agreement was held up by
Israeli demands for greater tar-
iff cuts and by the lack of an
agreement in principle on the
Jordanian side on the framework
of a free-trade agreement that
will be in force within three years,
said Israel Industry and Trade
Ministry Foreign Trade Admin-
istration Director Zohar Peri.
Jordan has agreed to cut du-
ties by 10 percent on an agreed
list of Israeli goods which are not
produced in Jordan.

Publicity
Deadlines

The normal deadline for
local news and publicity
items is noon Thursday,
eight days prior to issue
date. The deadline for
birth announcements is 10
a.m. Monday, four days
prior to issue date; out-of-
town obituaries, 10 a.m.
Tuesday, three days prior
to issue date.

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