12 MONTH
CERTIFICATE
6 .00%
ISRAEL. DIGEST
INTEREST RATE
6 .13
Compiled by Sy Itianellofrorn The Jerusalem Post
—$1 EQUALS 2.9570 NIS (shekels) - Close Price 7/11/95
Indyk Blasts Israel Over Imports
A.F.Y./*
60 MONTH
CERTIFICATE
6.25'
6.39%
INTEREST RATE
A.P.Y./*
Jerusalem--- U.S. Ambassador
Martin Indyk criticized Israel
for favoring European imports
over those of the United States
and "putting the U.S. in the ab-
surd and untenable situation
of subsidizing Israel's trade
deficit with Europe."
Mr. Indyk made the com-
ments at an Israel-America
Chamber of Commerce lun-
cheon, where he received the ti-
tle of honorary chairman.
The U.S.-Israel trade last
year was $9.5 billion, of which
$5.25 billion was Israeli exports
to the United States and $4.25
billion was U.S. imports to Is-
rael.
Mr. Indyk credited Prime
Minister Yitzhak Rabin with
realizing the need for "the play-
ing field to be leveled."
One sensitive area is pro-
tected agricultural trade. In
September, Israel will imple-
ment its commitments to
GATT by removing all quotas
and fees associated with agri-
cultural imports.
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The Treasury plans to raise
the money at the end of the
year.
Through this and future is-
sues, the Treasury wants to
build a track record in the com-
ing two years, to have better ac-
cess to the international
financial markets after the U.S.
loan guarantee funds dry up.
Mr. Brodet and Mr. Talmon
also chose First Boston as the
government's financial adviser
to raise $1 billion in U.S.-
backed funds. The Treasury in-
tends to raise $500 million out
of the $1 billion by September.
The government already bor-
rowed $750 million in U.S.-
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Jerusalem — U.S. investment
bank Salomon Brothers will be
lead underwriter for the gov-
ernment's first bond issue that
is not backed by U.S. guaran-
tees, Treasury Director-Gen-
eral David Brodet and
Accountant-General Shai Ull-
man decided.
Preparing for life after the
U.S. loan guarantees, the Trea-
sury will test the market for
government bonds based on the
country's recent Standard &
Poors BBB+ credit rating.
Merrill Lynch, Lehman
Brothers and First Boston will
join Salomon
Brothers as underwriters for
the $200 million issue. Mr.
Brodet and Mr. Talmon also
chose Bear Stearris as the gov-
ernment's financial adviser for
the issue.
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Jerusalem -- Interactive cable
TV programming will be initi-
ated on an experimental basis,
soon after the Communications
Ministry issues licenses to com-
panies bidding to offer it.
IBM-Israel's scientific center
in Haifa has developed an in-
teractive multimedia system
called Saver City that allows
users to hook up personal com-
puters to cable TV lines.
IBM-Israel is interested in
offering this service — which
could eventually be used for en-
tertainment, expanded com-
puter uses and even real-time
opinion surveys and voting —
in cooperation with cable com-
panies.
IBM-Israel's system has
already been sent abroad for
testing, and the company in-
tends to export it to cable com-
panies in North America and
Europe.
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Ukraine Signs Tourism Accord
Jerusalem — Ukrainian For- Ukraine sees Israel as a special
eign Minister Gennadi partner and his government
Udovenko and Foreign Minis- views its relations with Israel
ter Shimon. Peres signed coop- as "strategic."
eration agreements on tourism
Mr. Peres said Israel would
and trade.
be very interested in econom-
At a working meeting the ic cooperation with Ukraine, in-
two held at the Foreign Min- cluding agricultural projects
istry, Mr. Udovenko said and medical cooperation.