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April 26, 1996 - Image 60

Resource type:
Text
Publication:
The Detroit Jewish News, 1996-04-26

Disclaimer: Computer generated plain text may have errors. Read more about this.

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Trade Deficit
Hits $3 Billion

Jerusalem (JPFS) - The na-
tional trade deficit during the first
quarter reached $3 billion, after
March imports exceeded exports
by $920 million, the Central Bu-
reau of Statistics said.
During the first three months
of the year, imports totaled $7.7
billion while exports were $4.7 bil-
lion. Last month, imports reached
$2.62 billion and imports $1.7 bil-
lion.
Last year's record-setting trade
deficit was just higher than $11
billion, which means that judg-
ing by the first quarter, the econ-
omy has yet to stem the
accelerated pace of imports.
However, while monthly
growth between June and Sep-
tember 1995 was between 3 per-
cent and 5 percent, the trade
deficit expanded on average by 2
percent every month since last
year's fourth quarter.
Particularly notable among the
components of imports over the
second half of 1995 and this year
were investment assets, which
grew monthly by 1.5 percent-2.6
percent.
Imports of consumer goods
grew on average by 2 percent a
month, and raw materials by 1
percent.

Recanati Buys
Scitex Shares

Jerusalem (JPFS) - High-tech
entrepreneur Davidi Gilo does not
plan to purchase Scitex shares on
the open market, despite the re-
cent purchase of an additional
$4.2 million worth of the belea-
guered company's stock by the
Recanati group, one of Scitex's
three major shareholders, sources
close to the California-based Is-
raeli entrepreneur said.
The Recanati family, in part-
nership with IDB Development
and PEC Israel Economic Group,
increased its holdings in Scitex to
24.53 percent, representing 10.41
million shares, on April 9-10, in

what seems to be the first actu-
al move against Gilo's hostile
takeover bid for Scitex.
The remaining major share-
holders in Scitex, Clal Electron-
ics Industries and International
Paper Company, have not yet
taken any actual measures to
avoid a takeover besides the re-
lease of an announcement to say
they are not interested in Gilo's
proposal to negotiate an acqui-
sition of Scitex at $20 per share.
An associate of Gilo's said Gilo
is working on the legalities need-
ed to go ahead with the hostile
takeover.
He refused to reveal the mea-
sures which have to be taken, ex-
plaining that Gilo is very
well-prepared for the lengthy
process ahead of him.
In the meantime, Scitex's ex-
isting shareholders have been the
main beneficiaries of the takeover
attempt.
Following Gilo's proposal to ac-
quire Scitex for $20 per share,
about 44 percent over the price of
the company's stock on March 29,
the last day of trading before the
proposal was publicly announced,
the shares immediately_rose to
$17.5. Since then, the share has
shot up to $19.

FDA Approval For
Laser Industries

Jerusalem (JPFS) - Laser In-
dustries, a leader in surgical laser
applications, announced it has re-
ceived marketing clearance from
the U.S. Food and Drug Admin-
istration for its FeatherTouch
SilkLaser System.
The company said the new
product is a breakthrough in the
growing laser skin-resurfacing
market, adding that it allows
physicians to treat the full spec-
trum of skin resurfacing cases in
significantly reduced procedure
time.
The FeatherTouch Laser is op-
timized to treat fine lines and del-
icate areas on the face such as
eyelids, wrinkles and scars.
Benjamin Givli, chairman and
CEO of Laser Industries, said his

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SCIXF
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Scitex
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Exchange

Apr. 12

Aor. 19

Change

5 0.18
NASDAQ
`18.93
5 18.75
5 2.51
5 22.11
5 24.62
NASDAQ
44.87
5
4.12
5 40.75
5
NASDAQ
5 21.25
5 0.50
NYSE
5 21.75
5 16.87
5 0.75
NASDAQ
5 16.12
NYSE
5 13.50
5 13.87
5 0.37
10.25
5
10.12
5
0.13
NASDAQ
5
NYSE
5 21.37
5 20.50
5 0.87
5 24.12
5 23.87
5 0.25
Comverse
NASDAQ
5 11.25
5 11.75
5 0.50
First Israel Fund NYSE
Source: Allen Olender, Prudential Securities,
West Bloomfield.

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