Susi
Bank Index
Shows Slowdown
Single Up-Front Payment
$12 9 802
**
'1000 DOWN
Stk. #306108
;0 DOWN
'1000 DOWN
'2000 DOWN
$587 $544 $499
Stk. #619856
1996 ELDORADO
Single Up-Front Payment
**
$ 129534
0 DOWN
1
'1000 DOWN
Cabinet Approves
Budget Cut
'2000 DOWN
$559 '517 $474
*GMAC SMARTLEASE 24 months. First pymt., ref. sec. dep. rounded to $25 increment, plus down pymt. as shown above; plate or transfer
fee due on delivery. State & luxury tax additional. Mile limitation of 24,000 miles. 15per mile excess charge over limitation. Lessee has op-
tion to purchase at lease end. To get total pymts. multiply pymt. by no. of months. **Based on GMAC SMARTLEASE PLUS 24 months one
single up front pymt. plus $500 ref. sec. dep., plus plates or transfer due on delivery. 6% sales tax & lux. tax additional. Mile limitation of
24,000 on Eldorado. 15c per mile excess charge over limitation. Lessee has option to purchase at lease end. If currently in a Cadillac Smartlease,
receive an additional $1,000 for Eldorado, and $500 for the Spring Edition Sedan DeVille and Sedan Deville.
RINKE CADILLAC
1-696 AT VA NT DYKE
.
Jerusalem (JPFS) — A significant
sign of an impending economic
slowdown emerged recently when
the Bank of Israel said its index
of integrated indicators declined
in May by 0.7 percent in compar-
ison with the previous month, the
first contraction in more than
three years of this broad mea-
surement of the economy's over-
all vitality.
The index, which comprises in-
dicators relating to imports, retail
commerce, industrial production
and business-sector jobs, rose over
the four months preceding May
by an average of 0.7 percent and
by an average of 9 percent a year
over the past six years.
The most significant decline
was registered in the import in-
dex, which dropped 7.1 percent,
reflecting particularly weakened
industrial demands. The indus-
trial-production index itself
shrank in May by 2 percent.
The Central Bureau of Statis-
tics reported that the pace of
growth in factory orders for equip-
ment and machinery slowed dur-
ing the April-May period to 6-7
percent after having stood at 13-
17 percent during the previous
two months and at 17-20 percent
during the second half of last year.
Organized retail commerce
sales also slowed in May, when
they grew at an annual pace of 9
percent, compared to 12-14 per-
cent growth in the previous two-
month period.
Meanwhile, the central bank
also reported a $360-million de-
cline in June of foreign currency
reserves, which now stand at
$8.89 billion. This was the fifth
straight monthly drop in non-
shekel deposits. The central bank
attributed the decline to govern-
ment transfers abroad in the
amount of $307 million.
758 —1800
If traveling west on 1-696, exit Hoover, follow Service Drive to RINKE.
If traveling east on 1-696, exit Van Dyke; take to second bridge past Van Dyke over expressway to RINKE
Open Mon. 7-9pm, Tues. 7-7 pm, Wed. 7-7 pm, Thurs. 7-9 pm, Fri. 7-6 pm
MASTE • ,
DEALER.
DE-D1CATED T
t
E
Jerusalem (JPFS) — The Cabi-
net agreed on a cut to next year's
budget and set a target of lower-
ing the balance of payments
deficit by 2.8 percent of the gross
domestic product.
Prime Minister Binyamin Ne-
tanyahu pledged that Israel will
embark on a "sweeping liberal-
ization policy," which will include
privatization and deregulation
alongside the necessary budget-
cutting.
During a 5 1/2-hour Cabinet
meeting, 12 ministers voted in fa-
vor of the proposals brought by
the prime minister and Finance
Minister Dan Meridor.
Five others, led by Yitzhak
Mordechai (Likud), together with
party colleagues David Levy and
Moshe Katsav, and the NRP's Ze-
vulun Hammer and Yitzhak
Levy, voted for a compromise bud-
get. This would lead to a 3.5 per-
cent balance of payments deficit
in 1997, with further reductions
of 0.5 percent a year until the end
of the century.
The Defense and Education
ministries, under Mordechai and
Hammer respectively, are among
those that will be hardest hit
when the final budget is set.
Mr. Meridor said the cuts will
not lead to a decrease in the stan-
dard of living next year and
pledged again to do his utmost to
ensure the poor and weak are not
affected by the measures. Having
received Cabinet approval for the
macro-economic picture, Mr.
Meridor reiterated that he envis-
ages no tax increases as a result.
Mr. Netanyahu declared a
"sweeping liberalization policy for
the Israeli economy. Israel has
had incremental structural re-
forms since 1986. We intend to do
a lot more in a compressed time.
It is privatization and liberaliza-
tion and deregulation, especially
the deregulation program, that
will bring the economic growth
that I envision," he said.
Israel Is Hub
For Henkel
Jerusalem (JPFS) — Henkel has
decided to focus its regional in-
vestment activity in Israel, Dr.
Uwe Specht, executive vice pres-
ident of the German concern, said.
Dr. Specht was in Israel to sign
a strategic pact with Soad, a She-
men Industries subsidiary. He ex-
pressed his company's confidence
that the peace process would con-
tinue despite the recent change
in government, adding that the
Middle East is becoming a major
growth area with vast potential
for fast-moving consumer goods
such as household and personal-
care products.
According to the agreement,
Henkel will invest $7.5 million in
acquiring 50 percent ownership
in Shemen, which will be
renamed Henkel-Soad. The in-
vestment will concentrate on in-
creasing Shemen's production
capacity and expanding its mar-
keting system, as well as intro-
ducing Henkel's products in
Israel.
Henkel, which manufactures
chemicals, cleaning agents, de-
tergents, cosmetics, toiletries, and
beauty accessories, is one of the
world's top four chemical firms,
with an annual turnover of over
$10 billion. Among its 15,000
products are Persil detergents and
Thompson's house-cleaning prod-
ucts. The company had a net in-
come of $330 million in 1995.
Soad is a general brand name
for a series of cleansing and cos-
metics products, including Soad
detergent powder, Zebra and Flu-
oride toothpastes, and Hawaii