VISHAY page 63
Vishay Israel's four plants
currently employ 2,800 workers.
Mr. Grubb said Vishay is cut-
ting 7 percent of its 18,000-person
workforce as a result of the slack-
ening personal computer and
telecommunication industries'
business. Over the last 18 months,
inventories in these markets have
become bloated, leading to a re-
duced demand for goods.
According to a statement is-
sued by a Merrill Lynch, analyst,
Vishay has higher costs than its
competitors due to a greater con-
centration of employees in high
labor-cost areas.
Jacob Frenkel
Dictates Policy?
11996 SPRING EDITION1
Stk. #306108
Single Up-Front Payment
**
$ 13 9 116
i0 DOWN
-
'1000 DOWN
'2000 DOWN
$587 $544 $499
Stk. #619856
Single Up-Front Payment
**
$ 12,534
'0 DOWN
'1000 DOWN
Jerusalem (JPFS) — President
of the Manufacturers Association
Dan Propper accused Bank of Is-
rael Governor Jacob Frenkel of
dictating government policy.
While admitting that the cen-
tral bank is finally realizing that
inflation is not the be-all and end-
all of monetary policy, Mr. Prop-
per said his complaints against
Mr. Frenkel over the last three
years are still valid.
"The Bank of Israel has put
out a program for reducing in-
flation to 2-3 percent within a few
years. How come the Bank of Is-
rael is putting out a program
which should have been put out
by a new government?" he asked.
Mr. Propper also warned he
does not believe the government
will be able to implement an-
nounced cuts. In an interview
that took place during a
marathon Cabinet meeting, Mr.
Propper said he welcomed Fi-
nance Minister Dan Meridor's
outline budget proposals, but he
added, "I'm afraid erosion start-
ed with the decreased cut in the
defense budget. Not one of the
'2000 DOWN
11996 SEDAN DEVILLE I
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fee due on delivery. State & luxury tax additional. Mile limitation of 24,000 miles. 15eper 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. 150 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.
1-696 AT VAN DYKE
4
758 –1800
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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
Major Banks
To Be Sold
Jerusalem (JPFS) — Israel's
major banks are on the right
track and should be ready to
shrug off state ownership short-
ly, according to a report on the
Israeli banking sector prepared
by American investment bank
Lehman Brothers.
The report, written in June,
recommends that investors fo-
cus on Bank Leumi and Bank
Hapoalim and cautions that
some banks continue to en-
counter such problems as poor
asset quality, loan monitoring
and capital structure.
On the whole, the report says
the banking sector is fairly val-
ued, with the exception of Bank
Leumi, which has achieved poor
BANKS page 66
LEADING ISRAELI STOCKS
TRADED ON U.S. EXCHANGES
$559 '517 $474
RINKE CADILLAC
ministers will be happy to sus-
tain a big cut if the Ministry of
Defense has reduced cuts."
The association's claim over
the last three years is that re-
ducing the balance of payments
deficit should be the govern-
ment's No. 1 priority. "I see the
monetary policy as a major ob-
stacle which has created the lion's
share of the balance of payments
deficit," Mr. Propper said.
This policy, he said, has made
exports unprofitable by strength-
ening the shekel and by making
imports cheap, which has led to
decreased profits for industrial
companies.
When asked whether the gov-
ernor should resign, Mr. Propper
said he will be happy if Mr.
Frenkel changes his policy. "It's
not a personal matter. My atti-
tude on the bank will change
when its policy will change. My
attitude is only economical."
,/#
MASTER
DEALER
DEDICATED TO
EV_ELLENCE
Symbol Name
Exchange
July 5
July 12
SCIXF
Scitex
NASDAQ/NM '16.85
'16.37
ECILF
ECI Telecom
NASDAQ/NM
'22.61
'22.61
TEVIY
Teva Pharm
NASDAQ/NM
'35.85
'34.25
IEC
PEG Israel
NYSE
'18.25
'15.87
ELBTF
Elbit Computers NASDAQ/NM
'16.75
'16.50
ELT
Elscint LTD
'12.00
'10.50
5 1.50
ELRNF
Elron Electronics NASDAQ/NM
'10.75
'10.12
-'0.63
TAD
Tadiran
'26.25
'24.25
CMVT
Comverse
'28.37
'27.25
ISL
First Israel Fund NYSE
'11.37
'11.00
NYSE
NYSE
• NASDAQ/NM
Change
'0.00
-'2.38
-Si .12
Source: Allen Olender, Prudential Securities,
West Bloomfield.
2