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

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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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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

