US' TAKE A BREAK FROM THE UPS AND DOWNS OF INVESTING. Investments have their ups and downs. So it's comforting to know Comerica is offering new Comerica Time Deposit Account or IRA for 18 months. November 30 1996, 6.107 lock in our special T one with a high rate of return, and a low rate of stress. From now until guaranteed Annual () Y D I) 0 S I T 6.10% Your money will work hard. And you won't have to worry about your investment having any down days. Guarantee your money - and your peace of mind. Yield b y For more information, visit your local investing $10,000 or more in a Comerica branch. Or call today. Percentage 1-800-292-1300 www.comerica.com ComencA WE LISTEN.WE UNDERSTAND WE MAKE IT WORK' Comerica banks. Members FDIC. Annual Percentage Meld is based on an eighteen-month Time Deposit Account. Penally for early with- clrawaL Special rale offer available to new money deposits only. APY not applicable io renewing lime Deposits and IRA. Maximum deposit is 5500.000 in a single account. Olker bonuses, coupons or special rates cannot be combined wilh the above offer. Consumer deposits only. THE DE TR O IT J EWI SH NE WS Layer up or down for maximum comfort. Patagonia offers a comprehensive insulation system that will keep you comfortable in cold in cold, wet or windy conditions. Combine with Capilene® Underwear and a shell for a complete layering package. Jacket, Pullover Nile and Vest Air Permeable Warmth Warmth with the Warmth of Wool at Comfort of Stretch About Half the Weight 1440 Patagonia, Is 01 4316 N. Woodward Ave * South of 14 Mile Road * (810) 549-5070 Israel Welcomes Foreign Funds Jerusalem (JPFS) — Venture capital funds, exempt from tax in their home countries, will be al- lowed to invest on the same terms in Israel, Finance Minister Dan Meridor announced. This measure will only apply when funds invest in Israeli re- search and development compa- nies, added Mr. Meridor. This is the latest attempt by the government to encourage foreign investment, particninrly in R&D programs. It is hoped the move will be an incentive for large U.S. funds to look to Israel as a reliable place for investments. A permanent office will be opened in Israel to process in- quiries about venture capital, said Mr. Meridor, during a meeting with fund, investment house and real estate managers in New York, according to his spokesman. Speaking to a gathering of young Wall Street employees, Mr. Meridor reaffirmed his commit- ment to the Brodet Committee's recommendations on structural reforms in the capital markets, which have been criticized by the Prime Minister's Office and Bank of Israel Governor Jacob Frenkel. Contractors Seek More Capital Jerusalem (JPFS) —A delegation of contractors and builders wants to explore alternative sources of capital to back real estate projects at the October Business Confer- ence in New York, following local banks' exhaustion of their lend- ing ability to the sector. The delegation, headed by As- sociation of Contractors and Builders in Israel president Mordechai Yona, will include two advisers — former finance min- ister Yitzhak Moda'i and Jerusalem Bank deputy chair- man David Blumberg. The dele- gation will attempt to raise capital for the construction sector, espe- cially long-term capital. According to the Bank of Is- rael's regulations, banks can only extend more than 20 percent of their credit portfolio to any one sector if they set aside provisions for doubtful debt. It is estimated that the banks' existing credit backing to the sector has reached 22% of the banks' total credit port- folio. Previously, Supervisor of Banks Ze'ev Abeles warned the banks that new limitations will be imposed if they continue to ex- ceed the 20 percent limitation. At the conference, the partici- pants plan to encourage investors to invest in the local real estate field. The delegation is scheduled to meet with senior representa- tives of many U.S. firms, as well as financial institutions that have expressed interest in investing in projects. The delegation will also meet with public companies that have expressed interest in help- ing develop land in areas of high demand. 4•4 Budget Deficit Up In September Jerusalem (JPFS) — The budget deficit grew during September by an additional $30 million the Fi- nance Ministry reported on Tues- day. While lower than expected, September's deficit nevertheless means the government's exces- sive spending has been veering further away from its legally al- lowed limit for 1996, which stands at 2.5 percent of gross domestic product. Including last month's deficit, this year's excess spending has al- ready totaled $3 billion, which is $400 million above its allowed limit, according to the 2.5%-of- GDP formula. Last month, Finance Minister Dan Meridor said this year's deficit is likely to hit the $4 billion mark, which is close to 4% of GDP. The ballooning budget deficit is largely due to the Treasury's failure to adequately forecast its internal revenues, meaning the government's expenditures were calculated based on unrealistic balances. Overall domestic spending since the beginning of the year, PI by both the Labor-led government and its Likud-led successor, has so far totaled $31 billion, exceed- ing internal revenues by nearly $6 billion. , Al Italia Buys Equipment iso Jerusalem (JPFS) —Al Italia, the Italian airline company, has pur- chased $2.65 million worth of maintenance system equipment from Rada Electronic Industries. Known as CATS, the system was originally designed for mili- tary purposes but has been mod- ified-to meet the needs of commercial airlines. Rada, a 10 Nasdaq-traded company, includes US Air, Olympic and British Air- ways among its customers. BDM Fashion Wins Rights Jerusalem (JPFS)— BDM Fash- ion, owned by Pierre Binsard, has been awarded the exclusive rights to market Dupont products in Is- rael. Dupont, manufactures exclu- sive accessories for men and women.