Controversy Blocks El Al Privatization Dutch beer giant Heineken was to take over Netanya-based Tem- po Beer Industries was dealt a sudden and potentially fatal blow Jerusalem (JPFS) — Differences when minority shareholder Moshe in opinion among members of the Podhorzer backtracked from his government committee on the pri- intention to sell his 45.5 percent vatization of El Al are preventing stake in the company to chairman the compilation of its recommen- Jack Beer and Heineken. Mr. Beer's option to purchase dations. The committee should have Mr. Podhorzer's stake expired presented its proposals to Prime May 3, and Mr. Podhorzer's an- Minister Binyamin Netanyahu by nouncement said he would not renew it. For his part, Mr. Pod- early January, but ongoing dif- ferences over the method of pri- horzer's options agreement was vatization and particularly the conditional on Heineken's acqui- thorny issue of flights on Shabbat sition of control in Tempo. Heineken executives are due to are causing the hold-up, accord- arrive in Israel in a bid to re-open ing to an official. However, another government negotiations, but Mr. Podhorzer source denied there are disagree- stressed he will not reach agree- ments and said the committee is ment with them under the pre- only weeks away from completing sent terms. Mr. Podhorzer said from now its work. on he will look to keep the com- pany under domestic control, de- spite the possibility that a strategic international partner could be of benefit. The issue is the latest in a se- ries of rows between Mr. Beer, Jerusalem (JPFS) — Elbit and a who is married to Mr. Bornstein's Sao Paulo aircraft manufacturer daughter Rina, and director have signed a contract to develop Moshe Podhorzer, who is married mission avionics for the Brazilian to Mr. Bornstein's other daugh- Air Force's ALX program, the par- ter, Bilha, and owns a controlling ties announced during an air show share in mineral-water producer in Brazil. Neviot, which is distributed by The contract's value was not Tempo. disclosed. Elbit will supply an avionic suite, which includes a modular computer, LCD color displays, head-up displays, advanced nav- igation system and armament sys- tem. Embraer, Brazil's largest Jerusalem (JPFS) — United aircraft manufacturer, will inte- States business arbitration com- grate the Elbit avionics to the pany Negotiator Pro Co. has launched its Israel subsidiary, ALX. Mediation & Negotiation Ltd.- Settlement of Disputes. The company's aim is to en- courage commercial enterprises to settle problems out-of-court. After the issues are negotiat- Jerusalem (JPFS)— Israel's first ed and a compromise reached, an entry into the Japanese Samurai agreement will be signed be- bond market has been delayed, tween the parties and the com- Accountant-General Shai Talmon pany. If needed, the company will said. The delay is attributed to the send the agreement on to the Japanese Finance Ministry's on- courts for formal approval. going investigation into the activ- In addition to this service, the ities of Nomura Securities Co. company also hopes to market Ltd., allegedly guilty of making relevant computer programs and transactions in breath of the coun- courses for university students. try's Securities and Exchange Law. Israel wants to draw as much attention as possible to its planned issue and would rather wait until the Nomura scandal has faded, according to Mr. Tal- Jerusalem (JPFS) — With the in- mon. The issue, in which the Is- troduction of free trade on May raeli Treasury intends raising 1, trade volume between Israel some 15-20 million yen, is likely and Turkey is expected to double this year, according to Israel- to take place later this year. Turkey Business Council chair- man Pini Peled. Bilateral trade totalled $450 million last year, excluding mil- itary deals. In the first quarter this year the figure reached $150 Jerusalem (JPFS) — The osten- million. sibly concluded deal by which Elbit In Brazil Avionics Deal Play the Market- but Play it Safe! 100% PRINCIPAL RETURN GUARANTEE by FDIC up to $100,000 if held to maturity FDIC Insurance covers Principal only Early withdrawal could result in penalties S&P 500 INDEX Certificates of Deposit Issued by Republic Bank of New York Maturity Date: May 30, 2003 ♦ Interest paid at maturity based on 100% participation in the upward movement of the S&P 500 Index over the term of the CD without ♦ The S&P 500 Index consists of the country's largest companies. The Index represents about 70% of the entire equity market. principal risk. ♦ The CD will provide zero interest if the valuation of the S&P 500 Index used at maturity of the CD falls below the initial value of the S&P Index. ♦ Certain tax considerations regarding original issue discount may apply. Check with your tax consultant or broker regarding applicable tax consideration. ♦ While early withdrawal could result in penalties, the CD is redeemable at par upon death of the holder. FOR COMPLETE DETAILS CALL: Sheldon L. Rosenberg First of Michigan Corporation 6230 Orchard Lake Road, Suite 230 West Bloomfield, Michigan (810) 855-3125 or (800) 654-1443 First of Michigan MICHIGAN'S LEADING BROKERAGE FIRM Since 1933 INVENTORY REDUCTION SALE - 2 DAYS ONLY! SPECIAL SALE HOURS - FRI 9-6 & SAT 10-6 Negotiator Opens Office /-' Samurai Bond Offer Delayed /' LW, Israel-Turkey Trade To Double? Heineken-Tempo > Deal Blows Up "The Bigger We Get... The Better Deals You Get!" 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