Global Accord
To Cut Duties
Mr. Gold has reportedly
pushed for a de-merger to boost
Koor's profitability and offset
losses recorded by Shamrock's
Jerusalem (JPFS) — The Israeli other holdings, namely clothing
government has ratified the retailer LA Gear and super-
World Trade Ministerial Decla- market chain Grand Union.
Mickey Zellermeier, legal ad-
ration on Trade in Information
Technology Products, which will viser to the Shamrock group in
cut customs duties on comput- Israel, and Micha Geiger, Sham-
er and telecommunications prod- rock's local representative, are
ucts immediately, gradually expected to meet with Mr. Gold
eliminating them by the year in California. The three are ex-
2000, the Israel Ministry of In- pected to discuss the possibility
of breaking up the Koor concern.
dustry and Trade announced.
The 40 participating nations
include the United States and
European Union, with whom Is-
rael already has free-trade agree-
ments, as well as countries such
as Japan, Indonesia, Malaysia, Jerusalem (JPFS) — Represen-
the Philippines, Korea, Aus- tatives from Tower Semiconduc-
tralia, Taiwan and Thailand, tor will meet with the Ministry of
which are not free-trade part- Industry and Trade to discuss the
ners.
company's plans to invest $1 bil-
The agreement also stipulates lion in its Mies] HaEmek plant,
that import taxes on more sen- said David Baruch, director-gen-
sitive products, such as telephone eral of the ministry's investment
switches, antennas, printed cir- center.
cuits and certain cables must be
According the Capital Invest-
eliminated by the year 2005.
ment Aid Law, the plant is enti-
The information technology tled to a 20 percent grant because
accord is the second of three it is located in an Israeli devel-
WTO agreements designed to lib- opment area.
eralize world markets.
Earlier in the year, the WTO
issued a global accord to free up
the telecommunications indus-
try.
The agreement, which went
into effect in February, paved the Jerusalem (JPFS) — Aladdin
way for Barak and Golden Lines Knowledge Systems Ltd. of Tel
to enter the local telecom mar- Aviv and Wave Systems Corp. of
ket.
Massachusetts recently signed
The WTO is now negotiating an agreement whereby Aladdin,
a financial services accord that a supplier of information securi-
would liberalize the banking, in- ty solutions for software devel-
surance and foreign exchange opers and software users, will
rates regulations.
provide a license for its technolo-
Such an accord would be de- gy to Wave. The value of the deal
signed to make the internation- is $900,000.
al investment environment more
secure.
Israel produces close to one
percent of the world's informa-
tion technology products. Infor-
mation technology is a $500
Israel's Edusoft firm was selected
billion market worldwide.
to participate in a consortium that
will develop a laboratory network
to teach science over the Internet.
The consortium, which will in-
vest $5 million in the project, con-
sists of German, French and
Jerusalem (JPFS) — Koor In- Italian telecom companies, the
dustries Ltd. has not discussed Open University of England and
plans to demerge its major ac- the universities of Athens and
tivities, the company said in a Milan.
statement issued to the Tel Aviv
Stock Exchange.
But the statement said the
firm will sell investments, dilute
holdings and/or enter into joint
ventures to strengthen its core
Jerusalem (JPFS) — Galileo
businesses.
Koor's announcement to the Technology Ltd., a Carmiel-
TASE follows several weeks of based maker of computer net-
press reports regarding an al- work equipment, filed with the
leged dispute over corporate U.S. Securities and Exchange
strategy between Gaon and Commission to sell 2.75 million
Stanley Gold, president of Sham- common shares in an initial pub-
rock, Koor's second-largest lic offering on the NASDAQ
stock exchange.
shareholder.
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Koor Industries
Denies Demerger
Galileo
To Go Public
.44