Most international observers consider the Israeli
step as a door opener to the resumption of the
political process that will hopefully lead to a
new chapter of peace in the Middle East.
One of the barometers of local public opinion is
the Tel-Aviv Stock Exchange. It has recently been
setting new, all-time highs. However, market
analysts have recommended to local investors to
reduce their holdings on the local exchange.
By contrast foreigners are pouring money into
Tel-Aviv, full of optimism as to a better future.
One of our favorites Ormat Technologies has
advanced by nearly 10% by mid month mostly due to
foreign purchases.
We are reminded of the two brokers who meet on
the street. What do you think about the market,
one asked. "I am optimistic," replied the second
broker. "In that case why do you look so worried?
"I am just worried about my optimism," he
replied. By nature we are optimists but indeed we
are worried about our inherent optimism.
We do not question the withdrawal from Gaza,
notwithstanding many reservations as to how it
was carried out. However, the post-withdrawal
situation is not "pares inter pares", "equals
among equals".
The Palestinian Authority is lacking the ability
to control terrorist organizations and its
position is best described as fragile. Israel
minimally insists on an end to terror. However,
there is an element of unreality whereby Israel
gives, but is unlikely to receive.
Israel has garnered Nobel Prizes and most
recently the prestigious Goethe was presented to
Amoz Oz yet the most coveted prize that of Peace
has eluded it throughout its existence. We hope
that the forthcoming Jewish New Year will bring
us closer to that goal.
Israeli Foreign Minister Silvan Shalom and his
Pakistani counterpart Khursheed Mehmood Kasur,
held their first public meeting in the Turkish
city of Istanbul, despite a lack of official
ties. Pakistan's Dawn newspaper said, that the
decisive factor in the decision to engage was the
Jewish state's pullout last month from the Gaza
Strip. Prime Minister Arik Sharon received a warm
reaction to his appearance in the UN. Israel
welcomed these developments.