Elbit Imaging

       While not as exciting as Israel's Koor group taking a 3% stake in Credit Suisse, further evidence of the relatively high liquidity in Israeli markets came from Elbit Imaging today. EMITF announced that its Board of Directors approved repurchase of up to NIS 50 mn (approximately $14 mn) of EMITF's Series A through F Notes, traded on the Tel Aviv Stock Exchange. The re-purchases will be made from time to time in the open market on the TASE, in privately negotiated transactions or a combination of the two.

    Or to quote Israel's Central Bank chief, Stanley Fischer, "the situation is not as bad as I feared." South African-born Fischer, formerly managing director of the International Monetary Fund, flew back from its Annual Meeting last week because of the financial crisis.