Tycoon Launches New Israeli Party

A Russian Billionaire has launched a new political party in Israel with the aim of toppling Prime Minister Ehud Olmert's coalition government. Arcadi Gaydamak said his new party, Social Justice, could win as many as 20 Knesset seats in the next election. He said he would not stand for the Knesset, but would first run for the office of mayor of Jerusalem. Some 1400 activists have already begun working for the new party which will hold is first meeting on Thursday.