The story (2nd lead on Reuters) -

http://today.reuters.co.uk/news/articlenews.aspx?type=worldNews&storyID=2006-10-15T193711Z_01_L08132872_RTRUKOC_0_UK-ISRAEL-PRESIDENT.xml&WTmodLoc=HP-C3-World-2

is not even mentioned on CNN or Sky News.

I wonder why?

Oh I said 5 years ago these false allegations were just the tip of the iceberg.
There are not hundreds but THOUSANDS of victims but the "celebrity" level is only really just kicking in.
I have no idea whether he's innocent or guilty but an accusation is enough to destroy a politician.
Wait until the UK ones kick in (false accusers represented by a big PR person).

He has not been charged yet. Concerning the coverage, give it a few hours. The President is largely a symbolic position in Israel, anyway, like that of Ireland. So it will hardly affect daily life.

What is more serious are the "improprieties" of the PM Olmert, who is suspected of receiving certain gratuities from a businessman. If the government is brought down, it's possible the right will be put back in power as Israelis feel let down by the left (if you can call Olmert's government leftish) throughout the Lebanese campaign.

This endless change of leadership is another hindrance to any long-term settlement to the Palestinian conflict. To put it simply, no one dares put their neck out as they are all on ejectable seats.

They do seem to have a very large number of active political parties for such a small country.