Norway wealth fund excludes six companies linked to West Bank, Gaza
The $2 trillion wealth fund did not name the companies it had decided to exclude but said these would be made public, along with specific reasons for each company, once the divestments were completed.
One possibility could be that among them are Israel's five largest banks, which have been under review by the fund's ethical watchdog.
The latest exclusions bring to 23 the number of Israeli companies the fund has been divesting from since June 30. That number may rise.
'More companies could be excluded,' Finance Minister Jens Stoltenberg told reporters.
Currently the fund holds stakes in 38 Israeli companies, totalling 19 billion crowns ($1.9 billion) in investments, down from 61 companies totalling 23 billion crowns, as of June 30, the fund's operator, Norges Bank Investment Management, said in a letter dated Monday.
The latest announcement follows an urgent review launched this month after reports that the fund had built a stake in an Israeli jet engine group that provides services to Israel's armed forces, including the maintenance of fighter jets.
The reports spurred a fresh debate about the fund's investments in Israel and the occupied Palestinian territories ahead of elections on Sept. 8, with some parties calling for the fund to divest from all Israeli companies, a step the government has ruled out.
Norway's parliament in June rejected a proposal for the fund to divest from all companies with activities in the occupied Palestinian territories.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Express Tribune
an hour ago
- Express Tribune
Pakistan joins 'Global Sumud Flotilla' for Gaza aid
A three–six member Pakistani delegation, comprising doctors, media professionals, and social leaders, is participating in the Global Sumud Flotilla—an international mission aimed at breaking the siege of Gaza and delivering urgent humanitarian and medical assistance to Palestinians. This was announced by Pakistan Palestine Forum leader Wahaj Ahmed during a press conference at the National Press Club Islamabad, alongside Dr Osama Riaz, Ismail Khan, Syed Aziz Nizami, and Fahad Ishtiaq, who are part of the delegation, according to a press release issued last week. Read More: Thousands evacuate homes as fears of Israeli ground offensive grow in Gaza Ahmed further said that several prominent and active pro-Palestinian organisations in Pakistan have formed an alliance called the Palestine Action Coalition of Pakistan, which includes Blockout Tehreek, Pak Palestine Forum, Shaab Abi Talib Foundation, Youth Link Pakistan, Pakistan for Palestine, Together for Al-Quds, and others. Delegation members pledged to highlight Israeli atrocities and stand in solidarity with Palestinians, expressing their readiness to make any sacrifice for the cause. Delegations from 44 countries are participating in the mission, which also includes human rights activists and medical experts.
Business Recorder
5 hours ago
- Business Recorder
Mediators await Israeli response to new truce offer
OCCUPIED JERUSALEM: Mediators were awaiting an Israeli response Tuesday to a fresh Gaza ceasefire plan, a day after Hamas accepted the proposal and signalled its readiness for a new round of talks aimed at ending nearly two years of war. Mediator Qatar expressed guarded optimism for the new proposal, noting it was 'almost identical' to an earlier version agreed to by Israel. The two foes have held on-and-off indirect negotiations throughout the war, resulting in two short truces and the releases of Israeli hostages in exchange for Palestinian prisoners, but they have ultimately failed to broker a lasting ceasefire. Qatar and Egypt, backed by the United States, have mediated the frequent rounds of shuttle diplomacy. Egypt said Monday that it and Qatar had sent the new proposal to Israel, adding 'the ball is now in its court'. Qatari foreign ministry spokesman Majed al-Ansari said on Tuesday that Hamas had given a 'very positive response, and it truly was almost identical to what the Israeli side had previously agreed to'. Hamas accepts new Gaza truce plan: Hamas official 'We cannot make any claims that a breakthrough has been made. But we do believe it is a positive point,' he added. According to a report in Egyptian state-linked outlet Al-Qahera News, the latest deal proposes an initial 60-day truce, a partial hostage release, the freeing of some Palestinian prisoners and provisions allowing for the entry of aid. Israeli Prime Minister Benjamin Netanyahu has yet to publicly comment on the plan, but said last week that his country would accept 'an agreement in which all the hostages are released at once and according to our conditions for ending the war'. Senior Hamas official Mahmoud Mardawi said on social media that his group had 'opened the door wide to the possibility of reaching an agreement, but the question remains whether Netanyahu will once again close it, as he has done in the past'. Thousands of Palestinians leave Gaza City fearing Israeli offensive Hamas's acceptance of the proposal comes as Netanyahu faces increasing pressure at home and abroad to end the war. On Sunday, tens of thousands took to the streets in the Israeli city of Tel Aviv to call for the end of the war and a deal to free the remaining hostages still being held captive. The new proposal also comes after Israel's security cabinet approved plans to conquer Gaza City and nearby refugee camps, fanning fears the new offensive will worsen the already catastrophic humanitarian crisis in the devastated territory. Israel's far-right National Security Minister Itamar Ben Gvir – who has staunchly opposed ending the war – slammed the plan, warning of a 'tragedy' if Netanyahu 'gives in to Hamas'. 'Unbearable' Gaza's civil defence agency reported that 31 people were killed Tuesday by Israeli strikes and fire across the territory. Agency spokesman Mahmud Bassal told AFP the situation was 'very dangerous and unbearable' in the Zeitoun and Sabra neighbourhoods of Gaza City, where he said 'artillery shelling continues intermittently'. The Israeli military declined to comment on specific troop movements, saying only that it was 'operating to dismantle Hamas military capabilities' and took 'feasible precautions to mitigate civilian harm'. Media restrictions in Gaza and difficulties accessing swathes of the Palestinian territory mean AFP is unable to independently verify the tolls and details provided by the civil defence agency or the Israeli military. Sabra resident Hussein al-Dairi, 44, said 'tanks are firing shells and mortars, and drones are firing bullets and missiles' in the neighbourhood. 'We heard on the news that Hamas had agreed to a truce, but the occupation is escalating the war against us, the civilians,' he added. Israel's offensive has killed at least 62,064 Palestinians, most of them civilians, according to figures from the health ministry in Hamas-run Gaza which the United Nations considers reliable.
Business Recorder
17 hours ago
- Business Recorder
Norway wealth fund excludes six companies linked to West Bank, Gaza
OSLO/COPENHAGEN: Norway's sovereign wealth fund, the world's largest, said on Monday it had decided to exclude another six companies with connections to the West Bank and Gaza from its portfolio, following an ethics review of its Israeli investments. The $2 trillion wealth fund did not name the companies it had decided to exclude but said these would be made public, along with specific reasons for each company, once the divestments were completed. One possibility could be that among them are Israel's five largest banks, which have been under review by the fund's ethical watchdog. The latest exclusions bring to 23 the number of Israeli companies the fund has been divesting from since June 30. That number may rise. 'More companies could be excluded,' Finance Minister Jens Stoltenberg told reporters. Currently the fund holds stakes in 38 Israeli companies, totalling 19 billion crowns ($1.9 billion) in investments, down from 61 companies totalling 23 billion crowns, as of June 30, the fund's operator, Norges Bank Investment Management, said in a letter dated Monday. The latest announcement follows an urgent review launched this month after reports that the fund had built a stake in an Israeli jet engine group that provides services to Israel's armed forces, including the maintenance of fighter jets. The reports spurred a fresh debate about the fund's investments in Israel and the occupied Palestinian territories ahead of elections on Sept. 8, with some parties calling for the fund to divest from all Israeli companies, a step the government has ruled out. Norway's parliament in June rejected a proposal for the fund to divest from all companies with activities in the occupied Palestinian territories.
