Latest news with #Jens Stoltenberg
Times
4 days ago
- Business
- Times
Israel–Gaza latest: Germany stops arms exports over Gaza City occupation
Norway's $1.7 trillion sovereign wealth fund will announce next week changes to the handling of its Israeli investments, the finance minister, Jens Stoltenberg, announced, ruling out any blanket withdrawal over the war in Gaza. The Norwegian government said this week it had started an urgent review of the fund's investments over ethical concerns linked to the war in Gaza and the Israeli occupation of the West Bank. 'I see several measures over time, but what can be addressed quickly must be done quickly,' Stoltenberg told a press conference. He did not say what these measures could be but added that there would not be a wholesale divestment from all Israeli companies. 'If we did that, it would mean we are divesting from them because they are Israeli,' he said. The review came after local news reports that the fund had built a stake in an Israeli jet engine group. Belgium has joined the growing European disapproval of Binyamin Netanyahu's plan by announcing it has summoned the Israeli ambassador. In a statement, the Belgian foreign ministry said it wanted to 'express total disapproval of this decision, but also of the continued colonisation … and the desire to annex the West Bank', adding that it would 'vigorously advocate' for a reversal of this decision. 'Following the official confirmation by the Israeli government of its intention to encircle and then occupy Gaza City and take military control of the entire Gaza Strip, [the] foreign minister, Maxime Prévot, has decided to summon the Israeli ambassador,' the ministry said. Hamas has warned that Israel will pay a heavy price for occupying Gaza City. 'We warn the criminal occupation that this criminal adventure will cost it dearly and will not be an easy journey, the group said in a statement. It was previously reported that Hamas gave 'orders to neutralise' the remaining hostages if militants holding them are unable to escape alive. Israel's plan to intensify operations in Gaza is 'a wrong move', the Dutch foreign minister said on Friday. Caspar Veldkamp wrote on X: 'The plan of the Netanyahu government to intensify Israeli operations in Gaza is a wrong move. The humanitarian situation is catastrophic and demands immediate improvement. This decision in no way contributes to this and will also not help to get the hostages home.' He added: 'The Dutch government has always been clear: Gaza belongs to the Palestinians.' In further critical comments from Germany, Friedrich Merz has called on Israel 'not to take any further steps toward annexing the West Bank'. The chancellor added that Binyamin Netanyahu's government should allow comprehensive access for aid deliveries, including for UN organisations and that Israel 'must continue to comprehensively and sustainably address the humanitarian situation in Gaza'. An Israeli airstrike in eastern Lebanon is believed to have killed six people, including a senior member of a Palestinian group and his bodyguard as they were travelling to Syria. The strike near the Lebanese border crossing of Masnaa on Thursday killed Mohammed Wishah, a member of the central committee of the Popular Front for the Liberation of Palestine (PFLP), the group said in a statement. There was no immediate comment from the Israeli government. The senior PFLP official, Marwan Abdel-Al, wrote on social media: 'We have lost two of the most loyal comrades who gave their precious souls to freedom.' Lebanon's state-run National News Agency said the airstrike killed six people and wounded ten, without identifying the victims. Germany, which has been one of the staunchest supporters of Israel's actions in Gaza, has announced it will not approve any exports to Israel of military equipment that could be used in the Strip until further notice. The chancellor, Friedrich Merz, made the announcement in response to Israel's plan to expand its military operations in the Palestinian territory. The release of the Israeli hostages and negotiations for a ceasefire were Germany's top priorities, Merz said in a statement, expressing deep concern over the suffering of Gazans. In a further statement after claiming Netanyahu 'seeks to get rid of his captives and sacrifice them', Hamas has called Israel's decision to take control of Gaza City as a 'war crime'. The group added that the Israeli government 'does not care about the fate of its hostages'. Spain is the latest country to condemn Israel's plans as pressure increases for Binyamin Netanyahu to reverse the decision. Madrid's foreign minister said it would cause further suffering for the people of Gaza. 'We firmly condemn the decision of the Israeli government to escalate the military occupation of Gaza. It will only cause more destruction and suffering,' José Manuel Albares said. He added that 'a permanent ceasefire, the immediate and massive entry of humanitarian aid and the release of all hostages are urgently needed'. Last year Spain officially recognised the state of Palestine as an independent country. The British military is hiring American contractors to carry out secret spying missions over Gaza for Israel because of a shortage of RAF aircraft (Larisa Brown writes). Ministry of Defence sources have told The Times that the government is paying a company based in Nevada to look for hostages. A 'schoolboy' error meant that the flight path of the US aircraft, registered as N6147U and used on behalf of the UK government, was made publicly available so it could be seen flying over the largely destroyed city of Khan Yunis in July. • Read in full: Blunder reveals UK hired foreign contractors for spy mission The government believes Netanyahu's plans to fully occupy Gaza is 'wrong' and that it is 'constantly putting pressure on all parties to get round the table', a minister has said. Miatta Fahnbulleh, an energy minister, told Times Radio: 'We think that decision is the wrong decision. And we hope that the Israeli government will reconsider it. It risks escalating an already intolerable and atrocious situation. 'There's no one that can see the scenes in Gaza and not feel absolutely gut-wrenched. And our priority is that we have got to find a pathway to peace. And that means trying to negotiate a ceasefire.' President Trump was reported to have shouted at the Israeli prime minister during a phone call about the humanitarian crisis in the Gaza Strip. The call took place on July 28, according to NBC News, which cited unnamed senior US officials, after Binyamin Netanyahu said at an event that, despite widespread reports of hunger and starvation in the Strip, 'There is no starvation in Gaza.' Trump publicly responded the next day that he was 'not particularly convinced' by Netanyahu's assurance, saying there was 'real starvation' in Gaza and adding: 'You can't fake that.' In response to the NBC report, Netanyahu's office described the claim as 'complete fake news'. China has expressed 'serious concerns' over Israel's plan to take control of Gaza City, urging it to 'immediately cease its dangerous actions'. 'Gaza belongs to the Palestinian people and is an inseparable part of Palestinian territory,' a foreign ministry spokesman told the AFP news agency. 'The correct way to ease the humanitarian crisis in Gaza and to secure the release of hostages is an immediate ceasefire. 'A complete resolution to the Gaza conflict hinges on a ceasefire. Only then can a path to de-escalation be paved and regional security ensured.' Beijing said it was 'willing to work together with the international community to help end the fighting in Gaza as soon as possible'. Israel 'intends' to hand Gaza to Arab authorities after occupation, Binyamin Netanyahu has said. Asked on Thursday if Israel would take over the entire coastal territory, the Israeli prime minister told Bill Hemmer on Fox News: 'We intend to.' But he added that Israel wanted to hand over the territory to Arab forces that would govern it. He did not elaborate on the governance arrangements or which Arab countries could be involved. 'We don't want to keep it. We want to have a security perimeter. We don't want to govern it. We don't want to be there as a governing body,' he said. Israel is considering withdrawing defence and security co-operation with the UK if Sir Keir Starmer goes ahead with recognising Palestine, in a move that could undermine national security (Matt Dathan and Gabrielle Weiniger write). Diplomatic sources have told The Times that Binyamin Netanyahu's government is examining the response as one of a range of options if Britain presses ahead with Palestinian recognition next month. An official warned that Britain and other countries considering diplomatic recognition should 'carefully consider' the consequences of such a move. • Read in full: Netanyahu could cut security ties if Starmer recognises Palestine Egypt has warned that Israel's decision to take over Gaza City will lead to Hamas executing the remaining Israeli hostages, according to a report in the Lebanese newspaper Al-Akhbar. An unnamed Egyptian diplomat claimed that Hamas had 'orders to neutralise' the remaining hostages if militants holding them were unable to escape alive. The warning had been sent in a message to the White House, the Times of Israel reported. Sir Ed Davey has said it is 'increasingly clear' that Binyamin Netanyahu's 'goal is ethnic cleansing' in Gaza. The Liberal Democrat leader said: 'Netanyahu's plans to occupy the whole of Gaza are utterly abhorrent and it's increasingly clear that his goal is ethnic cleansing. 'This plan will only serve to wreak more devastation on the lives of millions of Gazans, whose homes and communities have already been destroyed, while endangering the lives of those hostages still held by Hamas. He also called on Sir Keir Starmer to stop the export of all British arms to Israel and place sanctions on Netanyahu. 'Rather than sitting on its hands and issuing strongly worded statements, the UK government needs to take decisive action. Keir Starmer needs to stop the export of all UK arms to Israel today and sanction Netanyahu and his cabinet.' Turkey has condemned Israel's plan to take control of Gaza City, calling on the international community and UN Security Council to act to prevent the plan's implementation. The foreign ministry said Israel must immediately halt its war plans, agree a ceasefire in Gaza and start negotiations for a two-state solution, adding that each step to continue what it called the genocide and occupation of Palestinian lands dealt a heavy blow to global security. The Israeli armed forces chief of staff had argued against a full takeover of Gaza, with Israeli officials telling Reuters that a meeting with the head of the military before the security council vote was tense. Eyal Zamir argued against a full military occupation as he feared endangering the lives of remaining hostages and miring an exhausted military in Gaza. On Thursday as Netanyahu's war cabinet prepared to meet, Zamir defended his right to speak out on the military's behalf, calling the culture of debate 'an inseparable part of the history of the Jewish people'. But he also said the military now had the ability to establish a new security reality along the border. 'Our intention is to defeat Hamas and continue to operate with our hostages at the forefront of our minds,' he added. If it wasn't already a foregone conclusion that Britain would recognise a Palestinian state in September, Israel's decision to take control of more of Gaza makes it one (Chris Smyth writes). Sir Keir Starmer set a series of conditions for Israel to avoid Britain taking the symbolic step at the UN, including alleviating suffering in Gaza and reaching a ceasefire. Binyamin Netanyahu has done the exact opposite. Many in Labour will feel vindicated in Starmer's decision to defy Israel and recognise Palestine. Yet Netanyahu's latest move raises uncomfortable questions about what recognition actually achieves. After all, the aim is to increase diplomatic pressure on Israel to change course. That has not happened. Indeed, it could be argued that recognition has backfired, confirming Netanyahu's willingness to ignore international condemnation. His government, and many Israelis, already feel it is them against the world: a move they see as rewarding terror seems only to have affirmed their sense that they cannot rely on the international community and must go their own way. Only the United States has stood firm behind Israel. Now, as before, the real question is what it will finally take for President Trump to decide enough is enough. The UN human rights chief has said the planned occupation of Gaza City must be 'immediately halted'. Volker Turk said in a statement: 'The Israeli government's plan for a complete military takeover of the occupied Gaza Strip must be immediately halted. 'It runs contrary to the ruling of the International Court of Justice that Israel must bring its occupation to an end as soon as possible, to the realisation of the agreed two-state solution and to the right of Palestinians to self-determination.' Currently Israel says it controls 75 per cent of the Gaza Strip. The remaining quarter mostly comprises Gaza City and refugee camps in central Gaza. It is believed that the Israeli hostages are being held in those locations. Almost all of Gaza's estimated two million citizens are thought to be in the quarter of the Strip that the IDF does not control. The UN estimates some 87 per cent of the territory is either in militarised zones or under evacuation orders. Australia has urged Israel 'not to go down this path', after Binyamin Netanyahu announced Israel intended to take military control of Gaza City. 'Australia calls on Israel to not go down this path, which will only worsen the humanitarian catastrophe in Gaza,' the Australian foreign minister, Penny Wong, said in a statement on Friday. Wong said permanent forced displacement was a violation of international law and repeated calls for a ceasefire, aid to flow unimpeded and for militant group Hamas to return the hostages taken in October 2023. 'A two-state solution is the only pathway to secure an enduring peace, a Palestinian state and the state of Israel, living side-by-side in peace and security within internationally-recognised borders,' she added. Freed hostages and their families are expected to gather outside the home of Israel's defence minister on Friday night to protest the fresh offensive. Iair Horn, whose brother is still in Gaza, and Raz Ben Ami, who was captured from his home in a kibbutz pictured wearing only his underwear, will sit outside Israel Katz's home in south-central Israel. 'We cannot heal, neither as individuals nor as a society, until all of them are brought home. We cannot recover as long as they're still there,' they said in a statement. Last night Israeli police arrested 10 protesters as thousands gathered in Tel Aviv against the military offensive. Demonstrations took place across Israel as the security cabinet discussed the occupation of Gaza City. The Israeli opposition leader, Yair Lapid, said the decision by the security cabinet was 'a disaster' and that Binyamin Netanyahu had been dragged into the position by the hard-right ministers Itamar Ben-Gvir and Bezalel Smotrich. In a post on X, Lapid said the decision was 'exactly what Hamas wanted' and would lead to the death of more hostages. 'In complete contradiction to the opinion of the military and security ranks, without considering the erosion and exhaustion of the fighting forces, Ben-Gvir and Smotrich dragged Netanyahu into a move that will take months, lead to the death of the hostages, the killing of many soldiers, cost tens of billions to the Israeli taxpayer, and lead to a political collapse,' Lapid said. Sir Keir Starmer said Israel's decision to take control of Gaza was 'wrong' and urged it to reconsider. 'The Israeli government's decision to further escalate its offensive in Gaza City is wrong, and we urge it to reconsider immediately,' the prime minister said in a statement. 'This action will do nothing to bring an end to this conflict or to help secure the release of the hostages. It will only bring more bloodshed.' Please enable cookies and other technologies to view this content. You can update your cookies preferences any time using privacy manager. Hamas, which has ruled Gaza for nearly two decades but now controls only fragmented parts, called the cabinet decision a 'blatant coup' against the negotiation process and warned it could threaten the lives of hostages. 'Netanyahu's plans to expand the aggression confirm beyond any doubt that he seeks to get rid of his captives and sacrifice them,' the group said in a statement. The Hamas official Osama Hamdan told Al Jazeera the group would treat any force formed to govern Gaza as an 'occupying' force linked to Israel. Arab countries would 'only support what Palestinians agree and decide on', a Jordanian official source told Reuters, adding that security in Gaza should be handled through 'legitimate Palestinian institutions'. The security cabinet adopted the takeover plans by a majority vote and included 'five principles for ending the war', Binyamin Netanyahu's office said. These are: 1. The disarmament of Hamas2. The return of all hostages, both living and dead3. Demilitarisation of the Gaza Strip4. Israeli security control over the Gaza Strip5. The existence of an alternative civilian government that is not Hamas nor the Palestinian Authority Israel's security cabinet has approved a plan to take control of Gaza City after a ten-hour meeting. 'The security cabinet has approved the prime minister's proposal for the defeat of Hamas,' Binyamin Netanyahu's office said in a statement. 'The IDF [Israel Defence Forces] will prepare for the takeover of Gaza City while ensuring the provision of humanitarian aid to the civilian population outside the combat zones.' In a statement, the Israeli prime minister's office said the vast majority of cabinet members believed that 'the alternative plan presented in the cabinet would not achieve the defeat of Hamas nor the return of the hostages'.
Al Jazeera
6 days ago
- Business
- Al Jazeera
Are sovereign wealth funds dumping Israeli investments?
The Norwegian government on Tuesday said it would review its sovereign wealth fund's investment in Israel after the Scandinavian country's leading newspaper revealed that the nearly $2 trillion fund had a stake in an Israeli company aiding Israel's war in Gaza. The newspaper, Aftenposten, identified the company as the Bet Shemesh Engines Ltd (BSEL) group, which provides parts to Israeli fighter jets that are being deployed in its devastating war on Gaza. In recent weeks, Israeli-induced starvation deaths have caused a global outcry, with Western countries ramping up pressure on Israel to end the war that has killed more than 60,000 Palestinians and ravaged Gaza – home to 2.3 million people. More than 200 people have died of starvation as Israel has obstructed the entry of humanitarian aid despite its so-called 'tactical pause' in its nearly two years of war. So, what did Norway say, and are Israeli atrocities in Gaza and the rest of occupied Palestinian territory turning the tide of public opinion against it? What did Norwegian leaders say? Norwegian Prime Minister Jonas Gahr Stoere said that the investment in the Israeli firm was 'worrying'. 'We must get clarification on this because reading about it makes me uneasy,' Stoere told public broadcaster NRK. Finance Minister Jens Stoltenberg, who manages the world's largest fund, ordered the central bank to conduct a review of the fund portfolio to make sure Israeli companies aiding the occupation of the West Bank or the war in Gaza are barred from investments. 'The war in Gaza is contrary to international law and is causing terrible suffering, so it is understandable that questions are being raised about the fund's investments in Bet Shemesh Engines,' Stoltenberg, a former NATO chief, said, referring to the growing public and political pressure. The decision came weeks after Norway's parliament rejected a proposal for the fund to divest from all companies with activities in the occupied Palestinian territory. 'In light of … the deteriorating situation in Gaza and the West Bank, I will today ask Norges Bank and the Council on Ethics to conduct a renewed review of the fund's investments in Israeli companies and Norges Bank's work on responsible management,' Stoltenberg said. Norges Bank is Norway's central bank. The independent ethics council, which provides recommendations on which companies should be banned from the oil fund's portfolio, has since 2009 suggested excluding nine Israeli groups. How much investment is at stake? Norges Bank, which manages the $1.9 trillion wealth fund, took a 1.3 percent stake in BSEL in 2023 and raised this to 2 percent by the end of 2024, holding shares worth $15m, the latest available NBIM records show. The fund held shares in 65 Israeli companies at the end of 2024, valued at $1.95bn, its records show. The value of its stake was more than four times higher than it was at the end of 2023, shortly after the Hamas-led October 7, 2023, attack that triggered the war. At least 1,139 people were killed in that attack. The sovereign fund, which owns stakes in 8,700 companies worldwide, has sold its stakes in an Israeli energy company and a telecom group in the last year, and its ethics council has said it is reviewing whether to recommend divesting holdings in five banks. In May, the sovereign fund decided to divest from Israel's Paz Retail and Energy for its involvement in supplying infrastructure and fuel to illegal Israeli settlements. In December 2024, the fund sold all its shares in the Israeli company, Bezeq, for its services provided to the illegal settlements, which are considered the biggest impediments in the realisation of a sovereign Palestinian state as part of the so-called two-state solution. Moreover, Norway's largest pension fund has decided to sever its ties with companies doing business with Israel. KLP, which manages a fund worth about $114bn, said in June that it will no longer do business with two companies – the US Oshkosh Corporation and ThyssenKrupp from Germany, which sell equipment to the Israeli military that is possibly being used in the war in Gaza. According to the pension fund, it had investments worth $1.8m in Oshkosh and almost $1m in ThyssenKrupp until June 2025. Last year, KLP also divested from US-based Caterpillar, which makes bulldozers. Which other funds and companies have severed ties with Israel? French insurance giant AXA last August reportedly divested from its remaining investments in Israeli banks for funding illegal settlements, according to a report by advocacy group Eko. Norwegian asset manager Storebrand has also sold shares in some Israeli firms. The move came after sustained campaigning by human rights groups, who highlighted Israeli rights violations against Palestinians in Gaza and the West Bank. Another major pension fund from Denmark, its largest, divested from several Israeli banks and companies last February over fears that the investment could be used to fund the illegal Israeli settlements. The fund has sold its stocks and shares to the tune of 75 million krone ($7.4m) in value. Last month, Ireland's sovereign wealth fund divested shareholdings worth more than 1 million euros ($1.2m) from two accommodation companies linked to Israeli settlements. The two companies have been identified as Expedia Group and TripAdvisor, according to media reports. The Irish government, which has been vocal against Israel's war on Gaza, divested 2.95 million euros ($3.43m) worth of shares from six other Israeli companies. Amid pressure from campaigners and activists from Boycott, Divestment and Sanctions (BDS), several corporations have been forced to sever ties with Israel. Shipping giant Maersk was forced to cut ties with companies linked to illegal Israeli settlements in the occupied West Bank in June. The BDS, a grassroots organisation inspired by the anti-apartheid South Africa movement, calls for economic pressure on the Israeli government to end its occupation of Palestinian lands. Several of Europe's biggest financial firms have cut back their links to Israeli companies or those with ties to the country, a Reuters analysis of filings shows, as pressure mounts from activists and governments to end the war in Gaza. Which countries have taken action against Israel's genocidal war on Gaza? Colombian President Gustavo Petro, in July, banned exports of coal to Israel until the genocide stops. 'We cannot allow Colombian coal to be turned into bombs that help Israel kill children,' the left-wing president said. He has also pledged to cease all arms trade with Israel. Under Petro, Colombia has helped set up the Hague Group of 12 countries aimed at pressuring Israel to end its war on Gaza and the occupation of the Palestinian territory. Spain's left-wing coalition government in June cancelled a contract for antitank missiles from Israeli company Rafael over the war atrocities in Gaza. The decision will affect a deal worth an estimated 285 million euros ($325m). Few months earlier, Spain halted a controversial $7.5m deal to buy ammunition from an Israeli company, following criticism from far-left allies within the coalition government. Madrid has also called for sanctions and an arms embargo on Israel over its Gaza war. Several Western countries have sanctioned Israeli settlers in the West Bank amid record violence against Palestinians. In July 2024, Australia sanctioned Israeli settlers, joining France, the UK. The sanction came after the International Court of Justice (ICJ) issued a nonbinding opinion that all Israeli settlement activity on Palestinian land is illegal and must stop as soon as possible. In June, Australia, Canada, New Zealand, Norway and the United Kingdom formally sanctioned far-right Israeli ministers, Itamar Ben-Gvir and Bezalel Smotrich, for 'incitement of violence' against Palestinians in the occupied West Bank and Gaza. In the same month, Spain, Ireland and Slovenia called for the suspension of the EU-Israel Association Agreement. Sweden has also asked the European Council to adopt sanctions 'against Israeli ministers who promote illegal settlement activities and actively work against a negotiated two-state solution'. The EU provides millions of dollars in funds to Israel as part of its Horizon Europe research projects, while Western leaders have defended Israel for its war atrocities in Gaza and also shielded it from the United Nations resolutions critical of its abuses. Western countries have also been criticised for failing to arrest Israeli Prime Minister Benjamin Netanyahu and former Defence Minister Yoav Gallant, who face warrants from the International Criminal Court for war crimes in Gaza. Last month, the United Nations special rapporteur on the situation of human rights in the occupied Palestinian territory, Francesca Albanese, released a new report mapping the corporations aiding Israel in the displacement of Palestinians and its genocidal war on Gaza, in breach of international law.
Bloomberg
05-08-2025
- Business
- Bloomberg
Norway Wealth Fund's Investment in Israeli Company Sparks Backlash
Reports of the Norwegian sovereign wealth fund's investments in an Israeli company linked to the war in Gaza have triggered a political squabble in the Nordic country. Prime Minister Jonas Gahr Store, speaking on a political talk show on Tuesday, said he was 'very worried' after a report by the Aftenposten newspaper about holdings by Norway's $1.9 trillion wealth fund in Bet Shemesh Engines Holdings, which the paper said is servicing fighter jets used in the attacks in Gaza. It also prompted Finance Minister Jens Stoltenberg to pledge a follow-up of investments in Israeli companies with the fund.
