Latest news with #Stoltenberg
Local Norway
4 days ago
- Business
- Local Norway
Norway plans randomly selected tax cuts for young people
The tax cuts will be given to those born between 1990 and 2005 and apply to workers who earn less than 647,500 kroner a year. The aim of the scheme is to trial whether lower taxes result in higher employment, which groups are incentivised by the tax breaks, and how much extra they work as a result. 'We do it because we need knowledge,' Minister of Finance Jens Stoltenberg said. 'We spend a lot of money on things we are unsure of the effect of. And there is uncertainty and professional disagreement about what works and what doesn't work. Now we can get the knowledge to decide that,' he added. At most workers will save 27,500 kroner a year on their taxes, this will apply to those who earn between 326,000 kroner and 335,000 kroner a year. The more those selected to receive the tax cuts earn, the lower the tax break. The proposal has been sent out for consultation and could be adopted in the autumn if the government decides to carry out the experiment. Estimates from the finance ministry suggest the scheme will cost 500 million kroner per year. Advertisement Successive Norwegian governments have tried to tackle rising social security payments and a shortage of workers in key sectors with various measures. Stoltenberg pointed to the increase in the number of young people who receive disability benefits today compared to when he was previously finance minister in 1996. He said the scheme meant the government could avoid making cuts to the welfare state by making work more profitable. Critics have referred to the scheme as a lottery, and leader of the Conservative Party Erna Solberg said that a tax break should apply to all young people to encourage greater participation in working life.
Canada Standard
16-05-2025
- Business
- Canada Standard
NATO Chief says 2 per cent defence spending target
Antalya [Turkey], May 16 (ANI): NATO Foreign Ministers met in Turkey's Antalya on Wednesday and Thursday with a key focus on increasing defence spending, with Secretary General Jens Stoltenberg declaring that the current 2 per cent of GDP target is 'not nearly enough.' He urged the allies to invest more in core military capabilities, infrastructure, and resilience to address growing security challenges. The ministers also reaffirmed NATO's long-term support for Ukraine, stressing the importance of sustained assistance to secure a just and lasting peace. In a statement released on Thursday, NATO said, 'On Wednesday 14 and Thursday 15 May, NATO Foreign Ministers met in Antalya, Turkiye to discuss strengthening Allied deterrence and defence, and to move forward preparations for the Summit in The Hague in June. The Secretary General made clear that determining a new baseline spending figure was to be the core deliverable for the Summit, emphasising that the existing target of 2% is not nearly enough.' 'We will need greater investment in our core military requirements as well as additional broader defence-related investments, including infrastructure and resilience,' Stoltenberg said, stressing that this made both economic and strategic sense. 'We have to make sure that we spend enough money all over NATO to keep ourselves safe,' Stoltenberg continued, insisting the changes would be crucial to meeting NATO's new capability targets and deterring aggression. Rutte also praised NATO members for demonstrating their growing commitment to fair burden-sharing, affirming 'we are now on the right track.' 'Most Allies are now set to reach the initial aim of spending 2% of GDP on defence this year and many have already announced plans to go much further,' he added. The Secretary General also reaffirmed NATO's long-term support for Ukraine, highlighting efforts to bring the war to a just and lasting end as a shared priority for all Allies. 'With or without a settlement, it is clear that our support to Ukraine will continue to be important to ensure a lasting peace,' he said. Notably, in 2014, NATO Heads of State and Government agreed to commit 2 per cent of their national Gross Domestic Product (GDP) to defence spending, to help ensure the Alliance's continued military readiness. In 2024, 22 Allies were expected to meet or exceed the target of investing at least 2 per cent of GDP in defence, compared to only three Allies in 2014. Over the past decade, European Allies and Canada have steadily increased their collective investment in defence, from 1.43 per cent of their combined GDP in 2014 to 2.02 per cent in 2024, when they are investing a combined total of more than USD 485 billion (adjusted to 2021 prices) in defence. Meanwhile, US Secretary of State Marco Rubio said that NATO allies, including the UK, Germany, France, and Italy, along with Secretary General Stoltenberg, agreed on the need for increased defence spending, fair burden-sharing, and stronger collective deterrence. Sharing a post on X, he wrote, 'In Turkiye, there is no ambiguity: NATO remains a vital security alliance. Together with the UK, Germany, France, Italy, and @SecGenNATO, we agreed on the need for greater defence investment, fair burden-sharing, and stronger collective deterrence.' (ANI)
Al Arabiya
06-05-2025
- Business
- Al Arabiya
Union urges Norway fund to divest from companies aiding Israel in occupied territories
Norway's $1.8 trillion wealth fund should divest from all companies that aid Israel in the occupied Palestinian territories, a leader at Norway's powerful LO trade union told Reuters, intensifying an ongoing divestment campaign. LO, the biggest confederation of trade unions in Norway, is aligned with the governing Labour Party and often exerts influence on policy beyond traditional workers' rights issues. 'We want the fund to pull out of the companies that have activities in the occupied Palestinian territories,' Steinar Krogstad, deputy leader at LO, said in an interview. LO's general policy is that Norway's sovereign wealth fund, the world's largest, should not invest in companies that breach international law, Krogstad said. 'This question is more on the agenda now ... because of Israel's policy, attacks and war in Gaza and in the West Bank,' he said, speaking on the margins of the union's congress, where the Palestinian flag flew alongside those of the United Nations and Norway. The Israeli embassy in Oslo did not immediately reply to a request for comment. The UN's highest court last year said Israel's occupation of Palestinian territories and settlements there were illegal and should be withdrawn as soon as possible, in a ruling that Tel Aviv rejected as 'fundamentally wrong' and one-sided. LO and 47 other civil society organizations sent Finance Minister Jens Stoltenberg a letter, dated April 10 and seen by Reuters, to push for such a move. The letter asks Stoltenberg - an LO member - to instruct the central bank, which operates the fund, to divest from companies 'where there is an unacceptable risk of complicity in violating international law in the occupied Palestinian territories'. It also asks Stoltenberg take the initiative to give more precise guidelines for the observation and exclusion of companies from the oil fund 'in such a way that they are in accordance with international law'. Daily VG first reported on the letter. Krogstad said LO would also request a meeting with Stoltenberg to discuss the issue. No date had yet been set, he said. The finance ministry said the fund operates under ethical guidelines agreed by parliament, with recommendations for divestments made by an ethical watchdog that is 'professionally independent'. 'We have a framework that works well and has broad support in parliament,' Deputy Finance Minister Ellen Reitan told Reuters. The fund has faced pressure to divest from companies active in the West Bank and the Gaza Strip since the start of the war in October 2023. Since then, it has divested from telecoms company Bezeq, and another unnamed company is under consideration for exclusion by the central bank's board. Most other companies active in the occupied Palestinian territories have been cleared in a review by the fund's ethical watchdog. The fund held stocks worth 22 billion crowns ($2.12 billion) across 65 companies listed on the Tel Aviv stock exchange as of the end of 2024, according to fund data. They represent 0.1 percent of the fund's overall investments.
Yahoo
05-05-2025
- Business
- Yahoo
Norway fund urged by union to divest from companies aiding Israel in occupied territories
By Gwladys Fouche OSLO (Reuters) - Norway's $1.8 trillion wealth fund should divest from all companies that aid Israel in the occupied Palestinian territories, a leader at Norway's powerful LO trade union told Reuters, intensifying an ongoing divestment campaign. LO, the biggest confederation of trade unions in Norway, is aligned with the governing Labour Party and often exerts influence on policy beyond traditional workers' rights issues. "We want the fund to pull out of the companies that have activities in the occupied Palestinian territories," Steinar Krogstad, deputy leader at LO, said in an interview. LO's general policy is that Norway's sovereign wealth fund, the world's largest, should not invest in companies that breach international law, Krogstad said. "This question is more on the agenda now ... because of Israel's policy, attacks and war in Gaza and in the West Bank," he said, speaking on the margins of the union's congress, where the Palestinian flag flew alongside those of the United Nations and Norway. The Israeli embassy in Oslo did not immediately reply to a request for comment. The U.N.'s highest court last year said Israel's occupation of Palestinian territories and settlements there were illegal and should be withdrawn as soon as possible, in a ruling that Tel Aviv rejected as "fundamentally wrong" and one-sided. LO and 47 other civil society organisations sent Finance Minister Jens Stoltenberg a letter, dated April 10 and seen by Reuters, to push for such a move. The letter asks Stoltenberg - an LO member - to instruct the central bank, which operates the fund, to divest from companies "where there is an unacceptable risk of complicity in violating international law in the occupied Palestinian territories". It also asks Stoltenberg take the initiative to give more precise guidelines for the observation and exclusion of companies from the oil fund "in such a way that they are in accordance with international law". Daily VG first reported on the letter. Krogstad said LO would also request a meeting with Stoltenberg to discuss the issue. No date had yet been set, he said. The finance ministry did not immediately reply to a request for comment. It has said it is important for the fund not to be perceived as a tool of foreign policy and that it follows the fund's ethical guidelines that have been decided by parliament. The fund has faced pressure to divest from companies active in the West Bank and the Gaza Strip since the start of the war in October 2023. Since then, it has divested from telecoms company Bezeq, and another unnamed company is under consideration for exclusion by the central bank's board. Most other companies active in the occupied Palestinian territories have been cleared in a review by the fund's ethical watchdog, which operates the fund's ethical guidelines. The fund held stocks worth 22 billion crowns ($2.12 billion) across 65 companies listed on the Tel Aviv stock exchange as of the end of 2024, according to fund data. They represent 0.1% of the fund's overall investments. ($1 = 10.3668 Norwegian crowns)
Straits Times
05-05-2025
- Business
- Straits Times
Norway fund urged by union to divest from companies aiding Israel in occupied territories
Steinar Krogstad, deputy leader of Norway's LO trade union confederation, poses for a picture outside LO's congress in Oslo, Norway, May 5, 2025. REUTERS/Gwladys Fouche FILE PHOTO: A Palestinian man inspects the house where Palestinian newlywed Hala Zaarab was killed in an Israeli airstrike, in Khan Younis, southern Gaza Strip, May 3, 2025. REUTERS/Hatem Khaled/File Photo Norway fund urged by union to divest from companies aiding Israel in occupied territories OSLO - Norway's $1.8 trillion wealth fund should divest from all companies that aid Israel in the occupied Palestinian territories, a leader at Norway's powerful LO trade union told Reuters, intensifying an ongoing divestment campaign. LO, the biggest confederation of trade unions in Norway, is aligned with the governing Labour Party and often exerts influence on policy beyond traditional workers' rights issues. "We want the fund to pull out of the companies that have activities in the occupied Palestinian territories," Steinar Krogstad, deputy leader at LO, said in an interview. LO's general policy is that Norway's sovereign wealth fund, the world's largest, should not invest in companies that breach international law, Krogstad said. "This question is more on the agenda now ... because of Israel's policy, attacks and war in Gaza and in the West Bank," he said, speaking on the margins of the union's congress, where the Palestinian flag flew alongside those of the United Nations and Norway. The Israeli embassy in Oslo did not immediately reply to a request for comment. The U.N.'s highest court last year said Israel's occupation of Palestinian territories and settlements there were illegal and should be withdrawn as soon as possible, in a ruling that Tel Aviv rejected as "fundamentally wrong" and one-sided. LO and 47 other civil society organisations sent Finance Minister Jens Stoltenberg a letter, dated April 10 and seen by Reuters, to push for such a move. The letter asks Stoltenberg - an LO member - to instruct the central bank, which operates the fund, to divest from companies "where there is an unacceptable risk of complicity in violating international law in the occupied Palestinian territories". It also asks Stoltenberg take the initiative to give more precise guidelines for the observation and exclusion of companies from the oil fund "in such a way that they are in accordance with international law". Daily VG first reported on the letter. Krogstad said LO would also request a meeting with Stoltenberg to discuss the issue. No date had yet been set, he said. The finance ministry did not immediately reply to a request for comment. It has said it is important for the fund not to be perceived as a tool of foreign policy and that it follows the fund's ethical guidelines that have been decided by parliament. The fund has faced pressure to divest from companies active in the West Bank and the Gaza Strip since the start of the war in October 2023. Since then, it has divested from telecoms company Bezeq, and another unnamed company is under consideration for exclusion by the central bank's board. Most other companies active in the occupied Palestinian territories have been cleared in a review by the fund's ethical watchdog, which operates the fund's ethical guidelines. The fund held stocks worth 22 billion crowns ($2.12 billion) across 65 companies listed on the Tel Aviv stock exchange as of the end of 2024, according to fund data. They represent 0.1% of the fund's overall investments. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
