Latest news with #Tangen
Gulf Today
6 days ago
- Business
- Gulf Today
Norway sovereign fund expects to sell more Israeli stocks over Gaza, West Bank
Norway's $2 trillion sovereign wealth fund, the world's largest, said on Tuesday it expects to divest from more Israeli companies as part of itsongoing review of investmentsin the country over the situation in Gaza and the West Bank. The fund announced on Monday it wasterminating contractswith external asset managers handling some of its Israeli investments and has divested parts of its portfolio in the country over the worsening humanitarian crisis in Gaza. The review began last week following media reports that the fund had built a stake of just over 2% in an Israeli jet engine group that provides services to Israel's armed forces, including the maintenance of fighter jets. The stake in the company, Bet Shemesh Engines Ltd (BSEL) , has now been sold, the fund announced on Shemesh did not respond to requests for comment. Norges Bank Investment Management (NBIM), an arm of Norway's central bank, which held stakes in 61 Israeli companies as of June 30, in recent days divested stakes in 11 firms, including BSEL. It did not name the other companies."We expect to divest from more companies, NBIM CEO Nicolai Tangen told a press conference on Tuesday. The fund began investing in BSEL in November 2023, about one month afterthe war in Gazabegan, via an external investment manager, Tangen said. The fund declined to name the external portfolio then, NBIM has held quarterly meetings with Bet Shemesh Holdings, but the war in Gaza was not raised as a theme." We had discussions about their business in the United States, not about the war in Gaza," Tangen said, adding that the fund had rated BSEL as a "medium risk" stock with regards to ethics concerns. BSEL was later reviewed as a high-risk stock in May. That change should have been quicker, Tangen said, adding that NBIM should have had a tighter overview of these investments earlier."We should have been quicker in taking back control of the Israeli investments," he said. SIX-MONTH PROFITThe fund, which invests the Norwegian state's revenues from oil and gas production, is one of the world's largest investors, owning on average 1.5% of all listed stocks worldwide. It also invests in bonds, real estate and renewable energy Tuesday, it posted a 698 billion Norwegian crowns ($68.28 billion) profit for the first half of the year, earning an overall return of 5.7% in line with its benchmark index."The result is driven by good returns in the stock market, particularly in the financial sector," Tangen said in a statement.($1 = 10.2223 Norwegian crowns)
Yahoo
7 days ago
- Business
- Yahoo
Norway's sovereign wealth fund sells its shares in 11 Israeli firms
Norway's sovereign wealth fund has sold its shares in 11 Israeli companies, its managers said on Monday, a move they said reduces its holdings in the country against the backdrop of the 'serious humanitarian crisis' in Gaza. The management of the fund, which invests Norway's profits from oil and gas, said in a statement that it had investments in 61 Israeli companies at the end of this year's first half. It said it decided last week to sell all its investments in 11 firms that are not in the Norwegian Finance Ministry's equity benchmark index, and it has spent recent days completing those sales. It did not identify the companies concerned. The fund also said it will move all investments in Israeli companies that have been run by external managers in-house and is terminating contracts with external managers in Israel. Related European leaders criticise Israel's Gaza City takeover decision as humanitarian concerns rise Norwegian PM backs Israel but calls for 'proportionality' in Hamas offensive 'These measures were taken in response to extraordinary circumstances. The situation in Gaza is a serious humanitarian crisis,' said Nicolai Tangen, the CEO of Norges Bank Investment Management, which manages what is widely known as the Oil Fund. 'We are invested in companies that operate in a country at war, and conditions in the West Bank and Gaza have recently worsened. In response, we will further strengthen our due diligence.' Tangen added in a statement that the latest move 'will simplify the management of our investments in this market' and reduce the number of companies that the fund's council on ethics monitors. The fund's management noted that it intensified its monitoring of investments in Israeli companies last fall and sold its holdings in 'several' firms as a result. Officially known as the Government Pension Fund Global, the Oil Fund owns nearly 1.5% of all shares in the world's listed companies, with holdings in about 9,000 firms, according to its management's website. In 2022, in response to Moscow's invasion of Ukraine, the fund froze and sold off its Russian holdings. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Kuwait Times
12-08-2025
- Business
- Kuwait Times
Norway fund drops investments in 11 Zionist entity companies
Decision 'in response to extraordinary circumstances' in Gaza OSLO: Norway's sovereign wealth fund, the world's largest, said Monday that it was selling its investments in 11 Zionist entity companies, following reports it had invested in a Zionist jet engine maker even as the war in Gaza raged. The announcement follows an urgent review launched last week following media reports that the fund had built a stake in a Zionist jet engine group that provides services to Zionist entity's armed forces, including the maintenance of fighter jets. 'All investments in Zionist companies that have been managed by external managers will be moved in-house and managed internally,' the fund said. Nicolai Tangen, chief of Norges Bank Investment Management (NBIM), which manages the fund, said the decision was taken 'in response to extraordinary circumstances'. 'The situation in Gaza is a serious humanitarian crisis. We are invested in companies that operate in a country at war, and conditions in the West Bank and Gaza have recently worsened,' Tangen said in a statement. Norway's wealth fund, also known as the oil fund as it is fuelled by vast revenue from the country's energy exports, is the biggest in the world with a value of around $1.9 trillion, with investments spanning the globe. Last week, Norwegian newspaper Aftenposten reported that the fund had invested Zionist entity's Bet Shemesh Engines Holdings, which makes parts for engines used in Zionist fighter jets. Tangen later confirmed the reports, and said the fund had increased its stake after the Zionist offensive in Gaza began. The revelations led Prime Minister Jonas Gahr Store to ask Finance Minister and former NATO secretary general Jens Stoltenberg for a review. NBIM said it had investments in 61 Zionist companies at the end of the first six months of this year, 11 of which were not in its 'equity benchmark index'—which is set by the finance ministry and used to gauge the wealth fund's performance. In a statement, it added that it had decided last week that 'all investments in Zionist companies that are not in the equity benchmark index will be sold as soon as possible'. The fund also said that it had 'long paid particular attention to companies associated with war and conflict'. 'Since 2020, we have been in contact with more than 60 companies to raise this issue. Of these, 39 dialogues were related to the West Bank and Gaza,' NBIM said. It said that monitoring of Zionist entity companies had been intensified in the autumn of 2024, and that 'as a result, we have sold our investments in several Zionist companies'. 'We have now completely sold out of these positions,' the fund said, adding that it continued to review Zionist entity companies for potential divestments. The review will also lead to improved due diligence, it added. The fund, which owns stakes in 8,700 companies worldwide, held shares in 65 Zionist companies at the end of 2024, valued at $1.95 billion, its records show. In the last year it sold its stakes in a Zionist entity energy company and a telecoms group over ethics concerns, and its ethics watchdog has said it is reviewing whether to divest holdings in five banks. Norway's parliament in June rejected a proposal for the fund to divest from all companies with activities in the occupied Palestinian territories. – Agencies
Local Norway
12-08-2025
- Business
- Local Norway
Norway's strengthened krone causes sovereign wealth fund to shrink
Fuelled by revenue from the oil-rich country's energy exports, the fund is valued at around $1.9 trillion, with investments in more than 8,600 companies spanning the globe. "The result is driven by good returns in the stock market, particularly in the financial sector," Nicolai Tangen, chief of Norges Bank Investment Management (NBIM), which manages the fund, said in a statement. For equity investments, the return was 6.7 percent, the fund said. However, the value of the fund still fell by 156 billion kroner ($15.2 billion) in the same period, as the krone appreciated against main currencies. READ ALSO: Why Norway's krone has strengthened against the US dollar On Monday, the fund announced it had sold off its holdings in 11 Israeli firms and that it was terminating contracts with external managers in Israel, as well as changing its guidelines for which Israeli companies it could invest in. Advertisement The move followed a report by newspaper Aftenposten that the fund had invested in Israel's Bet Shemesh Engines, which makes engine parts used in Israeli fighter jets, even as the war in Gaza raged. The news prompted Norway's prime minister to ask for a review of the Israeli investments. Tangen confirmed Tuesday that Bet Shemesh was one of the companies that had been sold off, and that the fund expected "to divest from more companies".
Al Etihad
12-08-2025
- Business
- Al Etihad
Norway sovereign fund, world's largest, expects to sell more Israeli stocks over Gaza, West Bank
12 Aug 2025 14:12 ARENDAL (Reuters) Norway's $2 trillion wealth fund, the world's largest, said on Tuesday it expects to divest from more Israeli companies as part of its ongoing review of investments in the country over the situation in Gaza and the West Bank. The fund announced on Monday it was terminating contracts with all three of its external asset managers who handled some of its Israeli investments and has divested parts of its portfolio in the country over the worsening humanitarian crisis in review began last week following media reports that the fund had built a stake of just over 2% in an Israeli jet engine group that provides services to Israel's armed forces, including the maintenance of fighter stake in the company, Bet Shemesh Engines Ltd (BSEL) , has now been sold, the fund announced on Tuesday. Bet Shemesh did not respond to requests for Bank Investment Management (NBIM), an arm of Norway's central bank, which held stakes in 61 Israeli companies as of June 30, in recent days divested stakes in 11 firms, including BSEL. It did not name the other fund is now taking a closer look at the remaining 50 Israeli companies in the portfolio and will report back to the finance ministry by an August 20 deadline."There is good reason to believe that there will be further sell-outs," Deputy CEO Trond Grande told Reuters, without saying how many companies could be affected. ELECTIONNorway faces a general election on September 8 and multiple politicians have called on Tangen to resign in light of the Israeli investments. He ruled out stepping down, saying he had carried out the fund's mandate, as decided by parliament."I haven't even thought about it," he said in an interview. "We (at the fund) have not made any kind of formal mistakes. We have ended up in a situation that has been unfortunate, but we are executing on the mandate."The fund, which invests the Norwegian state's revenues from oil and gas production, owns on average 1.5% of all listed stocks worldwide. It also invests in bonds, real estate and renewable energy projects. Separately, parliament's constitutional and control committee was meeting on Tuesday to discuss what to ask Finance Minister Jens Stoltenberg regarding the fund's Israeli investments. It is expected Stoltenberg will have a week to answer the questions, public broadcaster NRK non-Israeli companies with business in Israel and the Occupied Palestinian Territories, the fund would continue to monitor the ethical risk they may pose and grade them in different risk categories, Grande said. That work would be done with the fund's ethical watchdog, the Council on Ethics, which makes recommendations for divestments if the companies are deemed to breach ethical guidelines set by the Norwegian parliament.
