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The Journal
4 days ago
- Business
- The Journal
Irish sovereign wealth fund stops investing in two more companies linked to Israeli settlements
IRELAND'S SOVEREIGN WEALTH fund has quietly divested shareholdings worth over €1 million from two accommodation companies linked to activities in occupied Palestinian territory. However, the fund has also seen the value of its direct shareholdings in four other companies linked to illegal Israeli settlements – Airbnb, Alstom, Booking Holdings and Motorola Solutions – increase from €2.1 million in 2023 to €5.3 million last year. The latest annual report from the National Treasury Management Agency shows that the Irish Strategic Investment Fund (ISIF) no longer invested in Expedia Group and Tripadvisor in 2024, as it did the previous year. The two companies are listed on a United Nations database that names businesses and parent companies that enable the continued existence of illegal Israeli settlements on Palestinian land. Both are US-owned accommodation booking platforms which The Journal Investigates found had featured dozens of listings based in settlements in the West Bank, parts of occupied East Jerusalem, and the Golan Heights. The NTMA's 2023 report showed that the ISIF's direct shareholdings in the two companies were worth over €1.3 million. Finance Minister Paschal Donohoe revealed in a Parliamentary Question response in April that the State also indirectly invested around €985,000 in Expedia Group the same year. The 2024 NTMA report shows the fund no longer directly invests in either Expedia Group or Tripadvisor, though it is not yet clear whether indirect investments in either company are held. Advertisement Last year, the government publicly announced that it had divested €2.95 million worth of shares from six other Israeli companies, whose names likewise do not feature in the 2024 NTMA report. They include five Israeli banks – Bank Hapoalim BM; Bank Leumi-le Israel BM; Israel Discount Bank; Mizrahi Tefahot Bank Ltd; First International Bank – and an Israeli chain store, Rami Levi CN Stores. The NTMA report also showed that the State continued to directly invest in four companies that are named on the UN watchlist in 2024, increasing the value of its shares in each of them compared to 2023. They include accommodation platform Airbnb, whose listings also include properties that are based in settlements in the West Bank, occupied East Jerusalem and the Golan Heights. Last year, the value of the ISIF's direct shares in the company were worth €440,000, up from €310,000 in 2023. Airbnb has previously said it donates all profits from listings in the occupied West Bank to 'non-profit organisations dedicated to humanitarian aid that serve people in different parts of the world'. The ISIF also continued to invest in French rail multinational Alstom, whose subsidiary Bombardier Transportation supplied vehicles on the Tel Aviv to Jerusalem train line, which passes through parts of the occupied West Bank . Direct holdings in the company rose to €1.53 million in 2024, an increase on the €210,000 shareholding it held in 2023. A spokesperson for Alstom told previously The Journal that the company does not have any activity within or related to occupied Palestinian territories, and that the company has requested removal from the UN database when it is next updated. Meanwhile, the ISIF retained shares in another accommodation company, Booking Holdings, in 2024. Related Reads Irish sovereign wealth fund pumped millions into companies contracted by Israel Defence Forces Who are the 8 companies that Ireland invests in that have links to illegal Israeli settlements? The company is named on the UN list because lists hundreds of rooms for hotels and guesthouses in settlements in the West Bank, the Golan Heights and East Jerusalem. The ISIF's direct shares in the company were worth €1.04 million last year, up from €920,000 in 2023. And direct shareholdings in Motorola Solutions Inc, whose Israeli subsidiary has been criticised by the United Nations and human rights groups for its treatment of Palestinians in illegal settlements, also rose last year. The ISIF's direct holding in the company rose to €2.35 million in 2024, an increase on the €700,000 worth of direct investments it held in the company 2023. The nature of the fund's investments previously made headlines this week when it emerged that the ISIF also held €3.6 million in Israeli state bonds. Social Democrats deputy leader Cian O'Callaghan claimed it was 'utterly outrageous' that the fund held the bonds and it was claimed the investment was being used to help Israel's 'genocidal campaign' in Gaza. Paschal Donohoe subsequently confirmed that the ISIF had since divested itself of all Israeli bonds in the last number of weeks. Readers like you are keeping these stories free for everyone... A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation. Learn More Support The Journal
USA Today
11-07-2025
- Business
- USA Today
US-owned company seized to feed Russia planning to supply China, North Korea instead
LONDON, July 10 (Reuters) - A U.S.-owned canned food company seized by Russia to safeguard domestic food supplies is planning to boost dwindling sales with exports to China and North Korea, according to documents reviewed by Reuters and people familiar with the matter. Washington has said the treatment of Glavprodukt, the only U.S. company Moscow has seized, will influence a planned reset of U.S.-Russia relations which appear to have stalled. Glavprodukt, the largest canned food producer in Russia, was founded by Los Angeles-based Leonid Smirnov and seized by the Kremlin in October 2024. Moscow argued that the company is of strategic importance to Russia's food supply. Sales have dropped sharply, documents showed. Production has remained at similar levels, so the oversupply has left the company trying to find new markets and increase its warehouse capacity, according to strategy documents and two people familiar with the matter. "They claimed they took my company to secure food for Russia. But they are not living up to this purpose, this justification," Smirnov told Reuters. Smirnov is fighting in court to regain his company. The next hearing is scheduled for July 11 at the Moscow Court of Arbitration. More: Moscow plans to use seized US-owned company to feed Russian army, document shows In June, Glavprodukt's new state-appointed management team proposed exporting to new markets, including North Korea and the Middle East, the documents seen by Reuters showed. They also sought to increase sales to China, a market that made up about one percent of Glavprodukt's sales last year. Glavprodukt's new management did not respond to multiple emailed requests for comment. The strategy shift shows how Russia's trade has changed since invading Ukraine. Trade with North Korea, China and other countries that have not imposed sanctions against Russia can take place outside Western influence. Glavprodukt's pivot appears inconsistent with Vladimir Putin's position on June 27 in Minsk that he wants to welcome American companies back to Russia. Negotiations between the U.S. and Russia over the war in Ukraine have stalled with President Donald Trump expressing disappointment after a July 3 phone call with Putin. Separately, relations between the U.S. and China have deteriorated since Trump targeted China with trade tariffs, leading to retaliation from Beijing. The two countries agreed to a trade framework last month but the U.S. had said it may restore tariffs on Chinese goods in August. The Kremlin's plans for Glavprodukt reflect Russia's approach to managing foreign-owned assets under state control. In April, Reuters reported that Glavprodukt would be used to supply food to the Russian army. Reuters could not determine whether supplies to the army had started. STRATEGIC ASSET Moscow has placed around a dozen foreign companies under temporary management since invading Ukraine in February 2022. Danish brewer Carlsberg and French yoghurt maker Danone saw their assets eventually sold off to Kremlin-friendly buyers at knock-down prices. Among other companies with assets still in Russia are U.S. multinationals Procter and Gamble PG.N and PepsiCo PEP.O. Russia has regularly justified asset seizures by labelling companies as strategic. Russia's Prosecutor General used similar reasoning when arguing that the preliminary court hearing for Glavprodukt should be closed to the public, according to sources familiar. The Prosecutor General's office did not immediately respond to a request for comment. Glavprodukt's financial results have rapidly deteriorated, according to filings seen by Reuters, sliding from modest profitability to a regular monthly net loss. Last month, the Ministry of Agriculture asked the company to explain why sales were substantially down, according to two sources. Companies which are seized and handed to management teams are under pressure to maintain employment and growth, they said. The Agriculture Ministry did not immediately respond to a request for comment. The strategy documents seen by Reuters reveal that Glavprodukt is looking to develop its e-commerce sales channels and come up with plans to increase exports to China, as well as highlighting markets in Africa and South Asia where demand for Glavprodukt's canned fish could be high. Employees have sought to register the company's trademark in China, the documents showed. A pre-paid shipment to China of goods like canned fish and condensed milk has not arrived on time, the documents showed, highlighting the potential pitfalls of expanding exports. ($1 = 78.1500 roubles) (Reporting by Anna Hirtenstein and Alexander Marrow; Editing by Elaine Hardcastle)
Indian Express
05-07-2025
- Business
- Indian Express
Trump to begin talks with China over TikTok deal, says it's ‘good for China'
US President Donald Trump said on Friday that he plans to begin talks with China early next week about a potential deal involving the video app TikTok, the social media app with 170 million users in the US. 'I think we're gonna start Monday or Tuesday… talking to China, perhaps President Xi or one of his representatives, but we pretty much have a deal,' Trump told reporters aboard Air Force One. The president said the US will likely need China's approval for the deal. Asked how confident he was that Beijing would agree to a deal, 'I'm not confident, but I think so,' he said. 'President Xi and I have a great relationship, and I think it's good for them. I think the deal is good for China and it's good for us.' Trump also said he might visit Xi Jinping in China or the Chinese leader may visit the US. This comes after the two leaders last month invited each other to visit their respective countries. Last month, Trump extended a deadline to September 17 for TikTok's China-based parent company, ByteDance, to divest its US assets. A deal to spin off TikTok's US operations into a separate, majority US-owned company had been in progress earlier this year. But the plan was stalled after China signaled disapproval following Trump's announcement of new tariffs on Chinese goods. Trump's extension in June marked the third time he has delayed the ban or forced sale of TikTok, granting ByteDance another 90 days to find a US buyer or face a ban. Trump first intervened on his first day back in office, issuing an executive order just three days after the Supreme Court upheld the TikTok ban. A second order followed in April, setting a deadline of June 19. With the latest extension, TikTok now has until September to reach a deal. In a statement released the same day, TikTok expressed appreciation for the administration's approach. 'We are grateful for President Trump's leadership,' the company said, adding that it would 'continue to work with Vice President Vance's office' to reach an agreement. (With Inputs from Reuters)
The Star
03-07-2025
- Business
- The Star
Business as usual in Bangkok
PETALING JAYA: For Malaysians working in Thailand, life is the same daily grind of getting through traffic and dealing with the heat, amid the latest political upheaval that has rocked the 'land of smiles'. Life in bustling Bangkok is just the same as any other day – its roads are clogged with traffic and pavements packed with tourists and office workers. Individuals who trade between Thailand and Malaysia also say nothing has changed for ordinary folk after Prime Minister Paetongtarn Shinawatra was suspended on Tuesday by a special Constitutional Court. Thailand remains vibrant and safe, said Chia Chin, 38, who owns a clothing shop in Bangkok. Chin, who regularly travels to Bangkok, says his shop is located more than 5km from Bangkok's Victory Monument, where anti-government demonstrations often took place. 'As my store is not close to the protest site, I chose to stay open. Still, I was prepared to shut down operations if the situation escalated. 'That day, business was completely flat — I didn't make a single sale,' he said. Nevertheless, Chia believes Thailand is safe for both tourists and business people. 'I feel secure here. Once the political situation calms down, things will return to normal,' he added. Malaysia remains the largest source of foreign tourists to Thailand with 2,041,002 visiting the country in the first half of 2025, according to the Thai Tourism and Sports Ministry. Malaysian visitors overtook those from China at 2,029,481 and India (1,035,864). Dr Silva Kumar, who works for a US-owned food processing equipment manufacturer, said that it is the heat and humidity that bothers him more than the latest twists in Thai politics. 'We are used to these sorts of silent upheavals. 'So far nothing has happened, just the daily traffic jams, grind of work and tourists in the city,' said the Provisur Technologies NewCo Thailand Ltd general manager. The 65-year-old, who is originally from Taiping, Perak, lives with his wife in the bustling area of Asoke in Bangkok. As a precaution, Silva said he avoids areas that are popular spots for protesters. He said that the Malaysian Embassy is also constantly in touch with Malaysians in Bangkok. A digital creator who only wants to be known as Mrs Neo, 27, said the situation is calm as even when there are protests, they are not violent. Neo, who is from Kuala Lumpur, currently lives in Muak Lek in Saraburi province. 'Life goes on but many locals seem to want the prime minister to resign because they didn't like what they heard in the recording.' But she added that Thais also do not want a return to the political instability that rocked Thailand in the past. On June 28, anti-government protesters gathered in Bangkok demanding that Paetongtarn quit after a recording of a phone call between her and Cambodian leader Hun Sen was leaked. In the recording, Paetongtarn was heard addressing Hun Sen as 'uncle' and denigrating a Thai military commander at the centre of a border dispute between the two countries. The Thai constitutional court has suspended Paetongtarn pending investigation into the call. Wongpun Amarinthewa, a Thai journalist with said the fate of the current government is hanging by a thread. 'Last Saturday, the anti-government protest was considered the biggest since the return of the Pheu Thai government in 2023. 'The majority of protest leaders are the former leaders of the yellow shirt protests of 2005-2010 against the Shinawatra family. 'This makes Thais feel like the old political scene and actors have returned,' he said. Wongpun said many also believe that the constitutional court's decision was not justified.
Gulf Today
02-07-2025
- Automotive
- Gulf Today
Cadillac F1 team managing hopes with infinite ambition
Cadillac principal Graeme Lowdon says Formula One's newest team have limitless ambition, and plenty of funds, but every expectation of being last when they debut next season. The General Motors brand secured approval in March, after a 764-day entry process, to become the sport's 11th team and are racing against time to be ready. Testing starts in Barcelona on Jan. 26, with free practice for the 2026 season-opener in Melbourne on March 6. No drivers are signed yet, despite regular reports of familiar names set to join and the usual suspects in the frame, but the focus is on more fundamental issues. A recent tour of the team's Silverstone facility revealed a quiet sense of purpose, and the deep pockets behind the operation. Graeme Lowdon 'You will not see this team over-promising in any way,' Lowdon told reporters. 'But we do want to convey the fact that the ambitions are really limitless, as they should be.' The team are also backed by TWG Global, whose CEO Mark Walter has an estimated net worth of $12.5 billion, according to the Bloomberg Billionaires Index. Walter's ownership interests include MLB's Los Angeles Dodgers, Premier League soccer side Chelsea and a soon to be acquired majority stake in the Los Angeles Lakers NBA basketball franchise. Despite that, there is a long road ahead for a team that will start with Ferrari engines but plan to make their own eventually. Lowdon, whose US-owned rivals Haas are in their 10th season, said he presents the situation to shareholders with a question: 'Can you imagine if you've owned a Formula One team for 10 years and then another team rocks up and beats you? You would be apoplectic. McLaren's British driver Lando Norris (front L) leads at the start of the Formula One Austrian Grand Prix at the Red Bull Ring race track in Spielberg, Austria, on Sunday. File/AFP 'You have to assume that any new team coming in is going to be last. Otherwise, what's gone wrong somewhere else? ... We're trying to be as competitive as we possibly can but We're realistic. We know how difficult it is. 'We're happy with our progress, but we just don't know. Other than if we beat someone then someone's going to be angry.' Cadillac reckon on having 600 people by next season, many recruited from rival teams, and say they are already two thirds of the way there and no longer even the smallest outfit. Reuters
