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Norway wealth fund may divest companies that aid Israel in Gaza war, occupied territories

A Palestinian man lifts a national flag and flashes the victory sign as Israeli armoured vehicles including a bulldozer drive on a street during a raid in Tulkarem on September 3, 2024, amid a large-scale military offensive launched a week earlier in the occupied West Bank. (AFP)
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A Palestinian man lifts a national flag and flashes the victory sign as Israeli armoured vehicles including a bulldozer drive on a street during a raid in Tulkarem on September 3, 2024, amid a large-scale military offensive launched a week earlier in the occupied West Bank. (AFP)
Norway wealth fund may divest companies that aid Israel in Gaza war, occupied territories
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An Israeli soldier takes position next to an army vehicle on a street damaged by bulldozers during a raid in the centre of Jenin in the occupied West Bank on September 3, 2024. (AFP)
Norway wealth fund may divest companies that aid Israel in Gaza war, occupied territories
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Men walk through debris in a building that was hit by Israeli bombardment in the Sheikh Radwan neighbourhood in the north of Gaza City on September 3, 2024 amid the ongoing war in the Palestinian territory between Israel and Hamas. (AFP)
Norway wealth fund may divest companies that aid Israel in Gaza war, occupied territories
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A Palestinian civil defence member stands near a building on fire that was hit by Israeli bombardment in the Sheikh Radwan neighbourhood in the north of Gaza City on September 3, 2024 amid the ongoing war in the Palestinian territory between Israel and Hamas. (AFP)
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Updated 04 September 2024

Norway wealth fund may divest companies that aid Israel in Gaza war, occupied territories

Norway wealth fund may divest companies that aid Israel in Gaza war, occupied territories
  • According to nongovernmental organizations, they make weapons used by Israel in Gaza, where its military offensive has killed nearly 41,000 Palestinians
  • The new definition of ethical breaches is based on the ICJ finding that “the occupation itself, Israel’s settlement policy and the way Israel uses the natural resources in the areas are in conflict with international law,” the letter said

OSLO: Norway’s $1.7 trillion wealth fund may have to divest shares of companies that violate the fund watchdog’s new, tougher interpretation of ethics standards for businesses that aid Israel’s operations in the occupied Palestinian territories.
The Council on Ethics for the world’s largest sovereign wealth fund sent an Aug. 30 letter to the finance ministry, seen by Reuters, that summarises the recently expanded definition of unethical corporate behavior. The change has not previously been reported.
The letter did not specify how many nor name companies whose stocks might be sold but suggested it would be a small number, should the board of the central bank, which has the final say, follow recommendations that the council makes.

HIGHLIGHTS

• Norway fund is world's largest sovereign wealth fund

• Companies active in occupied West Bank under review

• US arms producers being probed over Gaza war

• Watchdog expects to recommend "a few" companies for divestment

One company has already been identified for disinvestment under the new definition, it said. “The Council on Ethics believes the ethical guidelines provide a basis for excluding a few more companies from the Government Pension Fund Global in addition to those already excluded,” the watchdog wrote, giving the formal name for Norway’s sovereign wealth fund.
The fund has been an international leader in the environmental, social and governance (ESG) investment field. It owns 1.5 percent of the world’s listed shares across 8,800 companies, and its size carries influence.
Since the start of the war in Gaza in October, the fund’s ethics watchdog has been investigating whether more companies fall outside its permitted investment guidelines. The letter said that the scope of exclusions was “expected to increase somewhat” under the new policy.
Among the companies that the watchdog could be looking at are RTX Corp, General Electric and General Dynamics. According to nongovernmental organizations, they make weapons used by Israel in Gaza, where its military offensive has killed nearly 41,000 Palestinians. The companies did not immediately reply to requests for comment.
The fund held investments worth 16 billion crowns ($1.41 billion) in Israel as of June 30, across 77 companies, according to fund data, including companies involved in real estate, banks, energy and telecommunications. They represented 0.1 percent of the fund’s overall investments.

NEW LEGAL OPINION
On Gaza, the council is focusing on weapon producers in countries not participating in the Arms Trade Treaty, a 2014 agreement on conventional weapons trade. “This mainly concerns American companies,” the letter said, without naming any.
It added, “There are very few relevant companies remaining in the fund” partly because many US defense manufacturers were already barred for producing nuclear weapons or cluster munitions.
The fund’s ethical rules are set by Norway’s parliament. The updated ethics definition by the watchdog results partly from a July opinion by the International Court of Justice regarding Israel’s occupation of Palestinian territories.
The court took positions on “several new facts and legal issues” that could make “companies with a less direct connection to violations of norms” in breach of the ethics rules, the letter said without providing examples.
The new definition of ethical breaches is based on the ICJ finding that “the occupation itself, Israel’s settlement policy and the way Israel uses the natural resources in the areas are in conflict with international law,” the letter said.
The fund previously divested from nine companies operating in the occupied West Bank under its prior policy. Their operations include building roads and homes in Israeli settlements in East Jerusalem and the West Bank and providing surveillance systems for an Israeli wall around the West Bank.
The Council on Ethics makes recommendations to the board of the central bank, which operates the fund. The bank often follows the watchdog’s advice to exclude firms, but not always.
The bank can also put a company on notice to change its behavior or ask the fund’s management to engage with it directly. Companies designated for disinvestment are not named until the fund has sold the shares.


Malian army roots out alleged anti-junta plotters

Malian army roots out alleged anti-junta plotters
Updated 10 sec ago

Malian army roots out alleged anti-junta plotters

Malian army roots out alleged anti-junta plotters
  • Since 2012, Mali has been wracked with crises on various fronts, with extremists linked to Al-Qaeda or Daesh carrying out violent attacks across the Sahel nation

BAMAKO: Mali’s junta has carried out arrests to quash an alleged plot to overthrow the government within the army’s ranks, sources said, but the circumstances of the detentions remain unexplained.
The junta, which itself came to power in back-to-back coups in 2020 and 2021, has made 55 arrests, mainly among the National Guard, the military branch from which Defense Minister General Sadio Camara hails.
The military-backed government has yet to officially comment on the crackdown, which comes as the army is locked in fighting with terrorists and separatists.
The arrests, which began last week and continued into early Monday, were carried out by the junta following what a security and military source said were “destabilization” attempts.
While Defense Minister Camara, a key figure within the ruling junta, has not been questioned, observers say several of those apprehended are believed to be officers close to him.
According to a Malian security source, civilians could also be questioned soon.
Two generals were among those detained, including Abass Dembele, a former governor of the central Mopti region and a respected military officer.
Gen. Nema Sagara, a rare woman to serve as brigadier general in the Malian Air Force, who also hailed from the center of the country, was the other.
“The situation is a bit complex,” one African diplomat stationed in Bamako said. 
“The government’s silence while arrests have been ongoing for at least four days deserves reflection.”
“Are we dealing with preventive arrests? Were the arrested soldiers in the phase of destabilizing the (junta), as we understand it?” the source asked.
Since 2012, Mali has been wracked with crises on various fronts, with extremists linked to Al-Qaeda or Daesh carrying out violent attacks across the Sahel nation.
Mali’s junta has ramped up repression of its critics in the face of the terrorist unrest.
For Malian sociologist Oumar Maiga, the spate of arrests within the army’s ranks was “proof that the officers are struggling to control the situation.”
When junta chief Gen. Assimi Goita took power after deposing President Ibrahim Boubacar Keita in 2020, he insisted he was committed to the fight against jihadist violence and initially pledged a return to civilian rule.
But the military ultimately reneged on its promise to cede power to elected civilians by the deadline it had set.
The junta announced in May the dissolution of all political parties and organizations, as well as a ban on meetings.
Then in July, Goita extended his military rule for at least five more years without an election.
Gen. Goita’s rule has marked a turning point in Mali’s relationship with the West. 
The country has broken ties with France and other former allies, pivoting toward Russia instead.
Mali and its junta-led neighbors Burkina Faso and Niger have teamed up to create their own confederation, the Alliance of Sahel States, or AES, and have announced the creation of a 5,000-strong force for joint military operations.
Meanwhile, the Malian army and its Russian mercenary allies, which are tasked in particular with tracking down extremists, are regularly accused of rights violations against civilians.

 


India pushes ahead with US trade talks despite tariff hike to 50 percent

India pushes ahead with US trade talks despite tariff hike to 50 percent
Updated 47 min 56 sec ago

India pushes ahead with US trade talks despite tariff hike to 50 percent

India pushes ahead with US trade talks despite tariff hike to 50 percent
  • Goods trade between the US and India was about $87 billion in the last fiscal year, according to Indian government data
  • An Indian minister earlier said 55 percent of India’s exports would be covered by the new tariff, factoring in previous 25 percent levy

NEW DELHI/MUMBAI: India hopes trade talks with the US will continue even as the US hiked tariffs on its exports to 50 percent due to New Delhi’s purchase of sanctioned Russian oil, two lawmakers said on Monday, citing a briefing to a parliamentary panel on foreign affairs.

Last week, President Donald Trump imposed an additional 25 percent tariff on Indian goods due to Delhi’s continued purchase of Russian oil, bringing the total duty on Indian exports to the US to 50 percent — among the highest of any American trading partner.

“Our relations with the US are multi-dimensional, and should not be seen only through the prism of trade,” one of the lawmakers said, citing the foreign secretary’s briefing to the panel.

Shashi Tharoor, an opposition Congress party leader, who heads the panel, said trade talks would continue.

“As of now, there is no change in the existing plans for the sixth round,” he said, referring to a scheduled visit of a US trade delegation to New Delhi from August 25.

Earlier, junior finance minister, Pankaj Chaudhary told lawmakers that about 55 percent of India’s merchandise exports to the United States would be covered by the new tariff.

His estimate factored in the initial 25 percent levy, he said in a written response to a lawmaker’s query.

“The Department of Commerce is engaged with all stakeholders” for their assessment of the situation, Chaudhary added.

Goods trade between the United States and India — the world’s biggest and fifth-largest economies, respectively — was worth about $87 billion in the last fiscal year, according to Indian government estimates.

The panel separately voiced concerns over Pakistani army chief Field Marshal Asim Munir’s reported remarks on nuclear threats in South Asia during a visit to the US

“Nuclear blackmail will not work with India, and no party, or representative disagrees with this view,” Tharoor said, adding the external affairs ministry had condemned the comments.


Norway sovereign wealth fund drops investments in 11 Israeli firms

Norway sovereign wealth fund drops investments in 11 Israeli firms
Updated 11 August 2025

Norway sovereign wealth fund drops investments in 11 Israeli firms

Norway sovereign wealth fund drops investments in 11 Israeli firms
  • Norway’s wealth fund is the biggest in the world with a value of around $1.9 trillion, with investments in over than 8,600 companies
  • Monitoring of Israeli companies had been intensified in the autumn of 2024 and as a result, the fund manager sold investments in several Israeli companies

OSLO: Norway’s sovereign wealth fund said Monday that it was selling its investments in 11 Israeli companies following reports it had invested in an Israeli jet engine maker even as the war in Gaza raged.
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.
He said the move would reduce the number of Israeli companies the fund’s Council of Ethics needed to supervise.
Norway’s wealth fund is the biggest in the world with a value of around $1.9 trillion, with investments in more than 8,600 companies spanning the globe.
Last week, Norwegian newspaper Aftenposten reported that the fund had invested in Israeli Bet Shemesh Engines Holdings, which makes parts for engines used in Israeli fighter jets.
Tangen later confirmed the reports, and said the fund had increased its stake after the Israeli 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 Israeli 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.
NBIM added that it had decided last week that “all investments in Israeli companies that are not in the equity benchmark index will be sold as soon as possible.”
Going forward, “the fund’s investments in Israel will now be limited to companies that are in the equity benchmark index,” it said.
NBIM also said that all investments in Israeli companies managed by external managers would be moved in-house, and that it was “terminating contracts with external managers in Israel.”
In addition, NBIM said the finance ministry had asked it to review “its investments in Israeli companies, and to propose new measures that it deems necessary.”
It said it initiated the review and would present its findings before an August 20 deadline.
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 Israeli companies had been intensified in the autumn of 2024, and that “as a result, we have sold our investments in several Israeli companies.”
Speaking at a press conference later Monday, Stoltenberg said he was glad Norges Bank had “acted quickly.”
“The fund’s ethical guidelines stipulate that it shall not invest in companies that contribute to violations of international law by states,” he told reporters.
“Therefore, the pension fund should not hold shares in companies that contribute to Israel’s warfare in Gaza or the occupation of the West Bank,” he said.
Also on Monday, Norwegian pension fund KLP said it had excluded Israeli company NextVision Stabilized Systems “from its investments because the company supplies key components for military drones used in the war in Gaza.”


Indian journalists face criticism at home after meeting Netanyahu amid Gaza war

Indian journalists meet Israel’s Prime Minister Benjamin Netanyahu in Jerusalem, Aug. 7, 2025. (Office of PM of Israel)
Indian journalists meet Israel’s Prime Minister Benjamin Netanyahu in Jerusalem, Aug. 7, 2025. (Office of PM of Israel)
Updated 11 August 2025

Indian journalists face criticism at home after meeting Netanyahu amid Gaza war

Indian journalists meet Israel’s Prime Minister Benjamin Netanyahu in Jerusalem, Aug. 7, 2025. (Office of PM of Israel)
  • Several Indian reporters met Netanyahu during Israel tour last week
  • New Delhi has largely remained quiet since Israel launched its deadly assault on Gaza in October 2023

NEW DELHI: A recent visit by a group of Indian reporters to Israel, and their meeting with its Prime Minister Benjamin Netanyahu, has sparked outrage at home, with senior journalists calling out both the reporters and their publications for violating professional standards and ethics.

Photos posted on social media by Netanyahu’s office showed him last week receiving journalists from India, including Sidhant Sibal from WION TV, Manash Pratim Bhuyan from the Press Trust of India, Aditya Raj Kaul, former senior executive editor at TV9 network, Shubhajit Roy from the Indian Express, and Abhishek Kapoor from Republic TV.

The fact that they accepted the Israeli prime minister’s invitation was “deplorable,” one of the most prominent figures in Indian journalism N. Ram, publisher of The Hindu Group, which includes The Hindu, Frontline, and Sportstar, told Arab News.

“They should have boycotted a man like Netanyahu. And, also, to accept this kind of invitation at this juncture shows the complete lack of sensitivity towards what ethical journalism is about,” he said.

“It only speaks poorly of these journalists and the organizations they represent.”

In the face of Israel’s ongoing war in Gaza, the killing of tens of thousands of Palestinians, imposed starvation, and assassination of more than 200 journalists since October 2023, revealing war crimes is what, according to Ram, could help restore some credibility to the Indian journalists who met Netanyahu.

“Everybody can see what kind of war crimes have been committed,” he said

 

 

“If they use the opportunity to expose the atrocities, then that will to some extent redeem their journalism, but I don’t know if they’ve done that.”

For Manoj Sharma, a member of the Press Club of India, seeing his colleagues shake hands with Netanyahu was shocking — not only because Netanyahu is wanted by the International Criminal Court for war crimes, but also given the mass killing of fellow journalists by the Israeli regime.

“That is totally unpardonable,” he said. “As journalists we have a moral responsibility toward all our journalist friends across the globe … We should stand in solidarity with them.”

Arab News reached out for comment to the journalists who participated in the Israel trip, but none were available.

New Delhi has largely remained quiet since Israel launched its deadly assault on Gaza in October 2023.

But India’s civil society, including the younger generation, is increasingly involved in raising awareness of Israeli war crimes, organizing solidarity protests as well as on-the-ground and online campaigns — in contrast to the mainstream media that often reflects the government’s silence.

“Mainstream journalists have gone way beyond ethics and their moral compass is now completely unhinged,” Ghazala Wahab, executive editor of the Force magazine, told Arab News.

“A good journalist should be on the side of justice, whether it’s within the country or outside the country, but our mainstream media doesn’t stand on the side of justice. It always stands on the side of the powerful. I don’t think it is journalism any longer.”


Bangladesh court hears graft case against ex-PM Sheikh Hasina

A court in Bangladesh on Monday heard cases brought by the anti-corruption organization against ex-leader Sheikh Hasina.
A court in Bangladesh on Monday heard cases brought by the anti-corruption organization against ex-leader Sheikh Hasina.
Updated 11 August 2025

Bangladesh court hears graft case against ex-PM Sheikh Hasina

A court in Bangladesh on Monday heard cases brought by the anti-corruption organization against ex-leader Sheikh Hasina.
  • Hasina has been named in six corruption cases, along with her US-based son Sajeeb Wazed Joy, and her daughter Saima Wazed
  • Her daughter has been serving as the World Health Organization’s Southeast Asia chief in New Delhi

DHAKA: A court in Bangladesh on Monday heard cases brought by the anti-corruption organization against ex-leader Sheikh Hasina and her family, including her daughter who has served as a top UN official.
Three officials from the Anti-Corruption Commission (ACC) read out testimonies in three separate cases over an alleged land grab of lucrative plots in a suburb of the capital Dhaka.
Hasina, 77, fled Bangladesh by helicopter on August 5, 2024, after weeks of student-led protests against her autocratic rule.
She has defied orders to return from India, including to attend her separate and ongoing trial on charges amounting to crimes against humanity, over the deadly crackdown on the uprising.
Hasina has been named in six corruption cases, along with her US-based son Sajeeb Wazed Joy, and her daughter Saima Wazed, who has been serving as the World Health Organization’s Southeast Asia chief in New Delhi.
“If found guilty, Sheikh Hasina, her son Sajeeb Wazed Joy, and Saima Wazed could face up to 14 years in prison,” ACC lawyer Khan Mohammad Mainul Hossain told AFP.
Wazed is on leave from the WHO and a new official has taken up a post as “officer-in-charge.”
In total, six cases have been filed of alleged corruption connected to Hasina.
Among those named in other cases, some slated to be heard later in August, are Hasina’s sister, Sheikh Rehana, and her children — including British lawmaker Tulip Siddiq.
Tulip Siddiq resigned as the UK government’s anti-corruption minister in January, denying any wrongdoing after being named in multiple probes in Bangladesh.
Siddiq’s lawyers have said the allegations against her are false.