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
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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.

 

 


Indian munitions factory blast kills at least eight workers

Indian munitions factory blast kills at least eight workers
Updated 21 sec ago
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Indian munitions factory blast kills at least eight workers

Indian munitions factory blast kills at least eight workers
  • Industrial disasters are common in India, with experts blaming poor planning, lax enforcement of safety rules
  • Nine workers were killed in a 2023 blast at a factory in Maharashtra that manufactured drones and explosives

MUMBAI: At least eight workers were killed in a blast at a munitions factory in western India, government officials said Friday, with several others still trapped inside the building.
The explosion happened Friday morning in Bhandara, around 800 kilometers (500 miles) east of India’s financial hub Mumbai, and caused the factory’s roof to collapse.
“In an unfortunate incident today, a blast at Bhandara munitions factory has killed at least eight people and injured seven others,” India’s cabinet minister Nitin Gadkari said.
Gadkari, a lawmaker from Maharashtra state where the explosion occurred, offered his condolences.
Maharashtra’s chief minister Devendra Fadnavis said earlier on X that up to 14 workers had been trapped after the blast and emergency rescue operations were underway.
Indian defense minister Rajnath Singh said he was “deeply saddened” by the blast.
“My condolences to the bereaved families. Praying for the speedy recovery of the injured,” Singh said on X.
Industrial disasters are common in India, with experts blaming poor planning and lax enforcement of safety rules.
Nine workers were killed in a 2023 blast at a factory in Maharashtra that manufactured drones and explosives.


Leading British Muslims back new community network in UK

Leading British Muslims back new community network in UK
Updated 6 min 13 sec ago
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Leading British Muslims back new community network in UK

Leading British Muslims back new community network in UK
  • Early discussions with the government and opposition parties are underway, and the launch event is expected to feature senior political figures

LONDON: A new national body, the British Muslim Network, launches next month with the aim of providing a mainstream voice for Britain’s Muslim communities and engaging directly with the government, The Times newspaper reported on Friday.

Baroness Sayeeda Warsi, the first Muslim cabinet minister and a crossbench peer, is among its most prominent supporters, while Mishal Husain, a former BBC Radio 4 presenter and upcoming Bloomberg host, is understood to support the initiative, although she will not play a formal role.

Early discussions with the government and opposition parties are underway, and the launch event is expected to feature senior political figures.

“The British Muslim community is hyper-diverse in class, culture, background, ethnicity, religiosity, age,” Warsi told The Times. “It is such a vibrant, clever, and engaged community. But what we’ve had for nearly 17 years (is) a policy of disengagement with British Muslim communities by successive governments.”

The network will have a governing board co-chaired by a man and a woman, bringing together Muslim figures from broadcasting, the arts, sport, academia, and religious leadership. A source described it as “the most high-profile network of British Muslims that has ever existed.”

Warsi stressed the need for a group that could represent the full spectrum of British Muslims and their contributions and concerns, moving beyond what she called the government’s past focus on counter-terrorism.

“Governments have only really spoken to representatives from the UK’s Muslim communities through the prism of counter-terrorism,” she said.

Akeela Ahmed, founder of the She Speaks We Hear online platform, and who was recently honored with an MBE for services to Muslim women, emphasized the network’s focus on everyday issues. “We want to bring together expertise and insight and share this with policymakers,” she said.

The initiative has also won the backing of Brendan Cox, co-founder of the Together Coalition and widower of Jo Cox, who was murdered by a right-wing extremist in 2016.

He described it as “an incredibly influential group.”

The Right Rev. Toby Howarth, the bishop of Bradford, said: “The British Muslim Network is a much-needed voice, and I look forward to working with them.”


Trump immigration enforcement memo targets migrants who entered legally under Biden

Trump immigration enforcement memo targets migrants who entered legally under Biden
Updated 56 min 52 sec ago
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Trump immigration enforcement memo targets migrants who entered legally under Biden

Trump immigration enforcement memo targets migrants who entered legally under Biden
  • The US Department of Homeland Security memo provides guidance for the use of a fast-track deportation process
  • The process, known as “expedited removal,” had been applied only to people apprehended within 14 days of entering the country

WASHINGTON: The Trump administration is empowering federal immigration officers to consider whether to strip temporary legal status from migrants who entered through former President Joe Biden’s signature “parole” programs in an effort to ramp up deportations to record levels, according to a memo issued on Thursday.
The US Department of Homeland Security memo provides guidance for the use of a fast-track deportation process that the Trump administration reinstated earlier this week, suggesting officers focus on migrants who failed to request asylum within a one-year deadline after arriving in the US
The process, known as “expedited removal,” had been applied only to people apprehended within 14 days of entering the country and within 100 miles (160 km) of the border under Biden. On Tuesday, it was expanded nationwide and applied to all those who entered within two years.
President Donald Trump issued a series of executive orders after returning to the White House on Monday intended to deter illegal immigration and position the US to deport millions of immigrants without legal status.
The Republican president says the moves are necessary after millions of immigrants entered the US under Biden, both crossing illegally and through Biden’s legal entry programs.
Some Democrats and advocates counter that Trump’s aggressive enforcement could target non-criminals, disrupt businesses and split apart families. Immigrant rights group Make the Road New York sued on Wednesday to block Trump’s expansion of the fast-track deportation process.
Some 1.5 million migrants entered the US from 2022 to 2024 through two Biden legal entry “parole” programs aimed at reducing illegal crossings, according to US government statistics. One program allowed migrants waiting in Mexico to schedule an appointment to request asylum at a legal border crossing. Another allowed Cubans, Haitians, Nicaraguans and Venezuelans outside the US to enter by air if they had US sponsors and underwent vetting.
Trump ended those programs on Monday, leaving some migrants in Mexico
stranded and unsure of next steps. Migrants who might have entered legally could face riskier routes if they cross illegally and higher prices from smugglers.
The latest guidance allowing US Immigration and Customs Enforcement (ICE) officers to consider stripping active parole from people who entered in the past two years could face legal challenges, one former Biden official said.
ICE made some 500 arrests on Thursday, Fox News reported, about a third of which were people without criminal records. The agency’s daily average for arrests was 311 in fiscal year 2024 and 467 in fiscal year 2023.
Ras Baraka, the Democratic mayor of Newark, New Jersey, criticized ICE last night
for an enforcement action in his city that involved detaining US citizens and a military veteran.


University students lead a strike in Serbia as populist president plans a rally to counter protests

University students lead a strike in Serbia as populist president plans a rally to counter protests
Updated 24 January 2025
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University students lead a strike in Serbia as populist president plans a rally to counter protests

University students lead a strike in Serbia as populist president plans a rally to counter protests
  • Daily traffic blockades took place on Friday in various cities and towns in the Balkan nation
  • “Let’s take freedom in our hands,” students told the citizens in their strike call

BELGRADE: A student-led strike closed down numerous businesses and drew tens of thousands into the streets throughout Serbia on Friday as populist President Aleksandar Vucic planned a big rally to counter persistent anti-government protests that have challenged his tight grip on power.
Daily traffic blockades took place on Friday in various cities and towns in the Balkan nation, held to commemorate the victims of a deadly canopy collapse which killed 15 people in November. Huge crowds later flooded the streets for noisy protest marches through the capital Belgrade and elsewhere in the country.
“Let’s take freedom in our hands,” students told the citizens in their strike call.
Many in Serbia believe the huge concrete canopy at a train station in the northern city of Novi Sad fell down because of sloppy reconstruction work that resulted from corruption.
Weeks-long protests demanding accountability over the crash have been the biggest since Vucic came to power more than a decade ago. He has faced accusations of curbing democratic freedoms despite formally seeking European Union membership for Serbia.
It was not immediately possible to determine how many people and companies joined the students’ call for a one-day general strike on Friday. They included restaurants, bars, theaters, bakeries, various shops and bookstores.
Vucic will gather his supporters in the central town of Jagodina later on Friday. He has announced plans to form a nationwide political movement in the style of Russia’s President Vladimir Putin that would help ensure the dominance of his right-wing Serbian Progressive Party.
The president and his mainstream media have accused the students of working under orders from foreign intelligence services to overthrow the authorities while pro-government thugs have repeatedly attacked protesting citizens.
No incidents were reported during the 15-minute traffic blockades on Friday that started at 11.52, the exact time of the canopy collapse in Novi Sad.
During a blockade last week in Belgrade, a car rammed into protesting students, seriously injuring a young woman.
Serbian universities have been blockaded for two months, along with many schools. A lawyers’ association also has gone on strike but it remained unclear how many people stayed away from work in the state-run institutions on Friday.
As well as Belgrade and Novi Sad, protest marches were also held Friday in the southern city of Nis and smaller cities, and even in Jagodina ahead of Vucic’s arrival.
“Things can’t stay the same anymore,” actor Goran Susljik told N1 regional television. “Students have offered us a possibility for a change.”
Serbia’s prosecutors have filed charges against 13 people for the canopy collapse, including a government minister and several state officials. But the former construction minister Goran Vesic has been released from detention, fueling doubts over the probe’s independence.
The main railway station in Novi Sad was renovated twice in recent years as part of a wider infrastructure deal with Chinese state companies.


Ukraine to evacuate more children from frontline villages

Ukraine to evacuate more children from frontline villages
Updated 24 January 2025
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Ukraine to evacuate more children from frontline villages

Ukraine to evacuate more children from frontline villages
  • “I have decided to start a mandatory evacuation of families with children” from around two dozen frontline villages and settlements, Donetsk region governor Vadym Filashkin said
  • Around 110 children lived in the area affected

KYIV: Ukraine on Friday announced the mandatory evacuation of dozens of families with children from frontline villages in the eastern Donetsk region.
Russia’s troops have been grinding across the region in recent months, capturing a string of settlements, most of them completely destroyed in the fighting since Russia invaded in February 2022.
“I have decided to start a mandatory evacuation of families with children” from around two dozen frontline villages and settlements, Donetsk region governor Vadym Filashkin said on Telegram.
Around 110 children lived in the area affected, he added.
“Children should live in peace and tranquility, not hide from shelling,” he said, urging parents to heed the order to leave.
The area is in the west of the Donetsk region, close to the internal border with Ukraine’s Dnipropretovsk region.
Russia in 2022 claimed to have annexed the Donetsk region, but has not asserted a formal claim to Dnipropretovsk.
The order to leave comes a day after officials in the northeastern Kharkiv region announced the evacuation of 267 children from several settlements there under threat of Russian attack.