Norway government-run pension fund drops Africa Israel group shares
Oslo says EUR450bn oil fund has excluded two Israeli firms for ethical reasons.
By Reuters and Shuki Sadeh Tags: Israel news NorwayNorway’s 450 billion euro oil-riches fund has excluded two Israeli firms involved in developing settlements, as well as a Malaysian forestry firm, on ethical grounds, Norway’s finance ministry said on Monday. The excluded companies are Africa Israel Investments and its engineering subsidiary Danya Cebus, both of which are controlled by energy and real estate magnate Lev Leviev. The Malaysian firm is Samling Global.
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Construction of the Green Park project in the West Bank settlement of Modiin Ilit. |
The ministry said that the oil fund, which is essentially a form of pension fund, has already sold all its holdings in these companies.
The central bank-managed fund follows ethical guidelines set by the government and does not invest in companies that produce nuclear weapons or cluster munitions, damage the environment or abuse workers’ rights. Nor will it invest in companies that build in the settlements, it appears.
Africa Israel controls Danya Cebus, “a construction company involved in developing settlements in occupied Palestinian territory,” the fund said in a statement.
Danya Cebus has carried out construction projects, as a hired contractor, in Har Homa, a Jewish neighborhood in east Jerusalem, and in the settlements Ma’aleh Adumim, Modi’in Ilit (shown in the picture) and Adam.
The vast fund, which invests the Nordic nation’s oil and gas wealth in foreign stocks and bonds to save for future generations, holds more than 1% of all global stocks. It owned shares worth 7.2 million Norwegian crowns (€1.16 million) in Africa Israel Investments at year-end 2009.
“The Council on Ethics emphasizes that the construction of settlements in occupied areas is a violation of the Geneva Convention relative to the Protection of Civilian Persons in Time of War,” it said.
“Several United Nations Security Council resolutions and an International Court of Justice advisory opinion have concluded that the construction of Israeli settlements in occupied Palestinian territory is prohibited under this Convention,” Finance Minister Sigbjoern Johnsen said in the statement.
The ministry said it had excluded forestry company Samling Global based on the environmental impact of its forest operations in Malaysia and Guyana. The fund owned shares worth 8.1 million crowns in Samling Global at year end 2009.
“The Council on Ethics has assessed Samling Global, and concluded that the company’s forest operations in the rainforests of Sarawak and Guyana contribute to illegal logging and severe environmental damage,” Johnsen said.
Africa Israel stated that it and its subsidiaries have not been involved for a long time in real estate development or housing construction in the towns of the West Bank. Therefore, the company said, the claims made by the fund are groundless.
This is not the first time Africa Israel has taken arrows for building in the territories. A year and a half ago, following pressure by pro-Palestinian groups, the British embassy in Israel eschewed moving to a building owned by Africa Israel in Tel Aviv, because of its activity in the territories.
A year ago this same Norwegian oil fund dropped its investment in Elbit Systems, a defense electronics company, because of its involvement in building the separation fence, which the fund said violated human rights.
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Three cheers to Norway. I have always liked that country's views on development, and now I love its views on clean investing.
Its no coincidence that Israel finds big gas deposits, sells its Egyptian gas rights back to Egypt who will sell gas to Hamas, Hamas will cut off or supplement its Israeli electricity generating its own w EU supplied equipment. So Norway bails out as a non-player to avoid conflict.
And killing of Jordanians,Lebanese and Israelis by those innocent Palestinians is even more acceptable for you isn't it. Tell me why were Palestinians kicked out from Kuwait if you are SO innocent?What did you do that Kuwaitis felt the necessity to clean the country from you,Palestinians? Btw,Palestinians are excellent dancers as we saw on videos after 9/11 and Saddam's invasion of Kuwait.Your Pal Dance was a worldwide hit,no wonder you call yourself Proud Palestinian.
Why then do Norwegian funds and Norway generally not boycott the Palestinians? I think we know the answer.
Now tell me what you can expect from a country where people elect politicians like Willoch?
Some of the main points from article : "Fredslandet Norge er krigsprofitør": Norwegian weapon exports rose from 7 to 17 billion Nkr during last 6 years ,together with war in Afghanistan and Iraq Among countries Norway sells weapons to is Mugabe's Zimbabwe. Norwegian help to Pakistan ,300 million NKr matches exactly Pakistan's weapon purchases in Norway ,also amounting to 300 million NKr.
only 1 percent of population is muslim how would they control goverment in few years time. stop scare mongering. you stupid man or woman. and yes israel wont survive itself u have to be part of bigger society. why hitler did not survive. because the muslims and christians helped you otherwise there wont be you or your siblings writing on this blog
"Aftonbladet" is a Swedish newspaper.
First of all, I am truly sad that Norway is not investing in companys that turn out real profits. But on the other hand, we are more than willing to fund Koran (madrass) schools in Pakistan. Our twisted leftist government, does what ever it pleases. It is sad to say, that islam/muslim influence is now playing a huge part in our leaderstyle. Norway should wake up, and support what really matters, freedom, not the iron fist of Islam.
so do u want norway to invest in your companies only who violates human rights of every single person on earth. no wonder jews had holocaust. you should be ashamed of it. i not holocaust denial or racist. and i feel very very ashamed that jews had to endure hitler's barbaric regime and millions of died in concentration camps. no you and your isralei government turning into hitler. grow up and stop pointing fingers on other religions and races. you blame whole germany for holocaust in fact whole word. Israel's human right record is same as its neighbors. so stop blaming other peoples now look first in ur own home
It is great to see countries that have high moral standards, actually practice what they preach... KUDOS to Norway!! It is time to wake up and smell the coffee Israel!! You can only bury your heads in the sand for so long. When one of the least racist countries on the planet are openly and actively critical of you, you really need to sit up and take notice!! Calling everyone antisemitic just doesn't wash any more. In fact you have used the term so often, and to so many, that it become almost meaningless...
Alfred Nobel - His Life and Work by Nils Ringertz Alfred Nobel was born in Stockholm on October 21, 1833. His father Immanuel Nobel was an engineer and inventor who built bridges and buildings in Stockholm. In connection with his construction work Immanuel Nobel also experimented with different techniques for blasting rocks. Stockholm - Wikipedia, the free encyclopediaStockholm is the most populous city in Sweden with a population of 829417 in the ..... Stockholm is Sweden's financial centre. Major Swedish banks, such as ...
Unlike many here, I don't use false names, and pretend to be from another country!! The only people they fool are themselves!!
Otherwise those wonderful honest pure humanitarians would surely boycott you along with China.etc Interesting world we live in
I love Norway for it's ethical principles. Especially because it makes no difference when it comes to Israel, as unfortunately many other Europeans, specially the Germans, do. High live Norway and its' clean politicians.
And where is your boycott of China ,Bjørn?
if not why not? After all they are SO clean.
regardless whether or not you're right, you should come up with some better arguments because no one but the already-convinced are buying the jew-hater or others-are-worse arguments anymore. if that's all you got israel's in trouble
There is hope still in mankind
The European community has learned bitter lessons in genozid (Srebrenica), ethnic cleansing (Croatia, Bosnia, Kosovo), land robbery, house destruction, humiliating ordinary people to force them leaving ther homelands. It would be hypocritical not to consider the Israeli politic and the Israeli economy with the same criteria namely human rights to all people.
Ethnic cleansing, land robbery, force people to leave their homelands, house destruction, humiliating people....?? WOW, what does it look like, now that you have had a chance to look in the mirror????
Israel will survive with or without Norway. Might as well get used to these sell offs and boycotts. Today Islam is the largest minority religion in Norway. It's only a matter of time as their influence is already being felt .
Dude, you're really being funny! When you people stop crying like babies and accusing every nation that denoun ces your inhuman acts of anti-semitism or being pro-islamic. Can't anybody do these just because he is a real human?
Neli #17 says: "It's only a matter of time as their (Muslim) influence is already being felt (by Norway)"? Why Neli? Not only that! But it's a matter of time until Muslims are the ABSOLUTE majority in Norway! Not much time until then either....Probably the first European country to face this debacle in this century. But not the last....
All the shares that they sold off have already been bought up by international and local investers
Another dreamer
Reflections on the revolution in Europe: immigration, Islam, and ... - Google Books Result Christopher Caldwell - 2009 - History - 422 pages Examines the effect of immigration in Europe, caught in a demographic revolution it never expected, and discusses the increasingly assertive Muslim population ... books.google.com.au/books?isbn=0385518269... "Editorial Review - Library Journal vol. 134 iss. 10 p. 110 (c) 06/01/2009 Respected conservative journalist Caldwell (senior editor, Weekly Standard ) writes with deep skepticism about Europe's future relations with the Islamic world. He most clearly expresses his attitude when arguing that immigration has had unintended consequences, "importing not just factors of production but factors of social change." More specifically, Caldwell is concerned about what he sees as Islam's tendency to "trump" other social identities and ultimately form a single identity contrary to the values of democratic rule; at its peril, Europe neglects religion as the "anchor" of this identity. The values and culture of secular Europe are dependent on "ethical survivals of Christianity," says Caldwell, but the same is not true of Islam, despite the number of European converts. Caldwell also rejects American-style assimilation as a model for European immigrant "integration." VERDICT Regardless of one's attitude toward immigration, Caldwell interprets an important European policy debate and illuminates why anti-immigrant sentiment cannot be dismissed as simple bigotry. Recommended for informed readers.—Zachary T. Irwin, School of Humanities & Social Science, Penn State, Erie, Behrend"
utterly and devastatingly discredited post iraq war debacle. no reason anyone should trust his reporting or judgment.
Muslims are around 3% of Norway's population. How long do you think it's going to take? Compared to Israel/Palestine, I mean.
unfortunately, the Jewish people are all-too-familiar with Norwegian "ethics."
The cries of Norway being Anti-Semitic will soon follow.
is different?
Let's arm whales with rockets to shoot indiscriminately into Norwegian cities and swim into Norwegian harbors with explosive belts. That way libero-fascist bloggers will certainly criticize Norway for
Buy Canadian salmon and Peruvian sweaters. Use bio-fuel. Don't take Norwegian cruises. Send these libero-fascist hypocrites a message that supporting Hamas, Venezuela, and Sudan is not acceptable. Nor is killing innocent whales.
Killing innocent palestinians is more acceptable
Blowing up cafes and buses and shooting rockets is a little too much for you.
And killing of Jordanians,Lebanese and Israelis BY those innocent Palestinians is even more acceptable for you isn't it. Tell me why were Palestinians kicked out from Kuwait if you are SO innocent?What did you do that Kuwaitis felt the necessity to clean the country from you,Palestinians? Btw,Palestinians are excellent dancers as we saw on videos after 9/11 and Saddam's invasion of Kuwait.Your Pal Dance was a worldwide hit,no wonder you call yourself Proud Palestinian.
for being sensitive to the suffering of whales. that's an empathy of which i wouldn't have thought you capable. and then to put the suffering of whales on the same plane as humans! bravo, absolut, you're evolving to embrace life outside the neo-con circle
of the wretched arab world they now have per capita income twice that of Egypt and lifespan exceeding Egyptian,Syrian ,Morioccan lifespans. Norway murders whales ,Israel assures livelihood of pals.
An independent Ethics Board reviews companies all over the world (not only Israel) for unethical or illegal activities. The Norwegian Pension Fund then divests its equity in such firms. Building on occupied land is illegal by international law. Simple, really? Absolutely, Sweden.
i don't know why the nordic countries tend to be smarter than, like, everyone else on earth, but they are. yay norway.
This is reminiscent of the beginning of the South African boycotts. They started slow and small, but as time went on and awareness increased, the boycotts became an important, non-violent, weapon used to end the apartheid government in SA. I hope the same happens with Israel. They need to understand that there are consequences to their law breaking, even though they have managed to act with impunity for 40+ years. Thank you Norway.
As an Israeli I think that this is a non violent way to tell my people that thay have to find a solution to the problem. It is hard to change peopl' minds after 43 years but there is no other way than trying to heart their pocket.
Tired of lunatic racist rantings and idiotic arguments of a bunch of fanatical zionists in these boards if you are in deed an Israeli ... you may be 'reason' for hope!
The Arabs did not want ALL the West Bank,ALL Gaza plus the Jewfree areas of Jerusalem for a state. Never mind the vast majority of mandate Palestine which was hived off to the Emirate of Jordan. The Arab/Useful idiot problem is the 20% left over, that does not fit in with Dar Al Islam.
Peter, how many Jews were living East of the Jordan in 1925? Why do you think that a territory with no Jews should have been awarded to European Jews to settle? The same goes for the rest of the Mandate. 75% of Jews in 1948 were foreign born. What right did they have to that land? The native inhabitants of Palestine have been arabs for the past 13 centuries. The creation of Israel has been a great injustice to them. No wonder they keep resisting.
What percentage of the settlers do you estimate were "ethnic cleansed" from the West Bank as opposed to those Arabs who left places like Deir Yassin and Haifa and Jaffa and Nazareth and what has been renamed Sderot? How many of those settlers are returning to their historic family homes with the same key their grandparents took flight with? If those settlers have a right of return, what about the Arabs who fled in 47-48? Do they have the same right? Its about equivalent justice. If you want it, you have to see the other sides rights too.
Jews were the majority in Jerusalem for the last 200 years. There is NO right of return but return is NOT conquest.
Just read the Geneva Convention. Hey, even the Israeli government admits it.
There is no right of return .!
and ethnic cleansing? Or pogroms?
Who says there is no right of return, Peter? Resolution 194 says it very clear. Just like the Universal Declaration of Human Rights. People have a right to leave their home and come back whenever they want. Those expelled by Israel or who fled the war must be allowed to return to their homes.
If a group of people can claim right to return based on a medieval myth, people who were displaced from their land just before 60 years have a more valid and acceptable claim.
If a group of people can claim right to return based on a medieval myth, people who were displaced from their land just before 60 years have a more valid and acceptable claim.
There were 13,000 Jews in Palestine in the 1800s. Zionist policy brought them flooding in 'til they reached around 600,000 in 1948.
Slowly but surely the BDS campaign is taking root and will continue to grow. Justice will prevail !
It's not about peace and never was. It's about destruction. http://www.youtube.com/watch?v=tnpilMYsR0I
Justice my foot PC fools.
I have news for you my friend, it may be a little painfull for you to comprehend but BDS has been applied for generations and mostly against my people and unfortunatley for you we are still here and here to stay, it might be an idea for you to crawl back under the rock.
now talk back will be flooded with rants on anti-semitism.
BDS!
Israel's world is getting smaller and smaller, one day at a time. Boycott, divest & sanction.