‘Disaster awaits U.S. return to Afghanistan’, says Russian envoy
Russia’s special presidential envoy for Afghanistan has warned that any return by the United States to Afghan soil would end in “disaster” for W...
Norway's $2 trillion sovereign wealth fund said on Monday it is terminating contracts with asset managers handling its Israeli investments and has divested parts of its portfolio in the country over the situation in Gaza and the West Bank.
The announcement follows an urgent review launched last week following media reports that the fund had built a stake in an Israeli jet engine group that provides services to Israel's armed forces, including the maintenance of fighter jets.
"All investments in Israeli companies that have been managed by external managers will be moved in-house and managed internally," the fund said.
The fund, an arm of Norway's central bank, which held stakes in 61 Israeli companies as of 30 June, in recent days divested stakes in 11 of these, it said in a statement, without naming the groups.
The 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 a deadline of 20 August.
"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.
The review will also lead to improved due diligence, it added.
"The fund's investments in Israel will now be limited to companies that are in the equity benchmark index. However, we will not be invested in all Israeli companies in the index," it said.
The fund, which owns stakes in 8,700 companies worldwide, held shares in 65 Israeli companies at the end of 2024, valued at $1.95 billion, its records show.
In the last year it sold its stakes in an Israeli 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.
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