OSLO/JERUSALEM: Norway’s sovereign wealth fund, the world’s largest, has sold all its shares in Israel’s Bezeq as it provides telecoms services to Israeli settlements in the occupied West Bank.
The decision, announced late on Tuesday, comes after the fund’s ethics watchdog, the Council on Ethics, adopted a new, tougher interpretation of ethics standards for businesses that aid Israel’s operations in the occupied Palestinian territories.
The $1.8-trillion 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 8,700 companies, and its size gives it influence.
It is the latest decision by a European financial entity to cut back links to Israeli companies or those with ties to the country, as pressure mounts from foreign governments to end the war in Gaza.
Bezeq, Israel’s largest telecoms group, declined to comment.
“The company, through its physical presence and provision of telecom services to Israeli settlements in the West Bank, is helping to facilitate the maintenance and expansion of these settlements, which are illegal under international law,” the sovereign wealth fund’s watchdog said in its recommendation to divest.
“By doing so the company is itself contributing to the violation of international law.”
The watchdog said it noted that the company had said it was providing telecoms services to Palestinian areas in the West Bank, but that did not outweigh the fact that it was also providing services to Israeli settlements.
The watchdog makes recommendations to the board of the Norwegian central bank, which has the final say on divestments.
The advice on Bezeq was the first recommendation to divest since the watchdog toughened its policy in August. More decisions are expected.
The fund has now sold all its stock in the company.
Before that, it had cut its stake during the first half of 2024, owning 0.76 percent of the company’s shares valued at $23.7 million at the end of June, down from a holding of 2.2 percent at the start of the year, fund data showed.
Sources close to the company said the divestment’s impact was “negligible” as it amounted to 0.7 percent of the shares and that the decision was clearly a “political decision.”
They said Bezeq was allowed to provide telecoms services to Jewish settlements in Area C under the 1994 Oslo Accords — which also called for the Palestinian Authority to set up their own telecoms network to Palestinian areas.
“Bezeq is operating according to the Oslo agreements so it’s a political decision,” said one source. “Of all the companies to choose from (to divest), Bezeq should have been the last.”
Norway in May recognized Palestine as a state, alongside Spain and Ireland.
Norway served as a facilitator in the 1992-1993 talks between Israel and the Palestinian Liberation Organization that led to the Oslo Accords in 1993. Area C, which comprises about 60 percent of the West Bank, is under full Israeli control and contains most Israeli settlements.
The Council on Ethics said it was aware of this but that “the situation in the area has developed in the opposite direction to that presumed by the Oslo Accords.”
“The settlements are constantly being expanded, Palestinians are constantly being driven from their homes and land areas are de facto being annexed,” it told Reuters, citing its recommendation. “Qualified discrimination and violent abuse of the Palestinian population in Area C is also taking place.”
The fund watchdog’s new definition of ethical breaches is partly based on an International Court of Justice finding in July 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,” according to a Aug. 30 letter it addressed to the finance ministry.
Since the Gaza war began in October 2023, the council had been investigating whether more companies fall outside its permitted investment guidelines.
Before the announcement to divest, the fund had divested from nine companies operating in the West Bank.
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.
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Norway wealth fund divests from Israel’s Bezeq over services to West Bank settlements
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Norway wealth fund divests from Israel’s Bezeq over services to West Bank settlements
- Fund’s ethics watchdog adopts tougher interpretation of standards for businesses that aid Israel’s operations in the occupied Palestinian territories
Moderate candidate wins emphatically over a populist in Portugal’s presidential runoff
LISBON: Center-left Socialist candidate António José Seguro recorded a thumping victory over hard-right populist André Ventura in Portugal’s runoff presidential election Sunday, according to official results with 99 percent of votes counted.
Seguro won a five-year term in Lisbon’s riverside “pink palace” with 66.7 percent of votes, compared with 33.3 percent for Ventura.
The ballot was an opportunity to test the depth of support for Ventura’s brash style, which has struck a chord with voters and helped make his Chega (Enough) party the second-biggest in the Portuguese parliament, as well as gauge the public appetite for Europe’s increasing shift to the right in recent years.
European Commission President Ursula von der Leyen congratulated Seguro and said on social media that “Portugal’s voice for our shared European values remains strong.”
Seguro, a longstanding Socialist politician, positioned himself as a moderate candidate who will cooperate with Portugal’s center-right minority government, repudiating Ventura’s anti-establishment and anti-immigrant tirades.
He won the backing of other mainstream politicians on the left and right who want to halt the rising populist tide.
In Portugal, the president is largely a figurehead with no executive power. Traditionally, the head of state stands above the political fray, mediating disputes and defusing tensions.
However, the president is an influential voice and possesses some powerful tools, being able to veto legislation from parliament, although the veto can be overturned. The head of state also possesses what in Portuguese political jargon is called an “atomic bomb,” the power to dissolve parliament and call early elections.
In May, Portugal held its third general election in three years in the country’s worst bout of political instability for decades, and steadying the ship is a key challenge for the next president.
Ventura, an eloquent and theatrical politician, rejected political accommodation in favor of a more combative stance.
Ventura said he will keep working to bring about a political “transformation” in Portugal.
“I tried to show there’s a different way … that we needed a different kind of president,” he told reporters.
Making it through to the runoff was already a milestone for Ventura and his party, which have recalibrated Portuguese politics.
One of Ventura’s main targets has been what he calls excessive immigration, as foreign workers have become more conspicuous in Portugal in recent years.
“Portugal is ours,” he said.
During the campaign, Ventura put up billboards across the country saying, “This isn’t Bangladesh” and “Immigrants shouldn’t be allowed to live on welfare.”
Although he founded his party less than seven years ago, its surge in public support made it the second-largest party in Portugal’s parliament in the May 18 general election.
Seguro will next month replace center-right President Marcelo Rebelo de Sousa, who has served the constitutional limit of two five-year terms.
Seguro won a five-year term in Lisbon’s riverside “pink palace” with 66.7 percent of votes, compared with 33.3 percent for Ventura.
The ballot was an opportunity to test the depth of support for Ventura’s brash style, which has struck a chord with voters and helped make his Chega (Enough) party the second-biggest in the Portuguese parliament, as well as gauge the public appetite for Europe’s increasing shift to the right in recent years.
European Commission President Ursula von der Leyen congratulated Seguro and said on social media that “Portugal’s voice for our shared European values remains strong.”
Seguro, a longstanding Socialist politician, positioned himself as a moderate candidate who will cooperate with Portugal’s center-right minority government, repudiating Ventura’s anti-establishment and anti-immigrant tirades.
He won the backing of other mainstream politicians on the left and right who want to halt the rising populist tide.
In Portugal, the president is largely a figurehead with no executive power. Traditionally, the head of state stands above the political fray, mediating disputes and defusing tensions.
However, the president is an influential voice and possesses some powerful tools, being able to veto legislation from parliament, although the veto can be overturned. The head of state also possesses what in Portuguese political jargon is called an “atomic bomb,” the power to dissolve parliament and call early elections.
In May, Portugal held its third general election in three years in the country’s worst bout of political instability for decades, and steadying the ship is a key challenge for the next president.
Ventura, an eloquent and theatrical politician, rejected political accommodation in favor of a more combative stance.
Ventura said he will keep working to bring about a political “transformation” in Portugal.
“I tried to show there’s a different way … that we needed a different kind of president,” he told reporters.
Making it through to the runoff was already a milestone for Ventura and his party, which have recalibrated Portuguese politics.
One of Ventura’s main targets has been what he calls excessive immigration, as foreign workers have become more conspicuous in Portugal in recent years.
“Portugal is ours,” he said.
During the campaign, Ventura put up billboards across the country saying, “This isn’t Bangladesh” and “Immigrants shouldn’t be allowed to live on welfare.”
Although he founded his party less than seven years ago, its surge in public support made it the second-largest party in Portugal’s parliament in the May 18 general election.
Seguro will next month replace center-right President Marcelo Rebelo de Sousa, who has served the constitutional limit of two five-year terms.
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