ARENDAL: Norway’s $2 trillion sovereign wealth fund, the world’s largest, said on Tuesday it expects to divest from more Israeli companies as part of its ongoing review of investments in the country over the situation in Gaza and the West Bank.
The fund announced on Monday it was terminating contracts with external asset managers handling some of its Israeli investments and has divested parts of its portfolio in the country over the worsening humanitarian crisis in Gaza.
The review began last week following media reports that the fund had built a stake of just over 2 percent in an Israeli jet engine group that provides services to Israel’s armed forces, including the maintenance of fighter jets.
The stake in the company, Bet Shemesh Engines Ltd. (BSEL) , has now been sold, the fund announced on Tuesday.
Bet Shemesh did not respond to requests for comment.
Norges Bank Investment Management (NBIM), an arm of Norway’s central bank, which held stakes in 61 Israeli companies as of June 30, in recent days divested stakes in 11 firms, including BSEL. It did not name the other companies.
“We expect to divest from more companies, NBIM CEO Nicolai Tangen told a press conference on Tuesday.
The fund began investing in BSEL in November 2023, about one month after the war in Gaza began, via an external investment manager, Tangen said.
The fund declined to name the external portfolio manager.
Since then, NBIM has held quarterly meetings with Bet Shemesh Holdings, but the war in Gaza was not raised as a theme.
“We had discussions about their business in the United States, not about the war in Gaza,” Tangen said, adding that the fund had rated BSEL as a “medium risk” stock with regards to ethics concerns.
The fund, which invests the Norwegian state’s revenues from oil and gas production, is one of the world’s largest investors, owning on average 1.5 percent of all listed stocks worldwide. It also invests in bonds, real estate and renewable energy projects.
Norway sovereign fund expects to sell more Israeli stocks over Gaza, West Bank
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Norway sovereign fund expects to sell more Israeli stocks over Gaza, West Bank
- Norway’s $2 trillion sovereign wealth fund, the world’s largest, said on Tuesday it expects to divest from more Israeli companies as part of its ongoing review of investments in the country
Pakistani Taliban kill six soldiers in checkpoint attack
- Pakistan has faced a surge in militant attacks along its border regions since the Taliban authorities retook control in Kabul in 2021
PESHAWAR, Pakistan: Pakistani Taliban militants stormed a security checkpoint in Pakistan’s northwestern border area with Afghanistan, killing six soldiers and wounding four others, a government official said Tuesday.
Pakistan has faced a surge in militant attacks along its border regions since the Taliban authorities retook control in Kabul in 2021.
It accuses Afghanistan of harboring the insurgents, a claim the Taliban government denies.
Late Monday, more than a dozen armed men attacked the checkpoint, leading to a heavy exchange of fire in Kurram, a tribal district in Khyber Pakhtunkhwa province.
“Six security personnel were martyred and four were injured, while two militants were also killed in the fighting,” the government official posted in Kurram, who was not authorized to speak to the media, told AFP on the condition of anonymity.
The Pakistani Taliban group, or Tehreek-e-Taliban Pakistan (TTP), has long been active in the region, and claimed responsibility for the attack.
Pakistan accuses the Taliban authorities in Afghanistan of sheltering TTP militants and allowing them to launch cross-border attacks from there — a charge Kabul denies.
The border between the two countries has been closed since the clashes in October, though Pakistan said last week it would allow UN aid supplies to pass to Afghanistan soon.
The attack comes days after an exchange of gunfire and shelling between Afghan and Pakistani forces at a major border crossing that killed four civilians and one soldier, according to Afghanistan.
Each side accused the other of starting the fighting.
