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Norwegian pension fund sells off groups linked to Israeli settlements

Norway's largest pension fund announced Monday it had divested assets in 16 companies for their links to Israeli settlements in the West Bank, including telecom equipment giant Motorola.

Norwegian pension fund sells off groups linked to Israeli settlements
Oslo business quarter. Photo by Jacek Dylag on Unsplash

“Motorola and other companies risk complicity in international law violations in occupied Palestine,” KLP, which manages some 95 billion dollars (80 billion euros) worth of assets, said in a statement.

The divestment follows the February 2020 UN publication of a list of 112 companies with activities linked to Israeli settlements, considered illegal under international law.

Israel’s government has denounced the publication of the list — which included companies like Airbnb, Expedia, Motorola and Tripadvisor — as a “contemptible effort”.

“Divesting from Motorola Solutions was a very straightforward decision over its surveillance role in the occupied territories,” KLP said, arguing the company provide software used in border surveillance.

KLP also divested telecom operators offering services within the West Bank as they contributed to making “the settlements attractive residential areas.”

These included Bezeq, Cellcom Israel and Partner Communications, and Altice Europe — which was delisted from the Amsterdam stock exchange in January.

Also included are five banks that facilitated or financed the construction of housing and infrastructure in occupied territories, as well as engineering and construction groups, including the French multinational Alstom.

READ ALSO: Norway fund dumps firms linked to West Bank settlements

In total, the Norwegian fund’s divestments of shares and company bonds amounted to $32 million.

“Companies have a responsibility to respect and protect human right in all countries that they are operating in, regardless if the state itself is upholding these rights,” KLP analyst Kiran Aziz said.

“Conflict can mean a particularly high risk of human rights violations. Companies operating in conflict zones must therefore exercise particular caution to avoid involvement in human rights abuses and to protect vulnerable individuals,” she added.

In late June, KLP announced its divestment of the Indian port and logistics group Adani Ports because of its links to the Burmese military junta.

Another Norwegian fund, the sovereign wealth fund, which is the largest in the world, has also excluded several companies in the past because of their connections to Israeli settlements.

More than 600,000 Israeli settlers live in the West Bank and East Jerusalem, where tensions often flare up between settlers and the Palestinian population.

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ABB

Swedish engineering giant ABB to quit Russia over Ukraine

Swedish-Swiss engineering giant ABB said on Thursday it will quit Russia as a result of the war in Ukraine and the related international sanctions against Moscow.

Swedish engineering giant ABB to quit Russia over Ukraine

Russia accounts for only one or two percent of ABB’s overall annual turnover and the decision to pull out will have an estimated financial impact in the second quarter of around $57 million, the group calculated.

“ABB has decided to exit the Russian market due to the ongoing war in Ukraine and impact of related international sanctions,” the group said in a statement.

Russia accounts for only one or two percent of ABB’s overall annual sales and the decision to pull out will have an estimated financial impact in the second quarter of around $57 million, the group calculated.

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A large number of major western companies have pulled out of Russia since Moscow invaded its pro-Western neighbour on February 24.

“When the war broke out, ABB stopped taking new orders in Russia,” the group said.

At the same time, it said it continued to fulfill “a small number of existing contractual obligations with local customers, in compliance with applicable sanctions.”

Most of ABB’s dedicated Russian workforce has been on leave since March “and the company will do its best to support them as it realigns its operations in a controlled manner,” it said.

ABB has about 750 people in Russia and two production sites in the country located in the Moscow region and Lipetsk, as well as several service centres.

Separately, the group said that its net profit fell by 50 percent to $379 million in the second quarter, largely as a result of one-off charges, but also the cost of withdrawing from Russia.

Sales, on the other hand, grew by six percent to $7.2 billion in the period from April to June, ABB said.

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