US EditionNorway Wealth Fund Divests From Caterpillar over Gaza 'Rights Violations'
The fund divested from Caterpillar and five Israeli banks over risks of contributing to serious violations of rights and breaches of international humanitarian law, ethics council stated.
- Norges Bank Investment Management said on Monday it excluded Caterpillar Inc. and five Israeli banks from the $2 trillion Government Pension Fund Global.
- The fund's Council on Ethics recommended the exclusions after finding Caterpillar Inc. bulldozers were used in widespread unlawful destruction in Gaza and the West Bank and the company failed to prevent such use.
- As of June 30 the fund held a 1.17% stake in Caterpillar valued at $2.1 billion and combined holdings in five Israeli banks worth $661 million.
- NBIM said it will sell holdings in Israeli companies outside its benchmark "as soon as possible," prompting Prime Minister Jonas Gahr Store to ask Finance Minister Jens Stoltenberg for a review.
- With nearly $2 trillion under management, Government Pension Fund Global excludes Caterpillar as a first major U.S. firm in its rare blacklist covering around 8,400 companies worldwide.
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Gaza War: Israel uses the Caterpillar D9 bulldozer to destroy Palestinian homes, roads and buildings in Gaza and the occupied West Bank, among other places.
·Netherlands
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Norway's renewed stance on Israel's war in Gaza: the Norwegian sovereign fund, the richest in the world with nearly $2,000 billion, is withdrawing from the Caterpillar company, citing "human rights violations" in Gaza by the Israeli army.
·Paris, France
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The Norwegian SWF has sold its shares to Caterpillar because of Israel's action in the Gaza war.
·Germany
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World's largest sovereign wealth fund exits Caterpillar and five banks on Israel concerns
The world’s largest sovereign wealth fund has quit its investments in U.S. machinery manufacturer Caterpillar and five Israeli banks following a review of the companies’ ties to conflict in the West Bank.
·United States
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Total News Sources86
Leaning Left17Leaning Right12Center16Last UpdatedBias Distribution38% Left
Bias Distribution
- 38% of the sources lean Left
38% Left
L 38%
C 36%
R 27%
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