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Norway’s Largest Pension Fund Divests from U.S. German Firms Over Sales to Israeli Military

Fola Badmus3 months ago3 months ago04 mins

Norway’s biggest public pension fund, KLP, has announced it is divesting from two major international companies—Oshkosh Corporation of the United States and Germany’s ThyssenKrupp—due to their sales of military equipment to the Israeli army, which may be used in the ongoing conflict in Gaza. In a statement released Monday, Kiran Aziz, Head of Responsible Investments at KLP Kapitalforvaltning, said the fund made the decision after reviewing UN reports indicating both companies were supplying weapons or equipment potentially involved in hostilities in the Gaza Strip. “Our conclusion is that the companies Oshkosh and ThyssenKrupp are contravening our responsible investment guidelines,” Aziz stated, adding, “We have therefore decided to exclude them from our investment universe.” According to KLP, it held $1.8 million in Oshkosh and nearly $1 million in ThyssenKrupp shares until June 2025. The fund manages about $114 billion in assets and provides pensions to nearly 900,000 Norwegians, mostly municipal workers. Warships and Vehicles KLP’s engagement with the two companies revealed that Oshkosh had confirmed ongoing sales of military vehicles and parts to Israel. ThyssenKrupp acknowledged a long-standing relationship with the Israeli military, having delivered four Sa’ar 6 warships between 2020 and 2021 and preparing to supply a submarine later this year. The fund noted that both companies failed to show sufficient due diligence in ensuring their products were not being used in violations of humanitarian law, a core requirement under KLP’s ethical investment policy. Track Record of Ethical Divestment KLP’s latest move continues a trend of ethical divestment. In 2021, the fund pulled out of 16 companies, including Motorola, over ties to Israeli settlements in the occupied West Bank, citing “an unacceptable risk” of contributing to human rights abuses. That same year, it also divested from India’s Adani Ports due to links with Myanmar’s military and, in 2023, from U.S.-based Caterpillar, whose modified bulldozers are widely used in demolitions within Palestinian territories. In May 2025, Norway’s sovereign wealth fund also cut ties with Israeli firm Paz Retail and Energy for its role in supplying infrastructure to illegal settlements, followed by a complete sell-off of shares in Bezeq in December 2024 for similar reasons. Other European funds, including Denmark’s largest pension fund and the UK’s Universities Superannuation Scheme (USS), have also reduced or eliminated investments linked to Israeli military actions or settlement activities, marking a growing shift in institutional investment strategies amid international scrutiny. KLP emphasized its commitment to human rights compliance and responsible finance, calling on all corporations to conduct thorough due diligence to avoid complicity in war and occupation-related violations.

Trump Doubles Down on Iran Nuclear Claims Amid Doubts Over Strike Effectiveness

Fola Badmus3 months ago3 months ago03 mins

U.S. President Donald Trump has once again asserted that recent American and Israeli strikes on Iran’s nuclear facilities significantly crippled Tehran’s capabilities, despite growing skepticism from intelligence sources and the United Nations’ nuclear watchdog. Speaking on Fox News Sunday Morning Futures with Maria Bartiromo, Trump insisted that Iran was “weeks away” from acquiring nuclear weapons before the U.S. and Israel launched strikes beginning June 13, targeting key facilities at Fordow, Natanz, and Isfahan. He claimed the sites were “obliterated,” and that the operation had “set Iran’s nuclear ambitions back by decades.” However, this narrative clashes with multiple intelligence reports and assessments from the International Atomic Energy Agency (IAEA), which found no conclusive evidence that the facilities were permanently disabled. IAEA Director-General Rafael Grossi stated that Iran could resume uranium enrichment “within months,” raising doubts about the long-term impact of the strikes. An IAEA report last month indicated that Iran had stockpiled over 400kg of uranium enriched to 60% purity—close to weapons-grade—enough to produce multiple nuclear weapons if enriched further. Meanwhile, Tehran maintains that its nuclear programme is strictly for civilian use. Trump dismissed media reports contradicting his version of events as “fake news,” claiming the bomb strikes penetrated the heavily fortified Fordow site with ease. “The bomb went through it like butter,” he said. He also denied reports that Iran had evacuated its enriched uranium from the facility ahead of the attack. On the geopolitical front, Trump revealed that U.S. trade negotiations with Canada were paused over a controversial digital tax. He also confirmed that he had found a group of “very wealthy people” to acquire TikTok, promising to reveal the buyer in two weeks after extending the app’s ban for another 90 days. Trump’s continued defiance on the Iran issue comes as Washington attempts to balance military posturing with diplomatic efforts in the aftermath of the recent 12-day conflict involving Iran, Israel, and the U.S.

Iran Denies Missile Launch as Israel Accuses Tehran of Ceasefire Violation

Fola Badmus3 months ago3 months ago02 mins

Israel’s Defence Minister Israel Katz has ordered “intense strikes” on the Iranian capital, Tehran, after accusing Iran of violating a truce brokered by the United States and Qatar Iran has denied Israeli claims that it fired missiles toward Israel in breach of the newly brokered ceasefire agreement, according to state-affiliated IRIB broadcaster and the ISNA news agency. The denial follows statements by Israel’s Defence Minister, Israel Katz, accusing Iran of violating the truce and ordering “intense strikes” on targets in Tehran in response. Earlier on Tuesday, Israeli media reported that the military had intercepted two ballistic missiles launched from Iranian territory shortly after the ceasefire took effect. The Israel Defense Forces (IDF) said air defense systems were activated to neutralize the threat. Iranian officials, however, have rejected the accusation, insisting that they remain committed to the terms of the ceasefire and did not initiate any new military action. With both sides trading claims and denials, concerns are mounting over the future of the fragile truce, which had been hailed internationally as a major breakthrough in halting the 12-day conflict. Diplomats are now urging restraint and verification of facts before escalation resumes.