Latest news with #LO
Local Norway
05-06-2025
- Business
- Local Norway
Norway votes down plan to limit investment in Israeli companies
Lawmakers voted by 88 to 16 against a proposal to order the fund to withdraw from companies "that contribute to Israel's war crimes and the illegal occupation" of the West Bank. Norway's sovereign wealth fund, fuelled by vast revenue from the country's oil and gas exports, is the biggest the world and has nearly $1.65 trillion invested around the globe. The government though is under pressure to use its financial clout to influence Israeli policy in the Gaza Strip and the West Bank, where its settlement policy has been deemed illegal under international law. In a letter signed by about 50 non-governmental organisations, Norway's main union LO called on the Labour government to ensure that the fund's investments were in line with the country's legal obligations. The UN special rapporteur on the occupied Palestinian territories on May 20 urged Oslo to "fully and unconditionally divest from all entities linked to Israel's unlawful presence in the occupied Palestinian territory". Francesca Albanese said Norway's fund held $121.5 billion -- or 6.9 percent of its total value -- in companies "involved in supporting or enabling egregious violations of international law in the occupied Palestinian territories". Advertisement Norwegian Finance Minister Jens Stoltenberg in response called for an end to violence, the liberation of Israeli hostages kidnapped on October 7, 2023 and the resumption of humanitarian aid. But he said the fund's investments "do not violate Norway's obligations under international law". The fund is regulated by a raft of ethical rules and has already divested from 11 companies because of their activities in the occupied West Bank. In May, it withdrew its investment in Paz Retail and Energy, which distributes fuel in Israeli settlements. Relations between Norway and Israel have soured since May 2024, when the country joined Spain and Ireland in recognising the state of Palestine
Asharq Al-Awsat
04-06-2025
- Business
- Asharq Al-Awsat
Norway Refuses to Toughen Investment Rules in Israeli Companies
The Norwegian parliament on Wednesday rejected moves to toughen rules on its sovereign wealth fund investing in companies operating in the occupied West Bank. Lawmakers voted by 88 to 16 against a proposal to order the fund to withdraw from companies "that contribute to Israel's war crimes and the illegal occupation" of the West Bank. Norway's sovereign wealth fund, fueled by vast revenue from the country's oil and gas exports, is the biggest the world and has nearly $1.65 trillion invested around the globe. The government though is under pressure to use its financial clout to influence Israeli policy in the Gaza Strip and the West Bank, where its settlement policy has been deemed illegal under international law. In a letter signed by about 50 non-governmental organizations, Norway's main union LO called on the Labor government to ensure that the fund's investments were in line with the country's legal obligations. The UN special rapporteur on the occupied Palestinian territories on May 20 urged Oslo to "fully and unconditionally divest from all entities linked to Israel's unlawful presence in the occupied Palestinian territory". Francesca Albanese said Norway's fund held $121.5 billion -- or 6.9 percent of its total value -- in companies "involved in supporting or enabling egregious violations of international law in the occupied Palestinian territories". Norwegian Finance Minister Jens Stoltenberg in response called for an end to violence, the liberation of Israeli hostages kidnapped on October 7, 2023 and the resumption of humanitarian aid. But he said the fund's investments "do not violate Norway's obligations under international law". The fund is regulated by a raft of ethical rules and has already divested from 11 companies because of their activities in the occupied West Bank. In May, it withdrew its investment in Paz Retail and Energy, which distributes fuel in Israeli settlements. Relations between Norway and Israel have soured since May 2024, when the country joined Spain and Ireland in recognizing the state of Palestine.
Business Recorder
23-05-2025
- Business
- Business Recorder
Olive value chain breathing new life into economy: minister
ISLAMABAD: Minister for National Food Security and Research Rana Tanveer Hussain on Thursday said that Pakistan's olive industry is playing a key role in transforming barren lands into productive assets and is laying the groundwork for an agricultural revolution in the country. Addressing the 'Uraan Pakistan' Startup Vision event at SZABIST, the minister said that the olive value chain is breathing new life into the national economy. 'The olive sector has evolved into a comprehensive industrial model that extends beyond agriculture, creating new opportunities for employment, exports, and innovation,' he said. Hussain highlighted the success of over 85 olive-based startups operating through e-commerce platforms, with active participation from women and youth. He stressed the importance of integrating agriculture with digital commerce in the modern era and affirmed that the government is taking concrete steps to support this transition. The minister also cited the growing international recognition of Pakistan's olive brand 'LO' as evidence of the sector's progress. The minister said that the government is committed to promoting the processing, branding, and export of high-quality olive products. He added that his ministry is implementing a comprehensive strategy to attract investment in the olive sector while ensuring adherence to international standards. Copyright Business Recorder, 2025
Express Tribune
21-05-2025
- Business
- Express Tribune
Balochistan's olive oil shines at global contest
Federal Minister for National Food Security and Research, Rana Tanveer Hussain, hailed the international recognition of Pakistani olive oil as a landmark achievement aligned with the ministry's vision of agricultural self-sufficiency. According to a press statement released on Tuesday, the minister referred to the news of Loralai Olives — a premium olive oil brand from Balochistan's Loralai district — winning the Silver Award at the 2025 New York International Olive Oil Competition, the world's most prestigious olive oil quality contest. Out of over 1,200 global entries, Loralai Olives was recognised for its quality, sustainable production, and packaging. 'This global recognition is a proud moment for every Pakistani and validates our long-standing efforts to build a self-reliant agriculture sector,' said Tanveer. He credited the government's Olive Cultivation Initiative, launched in 2012, which provided certified saplings, extraction units, training, and export support. Loralai Olives, or 'LO,' partnered with Balochistan growers and used cold extraction technology, meeting international standards for acidity, purity, and flavour. 'At a time when Pakistan imports $4.5 billion worth of edible oil annually, this recognition proves we have the land, climate, and talent to reverse that trend,' said the Minister for National Food Security and Research, Rana Tanveer Hussain, hailed the international recognition of Pakistani olive oil as a landmark achievement aligned with the ministry's vision of agricultural self-sufficiency. According to a press statement released on Tuesday, the minister referred to the news of Loralai Olives — a premium olive oil brand from Balochistan's Loralai district — winning the Silver Award at the 2025 New York International Olive Oil Competition, the world's most prestigious olive oil quality contest. Out of over 1,200 global entries, Loralai Olives was recognised for its quality, sustainable production, and packaging. 'This global recognition is a proud moment for every Pakistani and validates our long-standing efforts to build a self-reliant agriculture sector,' said Tanveer. He credited the government's Olive Cultivation Initiative, launched in 2012, which provided certified saplings, extraction units, training, and export support. Loralai Olives, or 'LO,' partnered with Balochistan growers and used cold extraction technology, meeting international standards for acidity, purity, and flavour. 'At a time when Pakistan imports $4.5 billion worth of edible oil annually, this recognition proves we have the land, climate, and talent to reverse that trend,' said the minister.
Days of Palestine
10-05-2025
- Politics
- Days of Palestine
Norway's Largest Trade Union Votes Overwhelmingly to Boycott Israel
DayofPal– In a sweeping move that has ignited international attention, the Norwegian Confederation of Trade Unions (LO), the nation's largest and most influential labor federation, has voted decisively in favor of a comprehensive boycott of Israel. During its national congress held in Oslo on May 8–9, LO delegates passed the resolution with an overwhelming 88% majority. The resolution mandates a full boycott of Israeli companies and institutions, encompassing trade, investment, and ties with cultural, academic, and sporting organizations linked to Israel. LO's resolution comes with a warning: if Israel does not end its occupation of Palestinian territories by September 2025, as demanded by a UN General Assembly resolution, LO will urge Norway to spearhead a global economic boycott. Newly elected LO President Kine Asper Vistnes confirmed that the union will now begin outlining how to implement the motion. 'We'll sit down and go through how to implement all the congress resolutions,' Vistnes told FriFagbevegelse. 'It's too soon for a detailed plan, but we will follow up.' Norwegian Foreign Minister Espen Barth Eide, while acknowledging the growing international call for sanctions, cautioned against a unilateral national boycott. 'I have warned against a one-sided Norwegian boycott,' he told FriFagbevegelse. 'Norway does not have a tradition of acting alone. A solo move may cause more harm than good.' Still, Eide emphasized the government's respect for institutional independence. 'It's not up to the government to decide what free academic or cultural institutions believe,' he added. The decision has received strong support from left-wing political factions. Socialist Left Party (SV) leader Kirsti Bergstø called the vote 'a historic mandate' and urged the government to divest the state's Oil Fund from Israeli-linked companies and halt trade with businesses complicit in human rights violations. 'LO understood the gravity of the moment,' she said. 'The grassroots stood firm against pressure and showed true solidarity with the Palestinian people.' The resolution was also praised by Shaher Saad, Secretary-General of the Palestinian General Federation of Trade Unions (PGFTU), who attended the congress. According to Palestinian news agency WAFA, Saad urged Norway to end the use of its Oil Fund in support of Israeli settlements and called on global labor movements to take similarly bold action. The Red Party (Rødt) echoed the praise, describing the vote as 'historic.' Party leader Bjørnar Moxnes said Rødt will introduce new proposals in Parliament to reflect LO's resolution. These include divesting Oil Fund investments from Israeli entities, banning business activities connected to Israeli settlements, and imposing a broad arms embargo on Israel. Rødt has already tabled a proposal to halt all Norwegian arms exports to Israel and called for mandatory end-user declarations to ensure military equipment is not used in occupied territories. A pivotal vote in the Norwegian Parliament on the Oil Fund's investment mandate is scheduled for June 4. Both SV and Rødt have pledged to introduce motions aligned with LO's demands, and are now urging the ruling Labour Party to take a definitive stand. With only 60 out of over 300 delegates voting against the resolution, the LO congress has delivered one of the most resounding calls in Europe for economic accountability over Israel's ongoing occupation. Shortlink for this post:
