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Norway Wealth Fund divests Israel's Paz Retail and Energy Due to West Bank Activities
Norway's sovereign fund, which is the largest in the world, sold all its shares to Israel's Paz Retail and Energy, because the company owns and runs infrastructure that supplies fuel to Israeli settlements on the West Bank. The Council on Ethics of the fund, which is responsible for overseeing the fund's ethical standards, had adopted a stricter interpretation in August, aimed at businesses that support Israel's activities in the occupied Palestinian Territories. In December, the first divestment took place from Israeli telecoms company Bezeq. The fund operates according to guidelines set forth by the Norwegian parliament. It is regarded as a leader on environmental, social, and governance issues. This is the latest move by a European financial institution to reduce links with Israeli companies and those who have ties to Israel since the beginning of the Gaza War in October 2023. Paz, Israel's largest gas station operator, has nine stations located in the West Bank. In its recommendation for divestment, the Council on Ethics stated that Paz was contributing to the perpetuation of the settlements by operating the infrastructure to supply fuel to them on the West Bank. The settlements were established in violation international law and their continuance constitutes a continuing violation thereof. Paz is not available to comment immediately outside of normal business hours. The U.N.'s highest court Last year, it was said Tel Aviv has rejected the ruling as being "fundamentally incorrect" and biased. DIVESTMENTS The Norwegian central bank's board has final say in divestments. The fund has sold off all of its shares in the company. It wasn't immediately clear whether there would be more divestments. The fund's watchdog announced that it had cleared the majority of companies it had examined over their activities within the occupied Palestinian Territories after it conducted a new review following the outbreak the Gaza War. The watchdog stated at the time it had made two divestment recommendations - Bezeq, in December, and Paz now - but didn't say if it had made any more. The watchdog evaluated around 65 companies from the fund's investment portfolio, including those in energy, infrastructure, travel, tourism, banking and other sectors. (Reporting and editing by Leslie Adler, Andrea Ricci and Gwladys Fauch)
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Norway Wealth Fund divests Israel's Paz Retail and Energy Due to West Bank Activities
The world's largest sovereign wealth fund has sold its entire stake in Israel's Paz Retail and Energy, because the company owns and runs infrastructure to supply fuel to Israeli settlements on the West Bank occupied by Israel, the fund said. The Council on Ethics of the fund, which is responsible for overseeing the fund's ethical standards, had adopted a stricter interpretation in August, aimed at businesses that support Israel's activities in the occupied Palestinian Territories. In December, the first divestment took place from Israeli telecoms company Bezeq. The fund operates according to guidelines set forth by the Norwegian parliament. It is a leader on environmental, social, and governance issues. This is the latest move by a European financial institution to reduce links with Israeli companies and those who have ties to Israel since the beginning of the Gaza War in October 2023.
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Official: More than 100 deaths after floods in eastern Congo
A local official reported that more than 100 people died in flooding near the shores of Lake Tanganyika, in eastern Democratic Republic of Congo. The flooding that hit the village of Kasaba comes at a time when Central Africa is most vulnerable. Since the beginning of this year, M23 rebels supported by Rwanda have intensified their offensive in eastern region. Thousands of people were killed in the fighting during the first two month of this year. Samy Kalodji said on Saturday night that the reports coming from the Fizi territory, which is in South Kivu Province, where the village lies, "indicated over 100 deaths." The area affected is still administered by Kinshasa, and not one of the areas taken over by M23. Didier Luganywa said that the South Kivu Government spokesperson, Didier Luganywa stated in a press release the flooding incident took place between Thursday night to Friday, when torrential rainfall and strong winds caused Kasaba River to overflow. The statement stated that 62 deaths were confirmed and 30 people were injured. Officials said that the Kasaba region was only accessible by Lake Tanganyika, and the mobile network was not available. This could cause delays in humanitarian aid efforts. (Reporting and editing by MacDonald Dzirutwe, David Holmes, and Ange Kasongo; Additional reporting in Kinshasa by Ange Kalongo)
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Trump's quest for $1 trillion is unlikely to bring about Saudi-Israeli ties
Donald Trump, the U.S. president, will land in Riyadh, Saudi Arabia, on Tuesday. He will be welcomed with lavish ceremonies, palaces gilded in gold, and the prospect that $1 trillion worth of investments are in store. The raging Gaza war has prevented him from achieving a goal that he had long desired: Saudi-Israeli normalisation. Two Gulf sources and an official from the United States said that behind closed doors, U.S. officials were quietly pressuring Israel to agree to a ceasefire immediately in Gaza. This was one of Saudi Arabia’s conditions for resuming normalization talks. Steve Witkoff, Trump's Middle East envoy, told an Israeli embassy audience in Washington, this week, that he expected to see progress in expanding the Abraham Accords. The Abraham Accords were a series of agreements brokered by Trump during his first term, under which Arab countries including the UAE and Bahrain recognized Israel. Witkoff stated in a video recording of his speech that "we think we will be making some or many announcements very soon, and we hope they will result in progress by next years." He will be expected to accompany Trump to the Middle East. Two sources stated that the Israeli prime minister Benjamin Netanyahu's opposition to a permanent end to the war and the creation of a Palestinian State makes progress in similar talks with Riyadh very unlikely. Saudi Arabia doesn't recognize Israel as legitimate. This means that the Middle East’s two most powerful economies and militaries do not have any formal diplomatic relations. Normalising relations would, say supporters of the move, bring stability and prosperity in the region while countering Iran’s influence. Since the beginning of Israel's Gaza war, establishing ties is especially toxic for Saudi Arabia. It was the birthplace Islam. According to six sources, including two Saudis and two U.S. government officials, this issue, which was central to bilateral discussions in Trump's term, is now effectively decoupled from other issues of economic and security between Washington and Saudi Arabia. All the people asked to remain anonymous in order to discuss sensitive diplomatic discussions. Dennis Ross, an ex-U.S. negotiator, said that Saudi Arabia's defacto ruler, Crown Princess Mohammed bin Salman needs to see the Gaza War end, and have a path to a Palestinian State "before he engages in the normalization issue." According to six sources, Washington and Riyadh are focusing Trump's visit primarily on the economic relationship and other regional issues. Both sides are looking at lucrative investments, such as mega-projects, arms deals, and artificial intelligence. They said that the approach was cemented during diplomatic discussions between Saudi and U.S. officials before the trip. This is the first official state visit of Trump’s second term. Trump has stated that he wants to invest a trillion dollars in U.S. firms, building upon the $600 billion commitment made by the crown prince. The rich kingdom, which is the top oil exporter in the world, knows how to impress guests and secure favors. Sources said the goal is to avoid diplomatic landmines, and possibly, win concessions from Trump regarding the Gaza War and its aftermath. The Trump administration wants to make this trip a big deal. This means lots of big announcements about deals and collaborations, which can be sold to Americans as good for America", said Robert Mogielnicki. He is a senior resident scholar with the Arab Gulf States Institute in Washington. He said that "normalizing relations with Israel" was a more difficult task than rolling out a red carpet for Trump and announcing investments deals. A State Department spokesperson refused to comment on an agreement reached before the trip. Trump, however, "will seek to strengthen the ties between our Arab Gulf partners and the United States during the visits." The Saudi Government Communications Office did not respond to a comment request. COURTING the Kingdom Before Hamas' Oct.7 attack on Israel, which killed 1,200 people, and sparked the devastating Israeli offensive in Gaza - the Crown Prince was finalising a historic diplomatic agreement: A U.S. Defense pact as a trade for Riyadh recognizing Israel. The scale of Israel’s campaign in Gaza - killing 52,000 and forcing 1.9 million people to flee - forced a pause on the talks. Bin Salman accused Israel's of genocide. Two Gulf sources claimed that Trump, frustrated by the long-term crisis in Gaza, could use his trip to announce a U.S. plan to end the 18 month war. They said that the plan could lead to a new transitional government in Gaza and new security arrangements - potentially reshaping region diplomacy, and opening up future normalization discussions. Axios reports that Trump, in a sign of the importance of the diplomacy, met with Israeli Strategic Affairs Minister Ron Dermer privately on Thursday. They discussed the nuclear and war talks with Iran. The U.S. State Department didn't immediately answer questions about Trump’s Gaza discussions. Trump has conspicuously not announced that he will be visiting Israel during his tour of the area. Two diplomats have noted that the U.S. President has not spoken about his "Gaza Riviera plan" which angered the Arab World with its suggestion to resettle the entire Gazan community and U.S. possession of the strip. Washington took a number positive actions in the lead up to the visit. A Saudi ceasefire in Yemen coincides with an agreement by the United States to stop bombing Houthis. Washington has also separated civil nuclear talks and the normalisation issue. To bypass the opposition of Congress, the stalled Saudi U.S. Defense Pact was revived as a scaled-down version of security guarantees. Three sources confirmed that the Trump administration is now taking up these talks along with discussions on a civil nuclear agreement. They cautioned, however, that it would take some time to define the terms. CHINA INFLUENCE Trump's Saudi Arabia trip is his second foreign trip after his reelection and first official state visit since his inauguration. He attended the funeral of the pope in Rome. He will also travel to Qatar and the United Arab Emirates. Diplomats claim that beneath the showmanship and the hype of Trump's visit, lies a calculated U.S. attempt to reassert its influence and reshape the economic alignments of a region in which Beijing, Washington's main economic rival, has steadily increased its foothold within the petrodollar-based system. Trump's first overseas trip in his first term began in Riyadh where he announced $350 billion of Saudi investments. Trump has the deepest trust of the Saudi leadership. This is rooted in his close relationship with them during his first term, which was marked by massive arms deals and the steadfast U.S. support for Bin Salman. Five industry sources confirmed that Saudi Arabia and its Gulf Allies plan to ask Trump to relax U.S. Regulations, which have been deterring foreign investment in the U.S. for years. This is especially true of sectors considered to be part of America's critical national infrastructure. Saudi ministers are expected to advocate for a business-friendly environment in meetings with U.S. officials. This is especially true at a moment when China is actively courting Gulf capital. Saudi Arabia will not find it easy to counter China's economic growth, even though this may be the top priority of Trump's foreign policies. China's influence in Saudi Arabia has grown since the launch of Vision 2030. It now dominates sectors such as energy, infrastructure, and renewables. Samia and Humeyra Pakuk reported from Washington, with additional reporting by Alexander Cornwell and Pesha Mahed in Riyadh. Samia and Humeyra also wrote the article. Frank Jack Daniel edited it.
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Aramco's first-quarter profits drop by nearly 5%
Aramco, the Saudi oil giant, reported on Sunday a drop of 4.6% in its first-quarter profits due to lower sales. The top oil exporter in the world reported a net profit of 97.54 riyals (about $26,01 billion) for the three-month period ended March 31. This was higher than the median estimate of 16 analysts, which was $25.36 billion. Aramco has confirmed the previously announced $21.36 billion total dividends for first quarter. Of this, $219 millions were performance-linked dividends. This mechanism was introduced in 2022 after Russia invaded Ukraine and oil prices soared. Aramco said in March that it would declare a total dividend of $85.4 billion by 2025. This is a sharp drop from the $124 billion payout last year, which was based upon 2023 and 2024 earnings. Performance-linked dividends, which totalled $43.1bn last year, were slashed by 98% due to a lack of free cash flow. In the first quarter of 2018, free cash flow decreased by 15.8% compared to a year earlier. Amin Nasser, the Chief Executive of Aramco, said that "global trade dynamics affected the energy markets in the 1st quarter of 2025 with economic uncertainty affecting oil prices." He added that Aramco’s results demonstrated the value of low-cost operations. "Such periods highlight the importance disciplined capital planning, execution and our long-term perspective. Aramco’s resilience is what drives both its financial performance as well as our progressive and sustainable base dividend in volatile times. The capital expenditure in the first quarter was $12.5 billion, an increase of 15.9% over a year ago. (1 dollar = 3.7507 Riyals) (Reporting and editing by Edmund Klamann, Elaine Hardcastle and Yousef SABA)
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Chinese passenger vehicle sales rose for the third consecutive month in April
China's car sales in April rose for a third month, up 14.8% from a year earlier, as government-subsidised auto trade-ins mitigated the impact of U.S. tariffs on consumer sentiment. The China Passenger Car Association reported on Sunday that passenger vehicle sales for the month of December totaled 1.78 million vehicles, and the first four months in 2025 saw an 8.2% increase from the same period a decade earlier. Last month, sales of new energy vehicles (electric vehicles, plug-in hybrids and other electric vehicles) increased by 33.9% on an annual basis, making up 50.8%. Official data shows that the government program which offers larger subsidies to those who trade in their old cars for electric vehicles than they do for gasoline cars, covered 2,71 million cars by April 24. This scheme has helped cushion the blow on consumer confidence due to the increased U.S. trade tariffs against Chinese exports. CPCA data show that car exports fell 2.2% from a month earlier in April, extending a 8% drop in March. According to the association, automated driving systems are losing their appeal as a sales catalyst among domestic buyers. After BYD announced its intention to make its "God's Eye", driver-assistance technology, standard across all of its models in February, the focus shifted from years-long price competition in the largest auto market in terms of automated driving features. The fervor to promote driver-assistance technology is cooling after a crackdown by the government on marketing terms such as "smart" and "autonomous", which were used to describe their technologies following a fatal accident involving a Xiaomi SU7 car in March. The car caught fire seconds after the driver attempted to take control of the vehicle using the assisted-driving feature. Reporting by David Kirton and Jenny Wang; Editing by Edmund Klamann, Christian Schmollinger and Qiaoyi LI
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Mogadishu: Seven people killed by heavy rains on Friday
According to a government spokesperson, at least seven people were killed in Mogadishu's two districts after heavy rains triggered a flood that swept the nation east of Africa on Friday night. "We can confirm that seven people, including two females, have died." Saleh Hassan said that the rain collapsed nine homes and filled 200 houses. According to Hassan, some infrastructure, including six main roads in Somalia's Capital, has also been damaged, causing a disruption in the movement of people. A young boy was among the dead, whose body was found in the rubble on one of the streets damaged on Saturday. "I hoped the water would spit out his body but it was all in vain." My friends and I removed his body this morning with spades and hammers, said local resident Nuradin Muhammad on Saturday. (Reporting and writing by AbdiSheikh, Editing by Tomaszjanowski)
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CIP Sells 10% Stake in Fengmiao I Offshore Wind Farm to MOL
Copenhagen Infrastructure Partners (CIP), on behalf of its fund Copenhagen Infrastructure V (CI V), has entered into an agreement to divest a 10% stake in the 495MW Fengmiao I offshore wind farm in Taiwan to Mitsui O.S.K. Lines (MOL).The transaction, for which no further details were revelaed, is subject to customary closing conditions, filing for Foreign Investment Approval and filings with the Ministry of Economic Affairs, Taiwan R.O.C.Following closing of the transaction, CI V will remain the controlling shareholder and operator of Fengmiao I.Fengmiao I is CIP’s third offshore wind project in Taiwan and is located off the coast of Taichung County.Construction of Fengmiao I was initiated following financial close in March 2025, and the offshore wind farm is on track for completion of construction by the end of 2027.CIP Reaches Financial Close for Offshore Wind Farm in TaiwanGoogle Signs PPA with CIP for Taiwanese Offshore Wind FarmCIP Orders Vestas Offshore Wind Turbines for 495MW Taiwanese ProjectFengmiao I is financed through a combination of equity and senior loans from a consortium of 27 international and Taiwanese banks and financial institutions, partly guaranteed by four export credit agencies and Taiwan’s National Credit Guarantee Administration.Once operational, the 495 MW offshore wind farm will deliver much-needed clean energy to a group of six large local and international energy users in Taiwan who have entered into long-term power purchase agreements with Fengmiao I for its entire capacity.“We are delighted to welcome MOL as co-investor in Fengmiao – and I am confident that we together will bring a project of the highest standards to commercial operation. The transaction recognizes the value created by CIP during the development phase as well as CIP’s strong offshore wind track record in Taiwan,” said Thomas Wibe Poulsen, Partner and Head of Asia-Pacific at CIP.
New Hope Coal Mines announces a dividend increase and buybacks on higher half-year earnings
New Hope, an Australian coal miner, announced a higher first-half profit Tuesday. This was due to increased output and sales, as well as reduced costs. It prompted it to increase its dividend and announce a stock buyback.
New Hope's net profit for the six months ended January 31 was A$340.3m ($217.18m), up from A$251.7m a year ago. This beat Visible Alpha's consensus forecast of A$302.2m.
The total coal sales during the period increased by 44%, to 5.4 millions metric tons. This was mainly due to the significant increase in production at the New Acland Mine in Queensland, where the production increased tenfold.
The increase in coal volume offset the lower average prices realized during the period.
Aiming to capitalize on the company's increased profit, it announced a $100 million share buyback plan. It will begin around April 1, 2020, and be completed in a year.
The buy-back would benefit all of our shareholders by reducing the number of shares issued, and thereby improving the return on equity for the company, the earnings per share, and the dividend per share. This will be beneficial to all shareholders that continue to own shares in the firm," said Chairman Robert Millner, AO.
New Hope declared a dividend of 19 Australian Cents, compared to 17 Australian Cents last year. Reporting by Kumar Tanishk, Aaditya Govind Rao and Alan Barona in Bengaluru. Editing by Alan Barona.
(source: Reuters)