Core Viewpoint - Norway has suspended its ethical investment rules for its $2.1 trillion sovereign wealth fund to avoid being forced to divest from major U.S. tech companies like Amazon, Microsoft, and Alphabet [1] Group 1: Ethical Investment Suspension - The Norwegian government expedited a proposal to suspend the work of its independent ethical committee, which was set to review companies like Amazon, Microsoft, and Alphabet, as well as firms on the UN blacklist [1] - The decision comes amid political and public pressure in Norway, leading the fund to sell half of its Israeli holdings and withdraw investments from Caterpillar due to its equipment's use in Palestinian territories [1] Group 2: Political Reactions and Implications - The proposal passed with support from two center-right opposition parties, while left-wing parties criticized the move, arguing it allows large companies to act without accountability [2] - Concerns were raised by left-wing leaders about the influence of external pressures, particularly from the U.S., on Norway's political decisions regarding ethical investments [2] Group 3: Future Investment Considerations - The fund's ethical guidelines review will also consider whether to allow increased investments in defense companies, which are currently excluded due to their involvement in nuclear weapon components [2]

Core Points - The Norwegian Sovereign Wealth Fund announced the divestment from one American company and five Israeli financial institutions due to ethical considerations, citing serious violations of personal rights in the context of war and conflict [1][2] - The divested companies include Caterpillar Inc., which held 1.17% of the fund's shares valued at $2.1 billion, and two major Israeli banks, Bank Hapoalim and Bank Leumi, with a total value of $661 million in shares [1] Group 1 - The Norwegian Sovereign Wealth Fund, managed by the Norwegian Central Bank, is the largest sovereign wealth fund globally, with assets totaling $2 trillion [1] - The fund's ethical council stated that Caterpillar's products are used by Israeli authorities for large-scale illegal destruction of Palestinian property, while the Israeli banks contribute to maintaining Israeli settlements through financial services [1] Group 2 - The fund's leadership indicated a review of its investments in Israeli companies due to the humanitarian crisis in Gaza, suggesting potential further divestments [2] - On June 30, the fund had already announced the divestment from six companies associated with the situation in the West Bank and Gaza, with plans to disclose the names and reasons for these divestments [2]