Global Outlook

  Norway ’s Oil Fund — formally known as the Government Pension Fund Global — is the largest sovereign wealth fund in the world. Valued at US$2 trillion as of Monday, the Oil Fund has announced it will be removing six more  Israeli  companies from its investment portfolio. This decision comes after an ethical review found the involvement of these six companies in operations in the West Bank and Gaza. The world’s largest sovereign wealth fund did not specifically mention the names of these companies but stated that their names and the reasons for their removal will be disclosed after the divestment process is completed. Several media reports on Monday suggested that the delisting could include the five largest banks in Israel, which are currently under review by the Oil Fund’s ethical watchdog. Meanwhile, the Oil Fund stated that it has sold shares in six other companies as part of last week’s decision to reduce its ownership in Israeli companies from 61 at the end of June...