The wages of workers in poor countries constitute only a very small part of the retail price of clothes. For a T-shirt of 150 Norwegian kroner, only 0.13 kroner or 0.087 percent of the retail price, is allotted to the cottonpicker, show calculations carried out by Norwatch.
The Norwegian company Halaco is currently under investigation in El Salvador for possible connections to the Italian-Canadian mafia and laundering of drug money. The Norwegian police have been asked to help Salvadorian authorities.
The fertilizer giant Yara offers an award for “green revolution” in Africa to the controversial prime minister, Meles Zenawi of Ethiopia, based on figures collected from a research institute under the control by the Ethiopian prime minister himself, and not by international organizations, such as the FAO or the World Bank.
Cluster bomb manufacturers will be the first to be ejected from the Oil Fund. In a relatively short time, the fund’s ethical council will take delivery of an overview of the companies that produce cluster bombs, the council’s leader, Gro Nystuen, reveals to NorWatch. It will be the first list of companies to be excluded from the fund. Read the whole interview.
The Norwegian Petroleum Fund issued its annual report for 2004 today. There was little pleasant reading for ethical watchers. Despite the new ethical guidelines, the fund still invested in cluster bombs and nuclear weapons producers.
A new Nordic index proves that ethical investments are much more profitable than portfolios that are not screened ethically. According to the index, an ethical investment universe aheads the Oslo Stock Exchange by 8 percent.
American authorities have sued the tobacco industry for NOK 1 915 billion. The Norwegian Oil Fund has invested NOK two million in three of the companies involved. Norges Bank does not want to comment on whether to disinvest.
Liberian workers say they have been treated illegally, and demand a compensation of wages from the Norwegian Refugee Counsil, however, the organization admits nothing. At least one hundred persons are victims of the reduced workstock within the camp in Tubmanburg, run by the NRC.
On Friday, Norway will be the first state in the world to introduce ethical guidelines for a large public fund. The parliament will also vote on a minority proposal to exclude tobacco from the Oil Fund.
The Norwegian Oil Fund will withdraw from investments in cluster bombs and nuclear weapons. Tobacco companies with unethical marketing will also be at risk. These are the immediate consequences of the government moving forward with regards to ethical guidelines of the Petroleum Fund.
When Kværners European management last fall found out that the Singapore office had signed a million dollar agreement with Premiere Oil and Myanmar Oil & Gas Enterprise (MOGE), they ordered the contract to be halted at once. But six months later, the company is still cooperating with the military regime in Burma.
The white sails against the blue background in Norwegian major oli company Norsk Hydro, creates the word Allah in Arabic. – A coincident, said Norsk Hydro. – Adds to Statoil’s bribing of Iranian authorities, said exile-Iranian Saki Rahman.