‘Lucrative’ business deals help sustain Israel’s Gaza campaign, UN expert says
How did your country report this? Share your view in the comments.
Diverging Reports Breakdown
‘Lucrative’ business deals help sustain Israel’s Gaza campaign: UN expert
UN report names firms aiding Israeli settlements, Gaza campaign. Calls for legal action against executives for international law violations. Israel’s mission in Geneva said the report was “legally groundless, defamatory and a flagrant abuse of her office” The report will be presented to the 47-member UN Human Rights Council on Thursday. Although the Council lacks legally binding powers, cases documented by UN investigations have occasionally informed international prosecutions, such as in the case of Israel and the U.S. The report expands on a previous UN database of firms linked to Israeli settlements.
Albanese calls for legal action against executives for international law violations
A UN expert has named over 60 companies, including major arms manufacturers and technology firms, in a report alleging their involvement in supporting Israeli settlements and military actions in Gaza, which she called a “genocidal campaign.”Italian human rights lawyer Francesca Albanese, UN Special Rapporteur on the Occupied Palestinian Territories, compiled the report based on over 200 submissions from states, human rights defenders, companies, and academics.The report, published late Monday, calls for companies to cease dealings with Israel and for legal accountability for executives implicated in alleged violations of international law.”While life in Gaza is being obliterated and the West Bank is under escalating assault, this report shows why Israel’s genocide continues: because it is lucrative for many,” Albanese wrote in the 27-page document. She accused corporate entities of being “financially bound to Israel’s apartheid and militarism.”Israel’s mission in Geneva said the report was “legally groundless, defamatory and a flagrant abuse of her office”. The Israeli prime minister’s office and the foreign office did not immediately return requests for comment.The report groups the companies by sector, for example military or technology, and does not always make clear if they are linked to settlements or the Gaza campaign. It said around 15 companies responded directly to Albanese’s office but did not publish their replies.It names arms firms such as Lockheed Martin and Leonardo, alleging their weaponry has been used in Gaza. It also lists heavy machinery suppliers Caterpillar Inc and HD Hyundai, claiming their equipment has contributed to property destruction in Palestinian territories.Caterpillar has previously stated it expects its products to be used in line with international humanitarian law. None of the companies immediately responded to Reuters’ requests for comment.Technology giants Alphabet, Amazon, Microsoft, and IBM were named as “central to Israel’s surveillance apparatus and the ongoing Gaza destruction.”Alphabet has previously defended its $1.2 billion cloud services contract with the Israeli government, stating it is not directed at military or intelligence operations.Palantir Technologies was also mentioned for providing AI tools to the Israeli military, though specifics on their use were not included.The report expands on a previous UN database of firms linked to Israeli settlements, last updated in June 2023, adding new companies and detailing alleged ties to the ongoing Gaza conflict.It will be presented to the 47-member UN Human Rights Council on Thursday. Although the Council lacks legally binding powers, cases documented by UN investigations have occasionally informed international prosecutions.Israel and the United States disengaged from the Council earlier this year, citing bias against Israel.
‘Lucrative’ business deals help sustain Israel’s Gaza campaign, UN expert says
A U.N. expert has named over 60 companies in a report alleging their involvement in supporting Israeli settlements and military actions in Gaza. Italian human rights lawyer Francesca Albanese compiled the report based on over 200 submissions from states, human rights defenders, companies, and academics. She accused corporate entities of being “financially bound to Israel’s apartheid and militarism” Israel has rejected accusations of genocide in Gaza, citing its right to self-defense following the October 7, 2023, Hamas attack that killed 1,200 people and resulted in 251 hostages, according to Israeli figures. The U.S. mission to the United Nations in New York called for Albanese to be condemned and called for her removal from the U.n. Human Rights Council.. The report will be presented to the 47-member U. n. Human rights Council on Thursday. It does not always make clear if they are linked to settlements or the Gaza campaign.
Summary
Companies UN report names firms aiding Israeli settlements, Gaza campaign
Rights lawyer Albanese calls for legal action against executives
Israel denies genocide claims, cites self-defense against Hamas
GENEVA, July 1 (Reuters) – A U.N. expert has named over 60 companies, including major arms manufacturers and technology firms, in a report alleging their involvement in supporting Israeli settlements and military actions in Gaza, which she called a “genocidal campaign.”
Italian human rights lawyer Francesca Albanese, U.N. Special Rapporteur on the Occupied Palestinian Territories, compiled the report based on over 200 submissions from states, human rights defenders, companies, and academics.
Sign up here.
The report, published late Monday, calls for companies to cease dealings with Israel and for legal accountability for executives implicated in alleged violations of international law.
“While life in Gaza is being obliterated and the West Bank is under escalating assault, this report shows why Israel’s genocide continues: because it is lucrative for many,” Albanese wrote in the 27-page document. She accused corporate entities of being “financially bound to Israel’s apartheid and militarism.”
Israel’s mission in Geneva said the report was “legally groundless, defamatory and a flagrant abuse of her office”. The Israeli prime minister’s office and the foreign office did not immediately return requests for comment.
The U.S. mission to the United Nations in New York called on U.N. Secretary-General Antonio Guterres to condemn Albanese and call for her removal, adding that “the lack of such action to date has enabled Ms. Albanese to pursue her campaign of economic warfare targeting entities across the world.”
Israel has rejected accusations of genocide in Gaza, citing its right to self-defense following the October 7, 2023, Hamas attack that killed 1,200 people and resulted in 251 hostages, according to Israeli figures.
The subsequent war in Gaza has killed more than 56,000 people, according to the Gaza Health Ministry, and reduced the enclave to rubble.
ARMS FIRMS NAMED IN REPORT
The report groups the companies by sector, for example military or technology, and does not always make clear if they are linked to settlements or the Gaza campaign. It said around 15 companies responded directly to Albanese’s office but did not publish their replies.
“Foreign military sales are government-to-government transactions. Discussions about those sales are best addressed by the U.S. government,” said a spokesperson for Lockheed Martin.
None of the other companies immediately responded to Reuters’ requests for comment. Caterpillar has previously stated it expects its products to be used in line with international humanitarian law.
Alphabet has previously defended its $1.2 billion cloud services contract with the Israeli government, stating it is not directed at military or intelligence operations.
Palantir Technologies (PLTR.O) , opens new tab was also mentioned for providing AI tools to the Israeli military, though specifics on their use were not included.
The report expands on a previous U.N. database of firms linked to Israeli settlements, last updated in June 2023, adding new companies and detailing alleged ties to the ongoing Gaza conflict.
It will be presented to the 47-member U.N. Human Rights Council on Thursday. Although the Council lacks legally binding powers, cases documented by U.N. investigations have occasionally informed international prosecutions.
Israel and the United States disengaged from the Council earlier this year, citing bias against Israel.
Reporting by Emma Farge; Additional reporting by Rachel More in Berlin, Ariane Luthi in Zurich, Michelle Nichols in New York and Olivia Le Poidevin in Geneva; Editing by Sharon Singleton and Rosalba O’Brien
Our Standards: The Thomson Reuters Trust Principles. , opens new tab
Share X
Link Purchase Licensing Rights
‘Lucrative’ business deals help sustain Israel’s genocidal campaign in Gaza: UN expert
A new report by the United Nations has named more than 60 major arms manufacturers and technology firms that are deeply involved in supporting Israeli settlements. The latest report by Francesca Albanese, UN Special Rapporteur on the Occupied Palestinian Territories, calls for companies to cease dealings with Israel. The report will be presented to the 47-member UN Human Rights Council on July 3. The Boycott, Divestment, and Sanctions movement also recently published an updated list of companies enabling Israel’s “occupation, apartheid, and genocide against Palestinians”
The latest report by Francesca Albanese, UN Special Rapporteur on the Occupied Palestinian Territories, calls for companies to cease dealings with Israel and for legal accountability for executives implicated in violations of international law.
“While life in Gaza is being obliterated and the West Bank is under escalating assault, this report shows why Israel’s genocide continues: because it is lucrative for many,” Albanese wrote in the 27-page document.
She accused corporate entities of being “financially bound to Israel’s apartheid and militarism.”
Albanese, an Italian human rights lawyer, compiled the report based on over 200 submissions from states, human rights defenders, companies, and academics.
The report names arms firms such as Lockheed Martin and Leonardo, stressing their weaponry has been used in Gaza.
It also lists heavy machinery suppliers Caterpillar Inc. and HD Hyundai, claiming their equipment has contributed to property destruction in the Palestinian territories.
Technology giants Alphabet, Amazon, Microsoft, and IBM were named as “central to Israel’s surveillance apparatus and the ongoing Gaza destruction.”
Palantir Technologies was also mentioned for providing AI tools to the Israeli military.
The report expands on a previous UN database of firms linked to Israeli settlements, last updated in June 2023.
The report will be presented to the 47-member UN Human Rights Council on July 3.
The Boycott, Divestment, and Sanctions (BDS) movement also recently published an updated list of companies enabling Israel’s “occupation, apartheid, and genocide against Palestinians.”
The BDS movement explained that it had carefully evaluated and prioritized companies based on their involvement in Israel’s ongoing “violations of Palestinian rights.”
A report earlier this year also said Israel’s Unit 8200 was a secretive cyber warfare team that is said to be building the artificial intelligence (AI) systems that helped the regime commit genocide against the Palestinian people in the Gaza Strip.
UK’s Southern Water secures $1.65 billion equity lifeline
Britain’s Southern Water has secured up to 1.2 billion pounds ($1.65 billion) of equity from a consortium led by Australia’s Macquarie Asset Management. The new refinancing terms are expected to cut the debt by more than half to 415 million pounds, from 865 million pounds. The utility, which serves about 2.6 million customers across the UK, said in February it intends to raise 900 million pounds of new equity to support infrastructure improvements. The UK’s water industry has been plunged into a deepening financial and regulatory crisis.
Summary
Companies Secures equity lifeline of up to 1.2 billion pounds
New refinancing expected to cut debt levels by half
July 1 (Reuters) – Britain’s Southern Water has secured up to 1.2 billion pounds ($1.65 billion) of equity from a consortium led by Australia’s Macquarie Asset Management and agreed to refinancing terms with creditors to avert a debt crisis, it said on Tuesday.
Since acquiring a majority stake in 2021, Macquarie has been working to overhaul the water utility’s performance following years of operational and regulatory shortcomings, having already invested 1.65 billion pounds in equity since then.
Sign up here.
Mounting concerns over water pollution and years of underinvestment in infrastructure have plunged the UK’s water industry into a deepening financial and regulatory crisis.
Thames Water, the country’s biggest water supplier, has been on the brink of nationalisation amid a severe financial crisis and breaches of sewage treatment obligations.
Southern Water said it will get an initial 655 million pounds of equity commitments, with a further 545 million pounds by December.
It also added that the new refinancing terms are expected to cut the debt by more than half to 415 million pounds, from 865 million pounds.
The utility, which serves about 2.6 million customers across the UK, said in February it intends to raise 900 million pounds of new equity to support infrastructure improvements.
British Water companies have also been at loggerheads with regulators over the pricing regime that governs revenue from customer bills, with Southern Water and Thames Water among those appealing against Ofwat’s rules.
Ofwat said in December it would allow bills to rise by an average of 36% over the next five years, compared to the average of 44% requested by companies.
Southern Water, which demanded the highest increase at 83%, will increase bills by 53%, Ofwat said.
($1 = 0.7270 pounds)
Reporting by Raechel Thankam Job and Yadarisa Shabong in Bengaluru, additional reporting by Ankita Bora; Editing by Mrigank Dhaniwala and Vijay Kishore
Our Standards: The Thomson Reuters Trust Principles. , opens new tab
India’s Adani Enterprises to sell 2-5 year debt at public bond sale next week, sources say
Indian billionaire Gautam Adani’s flagship firm plans to raise up to 10 billion rupees ($116.77 million) The company will sell two-year, three-year and five-year bonds through the issue, which will remain open for subscription from July 9 to July 22. The proposed issue, rated AA- by Icra and Care Ratings, includes a greenshoe option of 5 billion rupee. In November, U.S. authorities indicted Adani and his nephew, Sagar Adani, over alleged bribery and misleading of investors. The group has consistently denied any wrongdoing.
MUMBAI, July 1 (Reuters) – Indian billionaire Gautam Adani’s flagship firm plans to raise up to 10 billion rupees ($116.77 million) through a retail bond issue opening for public subscription next week, two sources aware of the development told Reuters on Tuesday.
Adani Enterprises (ADEL.NS) , opens new tab will sell two-year, three-year and five-year bonds through the issue, which will remain open for subscription from July 9 to July 22, the sources added.
Sign up here.
The company will pay an annual coupon of 8.95% on its two-year bonds, 9.15% on three-year bonds and 9.30% on five-year bonds, and will also have an option to defer interest payment to maturity, the sources said.
For investors opting for quarterly payouts, the coupon will be 8.85% on three-year and 9.00% on five-year notes, they added.
Adani Enterprises did not reply to a Reuters request for comment.
This marks Adani Enterprises’ second retail bond sale within a year. In September 2024, it raised 8 billion rupees via its debut public issue, offering two, three, and five-year bonds at coupons of 9.25%, 9.65%, and 9.90% respectively, indicating a 30–60 basis point drop in rates across tenors this time.
The proposed issue, rated AA- by Icra and Care Ratings, includes a greenshoe option of 5 billion rupees. Nuvama Wealth Management, Trust Investment Advisors and Tip Sons Consultancy Services will be the lead managers for the bond sale, the company said.
Last month, the company raised $750 million from a group of international banks. In November, U.S. authorities indicted Gautam Adani and his nephew, Sagar Adani, over alleged bribery and misleading of investors in connection with U.S. fundraising.
Gautam Adani denied any wrongdoing last week, telling shareholders that no individual from the group had been charged under the U.S. Foreign Corrupt Practices Act.
Adani Group and its 13 offshore investors have also been facing an investigation by the Securities and Exchange Board of India (SEBI) since Hindenburg Research in 2023 alleged the group’s improper use of tax havens. The group has consistently denied any wrongdoing.
($1 = 85.6375 Indian rupees)
Reporting by Dharamraj Dhutia; Editing by Nivedita Bhattacharjee
Our Standards: The Thomson Reuters Trust Principles. , opens new tab