Reuters: Norway shuts Wal-Mart out of $240 bln fund

[Eugene]

Norway shuts Wal-Mart out of $240 bln fund
06 Jun 2006 14:54:23 GMT
Source: Reuters

(Adds details, quotes, background)

By John Acher

OSLO, June 6 (Reuters) - Norway said on Tuesday its more than $240 billion oil fund
would no longer invest in Wal-Mart <WMT.N>, the world's largest retailer, due to what
it called "serious and systematic" abuses of human and labour rights.

Norway's government also excluded shares in mining group Freeport-McMoRan Copper &
Gold <FCX.N> from the fund -- one of the world's biggest pension funds -- for
environmental reasons.

The fund sold its holdings in both firms, which had been worth about $430 million
at end-2005 -- most of it in Wal-Mart stock -- by the end of last month, the finance
ministry said.

"These companies are excluded because, in view of their practices, investing in them
entails an unacceptable risk that the fund may be complicit in serious, systematic or
gross violations of norms," Finance Minister Kristin Halvorsen said in a statement.

<snip>

Full article: http://www.alertnet.org/thenews/newsdesk/L06282027.htm

[MissB]

1. Well done, Norway.

:applause:

[Skink]

2. Can Walmart declare war?

Oh right only the President I mean only the Congress can declare war.

[leeroysphitz]

3. Walmart can and does use it's overwhelming economic muscle

crush adversaries the equivalent of declaring commercial war. It does this all the time, hell it's part of their business strategy, isn't it?

[Jane Austin]

4. That is such great news.

In a year when nearly all the news has been on a bad trend, it's really encouraging to hear that at least one country cares about human rights enough to make their policy and money back it up.

Thanks so much for that great pick-me-up!

[Greyhound]

5. Damn! Takes seven years to emigrate there. n/t