EU Ministers Back More Ukraine Aid, but Differ on Other Spending

Spain's Finance Minister Nadia Calvino smiles as she arrives to speaks with members of the media ahead of a meeting of European finance ministers at EU Economic and Financial Affairs Council in Brussels, Belgium, 14 July 2023. (EPA)
Spain's Finance Minister Nadia Calvino smiles as she arrives to speaks with members of the media ahead of a meeting of European finance ministers at EU Economic and Financial Affairs Council in Brussels, Belgium, 14 July 2023. (EPA)
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EU Ministers Back More Ukraine Aid, but Differ on Other Spending

Spain's Finance Minister Nadia Calvino smiles as she arrives to speaks with members of the media ahead of a meeting of European finance ministers at EU Economic and Financial Affairs Council in Brussels, Belgium, 14 July 2023. (EPA)
Spain's Finance Minister Nadia Calvino smiles as she arrives to speaks with members of the media ahead of a meeting of European finance ministers at EU Economic and Financial Affairs Council in Brussels, Belgium, 14 July 2023. (EPA)

European Union finance ministers on Friday unanimously backed extra funds for Ukraine through a top-up of its long-term budget, although differences persisted over other spending that threaten to delay or block proposed aid to Kyiv.

Spanish Finance Minister Nadia Calvino told a news conference that EU finance ministers meeting on Friday had backed continued financial support for Ukraine.

"The Spanish presidency is committed to proceed swiftly to have a stable framework in place by January 2024," she said.

Calvino added that more technical work would be needed to support Ukraine, whose economy has been damaged by Russia's invasion.

The European Commission has proposed increasing the EU's budget until 2027 by 66 billion euros ($74.11 billion). The part for Ukraine would be 17 billion euros, with a further 33 billion euros of loans.

The other money is earmarked to cover higher interest payments, for migration policy and to spur more investment in critical technology.

German Finance Minister Christian Lindner said he backed extra spending on Ukraine, but not increases elsewhere.

"We see fiscal constraints in all member states. This is why the Commission should not expect member states to contribute more. Ukraine is a separate issue," he told reporters before the meeting of EU finance ministers.

Polish finance minister Magdalena Rzeczkowska said her country was unhappy that the EU's budget review did not also cover the extra needs of Ukraine's EU neighbors that have accepted refugees fleeing the conflict.

Asked if Poland would block the package of support for Ukraine without this, she said Warsaw would analyze the situation.

"It's one of our priorities to have this element of support for frontal states supporting refugees included in the review," she said.



Thiel’s Palantir Dumped by Norwegian Investor over Work for Israel

The logo of US software company Palantir Technologies is seen in Davos, Switzerland, May 22, 2022. Picture taken May 22, 2022. (Reuters)
The logo of US software company Palantir Technologies is seen in Davos, Switzerland, May 22, 2022. Picture taken May 22, 2022. (Reuters)
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Thiel’s Palantir Dumped by Norwegian Investor over Work for Israel

The logo of US software company Palantir Technologies is seen in Davos, Switzerland, May 22, 2022. Picture taken May 22, 2022. (Reuters)
The logo of US software company Palantir Technologies is seen in Davos, Switzerland, May 22, 2022. Picture taken May 22, 2022. (Reuters)

One of the Nordic region's largest investors has sold its holdings in Palantir Technologies because of concerns that the US data firm's work for Israel might put the asset manager at risk of violating international humanitarian law and human rights.

Storebrand Asset Management disclosed this week that it had "excluded Palantir Technologies Inc. from our investments due (to) its sales of products and services to Israel for use in occupied Palestinian territories."

The investor, which manages about 1 trillion crowns ($91.53 billion) in assets, held around 262 million crowns ($24 million) in Palantir, a spokesperson told Reuters. A representative for Palantir, based in Denver, did not immediately respond to a request for comment.

Storebrand said Palantir had not replied to any of its requests for information, first lodged in April. The data analytics firm, co-founded by billionaire Peter Thiel, provides militaries with artificial-intelligence models. Earlier this year, it agreed to a strategic partnership to supply technology to Israel to assist in the ongoing war in Gaza.

Palantir has previously defended its work for Israel. CEO Alex Karp said he was proud to have worked with the country following the Hamas attacks in October last year and in March told CNBC that Palantir had lost employees and that he expected to lose more over his public support for Israel.

Storebrand's exit follows a recommendation from Norway's government in March warning businesses about engaging in economic or financial activity in the Israeli settlements in the Palestinian territories, the asset manager said in its third-quarter investment review published on Wednesday. The International Court of Justice, the United Nations' highest court, said in July that Israel's occupation of Palestinian territories including the settlements was illegal.

Israel's foreign ministry rejected that opinion as "fundamentally wrong" and one-sided, and repeated its stance that a political settlement in the region can be reached only by negotiations.

Storebrand said its analysis indicated that Palantir provides products and services "including AI-based predictive policing systems" that support Israeli surveillance of Palestinians in the West Bank and Gaza.

Palantir's systems are supposed "to identify individuals who are likely to launch 'lone wolf terrorist' attacks, facilitating their arrests preemptively before the strikes that it is projected they would carry out," Storebrand said.

It added that, according to the United Nations, Israeli authorities have a history of incarcerating Palestinians without charge or trial. A UN Special Rapporteur said in a 2023 report that "the occupied Palestinian territory had been transformed as a whole into a constantly surveilled open-air prison."

Israel rejected the UN's findings. In September Reuters reported that Norway's $1.7 trillion wealth fund may have to divest shares of companies that violate the fund watchdog's tougher interpretation of ethics standards for businesses that aid Israel's operations in the occupied Palestinian territories.