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When Russian President Vladimir Putin gave the order to invade Ukraine in February 2022, he surely did not expect that one of Russia’s neighbours would be the main beneficiary of his war. Yet as Russian hydrocarbon exports to Europe cratered in the wake of the invasion, Norway emerged as the continent’s largest supplier. Owing to the steep increase in gas and oil prices that followed the outbreak of the war, Norway ultimately enjoyed a massive financial windfall. In 2022 and 2023, it reaped nearly kr1.3tn ($111bn) in additional revenue from gas exports, according to recent estimates from the finance ministry. Why, then, has Norway allocated only a little more than $3.1bn for support to Ukraine in its 2025 budget? Combined with what it contributed in 2024, Norway’s support for Ukraine amounts to less than 5% of its two-year war windfall. For comparison, Germany – Europe’s largest single contributor – provided $16.3bn in military, financial, and humanitarian support for Ukraine from January 2022 until the end of October 2024, and the US has contributed $92bn. But while Norway’s two-year windfall is larger than the US and German contributions combined, Norway’s support for Ukraine as a share of GDP, at 0.7%, ranks only ninth in Europe, far behind Denmark (2%) and Estonia (2.2%). Not only does Norway have the capacity to be making far more of a difference to the outcome of the war and the subsequent civilian reconstruction; it has an obvious moral obligation to do so. Given that its excess revenues are a direct consequence of Russia’s war, surely a greater share of them should go to those fighting and dying on the front lines to keep their country free. Instead, Norway’s government has effectively decided to be a war profiteer, clinging greedily to its lucky gains. To their credit, opposition parties have proposed higher levels of support for Ukraine, ultimately pushing up the sum that the government initially proposed. No party, however, has come anywhere close to suggesting a transfer of the total war windfall to Ukraine. The Norwegian government’s position is puzzling, given that Norway shares a border with Russia and has long relied on its allies’ support for its defence. Its own national security would be jeopardised if Russia wins the war or is militarily emboldened by a peace agreement skewed in its favour. Moreover, it is not as though Norway would be immiserated by transferring its war windfall to Ukraine. This windfall represents about 6% of its sovereign wealth fund, the world’s largest, with assets valued at $1.7tn – or $308,000 for every Norwegian. True, Norway channels all government revenue from oil and gas production to its sovereign wealth fund, and no more than 3% of the value of the fund can be drawn down and transferred to the government budget each year. This rule helps limit the effects on inflation and the exchange rate, and ensures that the fund exists in perpetuity. But as a macroeconomic and national savings instrument, the drawdown rule was not designed with wartime demands in mind. It therefore should not be seen as an obstacle for a larger transfer to Ukraine. Since such a transfer would not enter the Norwegian economy, it would have no domestic inflationary or other macroeconomic implications. (With the 2025 budget largely set, it would need to be an extrabudgetary measure justified by the wartime circumstances.) This is not the first time that Norway’s hoarding of its war windfall has been an issue. But it is the first time that we have been given an official estimate of the windfall’s value. The finance ministry has assigned a number to natural-gas export revenues in excess of what they would have been had gas prices remained around their five-year pre-invasion average. Although such counterfactuals will always be subject to uncertainty and debate, the official estimate is the closest we will get to a value for Norway’s war windfall. In fact, the actual number is probably much higher, as the estimate does not include excess revenues resulting from higher oil prices following the invasion. With Europeans wringing their hands about the implications of Donald Trump’s return to power, Norway’s government and parliament should transfer the windfall to Ukraine in the form of military and financial support. Norway has a powerful national-security interest in doing the right thing. – Project Syndicate Havard Halland, a former senior economist at the World Bank and OECD, is Professor of Sustainable Finance at Heriot-Watt University. Knut Anton Mork is Professor Emeritus of Economics at the Norwegian University of Science and Technology. Related Story Gaza medics struggle to rescue patients after Israel orders hospital evacuated Israel media report accuses troops of indiscriminate killing of Gaza civiliansLewis, Pascarelli score 14 as Marist knocks off New Hampshire 54-49
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NEW YORK, Nov. 26, 2024 (GLOBE NEWSWIRE) -- The Gross Law Firm issues the following notice to shareholders of iLearningEngines, Inc. (NASDAQ: AILE). Shareholders who purchased shares of AILE during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointment. Appointment as lead plaintiff is not required to partake in any recovery. CONTACT US HERE: https://securitiesclasslaw.com/securities/ilearningengines-loss-submission-form/?id=113431&from=3 CLASS PERIOD: April 22, 2024 to August 28, 2024 ALLEGATIONS: The complaint alleges that during the class period, Defendants issued materially false and/or misleading statements and/or failed to disclose that: (1) the Company’s “Technology Partner” was an undisclosed related party; (2) the Company used its undisclosed related party Technology Partner to report “largely fake” revenue and expenses; (3) as a result of the foregoing, the Company significantly overstated its revenue; and (4) as a result of the foregoing, defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis. DEADLINE: December 6, 2024 Shareholders should not delay in registering for this class action. Register your information here: https://securitiesclasslaw.com/securities/ilearningengines-loss-submission-form/?id=113431&from=3 NEXT STEPS FOR SHAREHOLDERS: Once you register as a shareholder who purchased shares of AILE during the timeframe listed above, you will be enrolled in a portfolio monitoring software to provide you with status updates throughout the lifecycle of the case. The deadline to seek to be a lead plaintiff is December 6, 2024. There is no cost or obligation to you to participate in this case. WHY GROSS LAW FIRM? The Gross Law Firm is a nationally recognized class action law firm, and our mission is to protect the rights of all investors who have suffered as a result of deceit, fraud, and illegal business practices. The Gross Law Firm is committed to ensuring that companies adhere to responsible business practices and engage in good corporate citizenship. The firm seeks recovery on behalf of investors who incurred losses when false and/or misleading statements or the omission of material information by a company lead to artificial inflation of the company's stock. Attorney advertising. Prior results do not guarantee similar outcomes. CONTACT: The Gross Law Firm 15 West 38th Street, 12th floor New York, NY, 10018 Email: dg@securitiesclasslaw.com Phone: (646) 453-8903
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Murray – who retired after the summer Olympics at the age of 37 after finally admitting defeat in his battle against his body – will join the Serbian’s team in the off-season and coach him through the opening grand slam of 2025. It will see the Scot surprisingly join forces with the man who was his biggest nemesis during his long career, especially in Australia where he lost to Djokovic in four finals. Murray, who beat Djokovic to win the US Open in 2012 and Wimbledon in 2013, says he wants to help the 24-time grand slam champion achieve his goals. He never liked retirement anyway. 🙌 pic.twitter.com/Ga4UlV2kQW — Novak Djokovic (@DjokerNole) November 23, 2024 “I’m going to be joining Novak’s team in the off-season, helping him to prepare for the Australian Open, he said. “I’m really excited for it and looking forward to spending time on the same side of the net as Novak for a change, helping him to achieve his goals.” Djokovic, a week younger than his new coach, added: “I am excited to have one of my greatest rivals on the same side of the net, as my coach. “Looking forward to start of the season and competing in Australia alongside Andy with whom I have shared many exceptional moments on the Australian soil.” In posting a teaser about the appointment on social media, Djokovic said: “He never liked retirement anyway.” He then added: “We played each other since we were boys, 25 years of pushing each other to our limits. We had some of the most epic battles in in our sport. They called us gamechangers, risk takers, history makers. “I thought our story may be over. Turns out it has one final chapter. It’s time for one of my toughest opponents to step into my corner. Welcome aboard coach, Andy Murray.” Djokovic beat Murray in the 2011, 2013, 2015 and 2016 Australian Open finals while also losing in the French Open final in 2016. It was his pursuit of toppling Djokovic at the top of the rankings in 2016 which was a precursor to his 2017 hip injury which derailed Murray’s career. Djokovic, who split with coach Goran Ivanisevic earlier this year, hopes that adding Murray to his team will help him get back to the top of the game as he went through a calendar year without winning a grand slam for the first time since 2017. Jannik Sinner and Carlos Alcaraz have developed a stranglehold at the top of the men’s game and Djokovic, who has seen Murray, Roger Federer and Rafael Nadal all retire in recent years, is still hoping to move clear of the record 24 grand slams he shares with Margaret Court.
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