- 09:32US Republicans allegedly back strikes on Gaza aid depots
- 16:20Israeli spy chief accuses Netanyahu of pressuring him to break the law
- 15:11Military leader of Lebanese Islamist group killed in Israeli airstrike
- 14:08Entrepreneurs appreciate the ongoing support of His Majesty King Mohammed VI for the Palestinian people
- 09:09Allegations of summary executions in Gaza after rescue workers killed
- 14:32Pope Francis calls for Gaza ceasefire during brief Easter address
- 08:40UN voices deep concern over US strikes on Yemeni oil port
- 07:50Mahmoud Khalil highlights threats to US civil liberties from ICE detention
- 09:38Hamas seeks comprehensive deal for Gaza war resolution
Follow us on Facebook
Barclays Considered Exiting Israeli Bond Auctions
Barclays, one of seven foreign lenders assisting the Israeli government in selling debt, has reaffirmed its commitment to participating in Israeli government bond auctions. This decision follows reports that the bank had considered withdrawing from these auctions in response to pressure from pro-Palestinian activists.
According to a report by the Financial Times on Wednesday, Barclays had contemplated exiting the Israeli bond market in recent weeks. However, the bank ultimately decided to maintain its role as a primary dealer, operating alongside other international financial institutions, including Goldman Sachs, JPMorgan Chase, and Deutsche Bank.
The bank's decision to remain involved was communicated to Israeli officials on Tuesday. Yali Rothenberg, Israel's accountant general, expressed appreciation for Barclays' stance, stating, "We appreciate the bank's statement affirming its continued commitment to the State of Israel." Rothenberg emphasized the importance of leading global financial institutions resisting boycotts and supporting Israel's "legitimate right to self-defense as a leading Western democracy."
Barclays has faced significant pressure from pro-Palestinian activists in recent months. The bank's annual shareholder meeting in May was disrupted by protesters, and demonstrations have been held outside one of its London branches. Critics have targeted Barclays for providing financial services to defense firms that produce equipment used by the Israeli military.
In response to these criticisms, Barclays issued a statement on its website addressing questions about its investments in nine defense companies supplying Israel. The bank clarified that it does not invest its own funds in companies that supply weapons used by Israel in its war on Gaza. Instead, Barclays explained that it trades shares of listed firms on behalf of clients, which is why it may appear on share registers.
Addressing allegations regarding its involvement with Elbit, an Israeli defense manufacturer accused of producing cluster bombs, Barclays stated that it "may hold shares in relation to client-driven transactions, which is why we appear on the share register, but we are not investors." The bank also affirmed that it would "cease any relationship" with entities if evidence emerged that they were manufacturing cluster bombs.
These developments occur in the context of Israel's efforts to finance its widening government deficit caused by the ongoing conflict. In March, the country conducted a record $8 billion international bond sale.
The war in Gaza, which began following an attack by Hamas on October 7, 2023, resulting in approximately 1,139 Israeli casualties, has had devastating consequences. According to Gaza's health ministry, the Israeli military offensive has led to at least 39,965 Palestinian fatalities and 92,294 injuries to date.
Barclays' decision to maintain its role in Israeli bond auctions underscores the complex interplay between finance, geopolitics, and social activism in today's global economy. As financial institutions navigate these challenging waters, their decisions continue to have far-reaching implications for international relations, economic stability, and corporate responsibility.
This situation highlights the ongoing debate about the role of international financial institutions in regions affected by conflict, and the balance between economic engagement and ethical considerations. As the conflict in Gaza continues, financial institutions are likely to face continued scrutiny and pressure regarding their involvement in the region.
Comments (0)