Business Round-Up: Report reveals four Danish pension funds with millions invested in mining company accused of using deadly force

Four pension funds have large investments in a gold mining company accused of using deadly force to protest its assets in the North Mara in Tanzania, Danwatch reports.

Together, their shares in the Canadian mining company Barrick Gold are worth 73 million kroner.

Dozens of Tanzanians have been killed in an attempt to get small pieces of gold from excess rocks at the North Mara, including a nine-year-old girl.

Barrick Gold is due to appear in the British Supreme Court accused of using deadly force to protect the gold mine it owns.

Known issues
This is not the first time that Barrick Gold’s operations in Tanzania have been accused of serious rights violations. The North Mara mine – close to the border with Kenya – has for years kept locals out of the mining area, often through police brutality.

According to RAID – a British NGO specializing in business and human rights – police forces have killed 75 people and injured 287 at the mine since the Canadian company bought it in 2006.

‘Investors must now either use their influence to pressure Barrick Gold or divest their assets. They can not just rely on the company’s own information, ”says RAID Manager Anneke Van Woudenberg to Danwatch.

Crime in Tanzania, Danish money
With almost DKK 30 million, Velliv has invested the most in Barrick Gold, followed by Sampension (22.5), Lærernes Pension (11.0) and Lægernes Pension (10.3).

“We have previously been in dialogue with the company about controversies in connection with the North Mara mine and have noted that they have taken several initiatives to rectify these problems,” wrote Doctors’ Pension spokesman Peter Rasmussen in an email to Danwatch.

“We have subsequently learned that the company has sustainability challenges in other parts of their business. We are currently considering whether we will remain invested in the company. ”

Until January last year, the pension company P + also had Barrick Gold in its portfolio. But it has since sold its shares, in part because of conditions at the North Mara mine.

Stores report further price increases on groceries
The Salling Group – the owner of Bilka, Føtex and Netto – has confirmed that it is primarily due to the rising energy costs at both suppliers and stores that they have raised prices. At Bilka and Føtex, the majority of prices rose by as much as 5 percent on Monday. The energy costs have added 70-80 million kroner extra to Salling’s monthly bill. Some products have risen more than others. The price of sunflower oil has risen by 41 percent in the past year and pasta by 24 percent. Butter is 15 percent more expensive than five weeks ago.

Kristian Jensen leaves the role of the Ministry of Foreign Affairs
Kristian Jensen’s appointment as special envoy to the Ministry of Foreign Affairs, where he was accused of securing a seat on the UN Security Council from 2025 to 2026, was unpopular among diplomats, as former MPs rarely complete the transition. So they will be happy to know that he will be the CEO of Green Power Denmark at the end of April. Green Power Denmark was established on 23 March 2022 through a merger of Dansk Energi, Wind Denmark and Dansk Solkraft. The organization currently has two offices in Copenhagen and offices in Aarhus and Brussels. Jensen, former , described this as a ” dream job in every way ‘.

Large surplus on public finances
In 2021, there was a surplus on public finances of DKK 58.7 billion. This is a sharp improvement compared to 2020, when there was a deficit of DKK 4.3 billion. The profit is due, among other things, to an increase in revenue of DKK 32.5 billion from corporation tax and DKK 18.9 billion from VAT. In addition, revenues from the pension return tax were high in both 2020 and 2021: by DKK 48.2 billion and DKK 63.1 billion, respectively. The taxation of frozen holiday funds gave the state extraordinary tax revenues of DKK 20.4 billion in 2020 and DKK 11.9 billion in 2021.

One in five 15- to 64-year-olds outside the workforce
In 2021, 755,000 people aged 15-64 were out of the labor force. That equates to one in five people – the lowest proportion in the last ten years and down from 778,000 in 2020. Nearly a third, around 226,000 of them, say they would like to , of which 47 percent are students and young people under age. of 20.

Vallensbæk has the youngest cars, and Ærø the oldest
The average age of a private car in Vallensbæk Municipality was 7.6 years at the beginning of 2022. On Ærø, the average age is 13.6 years, with Samsø close to 13.4. The national average is 9.4, while the average for company cars is 4.5. The number of electric and plug-in hybrids doubled between 2020 and 2021. At the beginning of 2022, they accounted for 4.5 percent of private cars and 14.5 percent of commercial cars. There are six times as many cars on Danish roads than in 1962. In 60 years, the number has increased from 470,000 to 2,787,600.

Real estate wealth continued to grow in 2021
Danish homeowners’ total wealth in relation to property ownership increased by DKK 239 billion in 2021 to DKK 4.399 trillion. This means that each property owner family – excluding owner-occupied flats – experienced an increase of around DKK 165,000 in 2021. This is almost double the increase in 2020 (87,000) and four times the increase in 2019 (43,000). Property wealth increased most in the Capital Region, Zealand and Central , while it increased least in North Jutland.

Unusually high inflation in both Denmark and
Inflation is at a record level in both Denmark and Sweden, last week’s figures show. In Denmark, inflation was 4.8 per cent in February. One has to go back to 1989 to see a higher number. The Swedish inflation rate was 4.3 percent in February 2022 compared to the same month last year – the highest monthly inflation recorded since the financial in 2008. Rising prices for electricity, fuel and food, primarily due to supply disruptions caused by the corona crisis and poor crop yields, have had a significant impact. Inflation in the coming months looks set to be even higher due to the war in .

Velux owner sets record for both top and bottom line
VKR Holding – which, among other things, owns the window manufacturer Velux – ended 2021 with a record turnover of just over DKK 26 billion after an increase of 15 percent, which gave a profit of almost DKK 5 billion after tax (an increase of 35 percent). Its CEO, Mads Kann-Rasmussen, said the result was “very satisfactory” in light of the challenges it experienced in the supply chain – which included delays and higher commodity prices.

Anders Holch Povlsen from Aarhus is no longer Denmark’s richest man
According to Bloomberg’s latest list of the richest people in the world, Anders Holch Povlsen is no longer the richest man in Denmark. He had the title last year, but he has now been overtaken. By mid-2021, the businessman had a personal fortune of $ 84 billion. But apparently his fortune shrank during January. Instead, the richest man in Denmark is now Niels Peter Louis-Hansen, co-owner of the Coloplast Empire, a family business that markets health products and services. He is number 283 on Bloomberg’s list, nine places above Povlsen.

Well-known Danish auction house now in foreign hands
After 75 years as a family business, Bruun Rasmussen Art Auctions has been sold to Bonhams, one of the world’s leading auction houses, which has offices in London, New York, , Paris and . Since 1948, the Bruun Rasmussen family has sold art, design, antiques, jewelery, wristwatches and collectibles from the auction room at Bredgade 33 in Copenhagen. Chairman Jesper Bruun Rasmussen said that he “hit the biggest and most significant ‘hammer blow’ in Bruun Rasmussen’s history”. His hope is that Bruun Rasmussen’s Art Auctions will have access to a wider international clientele. Although Bruun Rasmussen is now in foreign hands, the family can still be found in the auction house on Bredgade and at the head office in Nordhavn. The name will only see the addition of ‘- Part of the Bonhams Network’ as a change.

Source: The Nordic Page

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