RSS
BDS Could Cost Universities Billions of Dollars, New ADL Report Says
Signs cover the fence at a pro-Palestinian encampment at Northwestern University in Evanston, Ill. on April 28, 2024. Photo: Max Herman via Reuters Connect.
Colleges and universities will lose tens of billions of dollars collectively from their endowments if they capitulate to demands to divest from Israel and companies that do business with it, according to a new report released on Thursday by JLens, a Jewish investor network that is part of the Anti-Defamation League (ADL).
Titled “The Impact of Israel Divestment on Equity Portfolios: Forecasting BDS’s Financial Toll on University Endowments,” the report presents the potential financial impact of universities adopting the boycott, divestment, and sanctions (BDS) movement, which seeks to isolate Israel from the international community as a step toward its eventual elimination.
The ADL describes its report as “the first of its kind” to measure the havoc BDS would wreak on university endowments, the core of a higher education institution’s financial health, by quantifying the returns for investment portfolios purged of Israel-linked companies.
“Our research demonstrates that university endowments that divest from Israel could face significant financial consequences,” JLens managing director Ari Hoffnung said in a statement. “Lower investment returns could compromise a university’s ability to provide scholarships, fund research, and invest in campus facilities.”
The numbers are harrowing. Adopting BDS, according to the report, would incinerate $33.21 billion of future returns for the 100 largest university endowments over the next 10 years, with Harvard University losing $2.5 billion and the University of Texas losing $2.2 billion. Other schools would forfeit over $1 billion, including the University of Pennsylvania, Stanford University, and Princeton University. For others, such as the University of Michigan and Dartmouth College, the damages would total in the hundreds of millions.
“This groundbreaking report approached the morally problematic BDS movement from an entirely new direction — its negative impact on portfolio returns,” New York University adjunct professor Michael Lustig said in a statement extolling the report. “JLens has done a great job in quantifying the financial effects of implementing the suggestions of this pernicious movement, and importantly, they ‘show their work’ by providing full transparency into their methodology, and properly caveat the points where assumptions must necessarily be made. This report will prove to be an important tool in helping to fight noxious BDS advocacy.”
The report adds that BDS proponents are capricious, making them unreliable investment advisers. They will add a company to the BDS “target list” for appearing to do business with Israel or Israeli companies and then fail to remove it even after the business ends. For example, JLens notes that BDS continues to name Microsoft as a “target” four years after it sold its stake in the Israeli software company AllVision. BDS proponents also offer conflicting reasons for divestment, with some limiting their grievance to the sale of weapons to the Israeli military and others aiming to halt any and all economic activity with Israel. Despite these inconsistencies, BDS proponents claim to speak with a unified voice.
“Additionally, the landscape of companies doing business in Israel is vast and ever-changing, making it challenging to compile a definitive list of BDS targets and that does not become quickly outdated,” JLens explained. “The list of potential BDS targets can expand at any time due to evolving geopolitical events and misguided activists campaigns. This dynamic nature of BDS targeting was exemplified during the editting phase of this research report, when BDS proponents expanded their calls for boycotts and divestments to include major corporations like Coca-Cola … this recent addition underscores the fluid nature of BDS campaigns and the potential for rapid shifts in targeted companies.”
American universities are largely rejecting demands to divest from Israel and entities linked to the Jewish state, but some have embraced divestment or other policies approximating it, Inside Higher Ed reported earlier this month, noting that California State University-Sacramento has said it will not invest in companies which “profit from genocide, ethnic cleansing, and activities that violate fundamental human rights,” an ambiguous turn of phrase that does not specifically mention Israel. Additionally, the outlet added, Union Theological Seminary in the City of New York has committed to implementing “socially responsible investment screens” that prevent investments in companies “substantially and intractably benefiting from the war in Palestine.”
As The Algemeiner has previously reported, Brown University’s Corporation of trustees will soon vote on a divestment proposal based on the demands of a group which calls itself the Brown Divest Coalition (BDC). According to The Brown Daily Herald, Brown president Christina Paxson initially only promised the protesters a meeting with members of the Brown Corporation, but the students pushed for more concessions and ultimately coaxed her into making divestment a real possibility.
JLens says in its report that Brown would lose $309 million dollars if it chooses to accept the investment advice of its undergraduates. The mere possibility of it is already causing damage. Earlier this month, a trustee of the Brown Corporation, Joseph Edelman, resigned from his position, citing the upcoming vote.
“It’s no coincidence that leading pro-boycott groups have ties to terrorist organizations that seek the annihilation of the Jewish people,” he wrote in an op-ed, published by the Wall Street Journal, announcing his resignation. “In the end, that is the goal of the BDS movement, and I can’t accept the treatment of a hate movement as legitimate and deserving of a hearing. Brown’s policy of appeasement won’t work. It’s a capitulation to the very hatred that led to the Holocaust and the unspeakable horrors of Oct. 7.”
Follow Dion J. Pierre @DionJ.Pierre.
The post BDS Could Cost Universities Billions of Dollars, New ADL Report Says first appeared on Algemeiner.com.
RSS
US Sanctions Six Firms in China, Hong Kong Over Iranian Drone Network
A bronze seal for the Department of the Treasury is shown at the U.S. Treasury building in Washington, U.S., January 20, 2023. REUTERS/Kevin Lamarque
The United States has sanctioned six entities in Hong Kong and China for allegedly participating in an Iranian drone procurement network, as the Trump administration advances its so-called “maximum pressure” campaign against Tehran.
These latest sanctions follow the US Treasury Department’s announcement earlier this week of new restrictions on Iran’s oil industry, targeting over 30 brokers, tanker operators, and shipping companies involved in transporting and selling Iranian petroleum.
On Wednesday, Washington issued these new sanctions against entities accused of procuring unmanned aerial vehicle (UAV) components for the Iranian firm Pishtazan Kavosh Gostar Boshra and its subsidiary, Narin Sepehr Mobin Isatis, both already blacklisted by the US, calling them key suppliers to Iran’s UAV and ballistic missile programs.
“Iran continues to try to find new ways to procure the key components it needs to bolster its UAV weapons program through new front companies and third-country suppliers,” Treasury Secretary Scott Bessent said in a statement.
“The Treasury remains committed to disrupting the schemes that enable Iran to send its deadly weapons abroad to its terrorist proxies and other destabilizing actors.”
According to a Reuters report, Liu Pengyu, spokesperson for China’s embassy in Washington, said Beijing and Tehran’s cooperation was “reasonable and legal.”
“China has always firmly opposed the illegal unilateral sanctions imposed by the United States and will firmly safeguard the legitimate rights and interests of its enterprises and citizens,” Pengyu said.
Earlier this month, US President Donald Trump reinstated his “maximum pressure” policy toward Tehran, aiming to cut the country’s crude exports to zero and prevent it from obtaining a nuclear weapon.
However, Trump also expressed a willingness to talk to Iran’s leaders, stating his desire to reach a “nuclear peace agreement” to improve bilateral relations, while insisting that the Iranian regime must not develop a nuclear weapon.
Iranian Foreign Minister Abbas Araghchi rejected the possibility of nuclear talks with Washington, stating that Tehran would “not negotiate under pressure, threat, or sanctions.”
“There will be no possibility of direct talks between us and the United States on the nuclear issue as long as the maximum pressure is applied in this way,” Araghchi said during a joint press conference with his visiting Russian counterpart, Sergei Lavrov.
Iran’s so-called “supreme leader,” Ayatollah Ali Khamenei, also rejected the idea of negotiating with Washington, calling such a move “unwise” and “dishonorable.”
This week, the UN’s nuclear watchdog, the International Atomic Energy Agency (IAEA), reported that Iran has further accelerated its production of near weapons-grade uranium, according to a report by The Associated Press.
As of Feb. 8, Tehran’s stockpile of 60% enriched uranium reached 274.8 kilograms (605.8 pounds), an increase of 92.5 kilograms (203.9 pounds) since IAEA’s last report in November.
Iran has repeatedly claimed that its nuclear program is for civilian purposes rather than weapon development.
Last year, the UK, France, and Germany said in a statement that there is no “credible civilian justification” for Tehran’s recent nuclear activity, arguing it “gives Iran the capability to rapidly produce sufficient fissile material for multiple nuclear weapons.”
In their latest report, the IAEA estimated that Iran’s overall stockpile of enriched uranium stands at 8,294.4 kilograms (18,286 pounds), an increase of 1,690.0 kilograms (3,725.8 pounds). The report also noted that Iran continues to ban some of the agency’s most experienced inspectors from monitoring the country’s nuclear program.
Under the 2015 nuclear deal, which Trump withdrew from in 2018, Iran was allowed to enrich uranium only up to 3.67% purity and maintain a stockpile of no more than 300 kilograms.
The post US Sanctions Six Firms in China, Hong Kong Over Iranian Drone Network first appeared on Algemeiner.com.
RSS
Contender in NYC Mayoral Race Has Extensive Anti-Israel Trackrecord
Ron Adar / SOPA Images via Reuters Connect
A major contender in the New York City (NYC) mayoral race has an extensive anti-Israel track record, raising concerns among the Big Apple’s Jewish population that the city’s staunch support of the Jewish State may be in jeopardy.
Zohran Mamdani, a representative within the New York State Assembly and candidate for New York City mayor, has made anti-Israel activism a cornerstone of his political career. Mamdani, a self-described progressive and socialist, has both advanced state legislation seeking to punish Israel and has labelled the Jewish state’s defensive military operations in Gaza a “genocide.”
According to a poll conducted by Honan Strategy Group from Feb. 22-23, Mamdani currently sits in second place in the NYC mayoral race, polling at 12 percent. Former New York Governor Andrew Cuomo holds a commanding lead at 38 percent.
In 2021, Mamdani issued public support for the Boycott, Divestment, Sanctions (BDS) movement—an initiative which seeks to economically and diplomatically isolate Israel in the first step to its eventual destruction. He claimed that support for the anti-Israel movement is growing within New York City, saying on X/Twitter that “The tide is turning. The fight for justice is here. The moment is now.” That same year, he also called for prohibiting New York lawmakers from visiting Israel, asserting that “every elected [official] must be pressured to stand with Palestinians.”
In May 2023, Mamdani advanced the “Not on our dime!: Ending New York Funding of Israeli Settler Violence Act,” legislation which would ban charities from using tax-deductible donations to aid organizations that work in the West Bank. Mamdani argued that the legislation would help the state fight against so-called Israeli “war crimes” against Palestinians. The socialist dismissed critics of the legislation, saying that his anti-Israel proposal is “in line with the sentiments of most New Yorkers.”
On Oct. 8, 2023, 24 hours following the deadliest day for Jews since the Holocaust, Mamdani published a statement condemning “Netnayahu’s declaration of war” and suggesting that Israel would use the terror attacks to justify committing a second “Nakba.” Mamdani then said that Israel can only secure its long term safety by “ending the occupation and dismantling apartheid.”
Five days later, he further criticized Israel’s response to the Hamas-led massacres, saying that “we are brink of a genocide of Palestinians in Gaza right now”
In January 2024, he called on NYC to cease sending any funds to Israel, saying that “Voters oppose their tax dollars funding a genocide.”
The progressive firebrand is also a member of the Democratic Socialists of America (DSA), a far-left political organization with critical views of Israel. Though the DSA has long opposed Israel, the organization has ramped up its pro-Hamas rhetoric during the ongoing war in Gaza. On Oct. 7, the organization issued a statement saying that Hamas’ massacre was “a direct result of Israel’s apartheid regime.” The organization also encouraged its followers to attend an Oct. 8 “All Out for Palestine” event in Manhattan.
In January 2024, the DSA issued a statement calling for an “end to diplomatic and military support of Israel.” Then in April, the organization’s international committee, DSA IC, issued a missive defending Iran’s right to “self-defense” against Israel. In addition, the socialist group slammed former US Rep. Jamaal Bowman (D-NY) over his vote in favor of replenishing Israel’s Iron Dome air defense system.
The organization has also issued public support of Hamas, calling the terrorist group a “resistance” and “armed struggle” against Israel. In March 2024, the organization publicly repudiated progressive Rep. Alexandria Ocasio-Cortez (AOC), after the lawmaker condemned Hamas, arguing that Palestinians have a “right to defend against occupation.”
Mamdani’s political ascendence comes amid a spike in anti-Jewish hate crimes within New York City.
New York City has been ravaged by a surge in antisemitic incidents in the 16 months following Oct. 7. According to NYPD data, Jews accounted for a majority of all hate crimes in the city. Pro-Hamas activists have held raucous—and sometimes violent—protests on the city’s college campuses, oftentimes causing Jewish students to fear for their safety. NYC schools are also currently facing criticism for failing to protect Jewish and Israeli students from antisemitism.
The post Contender in NYC Mayoral Race Has Extensive Anti-Israel Trackrecord first appeared on Algemeiner.com.
RSS
GOP Lawmakers Urge Trump to Recognize Israeli Sovereignty Over West Bank
Rep. Claudia Tenney (R-NY) Source: Reuters
A group of Republican lawmakers are urging US President Donald Trump to formally recognize Israel’s sovereignty over the West Bank, citing the territory’s historical ties and importance to the Jewish people.
Rep. Claudia Tenney (R-NY), one of the most strident pro-Israel voices in Congress, spearheaded a letter to Trump, calling on the president to endorse an Israeli annexation of the West Bank. Other signatories of the letter include Mary Miller (R-IL), Barry Moore (R-AL), Nick LaLota (R-NY), Randy Weber (R-TX), and Andy Harris (R-MD).
The coalition of pro-Israel Republicans—which are members of the Friends of Judea and Samaria Caucus—argue that the internationally recognized borders of the West Bank, “comprise the Judeo-Christian biblical heartland, where over 80 percent of the Torah and Old Testament took place.” Thus, the lawmakers claim that acknowledging Israel’s claim over the West Bank is central to reinforce America and Israel’s shared “Judeo-Christian heritage.”
The lawmakers argue that recognizing the West Bank as Israeli territory would help build upon his record of supporting the Jewish state. Letter pointed to Trump’s 2021 recognition of the City of David in Jerusalem as a “testament to America’s Judeo-Christian heritage and founding principles.” The lawmakers claim that the West Bank, which they refer to as Judea and Samaria, is similarly critical to Israel’s national identity.
They also said that they were in “strong opposition to the recognition of any hostile Arab state in Judea and Samaria that supports terrorism and fails to recognize Israel.”
Israeli leaders have also publicly opposed the creation of a Palestinian state within the West Bank, arguing that the territory would become a hotbed of terrorism and launching pad for direct attacks into the Jewish state’s population centers.
In the immediate aftermath of President Trump’s victory last November, several high-profile conservative lawmakers vowed to refer to the West Bank as Judea and Samaria, aligning themselves with the terminology preferred by Israel. To many observers, the shift in language signalled a shift in US policy closer to the Jewish state and in favor of further expansion of Jewish communities in the territory.However, Critics have argued that the change in language might inflame tensions in the Middle East, complicating the possibility of reaching a two-state solution to end the Israeli-Palestinian conflict.
Nonetheless, Sen. Tom Cotton (R-AK), introduced legislation in December ban the federal government from using the term “West Bank” instead of “Judea and Samaria,” arguing that the bill would “align US policy language with the geographical and cultural significance of the region.”
Ambassador to Israel Mike Huckabee has also vowed to use the words Judea and Samaria in lieu of the West Bank.
“I can’t say something I don’t believe. As you well know, I’ve never been willing to use the term ‘West Bank.’ There is no such thing. I speak of Judea and Samaria,” Huckabee told Israeli media outlet Arutz Sheva in an interview. “I tell people there is no ‘occupation.’ It is a land that is ‘occupied’ by the people who have had a rightful deed to the place for 3,500 years, since the time of Abraham.”
The post GOP Lawmakers Urge Trump to Recognize Israeli Sovereignty Over West Bank first appeared on Algemeiner.com.