Once again European Banks have been threatened with large fines due to misconduct. The ‘Wall Street Online’ reports that investigations against BNP Paribas have been ongoing since 2009. The Manhattan District Attorneys Office as well as the Federal Prosecutor are united against the European bank who is said to have violated US sanctions against Iran, Cuba and Sudan. ... →
Asset manager BNP Paribas has suspended its Parvest World Agriculture fund due to controversy over food speculation.
BNP Paribas explains: “As part of our ongoing dialogue with NGOs, we have taken heed of the arguments expressed by Oxfam…Despite the absence of any clear-cut conclusions regarding the relationship between financial instruments and the volatility of food commodity prices, we decided to adopt the precautionary principle and suspend subscriptions to our Parvest World Agriculture fund, which is the most exposed to foodstuffs among our range of funds.”
BNP has eight remaining food speculation funds. ... →
Deutsche Bank invests only 19% of its resources into loans to the real economy. More than half of its assets are on the hunt for short-term profits every day. This is evidenced through an analysis by FairFin of the financial statements of seven banks active in Belgium. Of the banks researched, only Triodos and, to a lesser extent, Argenta, hold themselves substantially to the traditional role of a bank: using savings to invest in the real economy. ... →
Polish news website NaTemat.pl conducted an extensive interview with Daniel Ribeiro. Daniel explains in an interview how the multinational corporations use weakness of the developing countries. Moreover Daniel speaks about ineffective voluntary practices in the area of human rights and what impact financial institutions have on developing countries.
According to the “Friends of the Earth Europe” report, European banks, investment funds and insurance companies are speculating with food prices and are sponsoring the purchase of land in developing countries. The report examines the activities of 29 European banks, investment funds and insurance companies such as Deutsche Bank, RBS, Allianz, BNP Paribas, AXA, HSBC, Generali, UniCredit and Credit Agricole. ... →