Tag Archives: HSBC

High returns despite responsible investment rules – Norwegian Pension Fund yields 6.9% in 2016

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The Norwegian Pension Fund (NPF) manages assets worth more than 840 billion €, constituting the largest government pension fund worldwide. The fund’s assets mainly stem from Norway’s oil revenues and are supposed to offset oil price fluctuations and maintain pensions for current and future generations.

The NPF’s ethics commission evaluates all investment options to ensure the fund’s activities are in line with the OECD Principles of Corporate Governance, the UN Guiding Principles on Business and Human Rights and the UN Global Compact.   ... →

HSBC and Commerzbank are financing dubious palm oil company Noble

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Oil palm graveyard - these palms were injected with pesticides (paraquat, according to locals) so to kill them and allow preparations for the next planting. | Bild (Ausschnitt): © Wakx [CC BY-NC-SA 2.0] - Flickr

In January 2017 Greenpeace released the report „Dirty Bankers – How HSBC is financing forest destruction for palm oil“.   This report provides a detailed explanation of the business relations between HSBC and controversial palm oil companies.
HSBC is considered to be one of the leading investors of the palm oil industry. Noble Group for example, a supplier of agricultural and energy products based in Hong Kong, is financed by this bank.   ... →

Grupo Mexico mine spill

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On 7 August 2014 40,000 cubic meters of waste water, comprising acid – laced copper sulphate and heavy minerals, spilled from a copper mine in Northern Mexico into two rivers just 40 km from the US border.  This toxic leak originated from the Beunavista Copper Mine in Cananea Sonora, operated by the mining company Grupo Mexico.   ... →

Further billion dollar lawsuit against Deutsche Bank.

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In March 2014, Facing Finance reported on the gold price manipulation of the LBMA (London Bullion Market Association) consisting of five international banks, Barclays, HSBC, Société Général, Bank of Nova Scotia and Deutche Bank. Initially Duetsche Bank refuted these allegations and were clear that they would defend themselves against these allegations. A few months later, and the bank has declared will conduct an internal review into gold price manipulation, in order to avoid sanctions.   ... →

Press Release: Deutsche Bank divests from Bumitama after civil society pressure

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Brussels/Berlin, May 26, 2014 – Deutsche Bank has told Friends of the Earth Europe and Rettet den Regenwald that it sold its shares in the Indonesian palm oil supplier Bumitama, an important supplier to palm oil giant Wilmar, following months of campaigning by the two groups. Despite numerous promises to clean up its act, Bumitama continues to produce illegal palm oil.   ... →

Diary of Destruction: FOEE Exposes Illegal Palm Oil Activities in Indonesia

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Friends of the Earth Europe (FOEE) recently announced the release of its factsheet, “Bumitama’s Diary of Destruction,” in a PRESS RELEASE. The fact sheet outlines the destructive and illegal practices currently being carried out in Indonesia by the palm oil producer, Bumitama Agri Ltd. The fact sheet includes a timeline, or diary, of violations, outlining, for example, Bumitama’s continued deforestation and palm oil production activities on land designated as High Conservation Value (HCV) and threatening the region’s protected species, like the endangered orangutan.   ... →