Banks criticized over bombs

08:42, April 16, 2010      

Email | Print | Subscribe | Comments | Forum 

At least 146 financial institutions are providing funding and services for producers of cluster bombs, a report said Wednesday.

The support, estimated currently at a total of $43 billion to seven manufacturers, was continuing in violation of the spirit of an international convention aimed at total elimination of the controversial weapon.

Produced by the Netherlands-based Profundo consultancy and a grouping of non-governmental organizations, it urged governments in the 105 countries that have so far signed the 2008 pact to move to ban investment in the seven companies.

"It is time for all financial institutions to stop the flow of funds to companies that produce cluster bombs," Thomas Nash of the Cluster Munition Coalition told a Geneva news conference launching the report.

"Producers still have no problem in financing their activities, and many financial institutions seem to have no qualms about financing these producers," the report said.

Researchers for the study said their findings were based on publicly available information like that supplied by stock exchanges and financial databases.

The report, updating an earlier study issued in London last October, named Bank of America, Goldman Sachs, Citigroup and Deutsche Bank as major providers of services and loans to the seven. Others were HSBC, Calyon, the corporate and investment banking arm of French bank Credit Agricole, and British-based Barclays.

Among the seven companies were diversified manufacturer Textron, aerospace and defense group Alliant Techsystems, and defense contractor Lockheed Martin, all US-based.

Source: Global Times


  • Do you have anything to say?


Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • On Sept. 26, a resident passes by a flower terrace decorated for the coming National Day. (Xinhua/Hang Xingwei)
  • The photo, taken on Sept. 26, shows the SWAT team ready for the joint exercise. (Xinhua/Wangkai)
  • Two metro trains in Shanghai collided Tuesday afternoon, and an identified number of passengers were injured in the accident, the Shanghai-based reported. Equipment failures were believed to have caused the crash on the Line 10 subway, Xinhua quoted local subway operator as saying.
  • An employee at a gold store in Yiwu, located in east China's Zhejiang province, shows gold jewelry on Monday.(Xinhua/Zhang Jiancheng)
  • Tourists ride camels near China's largest desert lake Hongjiannao in Yulin, north China's Shaanx Province, Sept. 24, 2011. Hongjiannao is shrinking as a result of climate change and human activities, and may vanish in a few decades. Its lake area, which measured more than 6,700 hectares in 1996, has shrunk to 4,180 hectares. Its water level is declining by 20-30 centimeters annually and its water PH value has risen to 9.0-9.42 from 7.4-7.8. (Xinhua/Liu Yu)
  • Actors perform royal dance at the Gyeongbok Palace in Seoul, Sept. 27, 2011. A ceremony commemorating the 38th South Korea Sightseeing Day was held in Gyeongbok Palace on Tuesday. (Xinhua/He Lulu)
Hot Forum Discussion