Corporate Europe Observatory

Exposing the power of corporate lobbying in the EU

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Banks profit on hunger

European banks, pension funds and insurance companies are increasing global hunger and poverty by speculating on food prices and financing land grabs in poorer countries, according to Farming Money, a new report just released.

European banks, pension funds and insurance companies are increasing global hunger and poverty by speculating on food prices and financing land grabs in poorer countries, according to Farming Money, a new report just released.

European banks, pension funds and insurance companies are increasing global hunger and poverty by speculating on food prices and financing land grabs in poorer countries, according to a new report released today.

Farming Money: How European banks and private finance profit from food speculation and land grabs analyses the activities of 29 European banks, pension funds and insurance companies, including Deutsche Bank, Barclays, RBS, Allianz, BNP Paribas, AXA, HSBC, Generali, Allianz, Unicredit and Credit Agricole.

It reveals how these financial institutions are significantly involved in food speculation, and the direct or indirect financing of land grabbing.

The environmental and development organisations which collaborated on the report, which includes Corporate Europe Observatory, are calling for strict regulation to rein in these destructive activities.

The report was produced by Friends of the Earth Europe, with contributions from Campagna per la Riforma della Banco Mondiale (Italy), Banktrack (Europe), World Development Movement (UK), WEED (Germany), CNCD (Belgium), SETEM (Spain) and CEO (Europe).

Read the full report at http://www.foeeurope.org/publications/2012/Farming_money_FoEE_Jan2012.pdf

 
 

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A few weeks after the May coup against Dilma Rousseff by conservative parties backed by the country's largest corporations, Brazil's “interim” government, led by Michel Temer, signed an emergency loan to the State of Rio de Janeiro to help finance infrastructure for the 2016 Olympics. The bailout was conditional to selling off the State's public water supply and sanitation company, the Companhia Estadual de Águas e Esgotos (Cedae). 

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