Swiss banks UBS and Credit Suisse accused of investing in cluster bombs...

Switzerland’s two big banks, Credit Suisse and UBS, have rejected accusations that they continue to invest in cluster bomb manufacturing.

 According to a new report, 16 Swiss companies are among 166 leading financial institutions worldwide that are funding cluster bomb and parts manufacturing, despite the entry into force of an international treaty banning such munitions in 2010.

 Globally, financial institutions from 15 countries are channelling more than $39 billion (SFr34.2 billion) into eight bomb and part manufacturers, according to the “Worldwide investments in cluster munitions: a shared responsibility” 2011 report by the Cluster Munitions Coalition member organisations Pax Christi and Netwerk Vlaanderen.

Most are from five countries that have not yet signed or ratified the convention: China, Russia, Singapore, South Korea and the United States, plus Taiwan. But 38 are from states that have signed the 2008 Convention on Cluster Munitions, which bans the use, production, stockpiling and transfer of cluster munitions. More...

See the list here...

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