News 22.03.2012

Avaaz joins protest against Deutsche Bank

The international campaign network Avaaz has joined the protest against gambling on food. After more than 63,000 people participated in the foodwatch campaign calling upon Deutsche Bank CEO Josef Ackermann to withdraw from food speculation, Avaaz chimed in: “Don’t play with food!”

The protest against food speculation is widening: today Avaaz, an organisation which mobilises people around the world through online campaigns, called for protests through a nationwide campaign throughout Germany. The text of the e-petition is a direct appeal to Josef Ackermann: “Please lead the way with Deutsche Bank and withdraw from all forms of speculation in foodstuffs.”

Oxfam, Misereor and WEED call upon Deutsche Bank to withdraw

In a recent press release, Oxfam, Misereor and WEED called upon Deutsche Bank to immediately halt its speculation in agricultural commodities. Furthermore, these organisations published a factsheet on 17 January 2012 with information on food speculation and Deutsche Bank’s activities in this area. As shown by their research, “Deutsche Bank ranks among the top 10 in global commodities investment and even comes first in agricultural commodities investment.” In October 2011 Oxfam protested outside the headquarters of Deutsche Bank in Frankfurt against the practice of speculation in foodstuffs. In the same month, foodwatch published its report “The Hunger-Makers”.

Report from Friends of the Earth Europe

In January 2012, Friends of the Earth Europe published a comprehensive report entitled “Farming Money: How European banks and private finance profit from food speculation and land grabs”. In this report, the European network, parent organisation of Friends of the Earth Germany (BUND), analysed the business practices of 29 European banks and insurance companies, investigating whether they speculate with agricultural commodities or buy up land, for example, in Africa, thereby contributing to famine. Deutsche Bank, Barclays, the German financial services group Allianz, the global insurance and savings group AXA and the French banking group BNP Paribas were among the financial institutions found to be involved in such activities.

Attac calls on people to change banks

Under its campaign “Krötenwanderung jetzt!” (literally “toad/money migration, now!”, playing on the double meaning of Kröte), the organisation Attac is calling for people to take their money out of any bank involved in gambling with hunger. Attac provides information about the banking industry and offers an overview of alternative banks for people interesting in changing financial institutions.