Saturday, October 25th9.2°C
23711
23004

Greenpeace says rogue employee lost $5.2 million on currency hedge gone wrong

AMSTERDAM - Greenpeace International has acknowledged losing 3.8 million euros ($5.2 million) on a bet the euro would not strengthen against other currencies in 2013— but it did.

The environmental group, which is based in Amsterdam, said the money was lost by an employee who acted beyond the limits of his authority but had hoped to benefit the organization.

Greenpeace did not identify the employee, who has been fired, and added there was no evidence of fraud.

In a statement Monday, Greenpeace apologized for the blunder to supporters and donors and said it was studying what went wrong.

It said it would absorb the loss over a period of several years by trimming "infrastructure investments."

The group pledged not to reduce spending on campaigns to protect the environment.

The Canadian Press


Read more Business News

23901


Recent Trending




Today's Market
S&P TSX14543.82+56.99
S&P CDNX805.45-3.15
DJIA16805.41127.51
Nasdaq4483.715+30.923
S&P 5001964.58+13.76
CDN Dollar0.8901-0.0003
Gold1231.20+2.10
Oil81.02-0.73
Lumber336.40+6.80
Natural Gas3.631+0.009

 
Okanagan Companies
Pacific Safety0.105-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.15-0.02
Cantex0.07+0.015
Anavex Life Sciences0.194-0.004
Metalex Ventures0.045+0.005
Russel Metals33.39+0.23
Copper Mountain Mining2.03-0.05
Colorado Resources0.145+0.005
ReliaBrand Inc0.012-0.001
Sunrise Resources Ltd0.05-0.01
Mission Ready Services0.445+0.035

 





FEATURED Property
20652341581 Gregory Road
6 bedrooms 4 baths
$850,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


What I learned in China

Photo: ContributedI will never be an expert on China. It is just too big, too complex and too old with layers of history and meaning that would take several lifetimes to unravel. As I said to my hosts...


We can get on together

I was in LA this week. I witnessed such crazy and unusual circumstances as I strolled along Hollywood Blvd and Sunset Blvd. A far cry from sleepy Peachland in the Okanagan! The strange thing was, I f...


Weakening global growth worries

The Big Picture Growth worries persist Worries about weakening global growth and its potential impact on the US economic recovery roiled markets around the globe this week. Europe continues to be the ...

_








Member of BC Press Council


23091