Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 

MarketScreener Homepage  >  News  >  Economy & Forex  >  All News

News : Economy & Forex
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies / ForexCryptocurrenciesEconomic EventsPress releases

Canada's biggest banks join boycott of Facebook platforms

share with twitter share with LinkedIn share with facebook
07/03/2020 | 01:11pm EDT
FILE PHOTO: A Facebook logo is displayed on a smartphone in this illustration

By Nichola Saminather

Canada's biggest lenders confirmed on Friday they had joined a widespread boycott of Facebook Inc begun by U.S. civil rights groups seeking to pressure the world's largest social media platform to take concrete steps to block hate speech.

More than 400 brands have pulled advertising on Facebook in response to the "Stop Hate for Profit" campaign, begun after the death of George Floyd, a Black man who died in police custody in Minneapolis on May 25.

Canadian lenders Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia, Bank of Montreal, National Bank of Canada and Canadian Imperial Bank of Commerce all said they will pause advertising on Facebook platforms in July.

Desjardins Group, Canada's largest federation of credit unions, also said on its website on Thursday it will pause advertising on Facebook and Instagram for the month "barring any exceptional situations where we need to communicate with our members or clients."

Most cited their commitments to inclusion and diversity.

Facebook has opened itself up to a civil rights audit and has banned 250 white supremacist organizations from Facebook and Instagram, a spokesman said by email. Its investments in artificial intelligence mean it finds nearly 90% of hate speech it takes action on before users report it, he added.

BMO said it is continuing its "ongoing dialogue with Facebook on changes they can make to their platforms to reduce the spread of hate speech."

RBC said one way to help clients and communities is to stand against "misinformation and hate speech, which only make systemic racism more pervasive."

(Reporting by Nichola Saminather in Toronto; Editing by Matthew Lewis and Marguerita Choy)

Stocks mentioned in the article
ChangeLast1st jan.
BANK OF COMMERCE HOLDINGS 4.31% 7.98 Delayed Quote.-31.03%
NATIONAL BANK OF CANADA 1.60% 64.91 Delayed Quote.-9.95%
THE BANK OF NOVA SCOTIA 1.30% 56.9 Delayed Quote.-22.43%
share with twitter share with LinkedIn share with facebook
Latest news "Economy & Forex"
05:48pCOVID-19 punishes Buffett's Berkshire Hathaway
05:29pEastman Kodak's $765 million U.S. loan agreement on hold after recent allegations
05:24pTrump signs coronavirus relief orders after Congress stalls
05:24pMemorandum on Authorizing the Other Needs Assistance Program for Major Disaster Declarations Related to Coronavirus Disease 2019
05:24pPRESIDENT OF UNITED STATES : Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster
05:11pLibya's National Oil Corp warns of dangers at oil ports
02:58pGeneral Dynamics' Bath Iron Works unit, union reach deal to end strike
02:50pGeneral Dynamics says Bath Iron Works, union reach deal to end strike
01:59pNOC NATIONAL OIL : National Oil Corporation (NOC) chairman speaks about the risks posed by oil blockades and the presence of mercenaries as well as the effects of the militarization of oil facilities on workers and local population safety
01:50pU.S. CDC reports 4,920,369 coronavirus cases
Latest news "Economy & Forex"