GENEVA, April 25 -- Financial institutions are increasing their investments in atomic weapons production, anti-nuclear campaigners said yesterday, warning the trend risked fuelling already surging military spending at a time when global conflicts are multiplying.

Experts have been warning of a new atomic arms race at a time when nuclear-armed states are involved in conflicts in Europe, Asia and the Middle East, while long-standing efforts towards disarmament and non-proliferation appear to be eroding.

In a fresh report released yesterday, the Nobel Peace Prize-winning International Campaign to Abolish Nuclear Weapons (ICAN) and another anti-nuclear pressure group, PAX, said a growing number of financial institutions were investing in co...