ESG Controversy Top Movers

Week ending February 26th, 2023

In this week’s report: companies from various industries are planning significant layoffs; a major product recall to impact millions of consumers in North America; issues for Google in Canada and a rare court ruling against a chemical trading firm.

It's often difficult to follow all the news to build a complete picture about a company, particularly when events are less reported. Yet published research has identified how selecting stocks and bonds with low controversy profile captures more alpha and lowers risk.

Leveraging local and global newswire coverage, the RavenPack controversy framework allows investors to identify companies involved in controversial events. Each week we publish a selection of controversy identified on a different universe.

Company
Category
Momentum
Event
Cosori Corp.

product-recall

Cosori, a manufacturer of air fryers, is recalling over 2 million units sold in North America due to reports of fire hazards.
McKinsey & Co. Inc.

layoffs

Mckinsey to cut about 2,000 jobs, in one of its biggest round of layoffs.
Norfolk Southern Corp.

sanctions-target

Environmental Protection Agency has ordered Norfolk Southern to pay for the cleanup costs after a toxic derailment.
Zalando SE

layoffs

German online fashion retailer Zalando to cut hundreds of jobs, around 5% of its employees.
Telefonaktiebolaget LM Ericsson AB

layoffs

Telecom maker Ericsson to cut 8% of its global workforce.
BASF SE

layoffs

The chemical giant BASF plans to cut around 2,600 jobs, mainly in Germany.
National Public Radio Inc.

layoffs

NPR to lay off roughly 10% of its current workforce, amid declining advertising revenue.
Alphabet Inc.

censorship

Google has started testing a news content blocking feature for some users in Canada, in response to the country's online news bill.
Jounce Therapeutics Inc.

layoffs

Jounce Therapeutics, a clinical-stage company, plans to reduce its workforce by approximately 57%.
Savaro Ltd.

legal-issues-defendant

The London-registered chemical trading firm, Savaro Ltd. has been ruled liable for a deadly blast in Beirut, by a British court.

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