ESG Controversy Top Movers
Week ending July 30th, 2023
In this week's report:
Several companies are making notable workforce reductions: Anheuser Busch, Virgin Media O2, Toyota, Amazon Fresh, Biogen;
UBS fined $400 million for the mismanagement of Credit Suisse finances and ties with Archegos;
Ryanair faces potential data protection sanctions due to its use of facial recognition during online bookings, and
Naturgy was fined €6 million and ordered to pay €35.5 million in damages for manipulating electricity prices.
Anheuser-Busch InBev S.A. N.V.
Anheuser Busch, the maker of Bud light, is laying off hundreds of positions across its U.S corporate staff.
Virgin Media O2, the mobile phone giant, plans to cut up to 2,000 UK jobs by year-end, affecting approximately 12% of its workforce.
UBS was fined $400 million by US, Swiss, and UK authorities for the mismanagement of Credit Suisse finances and relationship with Archegos Capital Management.
Massachusetts fined Wynn Resorts $35 million, and CEO Matthew Maddox $500,000 for not disclosing sexual misconduct allegations during the Boston resort license application.
Toyota Motor Corp., Guangzhou Automobile Group
Toyota has laid off approximately 1,000 contract workers at one of its factories in China, part of its joint venture with Guangzhou Automobile Group (GAC).
Amazon Fresh cuts hundreds of in-store jobs to improve the grocery chain's profitability.
Biogen plans to cut 1,000 jobs (11% of its workforce) to reduce costs and boost growth ahead of the launch of a new Alzheimer's drug
A securities class action lawsuit has been filed against tech conglomerate Sea Limited, alleging misleading statements that caused significant investor losses.
Ryanair Holdings PLC
Digital rights group NOYB filed a complaint against Ryanair for violating customers' data protection rights through facial recognition during online bookings.
Naturgy Energy Group S.A.
Spain's competition watchdog fined Naturgy €6 million and ordered the company to pay €35.5 million in damages for manipulating electricity prices during 2019-2020.
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.