- ESG risks have dragged down shares of TUI, UPS this month
- GOP attacks are leading bankers to avoid talking about ‘ESG’
As the label “ESG” ends up among the most hated on Wall Street, the financial cost of ignoring it is making headlines.
In just the past few weeks, a string of textbook environmental, social and governance issues — spanning workers’ rights to extreme weather — erupted in a number of major stocks.
The world’s biggest publicly traded package courier, United Parcel Service Inc., was forced to issue a profit warning that drove down its shares, after it said a tentative labor agreement will add to its costs. The firm agreed to raise wages for some workers, bump up the amount of paid vacation and improve working conditions. That includes installing air conditioning in new vehicles rendered unbearably hot by extreme heat.
Bloomberg Markets
By Saijel Kishan
August 16, 2023