Rio Tinto employees report rise in sexual assault | Hennessy workers strike | Microlise confirms hackers compromised corporate data

In today’s Portfolio Intelligence Daily:?

• Rio Tinto employees report rise in bullying, sexual assault
• Hennessy workers strike over China tariff impact
• Microlise confirms hackers compromised corporate data

Our analyst team curates these summaries from Auquan’s Intelligence Engine, which uses generative AI and retrieval augmented generation (RAG) to uncover material non-financial insights at scale to support deal sourcing, due diligence, risk monitoring, and compliance.

Industry trends:

• The magic of RAG is in the retrieval (InfoWorld) — Retrieval-augmented generation (RAG) and AI agents are transforming how AI can automate knowledge work in the enterprise.
• Tackling Information Overload in the Age of AI [private credit] (TDWI Upside)
• Why AI is finally catching up with financial services (Maddyness)

Rio Tinto employees report rise in bullying, sexual assault

A recent report from Rio Tinto, a mining company, has highlighted troubling findings regarding workplace culture, revealing a significant increase in incidents of bullying and sexual assault among employees. This comes nearly three years after the company pledged to address issues of sexism and racism within its workforce.?

• The report indicates that 39% of nearly 12,000 surveyed employees reported experiencing bullying in the past year, up from 31% in 2021. Female employees were particularly affected, with 50% reporting bullying compared to 36% of male employees.

• Approximately 7% of respondents reported experiencing sexual harassment, a figure that has remained stable since 2021. Additionally, eight employees reported actual or attempted sexual assault, an increase from five cases the previous year.?

• Despite the alarming statistics, around 50% of respondents believe that the workplace environment has improved regarding bullying, with similar sentiments expressed about sexual harassment and racism. This indicates a complex perception of progress amidst ongoing challenges.?

• Rio Tinto's CEO acknowledged the persistence of harmful behaviors but expressed optimism about the company's initiatives aimed at fostering a safer and more inclusive workplace. The report emphasizes that while some progress has been made, continuous effort is necessary for lasting cultural transformation.?

Select timeline

• Nov 20, 2024 | Rio Tinto employees report rise in bullying, sexual assault (Alja zeera)
• Nov 20, 2024 | Rio Tinto Report Shows Bullying Remains Rife With Women Targeted (Bloomberg)
• Nov 20, 2024 | Rio Tinto review finds rape, pressure for sex persists at miner (Reuters)

Hennessy workers strike over China tariff impact

Hennessy, a prominent French cognac producer and part of the luxury conglomerate LVMH, is facing significant labor unrest as its employees protest against proposed operational changes in response to Chinese tariffs.?

• Approximately 500 to 600 workers at Hennessy in the Charente region of France went on strike on November 19, 2024, to protest management's plans to export cognac in large vats instead of traditional bottles. This change is intended to circumvent new tariffs imposed by China on European brandy imports.

• The strike was triggered by China's recent imposition of tariffs exceeding 30% on bottled brandy from the EU, which has significantly impacted Hennessy and other French cognac producers. This measure is viewed as retaliation against EU tariffs on Chinese electric vehicles.

• Workers fear that the shift to bottling cognac in China could jeopardize local jobs in France. Union representatives have expressed that such a move would not only affect employment but also compromise the quality and identity of the product.?

• The strike is open-ended, indicating ongoing discontent and potential for escalation within the industry. With cognac being heavily reliant on exports, there are concerns about further retaliatory measures from China and how this could affect the broader market, especially with the possibility of increased customs duties under future U.S. policies.?

Select timeline

• Nov 19, 2024 | Hennessy staff strike over plans to bottle cognac in China (Business Times)
• Nov 19, 2024 | Hennessy staff in France strike over plan to bottle cognac in China amid EU tariff row (SCMP)
• Nov 19, 2024 | Strike at French cognac maker Hennessy over measures in China spat (Finance Yahoo)

Microlise confirms hackers compromised corporate data

Microlise, a Nottingham-based telematics provider specializing in asset-tracking software for large corporations, has confirmed that it experienced a significant cyberattack that compromised some employee data.

• On October 31, 2024, Microlise disclosed a cyberattack that disrupted tracking services for clients like DHL and Serco. The company reported that the attack led to the exposure of "some limited employee data" but emphasized that no customer systems data was compromised.?

• The disruption affected key services, including tracking and panic alarms in Serco's prisoner transport vehicles, which were temporarily disabled. DHL also faced interruptions in delivery tracking for its operations with the Nisa Group.?

• Microlise has engaged third-party cybersecurity specialists to help contain the incident and restore its systems. The company is actively notifying affected employees and is working to ensure compliance with regulatory obligations, including informing the Information Commissioner’s Office.

• Following the announcement of the breach, Microlise's stock price fell by 16%. Despite this setback, the company is making substantial progress in restoring services and expects to return to normal operations shortly.

Select timeline

• Nov 19, 2024 | Microlise Admits Hackers Compromised Corporate Data in Cyberattack (The Cyber Express)
• Nov 19, 2024 | Microlise Reports October Cyber-Attack (SC Media UK)
• Nov 7, 2024 | Microlise staff data breached in cyberattack (SC World)

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