SEATTLE - A mutual fund company that invests only in businesses it deems socially responsible has dropped Starbucks Corp., citing the coffee giant's launch of a java liqueur with whiskey maker Jim Beam.
Pax World Funds, a Portsmouth, N.H.-based fund family, steers clear of companies involved in defense or weapons, tobacco, liquor or gambling. It sold 375,000 shares of Starbucks worth an estimated $23.4 million, about 1.6 percent of its Pax World Balanced Fund portfolio, the fund said in a statement released Wednesday. (By ELIZABETH M. GILLESPIE, Associated Press Writer)
Belive it or not Starbucks is actually one of the more responsible companies when it comes to sustainability, free trade coffee and the environment. So, the next time you drag yourself bleary eyed, up to the counter, you can have a clear conscience when ordering that tall moccha latte.
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