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May 14th - The UK economy, which started the year strong, now faces risks due to the aftermath of the Iran war and the potential change of prime minister. Data released by the Office for National Statistics on Thursday showed that first-quarter GDP grew by 0.6%, up from 0.2% in the first three months, marking the fastest pace in a year. This figure is in line with the median forecast of economists and higher than the Bank of Englands forecast of 0.5%. The strong start to 2026 was largely due to strong growth in February, before the Iran war, when the economy grew by 0.4%. However, March growth also reached 0.3%, mainly driven by strong growth in the service sector. Economists had previously expected a slight slowdown in March growth. Despite the relatively optimistic economic situation, the Labour Party suffered a crushing defeat in last weeks local elections, making it difficult for Prime Minister Starmer to secure his position. Economists and investors warn that political turmoil will put pressure on the UKs economic outlook. This turmoil has already disrupted the bond market, pushing up borrowing costs for long-term bonds.The speaker of the Philippine Senate announced that he will convene an impeachment trial for Vice President Sara Duterte on May 18.The yield on Japans 20-year government bonds rose 8 basis points to 3.555%.British Chancellor of the Exchequer Reeves said after the GDP data was released that now is not the time to gamble with the stability of the countrys economy.The UKs seasonally adjusted goods trade balance recorded a deficit of £27.218 billion in March, the largest deficit on record. The UKs three-month GDP grew by 0.6% month-on-month in March, the largest increase since March 2025. The UKs GDP grew by 1.2% year-on-year in March, the largest economic growth rate since July 2025.

Hershey, Nestle, and Cargill win the dismissal of a claim of child slavery in the United States

Charlie Brooks

Jun 29, 2022 11:06


Tuesday, a federal judge in Washington, D.C. dismissed a case brought by eight Malians claiming child slavery on Ivory Coast cocoa plantations against Hershey Co (NYSE:HSY), Nestle SA (SIX:NESN), Cargill Inc, and others.


U.S. District Judge Dabney Friedrich determined that the proposed class action plaintiffs lacked legal standing to sue because they failed to prove a "traceable nexus" between the seven defendant companies and the individual farms where the plaintiffs worked.


She added that the plaintiffs did not adequately explain the role of intermediaries in the cocoa supply chain, and that the companies did not oversee actions in "free zones" where 70 to 80 percent of cocoa is farmed.


Mali and Ivory Coast share a border in West Africa.


The plaintiffs claimed they were trafficked as children after being approached by strangers who promised them employment for which they would be compensated, but did not pay them, threatened them with starvation if they did not work, and forced them to live in squalor.


Their attorney, Terry Collingsworth, said that the plaintiffs plan to file an appeal to "compel the businesses to keep their agreements and put an end to this dreadful system they have created."


Other defendants included Mars Inc, Mondelez International Inc (NASDAQ:MDLZ), Barry Callebaut AG, and Olam International Ltd.


In court filings, the seven defendants said that they "strongly abhor the practice of forced labor" and that they were addressing non-forced child labor in cocoa supply chains.


However, they contended that the plaintiffs' too broad legal theory may hold too many parties liable for forced child labor, including consumers and merchants who would benefit from lower prices.


In accordance with the Reauthorization of the Trafficking Victims Protection Act, the plaintiffs filed suit.


The Supreme Court of the United States rejected a similar case brought by six Malians against Cargill and Nestle under the Alien Tort Statute of 1789 in June of last year.


This was the most recent in a line of judgments denying access to federal courts based on human rights breaches occurring outside the United States.


Coubaly et al. v. Cargill Inc. et al., U.S. District Court, District of Columbia, case number 21-00386.


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