• English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
The Indonesian rupiah fell 0.6% to 16,515 per dollar, its lowest level since May 15.On September 18th, Huawei launched the Atlas 950 SuperPod and Atlas 960 SuperPod supernodes at the Huawei Connect Conference. Huawei Vice Chairman and Rotating Chairman Eric Xu stated that, based on the worlds most powerful supernodes and clusters, Huawei is confident in providing sustainable and sufficient computing power for the long-term rapid development of artificial intelligence. Huawei also pioneered supernode technology in general-purpose computing, launching the TaiShan 950 SuperPod, the worlds first general-purpose computing supernode. Xu stated that, combined with the GaussDB distributed database, it can completely replace mainframes and minicomputers, as well as the Exadata database appliance, in various application scenarios, becoming the end-all for mainframes and minicomputers. At the end of his speech, Xu revealed that Huawei has overcome the enormous technical challenges of interconnecting large-scale supernodes and launched the Unified Bus (UnifiedBus) interconnection protocol for supernodes. Huawei will openly release the Unified Bus 2.0 technical specifications in the future.On September 18th, Barclays economists noted that risks to the Federal Reserves interest rate path are leaning toward delaying rate cuts. In a research note, they suggested this could occur if inflation data in early 2026 consistently show strong price increases, or if tariffs boost non-commodity prices amidst a moderate rise in unemployment. Conversely, they added, a sudden surge in unemployment could prompt the Federal Open Market Committee (FOMC) to adopt more aggressive rate cuts. Barclays projects that the FOMC will maintain interest rates unchanged through 2026 until monthly inflation data show signs of slowing and provide confidence that inflation is returning to its 2% target.On September 18th, Allspring Global Investments strategists George Bory and John Campbell wrote in a commentary that the stock market could benefit if the Federal Reserve adopts an accommodative policy approach that is "neither too much nor too little." They stated that continued stock market strength and increased market participation depend on the Feds ability to strike a delicate balance amid uncertainty about tariffs: providing enough accommodative policy to avoid a recession while keeping inflation under control. The strategists added that falling fixed-income rates could also enhance the attractiveness of high-yield stocks as an alternative.On September 18th, Goldman Sachs raised its expectations for SenseTime (00020.HK)s ToC business expansion, predicting the company will begin monetizing through monthly or annual subscription fees after offering new users a free trial. SenseTime has expanded beyond productivity tools to include ToC generative AI applications, including Raccoon Office AI and Kapi Accounting AI. These applications leverage deep analytical capabilities powered by SenseNovas foundational models to address AI-native issues. At the same time, the company offers AI industry solutions for high-demand scenarios, covering market analysis, sales analysis, product development, and enterprise management. This model differentiates it from other AI applications. The bank maintained its "buy" rating on SenseTime, raising its target price from HK$2.72 to HK$3.09. It also lowered its net loss forecasts for 2026 and 2027 to RMB 964 million and RMB 198 million, respectively, and raised its profit forecasts for 2028, 2029, 2030, and 3%, respectively.

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.