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The Dow Jones Industrial Average opened 46.84 points higher, or 0.09%, at 51,608.77 on Friday, June 5; the S&P 500 opened 50.33 points lower, or 0.66%, at 7,533.98; and the Nasdaq Composite opened 313.02 points lower, or 1.17%, at 26,517.94.June 5th - US stocks opened with the Dow Jones Industrial Average up 0.1%, the S&P 500 down 0.6%, and the Nasdaq down 1.2%. Most chip stocks declined, with Arm (ARM.O) falling over 5%, Micron Technology (MU.O) down over 4%, Marvell Technology (MRVL.O) down 6%, and Intel (INTC.O) down over 5%. Lululemon (LULU.O) fell over 10% after its earnings release.On June 5, 2026, witnessed by the top leaders of the two parties and countries of China and Laos, Zheng Shanjie, Director of the National Development and Reform Commission of the Peoples Republic of China, and Santhiphan Phomvihane, Deputy Prime Minister of Laos, Minister of Finance, and Chairman of the Lao-China Cooperation Committee, signed a Memorandum of Understanding between the National Development and Reform Commission of the Peoples Republic of China and the Lao-China Cooperation Committee of the Lao Peoples Democratic Republic on promoting cooperation in the development of green industries. The two sides will further strengthen exchanges and cooperation in areas such as energy conservation and carbon reduction industries, environmental protection industries, resource recycling industries, green and low-carbon energy transformation, green upgrading of infrastructure, ecological protection, restoration and utilization, and green services.Institutional analysts commented on the US non-farm payrolls: The market now believes there is nearly a 70% chance that the Federal Reserve will raise interest rates at its meeting on October 28. Imagine how Trump would react if Warsh announced a rate hike before the midterm elections.On June 5, the U.S. military issued a statement saying it had intercepted and boarded the stateless vessel "Davina" in the Indian Ocean. The statement implied that the ship was providing logistical support to Iran.

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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