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Haidilao (06862.HK): Zhang Yong, the controlling shareholder, chairman of the board and CEO, increased his holdings by 11.35 million shares on May 21-22.On May 22, in response to the China Securities Regulatory Commissions (CSRC) investigation into relevant domestic and overseas entities of Changqiao Securities and its proposed administrative penalties, Changqiao Securities stated that its licensed entities are regulated by overseas regulatory agencies such as the Hong Kong Securities and Futures Commission. Changqiao emphasized that client funds are completely segregated from the companys operating funds and are held in independent custodian bank accounts as required by regulations; its US and Hong Kong stock holdings are held in custody by the US Depository Trust and Clearing Corporation (DTCC) and the Hong Kong Securities Clearing Company Limited (HKSCC), respectively, and are protected by the Hong Kong Investor Compensation Fund (ICF). Furthermore, the company will strictly implement all rectification requirements and proceed with relevant arrangements in accordance with laws and regulations.On May 22nd, UBS Global Wealth Management issued a new bullish report, raising its year-end target for the S&P 500 to 7900 points. The brokerage previously predicted the benchmark index would close at 7500 points by the end of the year. In its latest report, UBS noted that despite headwinds from the Middle East conflict, the US stock market has shown resilience. This is mainly attributed to market expectations of an end to the war, strong first-quarter earnings reports, and the continued momentum of artificial intelligence. Therefore, UBS believes that US stocks will continue their strong upward trend in the second half of the year, closing up another 6% from current levels. Morgan Stanley also turned bullish on US stocks earlier this week, now predicting the S&P 500 will reach 8300 points in the next 12 months, as stronger earnings will continue to outweigh any other negative factors. The bank also raised its year-end target for the benchmark index to 8000 points (previously 7800 points). Morgan Stanleys upward revision is primarily driven by the strong performance of US companies in the latest earnings season. The bank estimates that S&P 500 earnings grew by about 27% year-over-year in the first quarter, far exceeding analysts’ pre-earnings forecasts of about 12%.Japanese Foreign Minister: We hope that ships from all countries, including Japan, can pass freely and safely through the Strait of Hormuz.On May 22, it was reported that, in order to severely crack down on transnational telecommunications and online fraud and other illegal and criminal activities, Chinese public security organs and Lao police have continued to carry out international law enforcement cooperation. Recently, Lao police transferred 494 suspects involved in fraud, arrested in a previous special operation, to Chinese authorities. This is another significant achievement in the joint efforts of the two countries police forces to combat transnational telecommunications and online fraud. A relevant official from the Ministry of Public Security stated that public security organs will continue to deepen law enforcement cooperation with relevant countries, further solidify and improve joint crackdown mechanisms, and continue to carry out operations such as dismantling dens, apprehending ringleaders, and repatriating suspects, striving to squeeze the space for telecommunications and online fraud activities and resolutely curb the high incidence of transnational telecommunications and online fraud.

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.