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June 25th - Major U.S. banks increased their dividend payouts after passing the Federal Reserves annual stress test. In recent years, the threshold for this test has been relaxed as regulators have gradually adjusted relevant requirements. JPMorgan Chase (JPM.N), the largest bank in the U.S., raised its quarterly dividend from $1.50 to $1.65 per share. In addition, JPMorgan Chase approved a new $50 billion share buyback program, effective July 1st. Wells Fargo (WFC.N) raised its dividend from $0.45 to $0.50 per share, while Morgan Stanley (MS.N) increased its dividend from $1 to $1.15 per share. Goldman Sachs (GS.N) raised its dividend from $4.50 to $5 per share.Nick Timiraos, a Fed mouthpiece, said that some forecasters who convert US PPI and CPI data into May PCE expect the US core PCE to record a strong reading and a large gap (discrepancy) with the CPI. He expects the core PCE year-on-year growth rate to reach 3.4% when it is released on Thursday.US President Trump: The vote on Iran’s war powers is meaningless.US President Trump: Oil companies havent done enough to lower gasoline prices; I spoke with oil companies today.On June 25th, Qualcomm (QCOM.O) shares rose as much as 15% in after-hours trading on the US stock market. Qualcomm announced it is raising its fiscal 2029 non-mobile revenue target to $40 billion, roughly double its previous fiscal 2029 target. The company also stated that its current goal is to achieve over $15 billion in AI data center revenue in fiscal 2029.

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.