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Tencent Holdings (00700.HK): On June 9 (New York time), the Company entered into subscription agreements with the US dollar notes underwriter for the planned issuance of US$2.45 billion in US dollar notes and with the RMB notes underwriter for the planned issuance of RMB15 billion in RMB notes.On June 10th, Futures News reported that Trump stated a peace agreement with Iran was expected to be signed within two or three days, and US Energy Secretary Wright indicated a "significant increase" in ship traffic through the Strait of Hormuz. During Asian trading hours, oil prices continued their decline from Monday, with WTI falling below the $90 mark, briefly approaching $85, a drop of over 10% from its high in two trading days. In the early morning, oil prices rebounded sharply after Trump declared a response to the downing of a US military aircraft by Iran, narrowing the losses by the close. Crude oil prices have seen significantly increased volatility this week, and many uncertainties remain. Foreign media statistics show that US President Trump has declared an agreement "imminent" 37 times, but no agreement has been reached to date. Besides geopolitical factors, supply and demand are also negatively impacting the market. Oil prices have already fallen back to around $90, and the potential for further significant declines in the short term is relatively limited. If US-Iran negotiations do not proceed smoothly, oil prices still have a high probability of rebounding.1. U.S. stock indexes closed mixed. The Dow Jones Industrial Average rose 0.17% to 50,872.11 points, the S&P 500 fell 0.26% to 7,386.65 points, and the Nasdaq Composite fell 0.97% to 25,678.82 points. Home Depot and Sherwin-Williams rose more than 3%, leading the Dow Jones gains. The Wind U.S. Tech Big Seven Index fell 1.24%, with Apple falling more than 3% and Tesla falling 3%. The Nasdaq China Golden Dragon Index fell 0.39%, with Daqo New Energy falling more than 7% and Jinko Solar falling nearly 7%. 2. European stock indexes closed mixed. The German DAX fell 0.74% to 24,433.06 points, the French CAC40 rose 0.05% to 8,203.43 points, and the UK FTSE 100 fell 1.41% to 10,227.33 points. 3. The WTI crude oil futures contract closed down 2.85% at $88.7 per barrel; the Brent crude oil futures contract fell 2.57% to $91.83 per barrel. 4. International precious metals futures generally closed lower, with COMEX gold futures down 1.80% to $4284.80 per ounce and COMEX silver futures down 4.56% to $65.46 per ounce.Sources say SpaceX has informed investors that it aims to begin testing orbital AI computing in 2027.According to Iranian state media, the situation has now calmed down following the US attack on southern 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.