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On July 9, Irans Permanent Representative to the United Nations, Illavani, sent a letter on July 8 to UN Secretary-General António Guterres and the Security Councils President for the month, Zenon Ngai Mukongo, Permanent Representative of the Democratic Republic of Congo to the UN, condemning in the strongest terms the United States repeated acts of aggression and its continued violations of the UN Charter and other norms of international law. The letter stated that the latest round of US aggression blatantly violates relevant provisions of the UN Charter and contravenes the provisions of the Islamabad Memorandum of Understanding. The USs repeated and deliberate violations of its commitments fundamentally betray the Memorandum of Understanding and must bear full international responsibility for all legal and political consequences arising from its illegal actions and the dangerous escalation of the situation. Given the seriousness of the situation, Iran reiterated the responsibilities entrusted to the UN Secretary-General and the Security Council by the UN Charter, particularly in cases involving aggression and threats to international peace and security. Iran urgently called on the Secretary-General and the Security Council to take immediate, effective, and decisive measures to compel the United States to cease its continued illegal acts of aggression and prevent further escalation.Oil-themed funds fluctuated higher, with Harvest Crude Oil LOF, E Fund Crude Oil LOF, and Southern Crude Oil LOF all rising over 7%. The S&P Oil & Gas ETF Fullgoal rose over 4%, and its oil LOF rose over 3%. Other oil funds, such as Huabao Oil & Gas LOF, followed suit. This was in response to news that Iran struck four US military bases in Kuwait and Bahrain.Goldman Sachs: If the 60-day negotiations continue and the Iranian oil waivers are restored, the Persian Gulf oil supply is expected to recover by the end of July; this would require an increase of 6.6 million barrels per day in oil supply from the Strait of Hormuz.The main fuel oil futures contract surged 6.00% intraday, currently trading at 3214.00 yuan/ton.July 9th, Futures News: The current crude oil market is highly fragile and sensitive, especially regarding the erratic behavior of the United States, making it prone to significant fluctuations. The previous decline in oil prices was a precise reflection of the concentrated release of resources following the opening of the Strait of Hormuz. However, with escalating geopolitical tensions, oil prices are expected to re-enter an upward trend, driven by a prolonged supply recovery cycle and rising panic. It is anticipated that WTI and Brent will test the $75 and $80/barrel levels respectively in the short term. If the conflict continues, a return to above $90/barrel would not be surprising; if the conflict subsides quickly, oil prices will likely trade between $65 and $75/barrel.

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.