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Pacific Securities: Net profit attributable to shareholders of the listed company in the first quarter of 2026 was RMB 24.3814 million, a year-on-year decrease of 64.11%.On April 29th, Priyanka Sachdeva of Phillip Nova stated in a report that the underlying demand for gold as a hedge against uncertainty remains robust. This means that even if gains are limited, macroeconomic uncertainty will still provide structural support for gold prices. She pointed out that the strengthening dollar and expectations of interest rate cuts have limited the upward momentum of gold, factors that have weakened the appeal of non-yielding assets like gold.April 29th - Spanish inflation unexpectedly accelerated further, exceeding the European Central Banks 2% target, supporting market expectations of an interest rate hike this year due to the conflict with Iran. Data released Wednesday showed that Spains CPI rose 3.5% in April, up from 3.4% in March and also exceeding market expectations. This increase was driven by fuel costs. Core inflation, excluding energy and some food items, fell slightly to 2.8%. The data was released as the European Central Bank held a two-day meeting, with analysts and investors expecting it to keep interest rates unchanged. Policymakers are still assessing the extent to which rising prices, such as gasoline, will transmit to other sectors of the economy. Spain is the first major Eurozone economy to release April inflation data, marking the second full month since the Middle East conflict. Germany will release its data later today, and overall Eurozone data will be released on Thursday before the ECBs interest rate decision.On April 29, it was announced that China will fully implement zero-tariff measures on 53 African countries with which it has diplomatic relations, effective May 1, 2026. Foreign Ministry Spokesperson Lin Jian stated at a regular press conference on the 29th that China has noted the strong anticipation and positive feedback from African countries regarding the zero-tariff measures. Given the current rise of global protectionism and unilateralism, and the spillover effects of the Middle East situation reaching neighboring continents, Chinas zero-tariff approach to sharing opportunities and promoting common development with Africa demonstrates the determination of both China and Africa to contribute to global peace and development through stability. Lin Jian added that China will also continue to negotiate and sign agreements on economic partnerships for common development with relevant African countries, simultaneously upgrade the green channel for African agricultural and food products exported to China, and continuously improve the level of trade facilitation between China and Africa.Futures News, April 29th: Shanghai Futures Exchange (SHFE) Energy and Chemical Warehouse Receipts and Changes: 1. Pulp futures warehouse receipts: 189,412 tons, an increase of 974 tons compared to the previous trading day; 2. Pulp futures mill warehouse receipts: 15,000 tons, unchanged compared to the previous trading day; 3. Offset paper futures warehouse receipts: 957 tons, unchanged compared to the previous trading day; 4. Offset paper futures mill warehouse receipts: 5,160 tons, unchanged compared to the previous trading day; 5. Fuel oil futures warehouse receipts: 133,350 tons, unchanged compared to the previous trading day. 6. Petroleum asphalt futures warehouse receipts totaled 28,610 tons, a decrease of 2,900 tons from the previous trading day; 7. Petroleum asphalt futures factory warehouse receipts totaled 31,890 tons, a decrease of 4,540 tons from the previous trading day; 8. Medium-sulfur crude oil futures warehouse receipts totaled 3,511,000 barrels, unchanged from the previous trading day; 9. Low-sulfur fuel oil futures warehouse receipts totaled 31,570 tons, unchanged from the previous trading day; 10. Low-sulfur fuel oil futures factory warehouse receipts totaled 0 tons, unchanged from the previous trading day.

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.