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On September 22nd, UBS strategists pointed out that the popularity of Metas new consumer-facing AI agent, Muse, indicates a growing demand for products across the entire AI supply chain. They stated that the successful launch of Muse demonstrates that AI companies have other revenue streams besides selling technology to large enterprises. The strategists added that increasing competition in the AI product sector will further drive demand for computing power and AI infrastructure, benefiting leading companies in the high-quality semiconductor and hardware industries.On September 22, at the 2026 Intel Technology Innovation and Industry Ecosystem Conference, Intel CEO Li-Wu Chen stated that as the cornerstone of modern computing, x86 continues to drive the development of computing towards intelligent applications. Leveraging Intels unique advantages in CPUs, GPUs, ASICs, advanced packaging, and wafer manufacturing, along with its open ecosystem covering cloud, edge, and device, Intel is confident in seizing unprecedented development opportunities together with customers and ecosystem partners. "Over the past year, my team and I have been dedicated to shaping a revitalized Intel, one that inherits its deep-rooted heritage while focusing on technological innovation, engineering strength, rapid execution, and customer focus," said Chen. He added that Intel is continuously strengthening its execution capabilities to better support the development and success of its ecosystem partners, and looking to the future, will work with them to define the next generation of computing.On September 22, according to Saudi Arabias Al Arabiya television, Israeli Defense Minister Katz stated that Israel will not completely withdraw from the Gaza Strip as long as Hamas exists. Katz said that Israeli troops will continue to be deployed in the Gaza Strip, Lebanon, and safe zones in Syria. He also stated that Israel is prepared to strike Iran again to overthrow the Iranian regime if necessary.On September 22nd, Afonso Borges, a fixed-income analyst at Julius Baer, noted in a report that the flattening of the US Treasury yield curve following the Federal Reserves "clearly hawkish" interest rate decision last week indicates that the Feds increased credibility is suppressing long-term yields. Borges stated that this phenomenon supports Julius Baers strategy of favoring medium-duration assets. He pointed out, "Unlike typical rate hike cycles after the global financial crisis, last weeks decision was by no means dovish." Borges added that previously, betting on a steepening yield curve was a primary way for the market to express concerns about institutional credibility, and the reversal of this trend suggests that the Feds willingness to tighten policy has alleviated these concerns. "For portfolios, this supports our overweighting of duration, with a focus on medium-term bonds."Slovak Prime Minister Fico: The EU should hold a special summit to discuss fuel prices.

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.