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Market sources say Russia is preparing to extend its diesel export ban until August, but could lift it earlier if domestic supply conditions improve.On July 29th, Berenberg Bank analyst Andrew Wishart noted in a report that the Bank of England is likely to maintain its key interest rate at 3.75% on Thursday. However, the central bank may warn of a potential rate hike if energy prices rise sharply or a second round of inflation occurs. However, this warning does not necessarily mean a rate hike is highly probable. He stated that the mere threat of a rate hike, coupled with rising oil prices, would be enough to push up interest rate expectations and mortgage costs, thereby reducing the risk of inflation. Instead, Wishart believes the Bank of England may actually resume rate cuts in December, subsequently lowering the policy rate to 3.0% by mid-2027. He pointed out that wage and service sector inflation are trending downwards, and US President Trump will want to avoid rising oil prices as the midterm elections approach.Yemeni diplomatic missions: The Saudi-US attack on Iraq is a blatant violation of international law. Iraq and its people have the right to legitimately retaliate against this crime.Russian Defense Ministry: Russian troops have taken control of Svetly and Novasich in eastern Ukraine.July 29th, Futures News: 1. According to feedback from cotton regulatory warehouses/delivery warehouses in Aksu, Kashgar, and Kuitun, the transfer of Xinjiang cotton to inland areas has slowed since mid-to-late July, and the pressure on loading and shipping at storage warehouses has decreased. This is particularly evident at warehouses in Shihezi, Changji, and Kuitun in northern Xinjiang. Industry insiders believe that in addition to the start of sales of central reserve cotton, this is also related to factors such as the increasingly obvious off-season trend for domestic sales in June and July, the continued increase in the proportion of production restrictions and reductions by small and medium-sized textile mills in inland areas, and the continuous weakening supply of high-quality, high-grade cotton ("double 29/double 30/double 31") in Xinjiang warehouses. 2. According to surveys/estimations of some cotton-related enterprises in Xinjiang, as of July 20, the commercial cotton inventory in Xinjiang may have dropped to around 1.45 million tons. Moreover, the resources from Kashgar, Kizilsu, Hotan and Aksu in southern Xinjiang account for a relatively high proportion. Meanwhile, the inventory of bonded warehouses in Xinjiang, such as Western Pearl Bonded Logistics, is mainly cotton from Kazakhstan, Afghanistan and Turkey. Therefore, it is expected that more Xinjiang textile enterprises will participate in the auction of the 2026 central reserve cotton in August and September, and increase the replenishment of high-index and high-spinnability cotton such as "double 29/double 30" to safely get through the "supply gap period".

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.