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On April 28th, Marcel Thieliant, Head of Asia Economics at Capital Economics, stated that although the Bank of Japan kept interest rates unchanged, its outlook report leaned hawkish. Thieliant maintained his forecast that the Bank of Japan would raise interest rates in June. He added that three committee members voted in favor of the rate hike, marking the largest dissent since the implementation of negative interest rate policies in 2016. While the votes of traditionally hawkish Hajime Takada and Naoki Tamura were not surprising, this was the first time Junko Nakagawa had joined the dissent.Australian Foreign Minister Penny Wong: I met with Japanese Minister of Economic Revitalization Ryoma Akazawa in Tokyo today to discuss joint approaches to energy and fuels. Australia and Japan are committed to maintaining open trade flows between the two countries to support shared energy security.On April 28th, BNP Paribas analysts stated in a research report that regardless of how the situation develops in the coming days or weeks, the Middle East conflict will have a lasting impact on the global economy. The bank currently expects lower global GDP growth, higher inflation, and a more hawkish stance from central banks compared to their initial forecasts. However, they noted that stronger growth momentum prior to the conflict, as well as structural factors such as artificial intelligence and defense spending, may provide support. BNP Paribas projects US GDP growth of 2.4% in 2026, while the Eurozones economic growth is likely to be 1%.On April 28th, the yen strengthened after the Bank of Japan raised its inflation forecast and three committee members supported a rate hike, appreciating as much as 0.3% to 158.97 against the dollar. The number of committee members supporting a rate hike rose to three, up from one at the March meeting, indicating a strengthening hawkish stance within the committee. Uncertainty surrounding the war with Iran and the resulting surge in energy prices are casting a shadow over the economic outlook and becoming a greater concern as the Bank of Japan weighs inflation risks against growth. Masahiko Loo, senior fixed income strategist at State Street Global Advisors, said, "The Bank of Japans hawkish stance should be seen as a signal of both currency defense and inflation control, indicating that the authorities tolerance for further yen weakness is decreasing given the resilience of domestic inflation and growth." The Bank of Japan also raised its core inflation forecast for the current fiscal year to 2.8% and lowered its economic growth forecast to 0.5%. Market focus will shift to Governor Kazuo Uedas press conference for clues on when policymakers might further tighten policy. A hawkish signal from Ueda could push the yen further away from the 160 level. Overnight index swaps indicate that the market expects a 61% probability of a rate hike in June and has fully priced in the expectation of a 25 basis point rate hike in September.Futures News, April 28th: As of April 27th, the mainstream market closing price of benzene in East China was 8650 yuan/ton, up 25 yuan/ton from the previous trading day. Stronger crude oil futures prices boosted market sentiment. Contract traders replenished their inventories on dips, and some downstream buyers stocked up before the May Day holiday, resulting in generally acceptable trading volume. Although negative feedback from downstream companies operating at a loss is intensifying, there has been no immediate adjustment in operating rates, and overall, the bottom support remains relatively strong. With US-Iran negotiations stalled, European and American crude oil futures rose to a two-week high; the market price is expected to remain relatively strong in the short term.

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.


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