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On September 11th, data from the U.S. Bureau of Labor Statistics on Friday showed that the core CPI, excluding food and energy, rose 0.3% month-over-month and 2.4% year-over-year. Driven by rising energy prices, the overall CPI rose 0.4% month-over-month and 3.4% year-over-year. The report indicated that facing continued pressure from the Iran war, tariffs, and data center construction, inflation made little progress toward the Federal Reserves target last month. Previously, some officials had hinted that the decision on September 15-16 would depend on data performance; given this data, the Fed is likely to consider it a catalyst for its first interest rate hike in three years. As investors increased their bets on a rate hike, U.S. Treasury yields rose, and stock index futures remained high. Fed Chairman Warsh had previously been reluctant to reveal the Feds intentions for its next move. Meanwhile, the U.S. economy is facing the challenge of a rebound in energy prices due to supply disruptions caused by the Middle East conflict and the Russia-Ukraine war. This week, oil prices broke through $100 per barrel, and U.S. retail diesel prices also hit a record high.September 11th - U.S. consumer prices accelerated in August as gasoline costs rebounded after two consecutive months of decline, strengthening financial markets expectations that the Federal Reserve may raise interest rates next week. The U.S. Bureau of Labor Statistics said on Friday that the Consumer Price Index (CPI) rose 0.4% month-over-month last month, following a slight increase of 0.1% in July. Consumer inflation rose 3.4% in the 12 months ending in August, unchanged from July. The seasonally adjusted core CPI rose 0.3% month-over-month in August, higher than the market expectation of 0.2%. Thursdays data already showed a rise in the Producer Price Index (PPI) in August, with several key components showing strong increases, which are included in the PCE inflation calculation. This, coupled with last weeks strong August jobs report, further boosted market expectations for a rate hike next week. After the release of the U.S. August CPI data, the market estimated a roughly 90% probability of a Fed rate hike next week.The market fully expects the Federal Reserve to raise interest rates twice before the end of the year.September 11 - Following the release of the US August CPI data, the market expects a 90% probability of a Federal Reserve rate hike next week.The U.S. unadjusted annual inflation rate for used cars and trucks was -2.3% in August, compared with -1.9% previously.

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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