• English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Next week will see a flurry of earnings reports from tech stocks, including Google (GOOGL.O), Tesla (TSLA.O), Intel (INTC.O), AT&T (TN), and IBM (IBM.N). On the economic data front, Chinas one-year loan prime rate as of July 20, the preliminary July S&P Global Manufacturing PMI for the US, and the June Conference Board Leading Economic Index for the US will also be released next week. For a complete earnings calendar, please check the calendar section of the US-Hong Kong Telecom APP. Click to view...On July 17, the European Commission proposed reducing the linear reduction factor of the Emissions Trading System (ETS) to 3.1% from 2031 to 2035, and further to 1.7% after 2036, down from the current 4.3%. It also proposed lowering the inclusion rate of the ETS market stability reserve to 12% after 2030, down from the current 24%. Furthermore, it proposed using international carbon offset credits to cover 2% of emissions reductions in the ETS sector, and adding 250 million tons of domestic carbon removals to the ETS. The Commission further proposed issuing 80% of free carbon emission permits to various industries in advance, with the remaining 20% to be issued after they complete their committed decarbonization investments.On July 17, President Xi Jinping met with Thai Prime Minister Anutin Charnvirakul at the Shanghai Xijiao Hotel. Anutin was in China to attend the 2026 World Artificial Intelligence Conference and the High-Level Meeting on Global Governance of Artificial Intelligence, and to pay an official visit. Xi Jinping emphasized that, facing a complex and profoundly changing international situation, China and Thailand should maintain close high-level exchanges, make good use of the "2+2" strategic dialogue mechanism between the two countries foreign and defense ministers, and promote strategic cooperation to a higher level. He stressed the need to accelerate the construction of the China-Thailand railway and the interconnection of the China-Laos-Thailand railway, and expand cooperation in emerging fields such as artificial intelligence, aerospace, and clean energy. He also emphasized strengthening cooperation in tourism, media, and education to foster closer ties between the people of the two countries. Finally, he stressed the importance of continuing to vigorously combat cross-border crimes such as online gambling and telecom fraud to create a safe environment for practical cooperation and people-to-people exchanges between the two countries.Bernstein: Lowered its price target for Netflix (NFLX.O) from $100 to $95.Kremlin: The U.S. investigation previously confirmed that Russia did not interfere in the U.S. election.

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.