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On August 15th, local time, the Yemeni government forces stated that the Houthi rebels launched six ballistic missiles at the southwestern Yemeni port of Mocha, targeting local civilian and government facilities in an attempt to impose a blockade and exacerbate the plight of the people. On the same day, the Yemeni Ministry of Health issued a statement strongly condemning the Houthi attack on Mocha and warning of serious health and humanitarian consequences. The Ministry of Health called on the United Nations, international organizations, humanitarian agencies, and the international community to condemn the Houthi attacks on civilian and critical infrastructure, protect infrastructure essential to peoples basic needs, ensure the continued delivery of supplies and humanitarian aid, and strengthen emergency health and nutrition assistance to the western coastal regions of Yemen and other affected areas.Yemens health ministry: A missile attack launched by Houthi rebels against Mocha, Yemen, tonight killed one civilian and injured eight others.On August 15th, Broadcoms stock price fell nearly 7% intraday on Friday as the market focused on the financing model behind its AI infrastructure expansion. Bank of America analysts estimate that Broadcoms financing platform for its AI chip customers could accumulate up to $370 billion in senior debt by mid-2029, with new issuances in 2027 alone potentially reaching approximately $150 billion. This estimate is based on a 20-gigawatt data center. The debt is assumed by the financing platform, not directly by Broadcom, but Broadcom has already guaranteed some customer lease payments, with the first guarantee amounting to approximately $29 billion. This financing model began in June of this year, led by Apollo Global Management and Blackstone Group, providing $35 billion in funding for Broadcoms AIXPV platform. The first tranche will support Anthropic in building over 1 gigawatt of computing power, with the platform planned to provide over 20 gigawatts of computing power by 2028. As the AI infrastructure expands, the future scale of Broadcoms guarantees will be a key focus for the market.On August 15th, Tiger Global Management conducted a large-scale portfolio adjustment in the second quarter. Regarding reductions: Broadcom (AVGO.O) was reduced by 51.1% to 1.8 million shares; Google A (GOOGL.O) was reduced by 45.4% to 5.8 million Class A shares; TSMC (TSM.N) was reduced by 12.3% to 4.9 million ADSs; Microsoft (MSFT.O) was reduced by 9.3% to 2.3 million shares; Meta Platforms (META.O) was reduced by 8.5% to 2.8 million Class A shares; Nvidia (NVDA.O) was reduced by 6.8% to 11.2 million shares; and JD.com (JD.O) was reduced by 41.5% to 201,500 ADSs. Regarding increases: Intel (INTC.O) holdings were increased to 4.3 million shares. New positions were established in AMD (AMD.O) with 674,000 shares and SpaceX (SPCX.O) with 375,000 shares. All holdings in Netflix (NFLX.O) were liquidated.According to the Wall Street Journal, JPMorgan Chase (JPM.N) has terminated its banking relationship with Polymarket due to regulatory issues.

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.