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On June 2nd, Swiss National Bank (SNB) President Schlegel stated that the bank has not set a specific exchange rate target. He reiterated the central banks stance that its willingness to intervene in the Swiss francs exchange rate has increased. He stated, "The SNB ensures an appropriate monetary environment by setting the central banks policy rate and will take other measures, such as intervention in the foreign exchange market, when necessary. However, the SNB does not pursue an exchange rate target. Due to the deteriorating situation in the Middle East, the Swiss franc is facing upward pressure, leading to a stronger willingness for the central bank to intervene in the foreign exchange market."Crimean leaders stated that Russian President Vladimir Putin has personally taken charge of addressing the gasoline shortage on the peninsula and urged the public to remain patient and calm in the face of the shortage.On June 2nd, Liu Guozhong, member of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, conducted research in Hebei Province from June 1st to 2nd. He emphasized the need to maintain unwavering focus on the "Three Summers" (summer planting, summer harvesting, and summer management) to solidify the foundation for a bumper grain harvest throughout the year, to carry out regular monitoring and assistance in a solid and effective manner, and to continuously consolidate and expand the achievements in poverty alleviation, laying a solid foundation for the comprehensive revitalization of rural areas and high-quality economic and social development. Liu Guozhong stressed the importance of ensuring the smooth procurement of summer grain, guiding various enterprises to actively participate in the market, and promoting grain prices to remain at a reasonable level. He also emphasized the need to coordinate summer planting and management, strengthen the supply and price stability of fertilizers, guide scientific fertilization and fertilizer conservation, and implement detailed measures to increase yields on a large scale.The Russian Ministry of Defense stated that it had struck defense industrial facilities in several regions of Ukraine.June 2 – On June 2, Ren Hongbin, Chairman of the China Council for the Promotion of International Trade (CCPIT), met with a delegation led by Sir John Woodward, Chairman of the China-Britain Business Council, and Peter White, CEO, in Beijing. The two sides exchanged views on promoting exchanges between the Chinese and British business communities, consolidating and enhancing cooperation between the two organizations, jointly serving mutual investment between Chinese and British companies and conducting third-party market cooperation, and deepening international cooperation in industrial and supply chains.

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.