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On August 4th, according to South Korean media reports, the South Korean government will use national fiscal funds to cover up to all costs associated with the construction of infrastructure such as electricity and water resources in regions designated as semiconductor industry clusters. The detailed rules clarify matters related to the authorization of the Semiconductor Special Act, specifically including: the composition and operation of the Special Committee for Strengthening Semiconductor Industry Competitiveness; the designation procedures and related support measures for semiconductor industry clusters; support for semiconductor industry talent development; and the management and operation of the Special Account for Strengthening Semiconductor Industry Competitiveness. According to the regulations, the costs related to the construction and operation of industrial infrastructure required for semiconductor industry clusters can be borne by the central and local governments, with a minimum coverage of 50% and a maximum of 100% of the total project cost. Furthermore, the government can prioritize support for talent recruitment and matching for semiconductor companies outside the Seoul metropolitan area, as well as projects for local professional talent development and retraining.On August 4th, the Ukrainian Presidential Office announced on the 3rd that President Zelenskyy had dismissed Olga Stefanishina, the Ukrainian ambassador to the United States. Stefanishina was appointed ambassador in August 2025. She stated on social media that the dismissal was her own initiative and that she had "completed the main tasks planned when she took office."August 4th - HSBC Holdings (00005.HK) announced that for the six months ended June 30, 2026, the company achieved revenue of US$37.742 billion, an increase of 10.61% year-on-year; operating profit of US$17.963 billion, an increase of 18.50% year-on-year; net profit of US$15.321 billion, an increase of 23.15% year-on-year; and basic earnings per share of US$0.85.August 4th - According to Japanese media reports, the Japanese government plans to conduct commercial testing of autonomous trucks. The test routes will include not only highways but also ordinary roads to enable autonomous transportation between specific logistics bases. The government will determine the test routes and participating companies by the end of fiscal year 2026. Because driving on ordinary roads requires a higher level of technical capability than driving on highways, the Japanese government believes that conducting tests on ordinary roads is crucial for building a logistics network that utilizes autonomous trucks for long-distance transportation.India will seek parliamentary approval for a series of tax adjustments to boost foreign investment and domestic manufacturing, sources familiar with the matter said. Citing internal discussions and a publicly available list of bills, the sources said lawmakers will seek to pass legislation formalizing tax breaks for overseas investors purchasing Indian sovereign debt and exempting offshore funds from tax obligations if their investments are managed by Indian fund managers. The sources added that parliament will also vote on whether to extend tax breaks for overseas suppliers providing equipment to domestic electronics manufacturers and to offer incentives for data centers and diamond mining. Modi has been taking a series of measures to curb capital outflows and support the rupee. These measures are particularly urgent in the wake of the Iraq War, aimed at cushioning economic shocks and strengthening the economys resilience to external shocks.

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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