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July 16th - A survey released by the Bank of Japan on Thursday showed that over 90% of Japanese households expect prices to continue rising over the next year, up from three months ago, indicating further inflationary pressures and strengthening market expectations for further interest rate hikes by the Bank of Japan. This survey result will be one of the key factors the Bank of Japan will assess at its monetary policy meeting this month. The survey showed that the percentage of households expecting prices to rise over the next year rose to 90.4% in June, up from 83.7% in the previous survey. The percentage of households expecting prices to rise over the next five years was 86.1%, up from 82.6% in the previous survey in March. With the cost of living continuing to rise, 49.9% of households expect their economic situation to worsen over the next year, up from 32.8% in the March survey and reaching the highest level since December 2008.July 16th - The UK Office for National Statistics (ONS) announced on Thursday that the UK economy grew in May, indicating that consumers and businesses were more resilient than previously expected in the face of political turmoil and rising energy prices. UK GDP grew by 0.1% month-on-month in May, reversing a 0.1% decline in April. This economic improvement comes amidst political turmoil and an energy crisis. At that time, Labour leader Keir Starmer suffered a major defeat in the May local elections, making his governments hold on power precarious, and the British public began to anticipate another change of prime minister. Meanwhile, ongoing conflicts in the Middle East continued to push up oil prices and dampen market confidence. A recent OECD report warned that Burnham, who will succeed Starmer as Prime Minister next Monday, will inherit a UK economy facing "significant challenges."The yield on Japans 20-year government bonds rose 6.0 basis points to 3.595%.The yield on Japans 40-year government bonds rose 7.0 basis points to 3.825%.Total Energy: The impact of the Middle East conflict on the second quarter was approximately 210,000 barrels of oil equivalent per day, lower than the guidance of 360,000 barrels of oil equivalent per day announced in the previous quarter.

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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