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According to Iranian media Fars News, Iranian Foreign Minister Araqchi has arrived in India to attend the BRICS Foreign Ministers Meeting to be held from May 14 to 15.Traders said that crude oil exports from the Russian Far East port of Kozmino via the Pacific Ocean (ESPO) pipeline are expected to increase to 4.3 million tons in May from 4.1 million tons in April.The Central Bank of Russia predicts that the structural liquidity gap in the banking sector will reach 2.4-3.6 trillion rubles by the end of 2026.On May 13th, Nick Timiraos, often referred to as the "Federal Reserve mouthpiece," wrote that the U.S. House Financial Services Committee is considering a bill to amend the Federal Reserve Act, eliminating the Feds dual mandate and focusing solely on price stability. The bill proposes amending Section 2A of the Federal Reserve Act (12 U.S.C. 225a) by removing "maximizing employment and stabilizing prices" and inserting "stabilizing prices." Timiraos points out that its worth considering whether the Fed would have chosen to cut interest rates last year if this bill had been enacted.May 13th - According to the Federal Reserves annual survey, the vast majority of Americans will remain concerned about high prices in 2025, while anxiety about the job market is also rising. With job growth nearing stagnation last year, 42% of adults said that finding or keeping a job caused some degree of anxiety, up from 37% in 2024. Meanwhile, about nine out of ten respondents expressed concern about rising prices. The survey was conducted last October, before the Iran-Iraq War, but even so, affordability issues are already widespread in 2025 and are expected to be a key issue in the upcoming midterm elections.

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.