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Ukrainian negotiators believe progress has been made in reaching an agreement with Russia, which caused European defense stocks to fall, with Rheinmetall shares down 6.6% and Leonardo shares down 5.5%.April 10th - Kremlin: Special Envoy Dmitrievs visit to the US is not a resumption of peace talks in Ukraine. Dmitriev did not negotiate on the Ukraine issue; Russia wants peace, not a ceasefire. Peace can be achieved today if Ukrainian President Zelensky makes a decision. The Orthodox Easter ceasefire has humanitarian significance.According to Hong Kong Stock Exchange documents, Suzhou Tianfu Optical Communication Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange.The Q1 earnings season for US stocks is upon us. Next week, pay close attention to the earnings reports from Goldman Sachs (GS.N), Bank of America (BAC.N), Citigroup (CN), and TSMC (TSM.N). Economic data to watch includes Chinas March trade balance and March industrial output growth (year-on-year); and the US March PPI year-on-year rate. Additionally, the State Council Information Office will hold a press conference next week on the national economic situation; several Federal Reserve officials will also speak. Please stay tuned. For a complete earnings calendar, please check the calendar section of the US-Hong Kong Telecom APP. Click to view...On April 10, Ukrainian negotiator Budanov stated that he has seen progress toward a potential peace agreement with the Kremlin, adding that resolving the war may not take too long. He expressed his belief that Russia also wants to end the war. "They both understand that the war needs to end. Thats why they are negotiating," Budanov said in an interview on April 4. "I dont think it will be long." Budanov, who served as head of Ukrainian military intelligence from 2020 to January of this year, is known for planning and sometimes personally leading raids against Russian forces. In January, President Zelensky appointed him as chief of staff of the presidential office. He is a key figure in the Ukrainian negotiating team in the trilateral talks aimed at ending the conflict. He also oversees prisoner exchanges with Russia. Although he has moved to an administrative role, Budanov retains the rank of lieutenant general, which gives him a unique perspective on the political and military challenges facing Ukraine. He acknowledged that both sides have maintained a "maximum demands" stance in the US-mediated negotiations so far, but expressed his belief that they will move closer together in seeking compromise.

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.