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On March 10, the European Commission for Economic and Financial Affairs held a meeting in Brussels, Belgium, attended by finance ministers from EU member states. According to information previously published on the EU website, the meeting agenda included a routine discussion on the impact of the Russia-Ukraine conflict on the current economic and financial situation in Ukraine.On March 10th, it was reported that Federal Reserve Chair nominee Kevin Warsh will meet this week with a Republican senator who previously blocked his confirmation by opposing President Trumps attacks on the Fed. Warshs meeting is intended to resolve differences and move the nomination forward, but it also reflects the Trump administrations intention to interfere with the Feds independence. This event not only concerns a change in Fed leadership but could also affect the future direction of US monetary policy and the stability of global financial markets.Iraqi sources say a drone was intercepted in the Baghdad airport area.A research report released on March 10th indicates that the war with Iran, which has driven up liquefied natural gas (LNG) and coal export prices, will bring additional revenue to the Australian treasury, but households will also be hit by soaring petrol costs. Economist James McIntyre stated that the closure of Qatar Energys LNG export terminal could result in Australias LNG export revenue being 35% to 40% higher than the governments forecast. He estimates that disruptions to gas and oil supplies are prompting the market to shift to coal, and the recent 20% to 25% rise in coal prices could add approximately A$5 billion (US$3.5 billion) to Australias export revenue. McIntyre predicts that rising petrol and diesel prices will increase Australias overall CPI by 0.9 percentage points in March. He expects the Reserve Bank of Australia to ignore this reading and continue to focus on core inflation indicators. He estimates that the rise in Australian petrol prices alone is equivalent to a 25 basis point interest rate hike.On March 10th, OPPO and OnePlus announced price adjustments, stating that starting March 16th, prices for OPPOs A-series, K-series, and OnePluss existing products will be adjusted. There are reports that leading brands such as vivo and Honor are also planning price increases in mid-to-late March, but there has been no official confirmation from these sources. Industry insiders predict that due to cost pressures, the mobile phone market may see multiple rounds of price adjustments in 2026, with a second or even third round potentially occurring in the second half of the year.

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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