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U.S. Treasury Secretary Bessant: We have also warned that any entity assisting Iran will not be allowed continued access to the dollar and the global financial system. The UAE branch of Egypts Misr Bank has decided to "learn the lesson" from this warning. Today, we are taking the first step in holding them accountable in response to their continued and egregious support of the Iranian regime.U.S. Treasury Secretary Bessenter: The Treasury Department pledged to cut off every remaining economic lifeline of Tehran, ultimately ending the threat to the Iranian regime.The Russian Foreign Ministry stated that it has not received any proposals from Ukraine or other parties to resume negotiations.August 28th - According to the Associated Press, Federal Reserve Chairman Warsh said on Friday that inflation remains too high. He hinted that the central bank may need to raise interest rates in the coming months to reduce inflation. This statement more clearly reflects his view on the economic situation than his previous remarks. In a prepared speech at the Jackson Hole Economic Symposium, Warsh acknowledged that recent inflation data indicated a slowdown in inflation, but "these data do not suggest a significant improvement in the overall trend." "We must be confident that underlying inflation is moving toward the target, or there is still a lot of work to be done." On Friday, Warsh remained skeptical of forward guidance and even declined to reveal his overall thinking on interest rate policy. However, he did point out that current interest rate levels are not hindering economic activity.On August 28th, Federal Reserve Chairman Warsh stated on Friday that if policymakers are not confident that inflation is falling back to 2% "at a clear and sufficiently fast pace," the Fed "still has work to do." This suggests that if price pressures do not improve, the Fed may raise interest rates next. Warsh explicitly stated that he still adheres to the Feds long-standing policy path of managing inflation by adjusting interest rates. This significantly increases the likelihood of a further rate hike by the Fed, which could potentially create a rift with President Trump, who has long sought rate cuts. This statement essentially eliminates the ambiguity previously left. At a press conference at the end of July, Warsh declined to comment extensively on whether a rate hike was needed to address the sharp rise in inflation this year, which has been above the Feds target for more than five consecutive years.

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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