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Market news: Refueling restrictions have been implemented at four Italian airports.April 5th - According to Turkeys semi-official Anadolu Agency, the Kuwaiti Ministry of Finance stated on Sunday that the Iranian drone attack on Saturday night caused significant property damage to a complex in Kuwait City, but no casualties. The statement said that the emergency response team and relevant authorities acted swiftly according to established procedures to handle the incident. Employees will work remotely on Sunday, with on-site work resuming on Monday, at which time preventative measures will be implemented.April 5th - Today is the second day of the Qingming Festival holiday. The national railway system is expected to transport 14.7 million passengers, with 768 additional trains planned. From April 3rd to 7th, the national railway system is expected to transport a total of 90.5 million passengers. Regarding road travel, the Ministry of Transport reports that the volume of passenger vehicles on national expressways is expected to exceed 54 million, of which approximately 14 million are new energy vehicles. Today, road travel will primarily consist of short-distance trips, with increased visitor flow to parks, suburban tourist attractions, and cemeteries, putting significant pressure on surrounding roads.April 5th - According to the South China Morning Post, Thailands multi-billion dollar fishing industry has been severely impacted by soaring diesel prices caused by Irans blockade of the Strait of Hormuz in retaliation for attacks by the United States and Israel. The National Fisheries Association of Thailand reports that half of Thailands massive deep-sea fishing fleet is already anchored in port. The association warns that without government intervention, the remaining vessels will soon cease operations. This could be disastrous for an industry involving hundreds of thousands of people, from deep-sea fishermen to high-end restaurants. Boat owners say they are facing unprecedentedly high prices for diesel fuel needed for their fleets. Last week, diesel prices exceeded 45 baht (US$1.38) per liter, more than 30% higher than pre-war levels. They also still need to pay crew wages.April 5th - Economists say the sudden surge in gasoline prices, felt by American consumers, will be fully reflected in key inflation data released this week. The US March CPI is expected to rise 1% month-over-month, the largest monthly increase since 2022; core CPI is likely to rise 0.3% month-over-month. The Iran war previously pushed up gasoline prices at US gas stations by about $1 per gallon. The day before the CPI data release, the Federal Reserves preferred inflation gauge will provide information on pre-war price pressures. Economists expect the core PCE price index to rise 0.4% for the third consecutive month in February, suggesting that even before the conflict, the process of inflation falling back to a more moderate level had stalled. Combined with signs of stabilization in the US labor market, persistent price pressures, and new inflationary risks from the Middle East war, this helps explain why the Federal Reserve may find it difficult to lower interest rates this 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.