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According to Iranian sources on the 23rd, Irans Permanent Representative to the United Nations, Illavani, sent a letter to UN Secretary-General Guterres and the Security Council, arguing that the United States and Israel should bear full responsibility for their illegal attacks on Iranian civilian space and communications infrastructure.On April 23, the Bank of Korea stated on Thursday that global demand for artificial intelligence technology drove export growth, resulting in a strong rebound in the South Korean economy at the beginning of the year. The countrys GDP grew by 1.7% quarter-on-quarter in the first quarter of this year, reversing the contraction expected in the fourth quarter of 2025 and marking the fastest growth since the third quarter of 2020. This figure exceeded the consensus forecast of 0.9% in institutional surveys and even surpassed the most optimistic predictions. Data showed that chip exports increased by 139.1% year-on-year in the first quarter, more than double the growth rate of the previous quarter, with overall export growth reaching its highest monthly rate since 2021. Construction investment and equipment investment grew by 2.8% and 4.8%, respectively. However, risks remain for the South Korean economy, whose growth momentum has been volatile in recent quarters. Consumer confidence fell to a 10-month low in March as the war with Iran cast a shadow over growth and price prospects.On April 23, White House National Economic Council Director Hassett expressed support for Federal Reserve Chairman Powells plan—to remain as Fed chairman temporarily if his successor is not confirmed by the Senate by the end of his term in May. Hassett stated on Wednesday, "I think this is the proper legal understanding." Trump has nominated Warsh to succeed Powell, but Republicans currently do not have enough votes to move the nomination from the Senate Banking Committee to the Senate for confirmation. Republican Senator Thom Tillis indicated he would postpone the vote until the Justice Department ceases its alleged "sham" investigation into cost overruns in the Fed building renovation project. Speaking about Warsh, Hassett said, "We are very confident that he will become chairman in the appropriate time. I believe there will be discussions about how to proceed."SK Hynix: Storage efficiency technology is expected to expand the overall market; for server chips, the demand base for both DRAM and NAND is expanding; demand for PC/smartphone chips is showing some signs of weakness.1. WeChat Pay integrates QR codes from five countries. 2. TSMC showcases next-generation chip technology to bypass ASMLs expensive new equipment. 3. Li Auto denies involvement in smuggling: has never participated and will assist police investigation. 4. Tencent and Alibaba reportedly in talks to invest in DeepSeek, potentially valuing the company at over $20 billion. 5. Google Cloud AI usage reaches 16 billion tokens per minute. 6. Strong demand for memory chips drives SK Hynixs quarterly profit up 406%. 7. Nvidia participates in Vast Datas latest funding round, raising its valuation to $30 billion. 8. Teslas Q1 revenue slightly missed expectations, but free cash flow and gross margin exceeded expectations. 9. SK Hynix will invest 19 trillion won to build a new chip factory. The advanced packaging plant will begin construction in April.

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.