EUR/USD 1.16115
-0.119%
Gold 4389.26
-1.502%
Oil 89.878
1.718%
USD/JPY 159.485
-0.018%
GBP/USD 1.34012
-0.194%
GBP/JPY 213.735
-0.204%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On May 28th, European Central Bank President Christine Lagarde stated on Thursday that governments may be inclined to strengthen control over monetary authorities, making the maintenance of central bank independence even more crucial amidst an increasingly challenging global order. Lagarde said, "In an increasingly difficult world, the challenge is no longer just maintaining legal independence, but more importantly, maintaining the credibility needed to exercise that independence." "History has taught us a very clear lesson: building trust takes a long time, but losing it takes only a moment." Lagarde noted that over the past decade, the "de facto independence" of central banks in nearly half of the countries representing approximately 75% of global GDP has deteriorated. She also emphasized that policymakers face an increasingly unfavorable environment, including more frequent supply shocks, rising fiscal pressures, and declining public trust in public institutions. In this context, credibility earned through action is becoming increasingly decisive.On May 28th, SpaceX CEO Elon Musk stated on Thursday that SpaceX has only agreed to lease its Colossus AI training data center cluster to Anthropic for six months, but added that the agreement "could" be extended for several years. "SpaceX has not committed to leasing Colossus for many years, although that could certainly happen," Musk said. Earlier this year, SpaceX reached an agreement with Anthropic, with the latter paying $1.25 billion per month to use the computing power of its Colossus and Colossus II data center clusters in Memphis, Tennessee, until May 2029. SpaceX stated in a regulatory filing last week that either party can terminate the agreement with 90 days notice. The filing did not mention a six-month lease agreement. Musk stated that the agreement is a 180-day lease, after which either party can terminate it with 90 days notice. "We wont put them in a difficult position and will provide reasonable exit strategies, but if computing resources become extremely strained, I have indicated that we may need to reclaim those resources at some point." According to SpaceXs IPO filing, the companys AI business unit generated $818 million in revenue and incurred an operating loss of approximately $2.5 billion in the March quarter.European Central Bank President Christine Lagarde: The independence of the Federal Reserve is not a "sure thing".On May 28, Ministry of Commerce spokesperson He Yadong, responding to a question about the progress of China-US tariff negotiations at a regular press conference, stated that tariffs have always been one of the key issues in China-US economic and trade relations. Under the strategic guidance of the two heads of state, the China-US economic and trade teams have engaged in in-depth communication on tariff issues and made arrangements regarding bilateral tariffs. He reiterated his hope that the US side would honor its commitments and create positive conditions for expanding bilateral economic and trade cooperation. Meanwhile, both sides agreed in principle to discuss a framework arrangement for reciprocal tariff reductions on products of equivalent size under the Trade Council, with each sides scale being $30 billion or more. The economic and trade teams of both sides will maintain close communication, agree on specific arrangements, and promote their implementation as soon as possible.On May 28, Ministry of Commerce spokesperson He Yadong responded to a question at a regular press conference regarding the EUs proposed new steel tariffs to be implemented on July 1st. He stated that the EUs move is essentially protectionism, which will not only fail to maintain the competitiveness of the steel industry but will also severely impact Sino-EU steel trade and affect the stability of the global supply chain. Currently, China is conducting negotiations with the EU within the framework of the WTO. China hopes to achieve a win-win outcome through these negotiations and promote the steady and healthy development of Sino-EU economic and trade relations. If the EU discriminates against Chinese companies and products, China will take corresponding measures to resolutely safeguard its legitimate rights and interests.

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.


Suggestion