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As of 09:30 Beijing time, WTI crude oil futures rose 0.06%, and US natural gas futures rose 0.36%.The Peoples Bank of China announced today that it conducted 215 billion yuan of 7-day reverse repurchase operations, with both the bid and winning bids amounting to 215 billion yuan. The operating rate was 1.40%, unchanged from the previous rate.June 5th Futures News: According to JLC Networks calculations, as of June 5th, the first working day, the change rate was -1.07%, with the average price of benchmark crude oil at $94.04/barrel. Domestic gasoline and diesel prices should be reduced by 60 yuan/ton. The price adjustment window for this round is at 24:00 on June 18th. 1. Shandong Local Refineries: Lower international crude oil prices created downward pressure, coupled with weak sales of refined oil products from Shandong local refineries yesterday. The gasoline and diesel production-to-sales ratio was low, and refinery inventories continued to accumulate. It is expected that refined oil prices from Shandong local refineries will be under pressure and fall by 30-50 yuan/ton today. 2. East China: On Friday, crude oil prices stopped rising and fell back, and this was the first day of the retail price reduction. The news was bearish. It is expected that refined oil prices from major oil companies in East China will be under pressure today, with traders cautious in their immediate needs and a sluggish trading atmosphere. 3. South China: On Friday, international crude oil prices closed lower after a rebound, and the retail price reduction was implemented as expected. It is expected that gasoline and diesel prices in South China will remain stable to slightly lower today. Terminal market demand is weak, and traders are cautiously purchasing only as needed, resulting in a quiet trading atmosphere. 4. North China: On Friday, international oil prices closed lower overnight, and news has turned bearish. It is expected that gasoline and diesel prices in North China will remain stable to slightly weaker. Weather factors are dragging down immediate demand, coupled with strong crude oil volatility, leading to a cautious trading atmosphere. 5. Central China: On Friday, crude oil prices rebounded and fell back, and the retail price reduction was just implemented. News is pointing to a bearish trend, and it is expected that gasoline and diesel prices in Central China will be under pressure today. Traders are mostly reducing inventory and observing the market, resulting in a quiet and stable trading environment.The South Korean won fell to its lowest level against the US dollar since March 2009, trading at 1541.4.Russia and Ukraine are expected to reach an agreement peacefully, causing a sharp drop in international oil prices. A chart provides a quick overview of the pre-market conversion prices of crude oil between domestic and international markets.

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.