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On October 31, Hong Kong Broadband Network (01310.HK) announced on the Hong Kong Stock Exchange that its total revenue for the year ended August 31, 2025 (Fiscal Year 2025) increased by 4% year-on-year to HK$11.129 billion; EBITDA increased by 4% to HK$2.451 billion; adjusted free cash flow increased by 9% to HK$677 million; and net profit surged from HK$10 million to HK$207 million, mainly due to the increase in EBITDA and the decrease in financing costs.October 31 – The European Automobile Manufacturers Association (Acea) stated that the European automotive industry is facing an imminent threat of assembly line shutdowns due to a shortage of basic microchips used in automotive electrical system control units. Acea stated, “The situation is increasingly dire for the global automotive industry. The industry is currently depleting its stockpiles, but supplies are rapidly dwindling.” Acea Director General Sigrid de Vries said, “Our members have told us that parts supplies have stopped due to the shortage. This means that assembly line shutdowns could be just days away.”On October 31st, Northgate issued an announcement stating that the companys stock price had deviated by more than 30% cumulatively over the three consecutive trading days from October 29th to October 31st, constituting an abnormal stock trading fluctuation. After verification, the company confirmed that there was no need to correct or supplement the information previously disclosed, and that no significant information that could affect the companys stock price had been reported in the public media recently. The companys operating environment had not undergone significant changes. The company, its controlling shareholder, and actual controller had no undisclosed material matters or planned matters. The controlling shareholder and actual controller did not trade the companys stock during the period of abnormal stock trading fluctuations. The company will continue to fulfill its information disclosure obligations, and relevant information will be subject to publication in designated media.On October 31, Hungarian Prime Minister Viktor Orbán said on Friday that he hopes to persuade US President Donald Trump that Hungary should be exempt from US sanctions on Russian oil, as Hungarys energy supply is heavily reliant on pipeline networks. Orbán stated that he will discuss US sanctions against Rosneft and Lukoil during his meeting with Trump on November 7 and plans to reach a broad economic agreement with the US. Orbán said, "Hungary is a landlocked country…we rely on transport routes that can deliver energy to Hungary, and these are mainly pipelines." He added, "If we hope to obtain an exemption from US sanctions against Russia, we must make them understand this special situation."On October 31st, European Central Bank (ECB) Governing Council member Kazakowski stated that the ECB must be cautious in interpreting the inflation forecasts to be released in December to avoid making capricious policy decisions based on these projections. The Latvian central bank governor pointed out that while seeing the price trend forecasts for 2028 for the first time will help officials assess whether the ECB is still on track to achieve its 2% target, the high level of uncertainty means the forecasts are exceptionally likely to be revised. He added that prudence is a virtue that policymakers should uphold. Kazakowski stated, “The 2028 forecasts are very important; we need to see the direction of inflation, but I wouldn’t overestimate their importance. Uncertainty remains high and is unlikely to disappear, therefore these forecasts will come with a very large margin of error.”

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.