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Hong Kong-listed NIO (09866.HK) continued to fall, now down more than 5%, with a trading volume of over 100 million lots.On April 30, Didi Chuxing predicted that the evening rush hour for taxis on the last day before the holiday (April 30) will be advanced to 15:00 and last until 21:00. The demand for taxis is expected to increase by about 55% compared to usual times.Stifel: Lowered Starbucks (SBUX.O) price target to $92 from $103.On April 30, CCB International published a research report. Based on the banks unchanged forecast of 13 times the price-to-earnings ratio for fiscal year 2025, it lowered Li Nings (02331.HK) target price by 6% from HK$15.4 to HK$14.5, and maintained a "neutral" rating. The report pointed out that Li Nings retail sales in the first quarter of 2025 increased by low single digits year-on-year, which was basically in line with the banks and market expectations. The companys performance continued to lag behind its major peers, reflecting the continued loss of market share. The bank pointed out that Li Nings sales have been weak since April, with no obvious signs of improvement. Offline sales continue to be dragged down by slowing store traffic. The bank expects this difficult operating environment to continue until the second quarter of 2025. At present, the bank maintains its forecast of 1% full-year revenue growth in fiscal year 2025.On April 30, CCB International published a research report, raising the target price of Zhaojin Mining (01818.HK) by 35% from HK$16.4 to HK$22.1, and maintaining the "outperform" rating. The report pointed out that Zhaojins profit in the first quarter of 2025 exceeded expectations, with revenue increasing by 54% year-on-year, net profit increasing by 198% year-on-year, and gross profit margin expanding to 50.3%, the highest level since the fourth quarter of 2021. Net profit in the first quarter of 2025 also hit a record high. The bank is optimistic about the outlook for gold production, raising Zhaojins self-produced gold production forecast by 8% to 18.3 tons in 2025 and by 10% to 25.3 tons in 2026. The bank raised its gold price forecast for 2025 by 12% to US$3,115 per ounce and its gold price forecast for 2026 by 16% to US$3,300 per ounce.

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.


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