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On August 7th, in response to recent rumors that "mainland China will levy a 20% personal income tax on income from overseas insurance policies," Hong Kong Legislative Council member representing the insurance sector, Chan Pui-leung, stated that the discussion mainly concerns the Common Reporting Standard (CRS) and arrangements for reporting personal overseas income. As of now, no official policy documents or implementation details have been received from relevant departments; all related information comes from news reports. Chan Pui-leung pointed out that the requirement for Chinese residents to declare and pay taxes on overseas investment income has always existed, covering all overseas investment income, not specifically targeting insurance products. The recent market discussion stems from the implementation of the relevant standards in some areas of mainland China. He also mentioned the potential returns of Hong Kong insurance policies: currently, the return level of Hong Kong savings-type insurance is about 6% to 6.5%, while similar products in mainland China yield about 3%. Even after deducting taxes, Hong Kong insurance policies still have a net return advantage of nearly two percentage points, which he believes will not significantly reduce the willingness of mainland visitors to purchase insurance in Hong Kong. He believes that Hong Kong insurance products are flexible in design and can be allocated to multiple currencies, remaining competitive in wealth transfer and planning. Chan Pui-leung also stated that there is no need to raise this issue in the Legislative Council at this time.The Spanish government has stated that if Italy does not lift its border control measures against travelers from Spain by August 9, Spain will take corresponding countermeasures.Citigroup lowered its target price for Microchip Technology (MCHP.O) from $113 to $95.JPMorgan Chase raised its price target for Cloudflare (NET.N) from $145 to $350.On August 7, Lin Honghong, Vice Chairperson of the China Council for the Promotion of International Trade (CCPIT), met with a delegation led by Tao Lin, Vice President of Tesla, in Beijing. The two sides exchanged views on topics including serving the development of foreign-invested enterprises in China, deepening international cooperation in industrial and supply chains, and participating in APEC business activities.

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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