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February 11th - The Peoples Bank of China released its 2025 financial market operation report. In 2025, the amount of commercial bill acceptances reached 42.7 trillion yuan, and the amount of discounting reached 33.9 trillion yuan. As of the end of 2025, the outstanding balance of commercial bill acceptances was 21.2 trillion yuan, an increase of 7.2% compared to the end of 2024; the outstanding balance of discounting was 16.5 trillion yuan, an increase of 11.2% compared to the end of 2024.The Russian Foreign Ministry stated that if the United States complies with the quantity limits of the New START Treaty, Russias position of suspending its actions that exceed the treatys limits will remain unchanged.Kremlin: (Regarding reports that the United States has banned oil transactions between Russia and other countries and Venezuela) We will engage with the United States on this matter.Kremlin: (Regarding US-Armenia nuclear energy cooperation) Russia has extensive experience in operating nuclear power plants built in the Soviet Union.February 11th - The European Central Banks wage tracker, released on Wednesday, predicts that annual wage growth will reach 2.7% in the fourth quarter, up from 2.6% in the third quarter. While this is far below the peak of over 5% in 2024, it is still stronger than the forecast for the first half of the year. The ECB stated in a press release: "The upward path of wages this year is related to the dissipation of the mechanical downward effect of large one-off payments made in 2024 but not yet made in 2025. These effects are expected to largely disappear by 2026." ECB officials confidence that inflation will stabilize at 2% depends on whether the slowdown in wage growth can cool price pressures in labor-intensive service sectors. ECB President Christine Lagarde has stated that she is "highly concerned" about wages amid continued uncertainty.

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.