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The Bank of Japan index continued its decline, last down 2.7%.Yoshimura Hirofumi, leader of the Japan Restoration Party: There are major differences with the Liberal Democratic Party on the issue of corporate donations.On October 17, analysts at JPMorgan Chase and Goldman Sachs estimated that the number of initial unemployment claims in the United States may have fallen last week, but many people are still unemployed due to weak hiring. According to their estimates, the number of initial unemployment claims in states fell to 217,000 in the week ending October 11 from 235,000 in the previous week after seasonal adjustment.On October 17, Euro Stoxx 50 index futures fell 0.6%, German DAX index futures fell 1%, and British FTSE index futures fell 0.8%.On October 17th, as news of bank loan defaults hit Wall Street, CNBC commentator Jim Cramer said the latest developments would pave the way for the Federal Reserve to cut interest rates, a move widely anticipated by investors. He said, "Todays market is indeed terrible, but at least we finally have a reason for the Fed to rush to cut rates sooner rather than later: bank loan defaults. Nothing prompts the Fed to act faster than credit losses, as they are a clear signal that the economy is heading for a downturn." On Thursday, US stock indices generally fell as investor concerns grew about the health of regional banks loan books. Cramer pointed out that non-performing loans are an early warning sign that it is time for the central bank to ease monetary policy. The banking system has "sufficiently accrued enough problem loans" within a week, which is enough for the Fed to cut interest rates quickly without worrying too much about inflation. He emphasized that lower borrowing rates not only stimulate the economy generally but also make it easier for borrowers to avoid default.

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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