International News and Market Update: Amazon supplier linked to forced labor in China, watchdog group says

 International News and Market Update: Amazon supplier linked to forced labor in China, watchdog group says

International News and Market Update.

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European stocks fell Monday after news that the U.S. and its European allies are considering an import freeze on Russian oil, raising the risk of global “stagflation.” The pan-European Stoxx 600 index closed down 1.1%, reversing some of its earlier losses. Banks and auto stocks fell more than 3% to lead the losses, while oil and gas stocks gained more than 4% as oil prices rose. Russia has continued to step up its attacks on neighboring Ukraine in recent days in an attempt to capture and isolate the capital Kiev.

U.S. stocks fell again Monday after dropping for four straight weeks as investors grew increasingly concerned that higher energy prices resulting from the Russia-Ukraine conflict would slow the economy and fuel inflation. Meanwhile, bank stocks were among the biggest losers Monday, with Citigroup falling 1.8% and U.S. Bancorp down about 3.9%, as investors grew increasingly concerned about slowing economic growth. McDonald’s, Starbucks and Nike fell Monday on concerns that $4 gasoline prices could hit consumers’ wallets.

Asia-Pacific stocks were mostly lower this morning after major indexes in the U.S. suffered sharp losses overnight as the Russia-Ukraine war continues to keep investors on edge. Australian shares fluctuated as investors around the world remained unsettled about the impact of rising oil prices on economic growth, while New Zealand shares fell more than 1% and entered correction territory.

Gold stocks rose as much as 2.5%, led by a 7.4% gain in St. Barbara, as strong safe-haven demand kept gold prices near the psychological $2,000 mark.

Calls for boycotts against McDonald’s and Coca-Cola over Russia invasion

Pressure is mounting on Western food and beverage giants to pull out of Russia over the invasion of Ukraine. McDonald’s and Coca-Cola have been criticized on social media for not commenting on the attacks and continuing to operate in the country. Well-known companies such as Netflix and Levi’s have already suspended sales or stopped providing services in Russia. McDonald’s and Coca-Cola did not respond to the BBC’s request for comment. #BoycottMcDonalds and #BoycottCocaCola were trending on Twitter on Monday and over the weekend, respectively. Dragon’s Den investor Deborah Meaden also spoke out against the beverage company on social media, urging people to stop drinking Coca-Cola.

Amazon supplier linked to forced labor in China, watchdog group says

Amazon has continued to work with companies in China that have been accused of forced labor despite public warnings about their labor practices. That’s according to a report released Monday by a nonprofit watchdog group. The report by the TechTransparency Project, a research group led by the nonprofit Campaign for Accountability that is often critical of large tech companies, notes that Amazon’s public list of suppliers includes five companies previously linked by journalists and think tank researchers to “labor transfer programs” in China. The suppliers help manufacture Amazon-branded devices and products sold under house brands such as Amazon Basics.

Mandy Nunes

Mandy Nunes is the Chief Marketing Officer for GV Markets. With 15 years of experience in the Financial Services Industry within the South African market, she has held various responsibilities within the business development, marketing, operations and regulatory space – leading to a very fitting position within the Trading and Investment environment. Mandy has notably been the editor of 'The Ordinary Millionaire', along with having written numerous pieces within the industry at large. Holding both legal and wealth management qualifications, her goal is to bring about massive success for, and within, GV Markets. GV Markets is a South African forex and CFD broker that offers comprehensive trading solutions to both retail and professional traders. GV Markets prides itself in being a well-regulated and reputable STP brokerage that works according to a No-Dealing Desk trading model, offering traders access to some of the best liquidity providers in the country.

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