US may block nickel on forced labor issues | Samsung India workers strike for better wages | KemperSports data breach impacts 62,000

In today’s Portfolio Intelligence Daily:?

• US may block Indonesia nickel on forced labor issues
• Samsung India workers strike for better wages and working conditions
• Kemper Sports data breach impacts 62,000 individuals

Our analyst team curates these summaries from Auquan’s Intelligence Engine, which uses generative AI and retrieval augmented generation (RAG) to uncover material non-financial insights at scale to support deal sourcing, due diligence, risk monitoring, and compliance.

Industry trends:

• The magic of RAG is in the retrieval (InfoWorld) — Retrieval-augmented generation (RAG) and AI agents are transforming how AI can automate knowledge work in the enterprise.
• Tackling Information Overload in the Age of AI [private credit] (TDWI Upside)
• Why AI is finally catching up with financial services (Maddyness)

US may block Indonesia nickel on forced labor issues

The U.S. Department of Labor has raised concerns regarding forced labor in Indonesia's nickel production, which could impact the country's ambitions in the global battery materials market.?

• The U.S. Department of Labor has officially added Indonesian nickel to a list of products associated with forced labor, highlighting significant ethical concerns in the supply chain.
• Indonesia is a major supplier of nickel, essential for electric vehicle (EV) batteries. This designation may jeopardize its status as a key player in the global transition to cleaner energy.?
• The report cites multiple sources, including NGOs and academic studies, indicating that forced labor practices are prevalent in nickel mining, particularly involving workers subjected to unsafe conditions and exploitation.?
• As the Biden administration considers a critical minerals deal with Indonesia, bipartisan opposition in Congress could complicate negotiations, particularly in light of the forced labor allegations.?

Select timeline

• Sep 10, 2024 | U.S. flags Indonesian nickel for forced labor concerns (Petro mindo)
• Sep 6, 2024 | Feds link Indonesia nickel needed for EVs to forced labor (EE News)
• Sep 5, 2024 | The Global State of Child and Forced Labor (State Gov)

Samsung India workers strike for better wages and working conditions

Hundreds of workers at Samsung's factory in Sriperumbudur, Tamil Nadu, are on an indefinite strike, demanding better wages and working conditions.

• The strike began on September 9 and has continued for three days, with workers setting up tents and displaying banners to express their demands for higher wages, improved working hours, and formal recognition of their union by Samsung.?

• The strike has severely affected production, with reports indicating that approximately half of the factory's daily output is compromised. This is particularly concerning for Samsung, as the plant contributes 20% to 30% of the company's annual revenue in India, which totals around $12 billion.?

• A key demand from the workers is for Samsung to officially recognize their newly formed union, which is supported by the Centre of Indian Trade Unions (CITU). Workers argue that equal pay for employees with similar experience is also a crucial issue that needs addressing.?

• Samsung has stated that it is actively engaging with workers to resolve their grievances, but as of now, no agreement has been reached, and the strike shows no signs of concluding soon.?

Select timeline

• Sep 11, 2024 | Samsung India workers vow to keep striking unless demands met (Reuters)
• Sep 10, 2024 | Hundreds of workers at Samsung’s India unit sit on ‘indefinite strike’ – What are their demands? (Financial Express)
• Sep 10, 2024 | Samsung India workers' strike: Production affected ahead of festive season (Hindustan times)

KemperSports data breach impacts 62,000 individuals

KemperSports Management, a golf course management and hospitality company, reported a significant data breach affecting over 62,000 individuals.

• On April 1, 2024, KemperSports detected suspicious activity within its computer network, prompting an investigation into potential data breaches

• The investigation revealed that cybercriminals accessed files containing sensitive information, including names and Social Security numbers of approximately 62,815 individuals.?

• On September 9, 2024, KemperSports began notifying affected individuals through data breach letters, detailing what information was compromised.?

• The Murphy Law Firm is currently investigating potential legal claims on behalf of those affected, including the possibility of a class action lawsuit for damages resulting from the breach.?

Select timeline

• Sep 11, 2024 | Data Breach at Golf Course Management Firm KemperSports Impacts 62,000 (Security Week)
• Sep 10, 2024 | KemperSports Data Breach Exposes Personal Information: Murphy Law Firm Investigates Legal Claims (Globe news wire)
• Sep 9, 2024 | Kemper Sports Management Begins Notifying Consumers of April 2024 Data Breach (JU SUPRA)

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