Forced Student Labor Threatens to Taint Apple's (AAPL) iPhone 5 Unveil
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Overall Analyst Rating:
BUY (= Flat)
Dividend Yield: 2.7%
Revenue Growth %: +11.2%
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With Apple (Nasdaq: AAPL) only one day away from the unveiling of its much hyped iPhone 5, it is not a surprise to learn that the "haters" are out in full force today and they are looking for any reason to blast the high profile company. It isn't a shock they found one in Foxconn Technology, Apple's less than sterling manufacturing partner in China, which is once again facing criticism over labor practices.
According to reports in the New York Times today, Foxconn is being accused of forcing vocational students to work at plants that make iPhone components. This isn't the first time that Foxconn has been criticized because of its labor practices. Recent reports pointed to dismal working conditions at factories in China. This resulted in an audit by Apple, and eventually Foxconn raised wages for many of its employees and reduce overtime hours to come into compliance with Chinese law.
In response to recent criticism that the company is forcing student "interns" to work on manufacturing lines, the company said the interns are free to leave at anytime. Advocacy groups beg to differ. They spoke with students and the students complained that they were forced by teachers to assemble iPhones at a factory in Zhengzhou. Other reports by China's state-run tv confirms that students are being used to fill gaps and worker shortages as a result of massive production of the iPhone 5.
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According to reports in the New York Times today, Foxconn is being accused of forcing vocational students to work at plants that make iPhone components. This isn't the first time that Foxconn has been criticized because of its labor practices. Recent reports pointed to dismal working conditions at factories in China. This resulted in an audit by Apple, and eventually Foxconn raised wages for many of its employees and reduce overtime hours to come into compliance with Chinese law.
In response to recent criticism that the company is forcing student "interns" to work on manufacturing lines, the company said the interns are free to leave at anytime. Advocacy groups beg to differ. They spoke with students and the students complained that they were forced by teachers to assemble iPhones at a factory in Zhengzhou. Other reports by China's state-run tv confirms that students are being used to fill gaps and worker shortages as a result of massive production of the iPhone 5.
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