“Late Thursday, Apple updated its public Supplier Responsibility Report with news that it had increased audits throughout the company’s supply chain by 72 percent over 2011 levels,” MacNN reports. “It also reported an increase in compliance among suppliers with a 60-hour work week maximum, now at 92 percent.”
MacNN reports, “The biggest news, however, is that Apple fired one of its suppliers — Guangdong Real Faith Pingzhou Electronics (PZ) — after uncovering some 74 child labor violations, along with reporting other suppliers for not paying sufficient overtime.”
“In addition, Apple reported the labor agency accused of supplying PZ with the underage workers to authorities,” MacNN reports. “The labor agency, which encouraged families to use falsified documents, ended up having its license suspended and will pay a fine.”
Read more in the full article here.
Gee!!! That news will drive the stock way down…..
One of the reason Wall Street hates apple
They also don’t like the zero debt stategy and world class environmental practices either.
Apple is a corporate hippy and Wall Street hates hippies.
+10000
Steve Jobs had not time for Wall Street either so the feeling was mutual.
Oh boy. More supply order cuts drop the stock another 15%. Fire Tim Cook. Close the doors, the company is done!
Tim is the supply chain master mind…
As CEO – what he didn’t know about this before?
BS – FIRE TIM!!!!
‘what he didn’t know about this before?’ sounds like ChinLish to me. AND you’re an anonymous coward. Therefore, I assume you are here to troll. Either that or you are needlessly making fun of the Chinese.
“you clazy man, Ben Clatlight!” – Hop Sing, 1966.
In china they will probably be hanged. Their family killed and their village burned.
From one side of view, this news is good: less child labour practices.
From the other side, some families in China are so poor that they are desperate to have work and some wage — however hard the work is, and however small the wage is. It is not like they ever really WANT to send their children to work, they just NEED it.
That said, Apple can not have child labour practices in its subcontractors, just can not.
It’s action like these that warrant a nomination to the Nobel Peace Prize committee. A big thumbs up to Apple for talking the talk and walking the walk.
Exactly. Therefore, Wall Street has another excuse to HATE on Apple for being EXCEPTIONAL!
Wall Street: Feeling all inferior and stuff because of Apple’s ongoing success.
When it comes to hate, you don’t need a reason, believe me I’ve live long enough in a country that has hatred woven right into its cultural fabric. I guess that is the freedom of choice.
I just don’t think that Wall Street pays attention to what is important in life, great food, sex, family, birds, friends, people with smiles and well designed products. Actually between you and me, I don’t even think they have any stock worth buying.
thanks, RW, I just threw up in my Post Toasties.
Birds was totally on my life list! 😛
On Wall St., great sex, like anything else, can be bought.
I love how Apple is shifting the conversation from Apples labor practices to all labor practices, putting pressure on those that support unethical behavior to improve. The improvement will drive up component costs, forcing other companies to have even worse margins. Brilliant move. Not to mention, it’s good for humanity but I think they pulled an antennagate!
Apple, and ALL manufacturers have the moral responsibility to not use child labor. Apple is better than most in policing this, but clearly there is room for improvement. It’s about time Apple severed ties with these unsavory suppliers, and more convincingly led the entire industry away from the race-to-the-bottom behavior that pervades modern business.
More transparency and corporate accountability is absolutely necessary. Apple, being the vendor of high-end electronics, should demonstrate that its high standards of design should also be matched with high standards in ethics.
Wall Street hates any corporation that won’t use child labour.
It’s so much less expensive and children are so easily replaced when they drop dead, especially when there are 75 billion of them as yet doing nothing but holding empty rice bowls.