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iPhone maker in trouble, Hong Kong trading stops

Trading in shares of Foxconn International Holdings Ltd was suspended on Monday, the Hong Kong exchange said, without giving a reason. The maker of Apple’s iPhone said on Monday it will hike wages for assembly line workers there by nearly 70 per cent. See graphic

business Updated: Jun 07, 2010 23:39 IST

Trading in shares of Foxconn International Holdings Ltd was suspended on Monday, the Hong Kong exchange said, without giving a reason.

The maker of Apple’s iPhone said on Monday it will hike wages for assembly line workers there by nearly 70 per cent.

Beginning on October 1, the company will raise the monthly salary in Shenzhen to 2,000 yuan (290 dollars) from 1,200 yuan, a spokeswoman said.

“The wage increase will reduce overtime work and make it a personal choice for many workers,” the company said in a statement.

The announcement came after a series of suicides at Foxconn’s Shenzhen plants had led to reports of long work hours under sweatshop-style conditions, triggering protests in both Hong Kong and Taiwan.

“We are working diligently to ensure that our workplace standards and remuneration continue to meet rapidly changing needs of our employees and are best-in-class,” Foxconn chairman Terry Gou said in a statement on Monday.


Jobs to unveil new iPhone model

APPLE INC is widely expected to unveil its latest iPhone on Monday, as it aims to stay ahead of rivals in the smartphone market.

Chief Executive Steve Jobs will take the stage at Apple’s annual developers’ conference in San Francisco, with consumers anticipating their first glimpse of a fourth-generation handset.

The new iPhone is expected to be faster, sport a front-facing camera for videoconferencing, boast longer battery life and a better screen.

See graphic