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The Fair Labor Association's
of Apple (
) contract manufacturer Foxconn's facilities has turned up "tons of issues,"
Bloomberg, following a talk with FLA head Auret van Heerden. Van Heerden adds there will be "some very significant announcements in the near future" related to the FLA's findings. (
View news story
I agree with Trever99.
Do consumers really care about working conditions in a Chinese top of the line factory that pays well above the minimum wage..?
I've visited China and taken a good look around and seen what -real- hard labour is (its way tougher than most westerners would imagine) and Foxconn's factory looks lightyears ahead of anything I've seen in China.
Sure it could be a nicer place to work (I think they might be loosing something on the human front that wouldnt cost alot financially, but thats purely speculation on my behalf..) but comparative to the other options in China its a far safer and better payer.
Would I rather not work 60-80 hours a week in the West?
Sure, am I about to commit suicide about it? No
Did working in several drudgery jobs in my youth encourage me to get an education and a career? It sure did.
Given the far worse problems of health and safety in wider manufacturing generally is this really big news...?
I used to work as a manufacturing engineer in Australia, where fatal accidents were far from uncommon (heck, I was working at times at 50+ fts heights without any safety myself, not exactly safe-practice either); witnessed workers regularly exposed to toxic chemicals and had a uni colleague leave North Sea Oil-rigs as "your numbers going to come up one day...", and witnessed some pretty awful practices in 2 big name chemical companies (one of whom since had a rather nasty oil spill...).
My point is simply this - manufacturing is often nasty, risky and monotonous. It involves chemicals, high-voltages, temperatures and large machines you wouldnt want anywhere near your house (often with good reason).
Process work at its best is dull, boring monotony; and at its worst can be dangerous to life and limb (even using the best machinery, people just do dumb things for expediency).
Look at that advert showing typical Chinese manufacturing press next time, where the guy moves his hand just before activating the press - guys loose their arms (or worse) regularly in that sort of safety-less manufacturing...
Foxconn by focussing in high-tech and reasonably safety makes it at least unlikely to accidentally die there..
Do you want to pay $50-100 extra for Apple iPads to turn a safe, well-paying company into a "workers paradise" - in whats a far worse swamp of indescribably worse practices..??
Feb 21 12:16 AM
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FRAK Analysis: Why Investors Should Focus On Hydraulic Fracturing And Oil Sands
The bloomburg analysis seems to tear strips in this analysis..
Facing a 2012 cash-flow shortfall ..estimated at $3.5 billion, Chesapeake announced $10 billion to $12 billion in asset sales on Feb. 13 aimed at raising money. The planned sales are equivalent to 30 percent of the company’s total asset value.
Stung by free-falling gas prices, Chesapeake is burdened by a net debt load that is twice the size of Exxon’s, a company 27 times larger by market value.
2. Declining Earnings (bar war with Iran, of course..!)
Exxon and Chesapeake Energy Corp. (
), which today reports 2011 earnings, will see net income in 2012 slide 7 percent and 10 percent, respectively, according to the mean of analyst estimates compiled by Bloomberg. That would be the biggest drop since 2009 for the companies, the largest U.S. gas producers.
3. High levels of Gas vs Oil
Exxon’s output was 49 percent gas last year, up from 38 percent five years earlier, according to U.S. Securities and Exchange Commission filings. By contrast, for Chesapeake gas accounts for about 84 percent of output, down from 91 percent in 2006, a reduction driven by the company’s push to focus drilling on oil prospects. - Cant be much more exposed to gas prices than 84-91%..!
Still a good buy...?
Feb 21 12:20 AM
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