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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Foxconn parent suffers share slump, protests AFP - 2 hours 36 minutes ago Send IM Story Print Foxconn parent suffers share slump, protests TAIPEI (AFP) - – The parent of Taiwanese IT giant Foxconn took a market beating Tuesday after announcing hefty wage hikes in response to several factory suicides in China, as labour activists heckled its annual meeting. Hon Hai Precision Industry, which was holding its annual general meeting in a suburb of Taipei, has now lost more than three billion US dollars in market value in two days as investors fret over the pay increases. "I think the pay hike is too much," said a shareholder surnamed Chen who was attending the AGM. "I'm concerned this will increase production costs and affect profits." But outside the meeting, activists said the wage increase of 67 percent for Foxconn's production workers in southern China was well overdue and kept up demands for a global boycott of Apple's iPhone -- which Foxconn assembles. Some demonstrators performed a skit in which a trio of chained workers were struck down by a fourth person, representing Foxconn. "Hon Hai is only doing what it should by raising the salary," said protest organiser Huang Hsiao-ling, after failing to gain entry to the AGM. "It's what it owes the workers." Foxconn, which also makes products for companies such as Nokia and Dell, has been accused of overworking its staff after 10 employees leapt to their deaths at its sprawling plant in Shenzhen this year. The company made a surprise announcement Monday that it would increase the monthly salary for its Shenzhen assembly line workers to 2,000 yuan (290 US dollars) from October 1. "We're adopting all possible measures. We learned a valuable lesson," Hon Hai's 59-year-old chairman Terry Gou said at the AGM. "We have hundreds of experts from both sides to prevent things from happening," he said. Hon Hai's shares on the Taiwan Stock Exchange dropped 6.38 percent at one point Tuesday, close to the seven-percent maximum allowed, after ending Monday 5.62 percent lower. "The fall reflected widespread concern among investors about the profit outlook for Hon Hai," said Chen Yu-yu, a Taipei-based analyst with Capital Securities. The shares recovered a touch later on Tuesday, and were down 4.68 percent at 112.00 Taiwan dollars (3.45 US dollars) at 0447 GMT. Foxconn employs an estimated 420,000 people in China, including 300,000 in Shenzhen alone. Recommend Send IM Story Print Related Articles Mumbai plans 117-storey apartment block AFP - 56 minutes ago Honda hit by new strike in China AFP - 2 hours 14 minutes ago Foxconn parent suffers share slump, protests AFP - 2 hours 33 minutes ago Malaysia's AirAsia X plans for IPO in late 2011 AP - Tuesday, June 8 Honda assessing impact of latest supplier strike AP - Tuesday, June 8 News Search Top Stories Spanish public workers strike against government cuts Charlie Sheen plea deal hits snag Obama wants to know 'whose ass to kick' over oil spill Euro finance chiefs 'sign' deal for bailout fund White House press legend quits amid Israel row More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended Obama wants to know 'whose ass to kick' over oil spill UN warns climate change could trigger 'mega-disasters' White House press legend quits amid Israel row US dollar flexes muscle as crisis stalks markets Not forgotten: Remains of US soldier sought on Vietnam hill More Most Viewed » Hubble catches planet being devoured by its star The point about pain: New study sheds light on acupuncture US team creates first 'synthetic life' Paris museum burglar grabs 120-million-dollar art haul Clashes as Israeli forces storm Gaza aid boat: Hamas TV More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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