Foxconn expects profits to rise

Word from Asia is that the controversal Foxconn company is confident of achieving a 10 percent growth in its revenues this year.

According to its boss Terry “what is wrong with being a sweatshop” Gou the outfit is so pleased with its growth that it has splashed out on a new China headquarters in Shanghai.

Speaking at the groundbreaking ceremony of the new HQ building Gou told Reuters  that Foxconn’s manufacturing in China will focus on domestic consumers in the country.

It will also look at research and development in technology, sales and services.

Foxconn Technology Group includes Hon Hai Precision Industry which is an important Apple supplier, and has had a few problems with its staff wanting to kill themselves.

It has also had quite a few industrial problems over pay which required the intervention of the local Mayor to stop staff doing a Jim Jones and leaving the company via the roof.

Apple has been holding an inquiry into conditions at its Foxconn factories and we are still to see a detailed report.