HP Inc and Apple Inc topped a list issued on Thursday ranking how well technology companies combat the risk of forced labor in their supply chains.
Workers who make components in information and communications technology (ICT) companies’ supply chains are often migrants who are vulnerable to becoming forced labor, said the report by KnowTheChain, an online resource for business.
An estimated 21 million people are victims of forced labor around the world, according to the International Labour Organization.
Forced labor is estimated to generate about US$150 billion in illegal profits every year.
Forced laborers might be charged high recruitment fees to get jobs, be trapped in debt servitude, deprived of their passports or other documents, or made to work excessive hours for low pay, the report said.
KnowTheChain was founded by Humanity United, a US-based foundation, and other organizations in 2013.
HP, Apple, Intel Corp, Cisco Systems Inc and Microsoft Corp scored highest on the list of 20 publicly traded ICT companies.
At the bottom were Keyence Corp, BOE Technology Group Co (京東方) and Canon Corp.
Eighteen of the 20 companies have publicly demonstrated a commitment to eradicating forced labor in their supply chains, the report said.
“However, far fewer of these companies also have strong processes in place to implement these commitments,” it said.
Overall, ICT companies are doing little to give workers a voice in their supply chains, such as enabling freedom of association or providing access to grievance mechanisms.
On the other hand, most companies are making efforts to trace their supply chains all the way down to the providers of commodities, such as minerals, it said.
Intel surveys its suppliers and visits smelters and refiners in the Democratic Republic of the Congo, it said.
The companies were rated on factors such as public awareness and commitment, purchasing practices, monitoring and auditing processes.
In a statement, Apple said it was committed to treating everyone in its supply chain with dignity and respect.
“We are working hard to raise the bar every year to improve working conditions and protect human rights,” it said. “We are committed to the highest standards of social responsibility and continue working with industries toward combating human trafficking and slavery in supply chains.”
“At HP, we believe that our actions must focus on addressing some of the greatest challenges we face as a society, including combating human trafficking, forced labor and other forms of exploitation of vulnerable workers,” an HP spokesman said.
The US dollar was trading at NT$29.7 at 10am today on the Taipei Foreign Exchange, as the New Taiwan dollar gained NT$1.364 from the previous close last week. The NT dollar continued to rise today, after surging 3.07 percent on Friday. After opening at NT$30.91, the NT dollar gained more than NT$1 in just 15 minutes, briefly passing the NT$30 mark. Before the US Department of the Treasury's semi-annual currency report came out, expectations that the NT dollar would keep rising were already building. The NT dollar on Friday closed at NT$31.064, up by NT$0.953 — a 3.07 percent single-day gain. Today,
‘SHORT TERM’: The local currency would likely remain strong in the near term, driven by anticipated US trade pressure, capital inflows and expectations of a US Fed rate cut The US dollar is expected to fall below NT$30 in the near term, as traders anticipate increased pressure from Washington for Taiwan to allow the New Taiwan dollar to appreciate, Cathay United Bank (國泰世華銀行) chief economist Lin Chi-chao (林啟超) said. Following a sharp drop in the greenback against the NT dollar on Friday, Lin told the Central News Agency that the local currency is likely to remain strong in the short term, driven in part by market psychology surrounding anticipated US policy pressure. On Friday, the US dollar fell NT$0.953, or 3.07 percent, closing at NT$31.064 — its lowest level since Jan.
The New Taiwan dollar and Taiwanese stocks surged on signs that trade tensions between the world’s top two economies might start easing and as US tech earnings boosted the outlook of the nation’s semiconductor exports. The NT dollar strengthened as much as 3.8 percent versus the US dollar to 30.815, the biggest intraday gain since January 2011, closing at NT$31.064. The benchmark TAIEX jumped 2.73 percent to outperform the region’s equity gauges. Outlook for global trade improved after China said it is assessing possible trade talks with the US, providing a boost for the nation’s currency and shares. As the NT dollar
PRESSURE EXPECTED: The appreciation of the NT dollar reflected expectations that Washington would press Taiwan to boost its currency against the US dollar, dealers said Taiwan’s export-oriented semiconductor and auto part manufacturers are expecting their margins to be affected by large foreign exchange losses as the New Taiwan dollar continued to appreciate sharply against the US dollar yesterday. Among major semiconductor manufacturers, ASE Technology Holding Co (日月光), the world’s largest integrated circuit (IC) packaging and testing services provider, said that whenever the NT dollar rises NT$1 against the greenback, its gross margin is cut by about 1.5 percent. The NT dollar traded as strong as NT$29.59 per US dollar before trimming gains to close NT$0.919, or 2.96 percent, higher at NT$30.145 yesterday in Taipei trading
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