ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • MSME Summit
  • Trending News
    • Viral News
    • Travel
    • People
    • Entertainment
    • Sports
  • More ...
    • VIDEOS
    • PHOTOS
BREAKING NEWS
  • Paisa Wasool: Mutual Funds-SIP Returns Calculator | Start from Rs 5k, get Rs 1.75 cr - SOLID MONEY FORMULA
  • WhatsApp New Feature: Soon! you can undo, recover WhatsApp deleted messages
  • LIC customers ALERT! Insurer launches campaign to revive lapsed policies - All you need to know
  • Wealth Guide: Income Tax - SMART TIPS! 5 tax-saving techniques for FY23 - Here is what expert suggests
  • Loss-making US company's share price zooms over 400% in one month - factors behind rally DECODED
Read in App
Business News » World News

Foxconn's Gou says may run for Taiwan president, step back from daily business

Taiwan is gearing up for presidential elections in January at a time of heightened tensions across the Taiwan Strait, with Chinese bombers and warships conducting drills around the self-ruled island on Monday. 

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Foxconn's Gou says may run for Taiwan president, step back from daily business
The company later said Gou will remain chairman of Foxconn, though he plans to withdraw from daily operations. Photo: Reuters

Foxconn`s Chairman Terry Gou said on Tuesday he is considering whether to run for Taiwan`s 2020 presidential election, a day after Reuters reported the tycoon planned to step down from the world`s largest contract manufacturer. Speaking on the sidelines of an event to mark the 40th anniversary of Taiwan-U.S. ties, Gou declined to say which party he could represent, at a time of heightened tensions between the self-ruled island and Beijing. If it was the opposition, China-friendly Kuomintang (KMT), he would "go" with the standard procedures of the party, Gou said, adding he would make that decision "as soon as possible". "I didn`t sleep last night ... 2020 is key for Taiwan. The reason for the tense situation (with China) is because it`s a turning point for Taiwan`s direction for politics, economy, defence for the next 20 years," Gou said.

"So I asked myself the whole night ... I need to ask myself what I can do. What I can do for the youth? ... The next 20 years will decide their fate," he said, his eyes welling up with tears at times. The KMT said in a statement Gou had been a party member for more than 50 years and had given it an interest-free loan of T$45 million ($1.5 million) in 2016 under the name of his mother, a move that signalled his "loyalty" to the party. The KMT did not immediately respond to a media enquiry on whether Gou was eligible to participate in the party`s already highly competitive primary election. Gou, Taiwan`s richest person with a net worth of $7.6 billion according to Forbes, told Reuters on Monday he planned to step down in the coming months to pave the way for younger talent to move up the company`s ranks.

The company later said Gou will remain chairman of Foxconn, though he plans to withdraw from daily operations. Taiwan is gearing up for presidential elections in January at a time of heightened tensions across the Taiwan Strait, with Chinese bombers and warships conducting drills around the self-ruled island on Monday. A senior U.S. official denounced the military manoeuvres as "coercion" and a threat to stability in the region.

Watch this Zee Business Video:

"PEACE IS THE BIGGEST WEAPON"

China claims Taiwan as its own and has vowed to bring the island, which it regards as a sacred territory, under Chinese control, by force if necessary. The United States has no formal ties with Taiwan but is bound by law to help provide the island with the means to defend itself and is its main source of arms. "We need peace. We don`t need to buy too many weapons. Peace is the biggest weapon," Gou said, adding that Taiwan only needs adequate self-defence. "If we spend the money for weapons on economic development, on artificial intelligence, on investment in the United States, this would be the biggest assurance on peace." 

"Whose children are willing to sit in those fighter jets?"

A source with direct knowledge of the situation said Gou was likely to announce his decision on the presidential bid later on Tuesday at the earliest and was due to travel to Foxconn`s factory in the southern Chinese city of Shenzhen on Wednesday.  Shares of Foxconn, which is formally known as Hon Hai Precision Industry Co Ltd and has a market value of around $40 billion, closed 0.7 percent higher on Tuesday. An official at Taiwan`s stock exchange told Reuters there were no regulations related to a company executive running for the island`s presidency.  Taiwan`s pro-independence Democratic Progressive Party is expected to announce a presidential candidate in May, with contenders including President Tsai Ing-wen and her former premier, William Lai.

Watch Zee Business Live here:

FOXCONN MANAGEMENT RESHUFFLE

Asked by Reuters on Monday if he would quit as chairman, Gou said, at 69 years old, he was moving in that direction, though any decision needed to be discussed with Foxconn`s board. "I don`t know where you got the information from. But I have to say, basically, I`m working towards that direction - to walk back to the second line, or retire," Gou said. He also signalled a major management reshuffle. "In the board meeting in April-May we will give the new list of board members to the board," Gou said without elaborating.

Founded in 1974, the Foxconn group is the world`s biggest contract manufacturer with T$5.2 trillion ($168.52 billion) in annual revenue. It assembles goods for a miscellany of global tech firms but relies on Apple Inc for over half of annual revenue, analysts said.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
FoxconnTerry Gou
Written By: Reuters
Updated: Tue, Apr 16, 2019
12:29 pm
Taipei, Reuters
RELATED NEWS
Foxconn's Bharat FIH gets Sebi nod to float Rs 5,000 cr IPO Foxconn's Bharat FIH gets Sebi nod to float Rs 5,000 cr IPO
Apple puts iPhone assembler supplier Foxconn's India plant on notice after protests Apple puts iPhone assembler supplier Foxconn's India plant on notice after protests
 Foxconn India plant shut for 3 more days after week-long closure: Source Foxconn India plant shut for 3 more days after week-long closure: Source
Foxconn's India unit Bharat FIH files for Rs 5000 crore IPO Foxconn's India unit Bharat FIH files for Rs 5000 crore IPO
Apple supply chain creates 20,000 jobs in India - check more hiring plans from Foxconn and Wistron Apple supply chain creates 20,000 jobs in India - check more hiring plans from Foxconn and Wistron

LATEST NEWS

Bharat Gears share price zooms 17% after bonus announcement – check details

GST on Rent of residential property, commercial property: All scenarios where this indirect tax is applicable

REC Bonus shares 2022: REC share price jumps 3% ahead of record date

Stocks to buy today: Ashok Leyland, Bharti Airtel, Vodafone Idea among 20 shares for profitable trade on August 18

Cabinet approves interest subvention of 1.5% on short term agriculture loan up to Rs 3 lakh for FY23 to FY25

EPFO Account: Will your EPF accounts earn interest if contribution is not made? 5 lesser known facts

Wealth Guide: Income Tax - SMART TIPS! 5 tax-saving techniques for FY23 - Here is what expert suggests

WhatsApp New Feature: Soon! you can undo, recover WhatsApp deleted messages

Apple layoffs 2022: iPhone maker sacks 100 contract recruiters, says report

Opening Bell: Market snaps 7-day gaining streak, Sensex down 180 points, Nifty below 17,900 – IT, Banks drag

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2022. India Dot Com Private Limited. All Rights Reserved.
LIVE TV