The news comes after eBay announced a strategic portfolio review on March 1.The Faber Reportread more
Netflix reports earnings Wednesday as it loses licensed shows to rivals launching their own streaming services.Technologyread more
Hedge fund manager Kyle Bass reportedly thinks that U.S. interest rates will plummet toward zero in 2020 as the economy heads for recession.Hedge Fundsread more
Shares of beauty and wellness products company Nu Skin tanked on Wednesday after the company said China's crackdown on health products is weighing on sales.Investingread more
Buying stocks when they are this expensive has historically led to lower returns, data compiled by Ned Davis Research shows.Marketsread more
Foxconn Chairman Terry Gou said on Friday he will hand over the running of the world's largest electronics contract manufacturer to a new operations committee as he prepares to contest Taiwan's presidential elections next year.
The 68-year-old Foxconn founder was speaking at the company's annual general meeting in Taipei, where a few hundred shareholders and supporters had braved the heat to watch a live broadcast on big screens.
The Apple Inc supplier, whose full name is Hon Hai Precision Industry Co Ltd, unveiled a leadership overhaul last week that will see more executives involved in its daily operations.
Gou, who announced his presidential bid in April, told Reuters that he planned to step down from Foxconn to pave the way for younger talent to move up the ranks.
A new chairman is expected to be elected at a board meeting later on Friday morning. Foxconn is poised to nominate chip unit boss Liu Young to succeed Gou, two sources with direct knowledge of the matter told Reuters in May.
Gou, who founded Foxconn 45 years ago, is Taiwan's richest person with a net worth of $7.6 billion, according to Forbes.