Apple supplier Foxconn eyes U.S. expansion as U.S. President-elect Trump woos Asian firms

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SOURCE: MAC DAILY

URL: http://macdailynews.com/2016/12/07/apple-supplier-foxconn-eyes-u-s-expansion-as-u-s-president-elect-trump-woos-asian-firms/


Two of Asia’s biggest technology companies said they were looking to expand investment in the United States, as President-elect Donald Trump pushes to bring manufacturing and jobs back home,” Reuters reports. “Billionaire businessman Masayoshi Son, also the head of Japan’s SoftBank Group Corp, pledged a $50 billion investment in the United States, and Apple Inc. supplier Foxconn said it was in preliminary discussions to expand its U.S. operations.”

“Son said on Tuesday, after meeting Trump, his investment would create 50,000 new jobs, a move the U.S. President-elect claimed was a direct result of his election win,” Reuters reports. “Trump’s moves since the election to engage with individual companies, while turning his back on broader, years-in-the-works trade deals, show that he is leaning on the deal-making skills he honed in the boardroom.”

“Son’s business partner Foxconn issued a brief statement after a report by broadcaster CNBC showing a snapshot of a page held by Son outlining the investment carrying the logos of SoftBank and the Taiwanese firm, formally known as Hon Hai Precision Industry Co.,” Reuters reports. “The page also showed an additional $7 billion investment and creation of a further 50,000 jobs. ‘While the scope of the potential investment has not been determined, we will announce the details of any plans following the completion of direct discussions between our leadership and the relevant US officials,’ the Foxconn statement said.”

“Shares in SoftBank jumped 6.2 percent on Wednesday in Tokyo to their highest since August last year. ‘Now the market sees SoftBank as a Trump-related stock and that’s because it reacted favorably to their meeting,’ said Fumio Matsumoto, a fund manager at Dalton Capital in Japan,” Reuters reports. “The billionaire’s victory has been a boon to stock investors. The Dow Jones industrial average closed at another record level on Tuesday, its 11th new high since the Nov. 8 vote.”

“Last week Patently Apple posted a report titled ‘The Chinese Seem Eager to Open Plants in the US instead of Whining like some in Silicon Valley,'” Jack Purcher reports for Patently Apple. “Today more blockbuster news came to light about new jobs coming to the U.S.”

Masayoshi Son, the founder and CEO of “SoftBank, one of the largest Japanese companies who owns Sprint, ARM, the technology that goes into every iOS device and many other high profile companies,” Purcher reports, “met with President-elect Donald Trump today and announced that he’ll be investing $50 billion dollars in the U.S. that will create 50,000 new tech jobs.”