young liu runs foxconn, headquartered in taiwan. its reach is global, it makes almost half of the consumer electronics products on the planet. it is best known for imacs, ipads and the ubiquitous iphone. now, the company is at a criticaljunction. the united states and china at the moment are engaged in what we see as strategic competition. in a competition when two sides are competing, there has to be only one winner. foxconn wants to do business with both and they want to be with both winners, but there can only be one winner. in his first ever interview with international media, young liu, foxconn�*s chairman, charts the company's survival. we hope peace and stability will be something the leader of these two countries will keep those in mind. wherever you go in taiwan, everybody knows foxconn. the company dominates things here. it's benefited from decades of a stable relationship between the us and china, but it's now caught in middle of a giant tug—of—war between the two sides, and is looking for that next product to help it cha

like - foxconn.- do you think foxconn. foxconn. yes. do you think because of— foxconn. yes. do you think because of the _ foxconn. yes. do you think because of the current - because of the current tensions, that model is over, we are in a new world in our? i don't think so. we are doing manufacturing, hiring a lot of workers, and most countries, they want to support their workers, including china. whether we are going to have all the manufacturing in china, without that be affected, because of the tension? so far we have not seen it. we have not seen at. may be because of the type of business that we are in. ,, . , the type of business that we are in. ,, .,, ., ~ ., are in. the us has talked about the risking _ are in. the us has talked about the risking from _ are in. the us has talked about the risking from china. - are in. the us has talked about the risking from china. what i the risking from china. what does that mean for a business like yours? de— risking from china? like yours? de- risking from china? ~ ., china? we

by its own admission, foxconn likes to keep a low profile. company itself, you probably would have seen one of these — the iphone. now, each iphone contains hundreds of components, and foxconn makes around 60% of them from things like the camera module to the connectors in the device and even the back of the phone. but smartphone sales are plateauing, and foxconn needs to find the next big thing, the next iphone, so to speak, to drive growth forward. enter electric vehicles. ok, let's go. if we look at the component count wise, the typical ev have about 10,000 parts. compared to phones, it's about 600 parts. it's about 20 times, roughly 20 times, more components. foxconn�*s balancing act between west and east is reminiscent of a scene that plays out across parks in taipei every morning. the ancient chinese art of tai chi, which helps maintain flexibility and balance. headquartered in taiwan and caught between the us and china, foxconn has had to learn to be fluid and nimble to survive. karishma vaswani, bbc news, taipei. if you want to find o

well, tech titan foxconn makes 60% of apple's products.on, the firm is looking now for the next big thing. but it's also becoming increasingly caught in geopolitical tensions between the us and china. my colleague karishma vaswani got exclusive access to foxconn�*s chairman yong liu. the changing of the guard at taiwan's national revolutionary martyrs shrine. this is an island that's always been on edge. it's a self—ruled territory with democratic elections. but china sees it as a rebel region that must be reunited with the mainland by force if necessary, which has led to companies like foxconn, headquartered in taiwan, having to re—evaluate their options. your operations are headquartered here. you are a vital part of the taiwanese economy. what's the business contingency plan here? the diversification is one way as a business. as a ceo, i had to think about what if the worst case happened. so we are doing something, some bcp planning. hopefully it will not happen, but we have to be prepared. foxconn�*s success has been leveraging the rel

by its own admission, foxconn likes to keep a low profile.ut even if you haven't heard of the company itself, you probably would have seen one of these. the iphone. now each iphone contains hundreds of components and foxconn makes around 60% of them. from things like the camera module to the connectors in the device and even back of the phone. but smartphone sales are plateauing and foxconn needs to find the next big thing, the next iphone so to speak, to limit drive growth forward. enter electric vehicles. tqm. to limit drive growth forward. enter electric vehicles.— electric vehicles. ok, let's go. if we look at _ electric vehicles. ok, let's go. if we look at the _ electric vehicles. ok, let's go. if we look at the component - electric vehicles. ok, let's go. if we look at the component count| we look at the component count —wise, a typical ev has about 10,000 parts. compared to ford that is about 20 times less components. —— compared to phones. tt is compared to phones. it is reminiscent _ compared to phones. it is reminiscent of _ compar

are seeing trouble with foxconn in that building. ed: sean o'kane on the -- on one of the top stories on bloomberg technology this tuesday. the other activity we are seeing is in the crypto space. u.s.-based payments circle watching rated good tory -- watching regulatory developments in korea. we sat down with the chairman and ceo to discuss. >> all around the world, every major market, stablecoin laws are coming into place and what that signifies is that this kind of currency, these fiat linked digital currencies are about to become a part of the mainstream global financial system. ed: elsewhere, we see activity in bitcoin and bitcoin cash. soanli basak is here. crypto cash has doubled in value over seven days. it's kind of a spin off, why, what is happening? sonali: bitcoin cashes in fixed supply and is now being traded on the new exchange that was started by the backing of the citadel securities and fidelity and large players on wall street. you see some activity here and they are trading only assets. for bitcoin in the last seven

asian technology giant foxconn is not a houshold name.nds itself caught between the us and china. karishma vaswani has been speaking exclusively to foxconn�*s chairman young li about how it navigates the increased tensions between the two superpowers. the changing of the guard at taiwan's national revolutionary martyr�*s shrine. this is an island that's always been on edge. it's a self—ruled territory with democratic elections. but china sees it as a rebel region that must be reunited with the mainland — by force if necessary. which has led to companies likes foxconn, headquartered in taiwan, having to re—evaluate their operations. your operations are headquarters here. you are a vital part of the taiwanese economy. what's the business contingency plan here? the diversification _ contingency plan here? the diversification is _ contingency plan here? tt2 diversification is one way. as a business, as a ceo, i have to think about — what if the worst case happens? so, we are doing something, some bcp planning. hopefully it will not happen. bu

tech titan foxconn makes 60% of apple's products.rm is looking for the next big thing, but being based in taiwan, but, being based in taiwan, it recently found itself caught between us and china. my colleague karishma vaswani got exclusive access to chairman young li and she asked how the company is charting its future. the future of our technology products being created on this factory floor. this factory is run by foxconn, a company that's truly a global player. it makes things that we take for granted in our daily life. for granted in our daily life — the parts that keep your smartphone and laptop going. by its own admission, foxconn likes to keep a low profile. but even if you haven't heard of the company itself, you probably would have seen one of these, the iphone. now, each iphone contains hundreds of components, and foxconn makes around 60% of them from things like the camera module to the connectors in the device and even the back of the phone. foxconn�*s built its fortune manufacturing in china and taiwan, providing the ess

we are waiting for comments from foxconn.oomberg they reserve the right to legal action. lordstown themselves failed to hold up its part of the investment agreement finding another partner to share the cost which exceeded initial estimates. this is not the first high-profile u.s. investment that foxconn has disappointed on. remember the 10 billion-dollar wisconsin plant that foxconn founder said would employ 13,000 in the states? foxconn eventually reduced that investment to just $600 million and only 1400 jobs. wisconsin had pledged and promised tax incentives worth as much as $4 billion to get that foxconn plant. if lordstown itself is not the only carmaker in the news. you had ford in the last hour, reported cutting 1000 contract salary staff in north america. that is on top of the thousand job cuts they announced last year. elon musk, tesla cut 10% of staff. if you look at the stock performance, elon musk and tesla proved being king in ev's is not an easy production ramp. neil: or an expensive one. thank you, susan li on

foxconn, which has already invested more than $50 million, said it was hoping to negotiate a solution to lordstown's financial woes. lordstown is not the only electric truck maker that has been suffering lately, river yealm, but by amazon, has made less cars, trucks, advance that it had expected. it is all a big come down from the electric truck frenzy that had wall street investors just a few years ago. that is samira hussain in new york. in other news this morning, a usjudge has rejected a bid by cryptocurrency exchange ftx's founded to throw out most of the common's criminal case against the company. the prosecutor claims that sam bankman—fried had stolen millions of dollars from customers to plug the gaps of a hedge fund had also founded. a shareholder in the indian head tech start—up has slashed the worth of the state of the company, process, the largest non— found a shareholder of that start—up downsized its stake to just under $500 million recently. that is in stark contrast to the $6 billion at which the company had valued them last november. it comes at a time when india's mo

foxconn has a lot of client's. it's an until company.u have a company saying well you're moving the goal post and we warn you, what does that say about the foxconn? i think that serves as a warning to some of the other clients. stuart: also tells me they are beginning to rationalize the whole electric vehicle industry. lauren: yes, you have rivian with the pickup truck, the f-150 lightning by ford, the cyber truck coming from tesla and elon musk so, there is , it's a crowded space now. stuart: all kinds of models in china and germany too. lauren: yes. stuart: thanks lauren. check that big board in business now for what, six and a half minutes we're up 70 points, .21% show me the dow winners, please. those 30 stock which is are the best performers? microsoft is up top there, $4.81 higher. mcdonald's is active, salesforce , apple, nike. the s&p 500 headed by generac, the what's that? ashley: generators. stuart: of course they are, yeah got one. ashley: [laughter] stuart: 7% up they just keep on going. you've got to have one in florida. ash

with foxconn and india, the joint venture is yet to take off.y are looking for a technology partner one thing, india does not have a skilled work force of the with he -- work force we need a skilled work forcecon. taiwan has that and europe has that and u.s. has that as well this is the reason we are talking to the united states for a collaboration. u.s. national security adviser jake sullivan was in india and spoke to us. he said there will be a big announcement on the supply chains and u.s. is talking about everything from semiconductor manufacturing and design and research and scaling the indian work force to have a collaboration on the manufacturing. that will be the first step toward netting the ecosystem >> a lot to watch there. parikshit luthra, thank you. >>> we are learning that intel will invest in a new chip facility in poland it will get approve from the eu and that project will create 2,000 jobs. >>> and still ahead, chinese recovery is stuck in second gear, but investors are not concerned as shares are marching higher more coming u

foxconn, which has already invested more than $50 million said it was hoping to negotiate a solution. now, lordstown is not the only electric truck maker which has been suffering. ruvian has made less cars, trucks and vans thanit made less cars, trucks and vans than it had expected. it's all a big comedown from the electric car frenzy that hit wall street investors just a few years ago. wall street investors 'ust a few years agmfi wall street investors 'ust a few years ago. let's stay in the states. _ to the us now where president biden is due to make a landmark speech on the economy later today. widely touted under the moniker �*bidenomics�* the president is expected to set out his financial vision going forward as part of his relection campaign. on tuesday he described the economy as �*strong now�* — which is backed up by the latest housing and consumer confidence data. but as the central bank eye's up the latest interest rate decision — as we've just been talking about — this could be a risky strategy. i'm joined now by craig erlam, senior market analyst at oanda. good morning to y

. >>> and lordstown motors pulling the plug and taking legal action over foxconn troubles. >>> and later on, teams up and coming together on the partnership focused on what else a.i. it's tuesday, june 27th, 2023. you are watching "worldwide exchange" here on cnbc >>> good morning welcome to "worldwide exchange." i'm frank holland. thank you for starting your day with us. let's check on the u.s. stock futures after a negative start to the trading week. right now, we're in the green with futures all three indices higher right now fractionally the dow coming off the sixth negative session in a row. we get a check of the bond market with the benchmark 10-year treasury 3.73 it has been range bound since the end of may between 3.7 and 3.8. we see an elevated yield with the 2-year treasury. 4.69 we are looking at energy we continue to watch the political innstability in russi and oil right now looking at wti below $70 a barrel it is up .30%. brent crude at $74.40 natural gas with a move to the down side. down 1%. we are looking at crypto 30 $30,370 for bitcoin. ethereum is below $2,000 up over

and put itself up for sale after failing to resolve a dispute over an investment from taiwan-based foxconned to manufacture to sue the electronic company. in a complaint filed in bankruptcy court they accuse foxconn of fraudulent and broken promises and failing to abide by an agreement to invest up to 170 million in the ev manufacturer. right here in new york two of new york's famous hotels could reopen their doors in the near future. fox a four season hotel time warner closing in on a new contract which agree the luxury hotel. agreement could lead to competition over who takes over management for the plaza hotel. the finalists are said to be four seasons and also paris-based luxury hotel raffles moving the headquarters to new york city. back to you. maria: thank you very much. meanwhile president biden trying to distance the united states in the u.s. allies from the wagoner groups failed to attempt in russia. watch this. >> we had to make sure that we gave puno excuse. we gave putin no excuse to blame this on the west and nato. we made clear that we are not involved. we had nothing to do

simultaneously, we should add, lordstown is accusing the taiwanese tech firm of fraud foxconn dismissedt saying lordstown made "false comments and malicious attacks" and it launched in 2019 with a factory acquired from gm. take a look at the other ev makers and this is really a big news in the space if you will looking at tesla and lucid and rivian. those stocks are actually still higher at this hour. well, we've got breaking news right now. parts of texas are under yet another excessive heat warning today, as temperatures are hitting as high as 111 degrees in some cities. as parts of texas approach the states record high temperature of 120 fahrenheit, national weather service issued heat warnings and advisories for more than 40 million people. with more people turning on their ac to cool down there are concerns about the pressure on the states power grid. fox news casey stegall is live in dallas and the big question here is will the grid holdup? reporter: well, liz, we certainly hope so. we still have several more days to go. no real relief in sight. 112, the current heat index with th

, are teaming up with foxconn to start silicon auto. auto is going to design and sell semiconductors to the entire automotive industry starting in 2026. the venture will be headquartered in the netherlands. read between the lines. not china. the products will be available to all customers but primarily will support chips for stelanti s vehicles. shares while down today enjoyed a solid 34% run over the past year. nice move for stelantis. a leadership shakeup at chinese e-commerce giant alibaba is sending the stock down 4.5% and chief daniel zing stepping down as ceo and chairman so he can focus on spearheading companies cloud business at least that's what they are saying. executive vice chair joseph si will take over as chairman of the board while eddie woo, the current chair of two alibaba online commerce decisions will take over as ceo. there are words and some believe that some of those people taking over are allies of jack ma, the founder of alibaba. dice therapeutics hitting a record high pharmaceutical company plans to buy it for $

this is a case, foxconn has talked about been a player in automotive.y seem to come to lordstown's rescue. they are having hard time getting going. alix: ev's have been around for -- it's time to process. we will talk about the new home sales. this is bloomberg. ♪ (announcer) enough with the calorie counting, carb cutting, diet fatigue, and stress. just taking one golo release capsule with three balanced meals a day has been clinically proven to repair metabolism, optimize insulin levels, and balance the hormones that make weight loss easy. release works with your body, not against it, so you can put dieting behind you and go live your life. head to golo.com now to join the over 2 million people who have found the right way to lose weight and get healthier with golo. alix: we are one hour into the trading session. yields are moving higher. equities our firm after blowout numbers. abigail: are we going to see what we saw yesterday, we have gains. overall, this session, lots of volatility right now. it's not a huge gain, because we are in this time of dec

ashwini: foxconn has been asked to reapply under the new window.d then we will comment on that proposal. haslinda: is there a timeframe that you expect to make that announcement? ashwini: i can't put a timeframe on that, let the parties who would like to apply, let them apply, there are many who are looking at india as the destination. the talent going into 2030 is one million new talent. that is what this is about. i met about 45 companies on the west coast, all of them very clearly said one thing. the talent which is required for the growth of the semiconductor industry that can come only from india. and the copy hence if ecosystem focus that we have done, we are not rushing through, we are focusing on creating the ecosystem. which is what the industry is appreciating. the third thing people have said is the growth and electronics is going to create an important demand. all of these factors combined gives us the confidence that the way we are moving forward is right. haslinda: lots of interest in india, including google. we know you spoke to the

lordstown files for bankruptcy as they deal with foxconn unraveling we will bring details on that developingr who sat down with president biden on his trip to san francisco. we will get her takeaways and how the government plans to tackle the booming technology.

joining me now miranda devine, new york post coliseum snis and foxconn tributeor -- columnist and foxbutor. >> why was it so hard to be found? >> he skipped bail so nobody knew if he was dead for he was a fugitive and i got a message from him just a couple of days ago saying that rumors of his death were greatly exaggerated and here he was and so, you know, he says that he is innocent of these arms dealing charges. >> he was kind of mild-mannered professor in washington d.c., working with the same chinese business people that hunter biden and jim biden were working during joe biden's vice presidency, and so he had a sort of ring side seat to that influence peddling operation, and what he says and it's backed up by some documents -- is that in march 2019, he went to brussels and he offered to be interviewed by the department of justice and four fbi agents and two doj prosecutors from the southern district of new york flew to brussels and interviewed him over two days, 16 hours, and he told them -- basically back in 2019 -- what we discovered the next year with hunter biden's laptop; th

foxconn awarded investment licenses and will begin operations in 2024 and 2025.bnb is dismissing data in a viral tweet that suggested revenue for property owners in some u.s. cities was down nearly 50%. an airbnb spokesperson said the data is not consistent with airbnb's, and that the demand for short-term adults is alive and well -- short-term rentals is alive and well. joining us is natalie long. explain this one to me. there was a viral tweet that said basically, people that have airbnb homes are not making any money. >> right. this viral tweet that came out around two days ago had to data from algorithms that aggregate airbnb listings, data showing in cities like phoenix, austin, are seeing revenue per listing drop nearly 15%. what has got people talking about this data is the price on, but also people were wondering the accuracy of the data. ed: exactly. natalie: the other data source, also widely cited by the hotel industry, their data shows for the same market, the decline is more muted, around the single digits. the biggest one was around 9%. ed: natalie,

. >> and foxconn happen to anyone. >> here's the big point, why you talk about the debt ceiling at 7:00 at night you should come out at noon on a friday run about the economy. that is really good for americans. >> Ì-letter who will be watching? does can be watching the 7:00. i guess they feel like it's big ten but he does things like this so infrequently like and oval office address is a very big deal, and they know it's over. >> they want to show that he's doing what he said he was going to do. that he could cover from the center look at him and he got that huge achievement in american -- you can say that at noon today, not have to do to make oval office address frankly it is fake to me because in oval office address is where you ask for prime time. and you asked everybody to not run the regular schedule pro program, >> by the way, he could've been doing this not on a friday he started negotiating i don't know, a month or two earlier and he could expect the football. >> the republicans relay and putting out and they didn't get it till march 9th, also he wants to talk about the jobs n

for example, foxconn, they outsource computers and other gadgets, they use ai to find manufacturing defects. nvidia says they can save $6 trillion in quality control. 6 trillion highly personalized ads generated for you by ai could revolutionize the. automatic speech recognition could replace the poor customer service representative who gets asked the same question over and over again jack in the box is using it right now in the drive-thru. its ceo darren harris told us that not only does the bot save him the cost of an employee it actually does a better job with fewer mistakes, better promise for upsells makes you buy a bigger milkshake he's tried to fool it many times never has been able to the quick serve industry is not going to be the same once people figure out what jack in the box has done equipment cha that needs to be towed or moved around using big forklifts will be able to placed on robots and programmed where to go, something that can save who knows what jensen calculated the robots will save 70% of the time it takes humans to dot same work. right to the bottom line but very ped

foxconn was going to be at eighth wonder of the world and it didn't happen the difference here is therer, ohio is putting up $2 billion on top of the chips act. so there is a lot of money here. there is a lot of money here but the question is what's going to happen to semiconductor demand is it enough to sustain all of this everybody sort of admits this is a moving target. these fabs, these chip things are going to get build but it's a little bit of a question about how and how big. >> scott, thanks you you know we're waiting and trying to guess behind the scenes are you just in california because that's your back yard or something? >> well, i'm in silicon valley and i guess we bounce around we want to see which is the top state for business and, yes, i also live in california. >> scott, thank you. we'll see you coming up. we're looking forward to all of these things as we get closer to the final unveiling of who actually won this year when we return, we're going to talk about whether the market believes the messages that the federal reserve is selling hi there lots of people behind tod

lordstown filing a lawsuit against foxconn. accusing the company of fraudulent conduct and series of broken promises and failing to invest in $170 billion in the ev maker. >>> meta announcing a tool and other tools to help families and teens manage the amount of time spent on its apps. including a nudge on innstagram to suggest they close the reels app at night teens get notified after 20 minutes of scrolling and adds additional parental supervision and features on instagram and messenger. >> they try to make it as addicting as possible and build around it like the casinos with no windows and stay as long as possible we will dbeep you and say shut t off. >> they advertise liquor or alcohol. >> bud >> at the very end, it says drink responsibly after it shows how much fun people are having >> by the way, if you are an adult, you are making your own decisions. these are products targeted at teens. >> go away >> okay. i saw it i'll stay on >>> separately, mark zuckerberg, the cage match, with elon, is not going to happen. >> it is

foxconn was suggested to invest $20 billion.out and only invested a small amount of money. we have $189 billion of manufacturing spending since the biden inauguration that has been announced and expected so far for this year. this will obviously create a lot of jobs. it's already created over 200,000 construction jobs. obviously, the manufacturing yet to come. >> that's incredible. what's your next chart show? >> we're going to talk about the reasons. the reasons are multiple but very heavily oriented around some of the policies that the president and the democratic leaders in congress have put in place. let's talk about the ira, the climate bill, whatever you want to call it. when that bill was passed, the congressional budget office thought about $390 billion of the tax credits would be used. they've raised their estimate to $570 billion. brookings thinks it is more like $780 billion. goldman sachs thinks it is $1.2 trillion. >> wow. >> normally, when we talk about government spending increasing, it is a bad thing. this is, in