Your Evening Briefing
Morris Chang.
Photographer: Maurice Tsai/Bloomberg
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Asia has a new 86-year-old billionaire, thanks to Apple's secret new iPhone. Morris Chang is the chairman of the world's largest contract chipmaker, Taiwan Semiconductor Manufacturing, which produces parts for Apple and has seen a 25 percent share price surge on expected demand for the company's latest models. Chang, an MIT graduate and TMSC shareholder, stepped down as the chipmaker's chief executive more than a decade ago, only to return to the job in his late seventies when business hit a rough patch. A shrewd move.