Foxconn Technology Group, which just happens to be Apple Inc's largest contract electronics manufacturer, has quietly set up half a dozen financial services companies in China over the past year, providing loans and other financing to electronics component suppliers, the Wall Street Journal reports. Foxconn derives about half its revenue from Apple, but the company is trying to expand into more higher-margin businesses including component manufacturing, e-commerce, robotics and financial services. In doing so, it joins an array of technology companies thinking they can do better than China's state-owned financial institutions in serving local businesses and consumers. Timothy J. Sloan has been promoted to president and chief operating officer of Wells Fargo, putting the longtime executive in line to succeed CEO John Stumpf at the helm of the world's biggest bank by market capitalisation, the Wall Street Journal has reported.