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Trump blocks Broadcom's attempt to buy Qualcomm
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Trump blocks Broadcom's attempt to buy Qualcomm
14 March 2018, 12:07 | Vera Richards
QUALCOMM, Inc. (QCOM): Trump's Interruption Likely to Have Significant Negative Ramifications
Treasury Secretary Steven Mnuchin, in his capacity as the chair of the CFIUS, said Trumps decision was consistent with the administrations commitment to take all actions necessary to protect the national security of the US.
Qualcomm is now the third biggest chipmaker in the world after Intel and Samsung, but is considered by many analysts to be the leader in developing 5G chips, followed by Broadcom and Chinese telecoms giant Huawei. Tan argued that combining Broadcom and Qualcomm would further USA interests by advancing the development of the next generation of wireless technology known as 5G, according to a person familiar with the meeting.
Huawei has been forging closer commercial ties with big telecom operators across Europe and Asia, putting it in prime position to lead the global race for 5G networks despite US concerns. It is also to be noted that Broadcom is planning to move its headquarters to the USA, it would be interesting to see what rules will be followed by Broadcom in doing so, and how is Trump administration going to take it.
US crude exports to Asia are slumping as WTI…
Energy Information Administration report on oil inventories is due to be released on Wednesday at 10:30a.m. Last week, the American Petroleum Institute (API) reported a build of 933,000 barrels of crude oil .
"Qualcomm Incorporated today received a Presidential Order to immediately and permanently abandon the proposed takeover of Qualcomm by Broadcom Limited", the company said. Nearly every major business and consumer electronics manufacturer uses Qualcomm'stechnology as brains for their devices. Qualcomm is also compelled to reconvene its 2018 Annual Meeting of Stockholders on the earliest possible date, which based on the required 10-day notice period, is March 23, 2018. Despite this, Intel might still put in an offer to buy its rival chipmaker regardless of the outcome.
Intel of course, are no strangers to Washington offices, and Intel CEO Brian Krzanich served on Trump's Manufacturing Initiative advisory board until August past year.
The other manufacturer with a dog in the fight (and a bone to pick with the U.S. government) is of course Huawei. The agency believes that the acquisition would give a foreign entity control of a US business. We saw this recently when the government blocked United States carriers from offering Huawei's flagship phones.
The reaction of the White House is unusually quick and surprising. It would also have been the biggest takeover the technology sector had ever seen.
Most analysts assume Broadcom will now walk away from Qualcomm, with some flagging San Jose-based Xilinx Inc and Israel's Mellanox Technologies Ltd, both diversified makers of communications chips, as likely next targets.
There is still the matter of their dispute with Apple (AAPL) over licensing fees, but, as this Seeking Alpha piece by Mark Hibben points out, a dispassionate view of the agreement makes that look like a standard licensing deal, so an eventual ruling in Qualcomm's favor is the most likely outcome. Their markets combined would have been worth in billions of dollars.
Woods shoots 1-under 70; rookie leads at 67
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Kenyan president, opposition leader call truce
Waxaa ku guuleystay doorashadii ku celiska ahayd ee Kenya ka dhacday bishii October ee sanadkii 2017 Uhuru Kenyatta, taasi oo Mr. The rare meeting of scions of Kenya's founding fathers elicited mixed reactions but there was a common feeling of optimism.
Florida governor signs compromise school safety bill
Instead, he wanted lawmakers to adopt his own $500 million proposal to put at least one law enforcement officer in every school. Scott told reporters he would "review the bill line by line" and consult with victims' families before deciding his position.
Microsoft confirms the demise of Windows 10 S
Belfiore tweeted that Windows 10 S is going to be a mode of existing Windows versions next year and "not a distinct version". We use Win10S as an option for schools or businesses that want the "low-hassle"/ guaranteed performance version.
Sitharaman presses IAF to rescue students from TN forest fire
The Indian Air Force , which has been pressed into service for rescue operations, is sending a helicopter to the affected area. As per the latest updates coming in, 1 student has unfortunately lost his life while around 10-15 students have been rescued.
Kushner heads to Mexico following Trump-Peña Nieto dispute
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc . Trump's remarks on trade have unsettled financial markets, often causing the Mexico's peso currency to shed value.
Eagles Trade For Seahawks Michael Bennett
The news came down amid reports that Seahawks cornerback Richard Sherman could also be facing the end of his Seattle days. Curry, the Eagles' second-round draft pick in 2012, had only three sacks this season and 22 for his career.
Alfredo Morelos signs new deal at Rangers
Captain Lee Wallace is closing in on a comeback after a lengthy absence and fellow left-back Declan John is pushing for a return. Just three months after that 2012 win, 54-time Scottish champions Rangers were liquidated following financial mismanagement.