Friday, 20 April, 2018

Broadcom withdraws $117-billion Qualcomm bid after Trump nixes deal

Donald Trump and the Broadcom-Qualcomm deal: Who will blink? Why Trump blocked Qualcomm-Broadcom: It's all about 5G
Delores Daniels | 16 March, 2018, 01:08

US President Donald Trump on Tuesday blocked Singapore-based company Broadcom's $117 billion bid for chip maker Qualcomm, citing national security concern.

The decision of the head of the White house explained the presence of "credible evidence" indicating that the transaction "threatens the national security of the United States".

But the US government, through the Committee on Foreign Investment in the US (CFIUS), put a halt on the proceedings last week due to national security concerns, arguing that Qualcomm operated substantial business with the US government and that the company played a critical role in the United States' position in the development of 5G technology. The takeover was under investigation by the Committee on Foreign Investment in the U.S (CFIUS).

Scott Peters, a Democrat who represents the 52nd congressional district that includes northern San Diego, also opposed the deal because of concerns about national security and USA competitiveness in wireless technology.

"This decision is based on the facts and national security sensitivities related to this particular transaction only and is not meant to make any other statement about Broadcom or its employees, including its thousands of hard working and highly-skilled USA employees", Broadcom said. Qualcomm shares fell 4.3 percent.

Rosenzweig added Broadcom could fire Qualcomm management, cut research spending on 5G or stop Qualcomm from participating in the 5G standards-setting process.

Concern over China's potential influence, and rising United States protectionist sentiment, hung over the Singaporean firm's hostile takeover bid.

"The revelation that Intel Corp.is considering buying Broadcom Ltd., a company valued at more than $100 billion, shows the depth to which the chip giant feels threatened by a potential tie-up between Broadcom and its rival Qualcomm Inc.", the paper reported yesterday.

The letter prompted Qualcomm to postpone a March 6 annual meeting, where shareholders were to vote on board candidates, including six nominated by Broadcom.

CFIUS noted that a Broadcom-Qualcomm merger could weaken Qualcomm's leadership in the field. "Given well-known US national security concerns about Huawei and other Chinese telecommunications companies, a shift to Chinese dominance in 5G would have substantial negative national security consequences for the United States". Singapore-based Avago acquired the original Broadcom and took its name.

The administration and members of Congress became concerned about the national security issues of handing over Qualcomm, the largest domestic semiconductor manufacturer and leader of 5G technology, to a foreign entity.

Mr Moorhead likened the idea of merging the companies to mixing oil and water.

In contrast, he said Broadcom is adept at using intellectual property developed by others and making products at low cost, referring to them as "implementors".

Recommended

  • WWE SmackDown 1/13/18 - The Good, The Bad and The Pointless

    WWE SmackDown 1/13/18 - The Good, The Bad and The Pointless

    Shane walked into SmackDown this week as commissioner and left on a stretcher without that title. It's great to see Carmella getting an opportunity but this match was dry, short and uneventful.
    Keenum Preparing to Sign with Denver

    Keenum Preparing to Sign with Denver

    Quarterback Case Keenum is expected to sign with the Denver Broncos once free agency opens, according to Adam Schefter. The Denver Broncos have apparently worked out their quarterback situation ahead of the official start of free agency.
    Miley Cyrus Is Being Sued For Allegedly Lifting 'We Can't Stop' Lyrics

    Miley Cyrus Is Being Sued For Allegedly Lifting 'We Can't Stop' Lyrics

    Now: " We Run Things ", which is a great song, sounds absolutely nothing like " We Can't Stop ", which is not. Representatives for the singer and Sony did not respond to requests for comment.
  • Sky Sports suspends pundit Jamie Carragher following fan spitting incident

    Sky Sports suspends pundit Jamie Carragher following fan spitting incident

    Carra was also pulled from Danish channel TV3 Sport, where he was due to analyse the Manchester United clash with Sevilla. Carragher then winds down his window while the girl's dad winds down his passenger side window.
    US Court Upholds Most Of Texas Law To Punish 'Sanctuary Cities'

    US Court Upholds Most Of Texas Law To Punish 'Sanctuary Cities'

    Texas, however, had been a rare bright spot for the Trump administration, with state officials moving to back him up in opposing sanctuaries.
    Milbank: Betsy DeVos interview on '60 Minutes' mocked as disastrous

    Milbank: Betsy DeVos interview on '60 Minutes' mocked as disastrous

    Stahl mentioned MI schools' poor performance , something a University of MI study appeared to confirm previous year . The DeVos interview has already sent a message that schools can be less mindful of stark disciplinary disparities.
  • Oklahoma death penalty: state plans to execute inmates with nitrogen gas

    Oklahoma death penalty: state plans to execute inmates with nitrogen gas

    Oklahoma has not carried out an execution since 2015 after a series of mishaps, including a botched lethal injection in 2014. He said there is a growing body of research on the use of inert gases on humans because of its use in assisted suicides.
    Giants to sign LT Solder to four-year deal

    Giants to sign LT Solder to four-year deal

    Solder will receive a four-year, $60 million contract with a guarantee of about $35 million, a source told ESPN's Adam Schefter. Solder has been one of the steadiest left tackles in the National Football League since being drafted No. 17 overall in 2011.
    Iowa's unemployment rate at 2.9% in January

    Iowa's unemployment rate at 2.9% in January

    The number of people classified as unemployed declined to a seasonally adjusted 96,678, the lowest figure since February 2000. Pulaski County's was 3.7 percent, reflecting an estimated 227 people out of work and a labor force of 6,087.
  • Tyrann Mathieu released by Cardinals

    Tyrann Mathieu released by Cardinals

    However the harsh reality is no matter who the Cardinals got at quarterback, Mathieu's days in Arizona were numbered. Highly respected across the league, Mathieu has already received a ton of "pitches" from players around the league.
    SP defeats BJP in UP Lok Sabha polls

    SP defeats BJP in UP Lok Sabha polls

    On March 11 last year, the BJP state headquarters sprang with celebrations as the party returned to power after a 14-year gap. The victories in Phulpur and Gorakhpur of the SP-BSP alliance has proved to be a big setback for the BJP .
    France Commits 700 Million Euros for Solar Projects Worldwide

    France Commits 700 Million Euros for Solar Projects Worldwide

    The French president also said France was more than tripling its commitment to the ISA alliance. Most of the member countries are located in equatorial regions in Africa and the Indian Ocean.

Kendall Jenner not bisexual but 'down' for gay experience Kendall Jenner not bisexual but 'down' for gay experience Appearing on " The Ellen DeGeneres Show ", Kendall was asked if she has "baby fever", and she replied: "But I don't, I don't". While Jenner's hair and makeup was a tried-and-true redux, her outfit was a modern update on a feminine classic: polka dots.

Sooners & Young One and Done at the NCAA Tournament Sooners & Young One and Done at the NCAA Tournament Matthews led No. 7 Rhode Island to an 83-78 OT win over No. 10 Oklahoma in the first game of the 2018 NCAA Tournament . It would be doubly surprising given how Oklahoma's season went, with the Sooners losing 12 out of their last 16 games.

Bihar bypolls: Nitish congratulates candidates Bihar bypolls: Nitish congratulates candidates They have spawned an extremist ideology which is a danger not only to Bihar but also to the country in the coming days. The BJP's Rinki Pandey was leading by over 6,000 votes over Sambhu Patel of the Congress, a RJD ally, in Bhabhua .

Rs 12k crore sanctioned as 'special assistance' to Andhra, Centre tells Parliament Rs 12k crore sanctioned as 'special assistance' to Andhra, Centre tells Parliament Chairman M Venkaiah Naidu asked the members to return to their seats and allow the Zero Hour proceedings. The demand of the special category not being granted to Andhra Pradesh didn't sit right with the TDP.

Dick's Sporting Goods (DKS) Shares Cross Below 200 DMA Dick's Sporting Goods (DKS) Shares Cross Below 200 DMA Highbridge accumulated 103,398 shares or 0.04% of the stock. 15,390 are held by Liberty Mutual Asset Mngmt. Its up 12.23% from 2.56M shares previously. (NYSE: DKS ), 16 have Buy rating, 2 Sell and 18 Hold.

Indian envoy summoned over bullying of diplomats, families Indian envoy summoned over bullying of diplomats, families Last month, there were intrusions into the Indian diplomatic residential complex under construction in Islamabad . The Pakistanis claimed the incident took place while the diplomat was returning to his home in Vasant Vihar.

Pi Day Google Doodle: Here's How It Was Designed Pi Day Google Doodle: Here's How It Was Designed The doodle was created with help from Dominique Ansel , the pastry chef behind the Cronut , and leads to a search for "Pi Day". Pi Day is an official celebration of the mathematical constant π, also represented by the number 3.14.

Google to ban cryptocurrency and related advertisements Google to ban cryptocurrency and related advertisements They would intentionally misspell words like "bitcoin" in their ads just so they could continue luring more people to their sites. In 2017, Google took in over $95.4 billion in revenue from advertising, which was an increase from its 2016 revenue by over 20%.

Wilshere Set for Arsenal Exit as Everton Make Interest Known Wilshere Set for Arsenal Exit as Everton Make Interest Known Meanwhile, Aaron Ramsey is confident Arsenal can get their season back on track. thanks to the Europa League . Jack Wilshere is set to walk away from Arsenal on a free transfer this summer.

Relegation-threatened Southampton fires manager Mauricio Pellegrino Relegation-threatened Southampton fires manager Mauricio Pellegrino And Southampton have now chose to act with the team sitting 17th, just one point above the drop zone with eight games to go. It's safe to say that the Mauricio Pellegrino experiment at Southampton FC didn't work out too well.

President Trump touring border wall prototypes in San Diego President Trump touring border wall prototypes in San Diego The state unsuccessfully sued to prevent construction of Trump's wall, claiming he was wrong to forgo environmental reviews. Monday, the administration went as far as to accuse California's laws, bizarrely, of bankrolling human trafficking rings.

Serena sets up Indian Wells showdown with sister Venus Serena sets up Indian Wells showdown with sister Venus But I have to play a seed regardless, sooner than later most times for the next couple of tournaments, so I have to be ready. Venus won 61 percent of her first-serve points and broke Cirstea's serve six times. "When she's missing, it's not by much".

Google Co-Founder's Flying Taxi Takes To The Skies In New Zealand Google Co-Founder's Flying Taxi Takes To The Skies In New Zealand Both parties are hopeful that this will lead to a network of flying taxis in New Zealand within the next three years. That means that the rules it develops may become a template for other nations, including the United States.

Guardiola downplays hopes of winning league title in Manchester derby Guardiola downplays hopes of winning league title in Manchester derby Manchester City broke the deadlock after just 10 minutes at the bet365 Stadium thanks to Silva's neat side-footed finish. Only Jonas Lössl (50) has conceded more Premier League goals among goalkeepers than Jack Butland (49) this season.

Tillerson Delivers Farewell Statement Jam-Packed With Not-So-Subtle Jabs at Trump Tillerson Delivers Farewell Statement Jam-Packed With Not-So-Subtle Jabs at Trump And I've also spoken to White House Chief of Staff Kelly, to ensure we have clarity as to the days ahead. The Texan's last day as secretary will be March 31, when he just might breathe a big sigh of relief.