Month: July 2018

BEIJING/NEW YORK (Reuters) – Qualcomm Inc (QCOM.O), the world’s biggest maker of chips for mobile phones, on Wednesday said it intends to drop its bid to buy Dutch chipmaker NXP Semiconductors (NXPI.O) after so far failing to secure approval from China against the backdrop of wider Sino-U.S. trade tensions. The $44 billion bid was the largest-ever merger in the semiconductor industry when announced in October 2016, just days before the election of U.S. President Donald Trump, and would hand Qualcomm a new market as growth in mobile phone demand slows. The deal became embroiled in a trade standoff …read more […]

Wall Street’s major indexes rose on Wednesday after U.S. President Donald Trump said he hoped to reach a trade deal with Europe as he met with European Commission President Jean-Claude Juncker. The S&P 500, the Nasdaq and the Dow all hit session highs as both Trump and Juncker struck a conciliatory tone on trade in their statements to reporters. The Dow, which had been weighed by Boeing Inc’s report of higher costs for its aerial refuelling tanker programme, reversed its earlier downward course. …read more […]

Daimler, the owner of the Mercedes-Benz brand, and China’s Baidu are …read more […]

Traders in the U.S. options market braced for a large near-term move in the shares of chipmaker Qualcomm Inc and NXP Semiconductors with hours to go before the deadline to get China’s nod for a $44 billion (33.42 billion pounds)deal. San Diego-based Qualcomm needs Chinese approval for the deal because the country accounted for nearly two-thirds of its global revenue last year, but Sino-U.S. trade tensions have raised the prospect that the deal could be scuppered. Qualcomm, the world’s biggest maker of chips for mobile phones, and Dutch chipmaker NXP said in April they would call off the …read more […]

Former Fiat Chrysler CEO Sergio Marchionne, who rescued the Italian and U.S. companies and built them into the world’s seventh-largest carmaker, has died, the news breaking moments before the group reported a heavy fall in profit on Wednesday. The announcement of the death of Marchionne, 66, one of the auto industry’s most tenacious and respected CEOs, drew tributes from rivals and tears from his closest colleagues, a collective grief that overshadowed a big sell-off in Fiat Chrysler shares. Marchionne had fallen gravely ill after what the company had described as shoulder surgery at a Zurich hospital. …read more […]

Cue reverse split. Cue selloff. …read more […]