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Trump’s move to stall Broadcom bid for Qualcomm questioned
New York, March 13 (IANS) US President Donald Trump’s decision to stall Singapore-based Broadcom from pursuing a takeover of San Diego-based Qualcomm has left many puzzled.
Trump on Monday blocked Broadcom’s bid for Qualcomm, saying it might “impair the national security” of the country.
According to an editorial in The San Diego Union-Tribune, while Qualcomm’s health is vital for San Diego’s image and economy, big questions remain.
“If the decision was prompted by Trump’s deep skepticism about international trade and Fortress America instincts, that is less defensible and could haunt US companies in their international dealings,” said the editorial.
As the State Department website notes, the US and Singapore have long enjoyed “an expansive and enduring relationship based on mutual economic interests, robust security and defense cooperation”.
“When the president comes to San Diego on Tuesday, an explanation of his decision is needed – not just by residents but by nations that see themselves as US allies,” the editorial read.
According to the editorial, Trump’s move will be cheered by the Qualcomm executives who opposed the bid and welcomed by the 13,000 local Qualcomm workers whose jobs may have been in jeopardy with a new owner.
According to Broadcom, it is “reviewing” the order and “strongly disagrees” that its would-be acquisition poses national security risks.
Qualcomm, however, said it will reconvene its annual stockholders meeting on March 23 to discuss the situation.
According to the letter from the Committee on Foreign Investment in the US, the takeover would pose too great a security risk.
“If Broadcom bought Qualcomm, CFIUS argued, it would likely cut costs at the American company and weaken its ability to compete against Chinese rivals like Huawei,” Engadget reported, citing the letter.
“That, in turn, would let China dominate 5G wireless and leave Americans vulnerable,” it added.
Trump’s decision to stall the merger comes amid rumours that Intel is believed to be considering making a bid for Broadcom.
–IANS
na/vd
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.