TRUMP STOPS QUALCOMM TAKEOVER

U. S. President Donald Trump stopped Singapore- based Broadcom’s $ 117 billion bid to acquire rival chipmaker Qualcomm, citing national security concerns. Both firms were ordered to discard the proposed merger. The move is likely to frustrate Qualcomm investors. The U. S. firm announced a $ 1 billion cost- cutting initiative and demotion of former CEO Paul Jacobs from the role of executive chairman.