President Donald Trump killed Broadcom's proposed buyout of Qualcomm, citing national security concerns, according to a statement issued by the White House on Monday.

"There is credible evidence that leads me to believe that Broadcom Limited, a limited company organized under the laws of Singapore (Broadcom)...through exercising control of Qualcomm Incorporated (Qualcomm), a Delaware corporation, might take action that threatens to impair the national security of the United States," the statement said.

Both companies were ordered to immediately abandon the proposed deal. The order, an unusual move by any sitting U.S. president, also prohibits all 15 of Broadcom's proposed candidates for Qualcomm's board from standing for election.

The U.S. Treasury's Committee on Foreign Investment in the United States had already expressed concerns about the transaction in a March 5 letter addressed to Broadcom and Qualcomm lawyers. CFIUS listed several issues, including Broadcom's reputation for cutting research spending and potential national security risks.

Despite CFIUS's concerns, Broadcom had been optimistic that a plan to move its headquarters from Singapore to the U.S. could save the deal.

Shares of Qualcomm fell close to 5 percent after the announcement. Broadcom stock gained about 1 percent in extended trading, after briefly falling.



Qualcomm did not immediately respond to CNBC's request for comment. In a statement that it issued late Monday, Broadcom said it is reviewing the order.

"Broadcom strongly disagrees that its proposed acquisition of Qualcomm raises any national security concerns," the statement said.

Here's the full statement from the White House:</s>Donald Trump released a three-minute video on Wednesday which features former Trump University students voicing support for the now-defunct series of courses on real estate and investing.

"The courses that I took were outstanding," Kent Moyer, founder of World Protection Group (WPG), says in the video.

Moyer further explains how Trump U allowed him to start his business:

When you look back at having nothing and then starting a business and you look at the first things that I jumped into in terms of learning business skills, the basics of business, you have to really have a loyalty to Trump University because they gave me some of the basic business skills to start my business and I will never forget that.

WPG is a security firm that specializes in executive protection, according to its website, which also lists its founding year as 2001. Trump University was founded in 2005. WPG did not immediately respond to a request for comment on the discrepancy between its founding date and the role Trump U played.

Two other former students expressed similar praise for Trump U and the impact the courses had on their careers.

The video comes a day after hundreds of pages of Trump University internal documents were released on Tuesday in connection an ongoing fraud lawsuit against the presumptive Republican presidential nominee.

The documents include sales and marketing "playbooks" from 2007 through 2010.

Before the documents were released on Tuesday, New York Attorney General Eric Schneiderman slammed Donald Trump and his eponymous Trump University as "phony" and "shameless."

Trump remains enmeshed in multiple lawsuits filed by former students of Trump University and faces a third fraud suit from Schneiderman, which likely won't go to trial until after the November election. The suits accuse Trump of defrauding students into paying thousands of dollars for worthless classes on real estate and investing.

Trump and his lawyers, however, have continually defended the for-profit university, citing stellar student reviews. Some students, however, may have been pressured into writing them, according to The New York Times.

You can watch the entire video below.</s>On heels of reports Republican President-elect Donald Trump may have sought top level security clearances for some or all of his adult children, Trump's former spouse Ivana Trump is asking for a major diplomatic position.

In an interview with the notorious tabloid New York Post, Ivana Trump explained she believes her ex-husband should appoint her ambassador to her home country, the Czech Republic.

"I will suggest that I be ambassador for the Czech Republic," she told the paper. ""[That] is where I'm from and my language and everybody knows me. I'm quite known all around the world. Not only in America. I have written three books, and they were translated in 40 countries in 25 languages. I'm known by the name Ivana. I really did not need the name Trump."

Ivana Trump was born in the Czech Republic when it was known as Czechoslovakia in 1949, marrying Donald Trump in 1977 before divorcing him for a $20 million settlement in 1990. The books in question include two romance novels and a self-help guide for divorcees.

While federal nepotism rules technically prohibit Trump from appointing or nominating any of his direct relatives to paid positions in the national government, Ivana Trump is his ex-wife and no longer appears to be one of the types of direct relative specified. However, there may be other legal or financial ties between the Trumps which could affect any theoretical appointment.

However, realistically, any such appointment would carry the reek of nepotism whether or not it violated any formal rules.

Trump himself has not made any indications he would nominate Ivana Trump for the position, which would also need to clear the Senate. The current U.S. Ambassador to the Czech Republic, Andy Schapiro, has served in his position since August 2014.</s>The Prime Minister-elect Jacinda Ardern has received her first call from US President Donald Trump.

The President called Ms Ardern on Monday morning to congratulate her on her election win.
• No call from Trump yet, but Ardern's not holding her breath

According to Ms Ardern Mr Trump took an interest in the outcome of the election.

"The President was genuinely interested in our election, and spoke about the coverage it had received in Washington DC," she said.

Ms Ardern is looking forward to a productive relationship with Presdident Trump.

"We are likely to meet at APEC, where I look forward to carrying on talks around our role in the Asia Pacific region, and our commitment to a strong relationship with the United States.</s>President Donald Trump on Tuesday blamed the media for trying to get him to stop tweeting, a day after his long Twitter rant derailed his administration's attempt to roll out a long-promised infrastructure plan.

"The FAKE MSM is working so hard, trying to get me not to use social media," Trump tweeted. "They hate that I can get the honest and unfiltered message out."

The reality, however, is that its voters who have the most distaste for Trump's tweeting habits.

A May 10 Quinnipiac poll found that 61% of voters say Trump should stop tweeting from his personal Twitter account. That included 43% of Republicans.

Members of his own party, such as Senate Foreign Relations Committee Chairman Bob Corker (R-Tenn.), have said Trump's tweets are a distraction.

"It's best to refrain from communicating with 140 characters on topics that are so important," Corker told reporters on Capitol Hill.

Even Kellyanne Conway's husband said Trump's tweets are hurting his legal case on the travel ban.

"These tweets may make some [people] feel better, but they certainly won't help [the Office of Solicitor General] get five votes in SCOTUS, which is what actually matters," George Conway tweeted, referencing Trump's Monday morning tweetstorm on the travel ban. "Sad."

But Trump said Tuesday he has no intention of stopping.

"Sorry folks, but if I would have relied on the fake news of CNN, NBC, ABC, CBS, WashPost or NYTimes, I would have had ZERO chance winning WH," Trump tweeted.</s>President-elect Donald Trump had his claws out Monday morning for Meryl Streep, calling the multiple Academy Award-winning actress "over-rated" in response to her blistering Golden Globes speech in which she called Trump a "bully."

But the internet wasn't having any of it, throwing Trump's attack back in his face.

Most pointed out how many awards Streep has won, including two Emmys — an award that's proved elusive for Trump, who has bitterly called the award show "rigged."

Some questioned if Trump has ever seen any of Streep's films, which have made her the most Academy Award-nominated actor of all time.

Others were quick to call Streep's impassioned speech more presidential than Trump.

And then there were those who joked that Streep always wins at the Golden Globes.

Trump should have taken a cue from The Wire: You come at the [queen], you best not miss.</s>Donald Trump's historic presidential election win this week caught almost everyone by surprise. The pollsters were wrong, the pundits were way off, and the only people who seemed to predict the correct outcome were dismissed as being overly optimistic.

Yet as the results came trickling in on Tuesday night, it became clear that Trump would become the United States' next commander-in-chief. On Wednesday morning, while some were celebrating the victory and others fretting its outcome, people began to wonder: What might a President Trump administration actually look like?

Trump has at his disposal a large roster of candidates to fill his cabinet. He has already mentioned some ideas for whom he may select for key posts, and anonymous sources and other prominent voices in the conservative movement have thrown out additional names as well.

For attorney general, Trump's campaign has already made headlines suggesting the role could be given to former New York City Mayor Rudy Giuliani, who has been one of Trump's biggest supporters throughout this election.

Giuliani doesn't come to the role unprepared: In addition to his experience as mayor of the Big Apple, he also served as United States attorney for the southern district of New York. Like Trump, Giuliani was once a registered Democrat; however, he switched his allegiances long ago as an independent, and he has been a Republican since the 1980s.

The conservative leader and proponent of the Contract with America in the 1994 midterm elections, Newt Gingrich has been an outspoken critic of all-things-liberal ever since. As speaker of the House of Representatives from 1995 to 1999, and second in line of succession to the presidency (behind the vice president), the Georgia Republican has both the resume and experience to play a huge role in the Trump administration.

Gingrich was on the shortlist of contenders to be named the vice presidential nominee during the campaign. Now, he's being heavily considered for another important role: secretary of state. As the nation's top diplomat, Gingrich would be given the responsibility of forging good relationships with global leaders. He'd also be filling a role that Hillary Clinton served in during the early years of the Obama administration.

A former presidential candidate and an outspoken critic of President Barack Obama's signature health care policy, Dr. Ben Carson is being considered for one of two possible roles in the Trump administration due to his medical background: secretary of the Department of Health and Human Services, or surgeon general.

According to its official government website, the Surgeon General "provides Americans with the best scientific information available on how to improve their health and reduce the risk of illness and injury." He or she heads the U.S. Public Health Service Commissioned Corps, which is tasked with promoting the overall health of the country.

Carson has the background to serve in either role, and claims that President Obama previously offered him the latter. As a former surgeon, Carson gained notoriety for being the first to successfully separate conjoined twins at the head (although the story for the twins ended in tragedy years later). But Carson is not without controversy — his views on the transgender community, for example, demonstrate a restrictive approach to their lives. When asked if transgender people should be able to use the public bathrooms of their choice, Carson said, "I'm not sure anybody should have extra rights when it comes to redefining everything for everybody else and imposing your view on everybody else."

The leader of the Republican Party itself, RNC Chairman Reince Priebus is largely credited with helping Donald Trump temper his message to the American people (although how successful he was in doing so is up for debate).

"Trump legit listens to him," one anonymous source said of Priebus.

Keeping Donald Trump in line during his presidency will be a monumental task. That's why many are viewing Priebus as a favorite to serve as Chief of Staff for the president-elect. In that role, Priebus would meet with Trump daily, offering him advice and organizing his daily schedule, including who gets to meet with him and when. It doesn't hurt also that Priebus is from Wisconsin — and a good friend to fellow Badger and current Speaker of the House Paul Ryan, who Trump has had trouble working with in the past.

There are many choices to choose from when it comes to the Defense Department. Alabama Sen. Jeff Sessions, an early supporter of Donald Trump's campaign, is seen by many as the favorite to serve in the role. Stephen Hadley, a former national security advisor to George W. Bush, has also been mentioned, as has retired Lt. Gen. Michael Flynn.

On Homeland Security, Trump has many options as well. Rudy Giuliani, if he doesn't serve as Attorney General, has been cited by Trump himself during his campaign as a top frontrunner to this position, given his experiences with the terrorist attacks of Sept. 11, 2001. Another prospect, Sheriff David Clarke of Milwaukee, has been mentioned. Clarke, an African-American who runs as Democrat in Milwaukee, is conservative and has been critical of the Black Lives Matter movement. He is also a leader in promoting Second Amendment gun rights. And New Jersey Gov. Chris Christie has also been suggested, though his controversial involvement in the "Bridgegate" scandal may give Trump some pause.

Finally, Sarah Palin's name has been brought up as a possibility to serve as Secretary of the Interior. This would place Palin in charge of the department that's tasked with managing the nation's natural resources and federal wildlife areas. One has to wonder if this is one of the most controversial possibilities considered — during her 2008 campaign for vice president, the mother of the Tea Party movement was often found saying, "Drill, baby, drill!"

Trump certainly has a lot of choices to make when it comes to who he will surround himself with as president. The names listed above are likely to be selected to serve in some capacity or another.

They are also, however, what is expected of Trump to choose from. One thing we ought to know by now from Trump is that we should expect the unexpected. Some of the names above may be tapped to serve in Trump's cabinet; other names, perhaps from way out in left field, may be considered as well.</s>(Reuters) — U.S. President Donald Trump on Monday blocked microchip maker Broadcom’s proposed takeover of Qualcomm on national security grounds, ending what would have been the technology industry’s biggest deal ever amid concerns that it would give China the upper hand in mobile communications.

The presidential order reflected a calculation that the United States’ lead in creating technology and setting standards for the next generation of mobile cell phone communications would be lost to China if Singapore-based Broadcom took over San Diego-based Qualcomm, according to a White House official.

Qualcomm has emerged as one of the biggest competitors to China’s Huawei Technologies Co [HWT.UL] in the sector, making Qualcomm a prized asset.

Qualcomm had earlier rebuffed Broadcom’s $117 billion bid, which was under investigation by the U.S. Committee on Foreign Investment in the United States (CFIUS), a multi-agency panel led by the Treasury Department that reviews the national security implications of acquisitions of U.S. corporations by foreign companies.

In a letter on March 5, CFIUS said it was investigating whether Broadcom would starve Qualcomm of research dollars that would allow it to compete and also cited the risk of Broadcom’s relationship with“third party foreign entities.”

While it did not identify those entities, the letter repeatedly described Qualcomm as the leading company in so-called 5G technology development and standard setting.

“A shift to Chinese dominance in 5G would have substantial negative national security consequences for the United States,” CFIUS said.“While the United States remains dominant in the standards-setting space currently, China would likely compete robustly to fill any void left by Qualcomm as a result of this hostile takeover.”

A White House official on Monday confirmed that the national security concerns related to the risks of Broadcom’s relationship with third party foreign entities.

A source familiar with CFIUS’ thinking had said that, if the deal was completed, the U.S. military was concerned that within 10 years,“there would essentially be a dominant player in all of these technologies and that’s essentially Huawei, and then the American carriers would have no choice. They would just have to buy Huawei (equipment).”

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 U.S. concerns.

Huawei has a dominant position in China, which is set to become the world’s biggest 5G market by far, and has also made inroads in the rest of world to compete with rivals such as Ericsson (ERICb.ST) and Nokia (NOKIA.HE) in several lucrative markets, including countries that are longstanding U.S. allies.

Qualcomm is also a major player in 5G, estimated to have 15 percent of 5G-essential patents in the world, compared with 11 percent for Nokia and 10 percent for all of China, according to a Jefferies report citing LexInnova research. Many smartphone makers are counting on Qualcomm to deliver its 5G chipset on time in late 2018 to roll out their 5G phones in 2019.

Shares of Broadcom rose less than 1.0 percent to $264.10 in after-hours trade while Qualcomm fell 4.3 percent to $60.14.

Broadcom said it was reviewing the presidential order.“Broadcom strongly disagrees that its proposed acquisition of Qualcomm raises any national security concerns,” it said in a statement in response to the decision.

Qualcomm, which had delayed its annual shareholder meeting during the CFIUS review, set the new date for March 23.

The move by Trump to kill the deal comes only months after the U.S. president himself stood next to Broadcom Chief Executive Hock Tan at the White House, announcing the company’s decision to move its headquarters to the United States and calling it“one of the really great, great companies.”

This is the fifth time a U.S. president has blocked a deal based on CFIUS objections and the second deal Trump has stopped since assuming office slightly over a year ago.

“The proposed takeover of Qualcomm by the Purchaser (Broadcom) is prohibited, and any substantially equivalent merger, acquisition, or takeover, whether effected directly or indirectly, is also prohibited,” the presidential order released on Monday said.

The order cited“credible evidence” that led Trump to believe that Broadcom’s taking control of Qualcomm“might take action that threatens to impair the national security of the United States.”

Broadcom had struggled to complete its proposed deal to buy Qualcomm, which had cited several concerns including the price offered and potential antitrust hurdles.

The presidential decision to block the deal cannot be appealed. However, it is not clear what rules Broadcom would have to follow if it goes ahead with announced plans to move its headquarters to the United States.

Companies may challenge CFIUS’s jurisdiction in court but may not challenge the inter-agency panel’s national security findings, a CFIUS expert said.

If Broadcom decides to press on with its effort to buy Qualcomm, it would be wise to drop the matter for now while the company quietly wraps up its move to the United States, a second CFIUS expert said. Once the move is done, Broadcom could argue that CFIUS does not have jurisdiction, the second expert said.</s>President Donald Trump will not let Broadcom proceed with a blockbuster hostile takeover of Qualcomm.

Trump issued an executive order on Monday that prohibits Broadcom from acquiring Qualcomm for roughly $117 billion, citing national security concerns.

“The proposed takeover of Qualcomm (qcom)by the Purchaser is prohibited, and any substantially equivalent merger, acquisition, or takeover, whether effected directly or indirectly, is also prohibited,” the executive order, signed by Trump, said.

The order also said that Broadcom’s (avgo) 15 proposed candidates to Qualcomm’s board of directors have been “disqualified,” Qualcomm has previously rejected Broadcom’s proposed director nominees to its board.

Trump cited in the order that there is “credible evidence” that causes him to believe that Broadcom—if able to purchase Qualcomm—“might take action that threatens to impair the national security of the United States,” although he didn’t elaborate on the evidence. Broadcom is in the process of reincorporating in San Jose, Calif. It is currently based in Singapore.

Last week, the U.S. Committee on Foreign Investment said it was considering investigating the proposed Broadcom deal citing national security concerns, which ended up delaying a March Qualcomm shareholder meeting. As a response, Broadcom publicly accused Qualcomm of “secretly” asking the committee to investigate the deal, which Qualcomm then denied.

The White House statement directs Broadcom and Qualcomm to “immediately and permanently abandon the proposed takeover,” and verify in writing to the foreign investment committee that they have indeed terminated the deal and any such variation.

A possible combination of Broadcom and Qualcomm would have created a massive wireless and mobile semiconductor giant with a market cap of over $200 billion. Such a huge semiconductor company was enough to worry Intel (intc), which the reported last week was considering buying Broadcom if the deal actually went through.

President Trump’s executive order puts an end to Broadcom’s unsolicited pursuit of Qualcomm. Qualcomm had repeatedly rejected Broadcom’s bids, citing national security concerns and a belief that the deal undervalues the company.

Daniel Ives of GBH Insights said in a research note that while Broadcom could potentially challenge the order, it’s not likely to make a difference. He wrote that “the Trump edict essentially kills any chances of this deal happening and is a major gut punch to those Qualcomm bulls hoping this soap opera could end with a bid following pressure from the shareholder meeting, which is poised to happen next month after getting delayed.”

“While Qualcomm still remains an M&A candidate for another chip player, this deal dissolving is a clear positive for Intel which is in a further position of strength with the potential marriage of Broadcom and Qualcomm now broken up by the Beltway before it even got to the altar,” Ives wrote.

contacted Broadcom and Qualcomm for comment and will update this story if they respond.

Qualcomm shares were down 4.5% in after-hours trading to $59.98, while Broadcom shares were relatively flat at $265.</s>President Donald Trump on Monday blocked Broadcom Ltd.’s $117 billion hostile bid for Qualcomm Inc., capping a remarkable series of moves by the Trump administration reflecting officials’ concerns about an intensifying arms race between the U.S. and China over advanced technologies.

While Broadcom AVGO, +3.57% is a Singapore-based company, the U.S. panel that vets foreign deals said that the bid could have had implications for the U.S.’s broader technological competition with China. That panel, the Committee on Foreign Investment in the U.S., known as CFIUS, said it was worried that Broadcom would stymie research and development at Qualcomm QCOM, -0.35% given its reputation as a cost-cutting behemoth. CFIUS said such a move could weaken Qualcomm — and thereby the U.S. — against foreign rivals racing to develop next-generation wireless technology known as 5G, such as China’s Huawei Technologies Co.

Read: How Broadcom vs. Qualcomm went from hostile takeover bid to a Trump blockade

Broadcom, which launched its hostile bid for Qualcomm in November in what could have become the technology industry’s biggest-ever deal, was working to redomicile in the U.S. to evade the panel’s review. but the presidential order effectively ended its acquisition hopes.

Broadcom, which has said it would invest in Qualcomm’s 5G technology if a deal went through, said late Monday it was reviewing the order. “Broadcom strongly disagrees that its proposed acquisition of Qualcomm raises any national security concerns,” it said in a statement.

An expanded version of this report appears on WSJ.com.

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Citing national security concerns, U.S. President Donald Trump blocks Broadcom's proposed acquisition of Qualcomm.