Tariff Impact Should Be Measured in 'Months and Years': Rep. Fallon (R-TX)
Republican Representative Pat Fallon of Texas said other nations seeking trade deals with the US will show that the president's tariffs are working (Source: Bloomberg)
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Qualcomm Agrees to Buy Chip Firm Alphawave for $2.4 Billion
(Bloomberg) -- Qualcomm Inc. has agreed to buy London-listed semiconductor company Alphawave IP Group Plc for about $2.4 billion in cash to expand its technology for artificial intelligence. Next Stop: Rancho Cucamonga! Where Public Transit Systems Are Bouncing Back Around the World Trump Said He Fired the National Portrait Gallery Director. She's Still There. ICE Moves to DNA-Test Families Targeted for Deportation with New Contract US Housing Agency Vulnerable to Fraud After DOGE Cuts, Documents Warn The offer equates to about 183 pence per share for Alphawave, the companies said in a statement on Monday. That's a 96% premium to the company's share price on March 31, the last trading day before Alphawave and Qualcomm disclosed the talks. The deal, which is still subject to regulatory and shareholder approval, is expected to close in the first quarter of 2026. Qualcomm Chief Executive Officer Cristiano Amon is looking to lessen the company's reliance on the smartphone market, where growth has slowed, and push into new areas. Alphawave makes high-speed semiconductor and connectivity technology that can be used for data centers and AI applications, two growth areas in the chip industry that are being driven by demand for products like OpenAI's ChatGPT. Alphawave's board has unanimously recommended the cash offer. Investors representing 75% of shares must vote in favor of the deal for it to go through. Alphawave shareholders and directors representing about 50% of shares have agreed to vote in favor of the deal, the company said. Alphawave shares rose 23% to 183.60 pence at 8:53 a.m. in London. The shares have risen about 117% this year. Alphawave, which held an initial public offering in 2021 at 410 pence per share, has consistently traded below that level. The company had struggled with a reliance on large customers and navigating geopolitical tensions between the US and China, where Alphawave decided to cut back its business last year. Still, the company's technology has been gaining traction and had reported a surge in orders in the fourth quarter. Chief Executive Officer Tony Pialis said in a statement at the time that orders from North American AI customers were driving the business. As an alternative to the cash offer, Alphawave shareholders can also opt to exchange their stock for 0.01662 shares of Qualcomm. Qualcomm has also said that each Alphawave share could be exchanged for 0.00964 of a new 'series A Qualcomm exchangeable security' and 0.00698 of a new 'series B Qualcomm exchangeable security.' The Alphawave directors declined to recommend the alternative offers. In particular, they said they're unable to declare whether the second alternative deal, where shareholders trade stock for exchangeable securities, is fair and reasonable 'given the significant and variable impact of the advantages and disadvantages.' (Updates with premium in second paragraph) The SEC Pinned Its Hack on a Few Hapless Day Traders. The Full Story Is Far More Troubling Cavs Owner Dan Gilbert Wants to Donate His Billions—and Walk Again Is Elon Musk's Political Capital Spent? What Does Musk-Trump Split Mean for a 'Big, Beautiful Bill'? Cuts to US Aid Imperil the World's Largest HIV Treatment Program ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
an hour ago
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LA Clashes Escalate as Trump, Newsom Spar Over National Guard
(Bloomberg) -- Tensions flared in Los Angeles on the third day of anti-deportation protests, as demonstrators clashed with law enforcement while President Donald Trump and California Governor Gavin Newsom exchanged blame over the unrest and responsibility for restoring order. Next Stop: Rancho Cucamonga! Where Public Transit Systems Are Bouncing Back Around the World Trump Said He Fired the National Portrait Gallery Director. She's Still There. ICE Moves to DNA-Test Families Targeted for Deportation with New Contract US Housing Agency Vulnerable to Fraud After DOGE Cuts, Documents Warn The arrival of National Guard troops deployed by Trump over the weekend inflamed residents protesting the sweeping deportation policies of the administration, local officials said. Clashes escalated Sunday evening, with some committing vandalism and violence, including burning cars. The heightened federal response over the objections of state and city officials led to growing friction between local leaders and the Trump administration. Newsom said he formally requested the White House rescind the 'unlawful' deployment and return the troops to his command, warning it would only ramp up tensions. The governor also said Sunday that he planned to sue the administration over the action. LA Police Chief Jim McDonnell said Sunday evening many of the earlier protests around the city had been peaceful, but that conditions deteriorated as people committing vandalism and violence replaced daytime demonstrators. 'This violence that I've seen is disgusting,' McDonnell said at a press conference. 'What we saw the first night was was bad. What we've seen subsequent to that is getting increasingly worse and more violent.' In a series of Truth Social posts late Sunday, Trump described the unrest as an attack on immigration enforcement efforts. 'A once great American City, Los Angeles, has been invaded and occupied by illegal aliens and criminals,' he wrote. Trump called the demonstrations 'migrant riots' and said federal agencies were directed to take 'all such action necessary' to restore order and continue deportation operations. He later urged law enforcement to escalate their response, including arresting people wearing face masks. Meanwhile, Newsom urged protesters to remain peaceful, an admonition some demonstrators ignored as crowds blocked a major roadway through downtown and people set fire to several self-driving ride-hailing vehicles nearby. Newsom met Sunday evening with law enforcement leaders in Los Angeles, he posted on X. 'We're here to keep the peace — not play into Trump's political games,' he wrote. According to LAPD officials, nearly 30 people were arrested Saturday. At least 10 arrests were made Sunday and three officers were injured. The California Highway Patrol made 17 arrests and the LAPD said more are likely as the immigration raids continue and the violence that's already taken place is investigated. Federal law enforcement officials clashed briefly with a smaller group of demonstrators earlier on Sunday when a crowd gathered outside a federal building in downtown LA. The LAPD declared the gathering an unlawful assembly, using less than lethal munitions, like tear gas and batons to chase the crowd back. The LAPD said some people in the crowd threw bottles, chunks of concrete and other objects. The ICE raids are sending a sense of fear and chaos into the city, LA Mayor Karen Bass said during a press conference late Sunday afternoon, adding that people who want to protest should do so peacefully. The First Amendment grants a right to peaceful protest 'but it does not give you the right to be violent to create chaos, or to vandalize property, and that will not be tolerated,' she said. National Guard The tense demonstration follows two days of protests sparked by sweeping US immigration raids across the region. Trump directed US Northern Command to assume control of the National Guard and dispatch 2,000 soldiers to the area 'for 60 days or at the discretion of the Secretary of Defense,' the White House said in a statement. About 300 soldiers from the California National Guard's 79th Infantry Brigade Combat Team have been deployed to three locations in greater LA, according to US Northern Command. The Guard is focused on 'safety and protection of federal property and personnel,' the command said in a post on X. The 79th IBCT is primarily a combat unit, though it has previously been called up to support civilian authorities, and a unit most recently responded to the LA-area wildfires earlier this year. Defense Secretary Pete Hegseth said that Marines could be sent next if protests intensify. Newsom called Hegseth's suggestion of deploying the Marines from nearby Camp Pendleton 'deranged.' Hegseth on Sunday countered that Newsom had allowed violence to get out of hand. 'Deranged = allowing your city to burn & law enforcement to be attacked,' Hegseth said in a post on X. 'There is plenty of room for peaceful protest, but ZERO tolerance for attacking federal agents who are doing their job. The National Guard, and Marines if need be, stand with ICE.' Facing mounting pressure from the White House, ICE has ramped up arrests in recent weeks, averaging about 2,000 detentions per day nationwide — still falling short of the administration's goal of at least 3,000 daily arrests. The stepped-up enforcement is part of Trump's vow to carry out the largest deportation campaign in US history. In the LA area, ICE reported 118 arrests this week, though the agency has not released updated figures as of Sunday morning. The protests were triggered in part by federal immigration raids that swept through the city from late Friday. Demonstrators gathered outside the federal building downtown, including outside a detention center. Other protests broke out in Compton and in Paramount, south of the city, where a crowd formed near a Home Depot as raids were reportedly underway. Tensions escalated when some protesters threw objects at officers, prompting the LAPD to declare an unlawful assembly and order the crowd to disperse, according to local media reports. Riot police used tear gas and flash-bang grenades. US Representative Nanette Barragan, a Democrat whose district includes Paramount and other parts of Los Angeles County, accused the Trump administration of using federal troops to suppress dissent. By the time the more violent skirmishes broke out Saturday night, the original protesters had already cleared out and the 'unruly folks' had arrived, she said. 'It's going to escalate the situation,' she said Sunday on CNN's State of the Union. 'People are going to protest because they're angry about the situation. And we have to just reiterate the people to do it peacefully.' Barragan described ICE agents stopping 'anybody at a bus stop that's going to shop' and said she was warned to expect 30 days of stepped-up enforcement. 'Form of Rebellion' Trump has repeatedly threatened to cut off federal funding to cities and states that limit cooperation with federal immigration authorities — so-called 'sanctuary' jurisdictions — including LA. California law bars local law enforcement from using resources to assist in most federal immigration actions. In response to past federal crackdowns, California Attorney General Rob Bonta has defended the state's sanctuary policies and sued the Trump administration over attempts to force local compliance, arguing that California has the right to set its own public safety priorities. In an interview with NBC News, Trump border czar Tom Homan said Newsom and Bass should be thanking the president for helping to restore order. Homan warned the leaders could face arrest if they obstruct immigration enforcement efforts. The White House said the National Guard was being deployed to protect federal personnel and property, including immigration detention centers, citing what Trump described as credible threats of violence that could obstruct enforcement efforts and 'constitute a form of rebellion' against the US government. But the legal basis for the decision could face challenges. Federal law strictly limits the deployment of federal troops within US borders. The 1878 Posse Comitatus Act, along with amendments and supporting regulations, generally bars the use of the active-duty U.S. military — the Army, Navy, Air Force and Marines — from carrying out domestic law enforcement. The law doesn't apply to state-controlled National Guard forces. --With assistance from María Paula Mijares Torres, Catherine Lucey, Isabela Fleischmann, Virginia Van Natta, Kevin Whitelaw and Kara Wetzel. (Updates with additional details of protests, law enforcement response. An earlier version was corrected to remove a video that included an erroneous description of Trump's comments on Marines.) The SEC Pinned Its Hack on a Few Hapless Day Traders. The Full Story Is Far More Troubling Cavs Owner Dan Gilbert Wants to Donate His Billions—and Walk Again Is Elon Musk's Political Capital Spent? What Does Musk-Trump Split Mean for a 'Big, Beautiful Bill'? Cuts to US Aid Imperil the World's Largest HIV Treatment Program ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
an hour ago
- Yahoo
China Consumer Deflation Streak Persists as Price Wars Rage
(Bloomberg) -- China's consumer deflation extended into a fourth month, as price wars intensified while a spending boost during two national holidays failed to offset the drag from weak domestic demand. Next Stop: Rancho Cucamonga! Where Public Transit Systems Are Bouncing Back Around the World Trump Said He Fired the National Portrait Gallery Director. She's Still There. ICE Moves to DNA-Test Families Targeted for Deportation with New Contract US Housing Agency Vulnerable to Fraud After DOGE Cuts, Documents Warn The consumer-price index fell 0.1% in May from a year earlier, the National Bureau of Statistics said Monday. Factory deflation persisted into a 32nd month, with producer prices falling the most in nearly two years. The threat of entrenched deflation in China will likely linger for months to come as consumers hunker down after a prolonged property slump and companies become mired in price wars. The risk is compounded by trade frictions with the US, even as the two countries agreed to continue talks after a call last week between Donald Trump and Xi Jinping. Asian stocks opened higher with trade negotiations set to resume in London on Monday, while positive jobs data in the US eased recession fears. The benchmark CSI 300 Index of onshore stocks rose as much as 0.5%. The talks offer a glimmer of hope that the world's two largest economies can defuse tensions and potentially lower tariffs that reduce US demand for Chinese goods and potentially worsen China's industrial overcapacity and intensify price wars. In the latest example of cutthroat competition, carmaker BYD Co. slashed prices by as much as 34% on almost a dozen of its electric and plug-in hybrid models, stoking concerns of another wave of discounting in the EV market. Holidays at the beginning and end of May brought temporary respite, however, when demand for services heated up during a popular time for travel and visiting family. What Bloomberg Economics Says... 'There's no end in sight for deflationary pressures in China yet... Policymakers are delivering on budget plans but resources don't appear to be going where they could make a difference for consumers. Price wars in goods and services aren't helping, either.' — Eric Zhu, economist Read the full note here. Dong Lijuan, chief statistician at the NBS, blamed the steep decline in producer prices on a high base last year and a drop in global prices for oil products and chemicals. Meanwhile, prices of coal and other raw materials at home declined because of ample inventory, further dragging down the index, she said in a statement accompanying the data release. Losses in jobs and incomes caused by US tariffs threaten to weaken the ability and willingness of Chinese consumers to spend, likely prompting manufacturers and service providers to cut prices. A program to subsidize consumer purchases has boosted sales of home appliances since last year, but economists have warned the effect won't last and comes at the expense of other goods. The Economic Daily, an outlet overseen by China's cabinet, published a front-page editorial on Sunday calling for better policy to support consumption, including by easing regulations and lifting income. Morgan Stanley economists led by Robin Xing said last week that they see deflation 'getting deeper, not better,' warning China's economic growth may decelerate quickly in the second half of the year 'with slower exports and a sluggish consumption appetite.' The International Monetary Fund projects China's consumer inflation will average zero this year, the lowest of the almost 200 countries it covers. That would be the weakest reading for China since 2009, when the global financial crisis hammered exports. The latest monthly surveys of purchasing managers showed output prices weakening both in manufacturing and services. In May, the rate of discounting in the services sector reached the steepest in eight months, according to a report last week from Caixin and S&P Global. A recent Bloomberg survey of 67 economists also showed deflationary pressure is expected to get worse in China. Consumer prices will likely increase by just 0.3% in 2025 from a year ago, the lowest projection since Bloomberg began polling the question in 2023. Producer prices are now expected to decline 2% this year, worse than the 1.8% previously estimated by the economists, according to the survey. --With assistance from Josh Xiao. (Updates with more details.) The SEC Pinned Its Hack on a Few Hapless Day Traders. The Full Story Is Far More Troubling Cavs Owner Dan Gilbert Wants to Donate His Billions—and Walk Again Is Elon Musk's Political Capital Spent? What Does Musk-Trump Split Mean for a 'Big, Beautiful Bill'? Cuts to US Aid Imperil the World's Largest HIV Treatment Program ©2025 Bloomberg L.P. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
