Tag: deal

US FTC to Probe Qualcomm’s Israeli Chipmaker Autotalks Aquisition Deal: Report

The US Federal Trade Commission (FTC) is expected to open an in-depth probe on Wednesday of Qualcomm’s purchase of Israeli auto-chip maker Autotalks, Politico reported on Tuesday, citing people familiar with the matter.

In May, Qualcomm had said it would acquire Israel’s Autotalks, a maker of chips used in crash-prevention technology in vehicles, but had not disclosed the terms of the deal.

Autotalks, which makes dedicated chips used in the V2X communications technology sector for manned and driverless vehicles, would help Qualcomm expand its automotive-related business.

Last week, EU regulators had also said that the US chipmaker would have to seek EU antitrust approval for the planned takeover.

The EU competition watchdog said 15 EU countries, including France, Ireland, Italy, the Netherlands, Poland, Spain and Sweden, had asked it to examine the deal.

Qualcomm, Autotalks and the FTC did not immediately respond to requests for comment.

Earlier in August, Qualcomm had projected its fourth-quarter sales below market expectations as consumer spending on gadgets like smartphones remained stubbornly weak amid slowing global economic growth.

The US chipmaker said Autotalk’s technology would be incorporated into its assisted and autonomous driving product, called Snapdragon Digital Chassis.

Qualcomm said in September last year that its automotive business “pipeline”, or potential future orders, rose by more than $10 billion (roughly Rs. 82,100 crore) to $30 billion (roughly Rs. 2,46,100 crore) since its third-quarter results were announced in late July, as automakers increasingly equip their cars with driver-assistance systems.

The company, which has credited the jump to its Snapdragon Digital Chassis product, competes with Intel’s Mobileye Global and Nvidia for that slice of the market.

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Silicon Valley Bank to Be Acquired by First Citizens After Biggest US Bank Collapse Since 2008

US bank First Citizens said Monday it has agreed to purchase all loans and deposits from Silicon Valley Bank, whose collapse this month sparked global fears about the sector.

SVB, a key lender to the tech industry since the 1980s, became the biggest US bank to fail since 2008 when regulators seized it after a sudden run on deposits.

Regulators created Silicon Valley Bridge Bank from SVB after the collapse, and that entity will be taken over by First Citizens from Monday.

First Citizens said it had agreed to purchase “substantially all loans and certain other assets, and assume all customer deposits and certain other liabilities of Silicon Valley Bridge Bank.”

“The transaction is structured as a whole bank purchase with loss share coverage,” it said in a statement.

It said the 17 former branches of SVB will open on Monday as “Silicon Valley Bank, a division of First Citizens Bank.”

The US Federal Deposit Insurance Corporation (FDIC) said Sunday the transaction covers $119 billion (roughly Rs. 9,80,200 crore) in deposits and $72 billion (roughly Rs. 5,93,000 crore) in assets.

Depositors of SVB will “automatically become depositors of First Citizens Bank,” added the FDIC, which will continue to insure deposits.

Along with the FDIC, the United States Treasury and Federal Reserve had set out plans to ensure SVB customers would be able to access their deposits, while the Fed introduced a new lending tool for banks in an effort to prevent a repeat of SVB’s quick demise.

SVB’s collapse sparked a crisis of confidence among the customers of similarly sized US banks, with many withdrawing their money and depositing it into bigger institutions seen as too big for the government to not bail them out in a crisis.

The turmoil also spread to Europe, where troubled Swiss lender Credit Suisse was taken over by UBS.

Most recently, shares in long-troubled Deutsche Bank fell heavily on Friday on the lender’s surging cost of default cover, reigniting fears about a widening banking sector crisis.

Despite global contagion fears, central banks have pushed on with monetary tightening as they focus on fighting inflation — even though the troubles in the banking sector have been linked to their rate hikes.

Realme might not want the Mini Capsule to be the defining feature of the Realme C55, but will it end up being one of the phone’s most talked-about hardware specifications? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
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Elon Musk Reportedly Adds Whistleblower Payment as New Reason for Termination of $44 Billion Twitter Deal

Elon Musk has found another reason to end his $44 billion (nearly Rs. 3,50,000 crore) takeover deal with Twitter. A latest report suggests that the billionaire sent a new termination letter to the social media company, adding the alleged payment made by Twitter to a whistleblower to the list of reasons for walking out of the deal. Musk reportedly accused the company of keeping him uninformed about the payment, which is said to be a multi-million dollar compensation. Twitter has rejected the claims, according to the report.

Elon Musk, head of SpaceX and Tesla, has written a termination letter to Twitter recently, according to AFP. The billionaire has added the alleged severance payment made by the firm to whistleblower Peiter Zatko as a new reason to put an end to the $44 billion deal, proposed in April, to buy the social media platform.

A few days ago, Musk’s lawyer reportedly accused Twitter of paying whistleblower Peiter Zatko, Twitter’s former Chief of Security, a sum of $7 million (roughly Rs. 56 crore) to not reveal details about the operational problems within the microblogging firm. Musk’s attorney Alex Spiro made the claims during a hearing on Tuesday.

Musk’s lawyers have argued that Twitter’s failure to seek the SpaceX head’s consent before paying Zatko makes for another legal basis to break the merger deal, according to the AFP report.

Meanwhile, Twitter has rejected all the claims made by Musk so far against the firm. The report quoted Twitter’s attorney William Savitt as saying, “My friend seems to be arguing that Twitter should have gratuitously told Musk that there existed a disgruntled former employee who made various allegations that had been inquired upon and found to be without merit.”

Kathaleen McCormick, the chancellor of the Delaware court overseeing the Musk-Twitter case, has given her nod to Musk to add whistleblowing revelations from Zatko in his termination letter, as per AFP.

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