Good morning, here’s your Wednesday morning briefing to set you up for the day ahead. Look out for these three things happening around the world today.
Two-year NXP wait comes to an end for Qualcomm
China’s government will decide whether to sign off on semiconductor company Qualcomm Inc.’s $44bn takeover of NXP Semiconductors today, in what would be the industry’s largest-ever deal.
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Qualcomm announced that it would acquire NXP back in October 2016. However, the microchip giant first needed the approval of the nine major regulators in areas that both companies operated in order for the deal to go through.
Eight of those regulators have given their approval. Likewise, the Chinese agencies responsible for vetting such deals have reportedly signed off on it. However, the China government have put off making it public.
NXP has given Qualcomm until 11:59pm EDT tonight to complete the deal. Qualcomm has said that it won’t seek an extension should China fail to confirm their decision by the end of the day.
Juncker and Trump talk trade
President of the United States Donald Trump will welcome President of the European Commission Jean-Claude Juncker to Washington today, as the pair meet at the White House for talks.
Trump and Juncker are expected to discuss a range of issues, including foreign and security policy, counterterrorism and economic growth, among other things.
The trip comes in the wake of Trump’s week-long visit to Europe, during which he clashed with members of NATO, had tea with the Queen of the United Kingdom and held controversial talks with Russia’s Vladimir Putin.
Ahead of the meeting, Trump referred to the European Union as a “foe” of the United States following recent clashes over trade tariffs.
Trump has imposed tariffs on EU steel and aluminium imports to force US companies to use more US-made materials. The EU has since responded by imposing duties on US agricultural imports.
Facebook announces Q2 results
Social media giant Facebook will today announce its earnings from the second quarter of 2018, following what was a crucial period for the company in the wake of the Cambridge Analytica scandal.
The tech company, valued at $622bn, saw its stock price dip in March after it came to light that the data of millions of Facebook users had been harvested and sold on to third parties.
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Regardless, Facebook quickly recovered. The company’s stock price has grown by 24% in the past three months and continues to do so.
A conference call is scheduled to take place today at 10pm London time.