Rex Tillerson | Photo courtesy of William Munoz/Flickr

Global Glance: Tillerson out as secretary of state; Trump blocks Broadcom takeover bid for Qualcomm

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Here are today’s top business headlines from across the nation and world:

Tillerson out at State, to be replaced by CIA chief Pompeo

WASHINGTON (AP) — Rex Tillerson is out as secretary of state. President Donald Trump tweeted Tuesday morning that he’s naming CIA director Mike Pompeo to replace Tillerson. Pompeo is to be replaced at CIA by Gina Haspel, Pompeo’s deputy at CIA. She would be the first woman in that role. Tillerson had just returned from a shortened trip to Africa hours before Trump’s announcement. Trump offered no explanation for the change. Read more

Trump blocks Broadcom takeover bid for Qualcomm

WASHINGTON (AP) — President Donald Trump blocked Singapore chipmaker Broadcom from pursuing a hostile takeover of U.S. rival Qualcomm, ruling the proposed combination would imperil national security. The decision, announced late Monday, abruptly ends Broadcom’s four-month, $117 billion bid to buy Qualcomm — a deal that would have been the largest ever completed in the technology industry. In a statement, Broadcom said it “strongly disagrees” that the acquisition raises any national-security concerns. Qualcomm did not immediately respond to a request for comment. Read more

EU pressing UK to speed up Brexit negotiations

BRUSSELS (AP) — The European Union’s chief Brexit negotiator warned Britain Tuesday against undercutting EU rules and regulations that underpin anything from social protections to food security when it leaves the bloc. Michel Barnier said any attempt by Britain to gain a competitive edge through the use of what is termed “dumping” would jeopardize hopes the country has for a smooth and orderly withdrawal from the EU. Barnier lauded the rules the EU created together with Britain for 44 years to create the “social market economy” that shelters citizens and workers from excesses of deregulation. Read more

China merges bank, insurance regulators to tackle risk

BEIJING (AP) — China’s government announced plans Tuesday to create a newly powerful regulator to oversee scandal-plagued banking and insurance industries as they try to reduce debt and financial risk. The move is in line with the ruling Communist Party’s efforts to gain more direct control over the state-dominated economy and reduce financial risk following a run-up in debt that prompted global rating agencies to cut Beijing’s government credit rating last year. Read more

Thailand to draft plans to regulate and tax cryptocurrencies

BANGKOK (AP) — Thailand’s cabinet agreed Tuesday to draft a law to oversee cryptocurrency trading, seeking to tax the largely unregulated market. Government spokesman Nathporn Chatusripitak said the Ministry of Finance also proposed the new regulations to help prevent use of digital currencies in money laundering and fraud. He said details of the proposed regulations would be announced later in the month. Read more

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