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Broadcom to end bid for Qualcomm, keeps plan to move to US

Singapore-based Broadcom Ltd is planning to scrap its bid for Qualcomm Inc , after U.S. President Donald Trump blocked the chipmaker's proposed acquisition on national security grounds earlier this week, although it will press on with its plan to move its base to the United States, according to sources familiar with the matter.

Being based in the United States as opposed to Singapore will allow Broadcom to make what it believes will be acquisitions of U.S. companies that will not fall within the jurisdiction of the Committee on Foreign Investment in the United States (CFIUS), which scrutinizes deals for potential national security concerns.

Ringgit higher against US$ on continued buying demand

KUALA LUMPUR: The ringgit remained higher against the US dollar early Wednesday on continued buying demand for the local note, while benefiting from the fallout arising from the sudden dismissal of US Secretary of State, Rex Tillerson, a dealer said.

At 9 am(0100 gmt), the local note was quoted at 3.8920/8970 from 3.8950/9010 on Tuesday.

Asian shares slip on US protectionism fears(Update)

SYDNEY:Asian shares faltered on Wednesday amid fears of rising U.S. protectionism as President Donald Trump fired his Secretary of State, regarded as a moderate in his administration, and sought to impose hefty tariffs on Chinese imports.

MSCI's broadest index of Asia-Pacific shares outside Japan stumbled 0.7 percent, retreating from a 1-1/2 month high hit on Tuesday, with technology sector the biggest drag.  Japan's Nikkei dropped 1 percent and South Korea's Kospi index declined 0.6 percent. China's SSE Composite index and the blue-chip CSI 300 slipped 0.3 percent each.

CIMB Research retains Hold for UMW, TP of RM6.70

KUALA LUMPUR: CIMB Equities Research is retaining its Hold and its RM6.70 target price for UMW Holdings, still based on 14 times CY19F price-to-earnings (P/E), which is a 10% premium over its FY09 to FY14 historical mean of 13 times.

Pound pummels FTSE, results roil mid caps

LONDON/MILAN: Britain's top share index succumbed to gains in the pound on Tuesday after U.S. President Donald Trump fired Secretary of State Rex Tillerson, while disappointing earnings updates weighed on mid caps

The FTSE ended down 1.1 percent at 7,138.78 points, while the mid cap index fell 1.3 percent.

Oil falls 1% on concerns over rising output

NEW YORK: Oil fell more than 1 percent on concerns over rising U.S. production and as equities fell, erasing earlier gains driven in part by the firing of U.S. Secretary of State Rex Tillerson.

Brent crude futures dropped 31 cents, or 0.5 percent, to settle at $64.64 per barrel. U.S. West Texas crude futures fell 65 cents, or 1.06 percent, to $60.71 per barrel.  The market has been buffeted by a number of factors in an active session, including weakness in the equity market, which has trended in tandem with oil of late.

Wall Street slides on Tillerson exit, tariff worries

NEW YORK: Wall Street's major indexes fell on Tuesday as the dismissal of U.S. Secretary of State Rex Tillerson and the possibility of additional U.S. import tariffs against China dragged down stocks across sectors

Tech and financial socks were the biggest laggards among the S&P 500's 11 major sectors.