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Yahoo
24 minutes ago
- Yahoo
Cadence to pay $140m fine for illegal tech exports to China
The US Department of Justice (DOJ) announced that Cadence Design Systems has agreed to plead guilty and pay more than $140m in penalties for exporting semiconductor design tools to a Chinese military university. The company based in San Jose, California, will pay nearly $118m in criminal penalties. This follows its admission of violating export controls by selling electronic design automation (EDA) technology to the National University of Defense Technology (NUDT), which is associated with China's Central Military Commission. National Security Assistant Attorney General John Eisenberg said: 'Cadence has agreed to accept responsibility for unlawfully exporting sensitive semiconductor design tools to a restricted Chinese military university and has implemented a strong export compliance programme to help prevent any further illegal transmission of American technology. 'American ingenuity is one of our Nation's most precious assets, and the National Security Division will vigorously enforce US export control laws to protect the technological advantage we enjoy because of that ingenuity.' NUDT, added to the US Department of Commerce's Entity List in 2015, is believed to have used US-origin components to develop supercomputers for military purposes. From February 2015 to April 2021, Cadence and its subsidiary in China exported EDA tools without obtaining necessary licences, despite knowing NUDT's status on the Entity List. Cadence's court documents reveal employees facilitated exports to NUDT through Central South CAD Center (CSCC), an alias for the Chinese university. The company continued transactions until September 2020 when it ended its relationship with CSCC due to its ties with NUDT. The US Bureau of Industry and Security (BIS) also announced a parallel civil enforcement settlement, with Cadence agreeing to pay over $95m in civil penalties. Further investigation revealed that employees concealed exports' true destination from Cadence's compliance personnel, said the DOJ. The employees also used aliases in communications to avoid detection. Additionally, Cadence transferred contracts from CSCC to Phytium Technology, another entity linked with NUDT. This was before placing Phytium on export hold in March 2021. Following the DOJ and BIS crediting Cadence's payments under the coordinated agreements, the company will pay a total of over $140m in combined net criminal and civil penalties and forfeiture. The resolution awaits approval from a federal judge in the Northern District of California. The Federal Bureau of Investigation and BIS's Office of Export Enforcement conducted investigations into the case. "Cadence to pay $140m fine for illegal tech exports to China" was originally created and published by Verdict, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. 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
Fox News
26 minutes ago
- Fox News
Economic expert touts 'solid' economy after Trump's trade deals
Independent Women's Forum's Patrice Onwuka joins 'Fox & Friends First' to weigh in on the impact of economic impact of President Donald Trump's trade deals.
Fox News
27 minutes ago
- Fox News
Washington Post reeling from buyout exodus as bosses hope to turn the page at embattled paper
The latest round of buyouts at The Washington Post is hollowing out the paper of its most high-profile staffers as current management aims for an editorial overhaul and a financial turnaround. Washington Post executive editor Matt Murray announced its Voluntary Separation Program (VSP) in May, hoping that most veteran staffers would be enticed by the exit offer. And it's working. "It kind of shows the crazy incentives at play," one Post staffer told Fox News Digital. "There is a lot of great talent left, and we've been beating everyone on the federal government story, but it's going to be another talent drain." According to a VSP document previously viewed by Fox News Digital, nine months of base pay would be given to staffers employed for 10-15 years, 12 months of base pay for 15-20-year veterans, 15 months of base pay for 20-25-year veterans and 18 months for anyone who has worked at the Post for more than 25 years. All of them would also receive 12 months of pay credit in their Separate Retirement Account (SRA). "It's been a bloodbath on editorial," the Post staffer said. Some of the paper's biggest names in the opinion pages have taken buyouts, including Jonathan Capehart and Catherine Rampell (both notably MSNBC weekend hosts) as well as Perry Bacon Jr. and Philip Bump. The exodus from the editorial pages was also likely fueled by the Post's billionaire owner Jeff Bezos and his initiative to promote "personal liberties and free markets" while vowing not to publish pieces opposing those principles. Washington Post columnist Karen Attiah appeared to swipe the lack of diversity on the paper's editorial team as a result of the buyouts, posting on X "So.. officially, I'm the last Black staff columnist left in the Washington Post's opinion section." The buyouts, however, are having a huge impact throughout the "Democracy Dies in Darkness" paper. Glenn Kessler, The Washington Post's longtime fact checker, announced his exit Monday and its Supreme Court reporter Ann Marimow has joined The New York Times. Even most of the Post's obituary team have reportedly taken buyouts. The Post scrapped its so-called "third newsroom," dubbed WP Ventures, that aimed to capture social media users. Veteran Post editor Krissah Thompson, who was tapped to lead the now-defunct division after its launch last year, also took a buyout and the paper's viral TikTok personality Dave Jorgenson also left the company. Earlier this month, Washington Post CEO Will Lewis sent a memo to staff issuing an ultimatum for those contemplating whether to adapt to the paper's new direction. "The moment demands that we continue to rethink all aspects of our organization and business to maximize our impact," Lewis wrote in the memo obtained by Fox News Digital. "If we want to reconnect with our audience and continue to defend democracy, more changes at The Post will be necessary. And to succeed, we need to be united as a team with a strong belief and passion in where we are heading." "I understand and respect, however, that our chosen path is not for everyone," Lewis continued. "That's exactly why we introduced the voluntary separation program. As we continue in this new direction, I want to ask those who do not feel aligned with the company's plan to reflect on that. The VSP is designed to support you in making this decision, give you the ability to weigh your options thoughtfully and with less concern about financial consequences. And if you think that it's time to move on to a new chapter, the VSP helps you take that next step with more security." The Post staffer seemed skeptical the jarring editorial pivot would bear the fruit that the bosses were hoping for. "So far they don't have much to show for their efforts," the staffer said. "Subscribers fled. Traffic is falling. The third newsroom is dead. Scores of brand-name reporters and editors have left. If there are bright spots, I haven't seen them yet." Others who left the Post had some choice parting words. Longtime columnist Joe Davidson claimed he had a piece spiked because was it was "deemed too opinionated under an unwritten and inconsistently enforced policy" and called out Bezos' "unseemly and well-document[ed] coziness" with President Donald Trump. Editorial board member Eduardo Porter said he was a "bad fit for this ideological turn" and that Bezos and his team "are taking the paper down a path I cannot follow," risking turning The Post "into something more akin to a church, with tight constraints on thought." There have been multiple waves of exits from the Post over the past year, beginning last October when Bezos blocked the paper's endorsement of then-Vice President Kamala Harris just days before the election. Bezos further enraged staff with his editorial directive in February that resulted in the immediate resignation of Post opinion editor David Shipley. Both instances also sparked mass cancellations of reader subscriptions. The Post has since hired Adam O'Neal, formerly of The Economist and The Wall Street Journal, to replace Shipley as opinion editor. In his announcement, O'Neal echoed Bezos' mission of being "stalwart advocates of free markets and personal liberties," adding the opinion pages will be "unapologetically patriotic" and will not be lecturing its readers. Politico has a running list of over 100 Post employees who have left the paper since last fall, many of them joining rival papers like The New York Times and The Wall Street Journal as well as outlets like The Atlantic and CNN. A spokesperson for The Washington Post declined to comment.
