Stock Markets
US penalizes GlobalFoundries for shipping chips to Chinese firm
(Reuters) – The United States has imposed a $500,000 mitigated penalty against GlobalFoundries (NASDAQ:) for shipping chips to a Chinese company without seeking authorization, the Department of Commerce said on Friday.
In a statement, it said GlobalFoundries had sent 74 shipments worth $17.1 million to a firm on the Bureau of Industry and Security’s entity list. Exports to firms on the list require a license, which GlobalFoundries did not apply for, the department said.
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