Latest news with #ImaginationTechnologies
Yahoo
9 hours ago
- Business
- Yahoo
UK chipmaker considers breakup as it is rocked by Trump's tariff assault
One of Britain's leading microchip businesses is racing to complete a $1bn (£740m) sale as it grapples with the impact of Donald Trump's trade war. Imagination Technologies, which designs graphics processor technology for customers such as Apple, has held sale talks with two US rivals. Bosses of the Chinese-owned company are also considering a potential break-up to get a deal over the line, which could include selling its valuable patent portfolio. It is understood that executives have put a $1bn price tag on Imagination, with bankers from Lazard overseeing the process. In a memo to staff, Ray Bingham, Imagination's chairman, said 'the Galway Project', which refers to the sale talks, 'continues to progress well'. The memo added: 'The second-to-none creativity and expertise of our teams is an incredible asset to capture the unique opportunity created by the current AI revolution.' It comes after the president's trade war with China has rocked the tech industry, including at UK-based Imagination. Pressure has arisen after the US introduced increasingly stringent sanctions on China's chip industry, as Mr Trump seeks to limit China's access to Western technology. This stems from fears that it could be used by Beijing's military. Imagination, which is based in Hertfordshire, was taken private by US-based investor Canyon Bridge in a £550m deal in 2017. However, the business was later engulfed in a political storm after Canyon Bridge's Chinese backers attempted an unsuccessful boardroom coup. This led to the departure of the then-chief executive, Ron Black, who blew the whistle on the Chinese effort to take control of the business. Last year, an employment tribunal ruled Imagination had unfairly sacked Mr Black, who had sued the company for £200m. Damages are yet to be determined. Canyon Bridge has been considering its options for Imagination for several years, at one stage exploring a Chinese float and then a US listing. According to its latest accounts for the year ending December 2023, Imagination's revenues increased by 3.6pc to £124.6m, although its profits plunged by 78pc to £2.6m. At the time, the company warned that 'US and UK export controls' on its Chinese customers had 'stymied top-line revenue growth'. As for its management, staff were told earlier this month that Simon Beresford-Wylie, the current chief executive, is preparing to leave the business. Didier Lamouche, a board member, will lead the business in the interim while it appoints a successor. A spokesman for Imagination declined to comment. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more. 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
Telegraph
10 hours ago
- Business
- Telegraph
UK chipmaker considers breakup as it is rocked by Trump's tariff assault
One of Britain's leading microchip businesses is racing to complete a $1bn (£740m) sale as it grapples with the impact of Donald Trump's trade war. Imagination Technologies, which designs graphics processor technology for customers such as Apple, has held sale talks with two US rivals. Bosses of the Chinese-owned company are also considering a potential break-up to get a deal over the line, which could include selling its valuable patent portfolio. It is understood that executives have put a $1bn price tag on Imagination, with bankers from Lazard overseeing the process. In a memo to staff, Ray Bingham, Imagination's chairman, said 'the Galway Project', which refers to the sale talks, 'continues to progress well'. The memo added: 'The second-to-none creativity and expertise of our teams is an incredible asset to capture the unique opportunity created by the current AI revolution.' It comes after the president's trade war with China has rocked the tech industry, including at UK-based Imagination. Pressure has arisen after the US introduced increasingly stringent sanctions on China's chip industry, as Mr Trump seeks to limit China's access to Western technology. This stems from fears that it could be used by Beijing's military. Imagination, which is based in Hertfordshire, was taken private by US-based investor Canyon Bridge in a £550m deal in 2017. However, the business was later engulfed in a political storm after Canyon Bridge's Chinese backers attempted an unsuccessful boardroom coup. This led to the departure of the then-chief executive, Ron Black, who blew the whistle on the Chinese effort to take control of the business. Last year, an employment tribunal ruled Imagination had unfairly sacked Mr Black, who had sued the company for £200m. Damages are yet to be determined. Canyon Bridge has been considering its options for Imagination for several years, at one stage exploring a Chinese float and then a US listing. According to its latest accounts for the year ending December 2023, Imagination's revenues increased by 3.6pc to £124.6m, although its profits plunged by 78pc to £2.6m. At the time, the company warned that 'US and UK export controls' on its Chinese customers had 'stymied top-line revenue growth'. As for its management, staff were told earlier this month that Simon Beresford-Wylie, the current chief executive, is preparing to leave the business. Didier Lamouche, a board member, will lead the business in the interim while it appoints a successor.
Yahoo
11-06-2025
- Automotive
- Yahoo
Pennsylvania lawmaker proposes green-lighting vehicles with self-driving capabilities
(WHTM) — A Pennsylvania lawmaker plans to introduce a bill allowing drivers to use passenger vehicles with self-driving technology. The bill, circulated by state Rep. Napoleon J. Nelson (D-154), would allow Pennsylvanians to use passenger vehicles equipped with Level three autonomous driving capabilities. Level three autonomous driving capabilities, also known as conditional automation, give vehicles the ability to handle all driving tasks, provided the driver can take over when the system allows it, according to Imagination Technologies. Close Thanks for signing up! Watch for us in your inbox. Subscribe Now According to the memo, the bill would allow drivers to use this technology as long as they are behind the wheel and can resume the task of driving at any point. Several U.S. states have already implemented vehicles with this technology, the memo says. Rep. Nelson said he believes the bill would help significantly reduce DUI incidents in the state and improve roadway safety for other motorists, bicyclists, and other forms of transportation. 'It is essential that Pennsylvania continue to lead in the advancement of transportation technology,' he said. The bill has not been submitted for introduction yet. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Business Standard
09-06-2025
- Business Standard
CERT-In issues high-risk security warning for Google Chrome, Android users
The Indian Computer Emergency Response Team (CERT-In) has issued an advisory for users of the Google Chrome browser on Windows PC, Macs, and Linux devices, as well as for smartphones running on older Android versions. The advisory highlights security flaws within these platforms stating that they can be exploited by an attacker. CERT-In advisory for Google Chrome Affected software: Google Chrome versions prior to 137.0.7151.55 for Linux Google Chrome versions prior to 137.0.7151.55/56 for Windows and Mac Nature of the threat: CERT-In has classified these vulnerabilities as "High risk," warning that they could potentially allow remote attackers to execute arbitrary code and cause denial of service on targeted systems. The advisory stated that these vulnerabilities could affect both individual and organisational users. CERT-In advisory stated that the vulnerabilities stem from various issues such as inappropriate implementation of Background Fetch API, FileSystemAccess API and more. It stated that a remote attacker could potentially exploit these vulnerabilities by persuading a victim to visit a specially crafted web page. Solution: CERT-In strongly advises all users to update Google Chrome to the latest version immediately. The official fix is available through Chrome's stable channel update. CERT-In advisory for Android Affected software: Android 13 Android 14 Android 15 Nature of the threat: CERT-In has classified these vulnerabilities as "High risk," warning that they could potentially allow attackers to gain unauthorised access to sensitive user data, gain elevated privileges, and cause denial of service on targeted systems. These vulnerabilities exist on smartphones from all OEMs running on the affected software version. CERT-In advisory stated that the vulnerabilities exist in Android due to flaws in the Framework, Android Runtime, System, Google Play, Arm Components, Imagination Technologies and Qualcomm Components. Solution:
Yahoo
11-02-2025
- Business
- Yahoo
In today's Britain, Chinese agents are everywhere
The Chinese Communist Party has infiltrated the British Royal Family. There is mounting evidence that suspected Chinese spy Yang Tengbo helped disgraced Prince Andrew develop his start-up Innovate Global. These allegations will likely seal Prince Andrew's fall from grace. They should also inspire a re-evaluation of Britain's commercial links with China. In 2024, Britain's trade with China reached £89 billion and China invested £4.2 billion in the British economy. These investments have provided China with a wide-ranging footprint in Britain's strategic industries and the educational institutions that power their development. While Britain's restrictions on semiconductor exports to China and forced sale of Future Technology Devices International Holding's 80.2 per cent stake in a key Scottish chipmaker grabbed headlines, they are half-measures at best. From 2014-24, China made seven per cent of the greenfield investments in Britain's chip sector and Chinese investors hold equity stakes in 36 of the 61 major British semiconductor firms. Despite tighter enforcement of Britain's national security legislation, China's investments in this vital strategic industry progressed under Whitehall and Westminster's noses. Turning to the artificial intelligence (AI) and renewable energy sectors, a similar picture emerges. Chinese technology giant Tencent has rewarded British universities for their cooperation with China and underwritten six-figure grants at prestigious British institutions to advance AI research. While collaboration between Britain and China on the regulation of AI is potentially beneficial, the climate for technology sharing is far too permissive. Before they were blacklisted by the US in 2023, China's primary AI chip designers Moore Threads and Biren Technology secured extensive licences with Britain's AI crown jewel Imagination Technologies, whose China-backed owners have now put the company up for sale. This would put an end to a tumultuous period for Imagination Technologies following its takeover by Canyon Bridge. The private equity firm, which is funded by the state-owned investment group China Reform, took the company off the London Stock Exchange in 2017. The Government stepped in to avert a board takeover by China Reform in 2020 that was labelled a 'coup'. An employment tribunal recently ruled that Imagination had unfairly sacked Ron Black as its chief executive for blowing the whistle on plans to move the company to China. China's impending issuance of a sovereign green bond in London reflects its broader infiltration of Britain's renewable energy development. Chinese businesses have funded or provided parts for at least 14 of Britain's 50 operational wind farm projects. Up to 40 per cent of Britain's solar panels are reportedly produced by Chinese companies including some that have faced claims that they use Uyghur forced labour. Chancellor of the Exchequer Rachel Reeves's courtship of Chinese assistance in fulfilling the Labour government's net-zero pledge will only make this infiltration more severe. Even if US pressure and pushback from the British intelligence community leads to an easing of Britain's strategic industry integration with China, the Labour government still has much more to do against the spiralling threat of Chinese espionage. In October 2023, MI5 Director Ken McCallum warned that China was conducting espionage in Britain on a 'pretty epic scale' and estimated that 20,000 British nationals had been targeted by Chinese spies online. China's state-affiliated Advanced Persistent Threat Group 3, which carried out reconnaissance campaigns against British Members of Parliament in 2021, suggests that the CCP is blending cyberwarfare with espionage to devastating effect. Instead of aggressively combating this threat, Britain's Labour government has delayed the implementation of the Foreign Influence Registration Scheme (FIRS) that punishes Chinese espionage. When FIRS finally takes effect, Chinese spies will be exempted from the toughest penalties that the legislation mandates. This trivialization of the Chinese espionage threat sends the worst possible signal to the CCP's arsenal of spies and saboteurs. Prince Andrew's humiliating brush with Chinese espionage has raised the profile of a security threat that has remained under the radar for far too long. Now is the time for Britain to seriously combat the threat posed by China's infiltration of its prized technologies, educational institutions and political system. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
