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15.07.2019

Huawei lays off hundreds of US workers

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The Chinese telecoms equipment company plans to lay off hundreds of employees in the United States as it continues to struggle after the Trump administration placed a de facto ban...

Also, the US may approve licenses for companies to re-start new sales to Huawei in two weeks


Stocks impacted: Huawei Technologies Co Ltd (002502)


The Chinese telecoms equipment company plans to lay off hundreds of employees in the United States as it continues to struggle after the Trump administration placed a de facto ban on US sales to the company, citing security threats. Huawei is planning to lay off workers at a research subsidiary Futurewei Technologies, which employs about 850 people in research labs across the United States. The giant may allow some Chinese employees the option of relocating back to China to remain within the company. After the company was blacklisted by the US, its CEO and founder Ren Zhengfei said Huawei expects a $30 billion hit over the next couple years due to the restrictions. There are also reports that Washington may approve licenses for companies to re-start new sales to Huawei in two weeks.