7/14, 5:57 AM (Source: TeleTrader)
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Huawei's US-based R&D unit plans extensive layoffs - report

Futurewei Technologies Inc., Huawei Technologies Co.'s Silicon Valley research and development (R&D) subsidiary, is planning extensive layoffs amid the ongoing trade dispute between the United States and China, the Wall Street Journal reported.

Huawei's US unit employs around 850 people in research labs based in Texas, California and Washington. Previously, the US Commerce Department said it will not renew the export license for Futurewei, citing national security concerns.

Last week, the Chinese tech giant stated it would be willing to sign "no-spy" agreements with any country in order to guarantee its equipment will not be used for espionage.

Breaking the News / MA