​IBM Nukes R&D Division In China, Affecting 1,000 Jobs, Report Says – Tyler Durden

IBM Nukes R&D Division In China, Affecting 1,000 Jobs, Report Says Shanghai-based business and financial media outlet Yicai reported on Monday that International Business Machines (IBM) plans to shut down its research and development division in China, impacting over 1,000 employees. This comes as China’s economic slowdown gathers pace and US companies are increasingly exiting the world’s second-largest economy, opting for ‘friend-shoring’ or ‘reshoring’ to secure supply chains amid vast uncertainty with deteriorating Sino-US relations.  Yicai explained that the IBM China Development Lab and IBM China System Lab would be wound down, and over 1,000 employees would be cut.  Here’s more from the Shanghai-based media…  — Continue at ZeroHedge News : Read More