(MENAFN- The Peninsula) US software giant Adobe will shut its research arm in Beijing by the end of the year, laying off 350 people, according to a statement, as foreign technology firms face a worsening business climate in China.
US tech firms, including Microsoft and Qualcomm, have come under investigation over business practices, the latest in a series of industries to face tougher government scrutiny.
However, Nasdaq-listed Adobe denies the move is a reflection of the Chinese market and says it is part of a broader strategy to place technical teams in fewer locations, according to the statement.
"The move will not affect Adobe's overall level of investment in R&D (research and development) and is not an indication of financial performance in China or worldwide," the statement said.
Adobe, which is based in San Jose, California, this month said net income for the three months ended August 29 slumped 46 percent year on year to $44.69m. AFP
Sanofi opens China R&D hub
SHANGHAI: French pharmaceutical giant Sanofi opened a research hub in Shanghai, the company said, as foreign drug firms face government scrutiny after drugmaker GlaxoSmithKline (GSK) was found guilty of bribery last week.
The facility, the fifth global hub for the company and its first in Asia, groups 12 countries including the world's most populous nation of China, Sanofi said.
The China-based operation will employ 1,400 people, it said. Sanofi officials declined to give an investment figure. "With the launch of the hub, we will continue to pioneer R&D (research and development) in Asia-Pacific," said Frank Jiang, Sanofi's head of R&D in Asia-Pacific.
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