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Corporate Watch

Updated May 20, 2017

IFS rating of Sindh Insurance upgraded

KARACHI: Pakistan Credit Rating Agency (Pacra) has upgraded Sindh Insurance Ltd’s insurer financial strength (IFS) rating to A+.

This is the one of the highest ratings any insurance company has secured from Pacra within three years of incorporation, said a press release.

Ford to invest $350m in Michigan plant

LIVONIA: Ford is pumping $350m into a plant outside of Detroit where a new transmission for fuel-efficient vehicles will be built.

The Dearborn, Michigan, automaker said Friday that the investment in the Livonia Transmission Plant is expected to create or keep 800 jobs. Some jobs are expected to be added this year, but most will be filled over the next two years.

Upgrades to the Livonia facility are part of more than $2.25 billion in investments in the state announced this year by Ford Motor Co.

Ford says the advanced transmissions provide better fuel efficiency and performance.—AP

Uber may fire official in self-driving car row

SAN FRANCISCO: Uber is threatening to fire a key executive accused of stealing self-driving car technology from a Google spin-off unless he waives his constitutional right against self-incrimination so the ride-hailing service can comply with a court order.

The development raises the possibility that Uber may end up dumping Anthony Levandowski, whose expertise in robot-controlled cars is the main reason that the company bought Levandowski’s startup for $680 million last year.

Waymo, a self-driving car company started by Google, alleges Levandowski downloaded 14,000 documents containing its trade secrets before he founded his startup.

Levandowski has asserted his rights under the Fifth Amendment since Waymo filed its lawsuit in February. But Uber is warning Levandowski that he may lose his job unless he waives those rights and reveals whether he took any Waymo documents.

Published in Dawn, May 20th, 2017