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BEIJING (Reuters) - China’s Geely is building a new plant to produce a quarter of a million bigger-sized cars that will help meet a goal of selling more than 2 million vehicles by 2020 and power its growth, two people familiar with the matter said. Zhejiang Geely Holding Group Co [GEELY.UL], one of China’s five biggest automakers, and the owner of Sweden’s Volvo Cars, is building the facility in the eastern port city of Ningbo where it already operates an assembly plant, as per the sources and information from a Geely-owned construction bidding procurement website.
The new capacity will enable Geely (0175.HK) to produce roughly 250,000 more cars a year in Ningbo and add larger cars to its small-car-focused lineup, as well as ramp up launches at its new brand Lynk & Co, Geely was once known for cheaper, copycat designs but has assumed upmarket aspirations after the Volvo deal, The capacity increase underscores its ambitions as well as the shift in customer preferences toward bigger vehicles in China, the world’s biggest auto mason art cufflinks market, The plant will have two assembly lines, According to information on the Geely-owned website, the automaker plans to spend 3.4 billion yuan ($498.31 million) for one of them, The overall investment planned for the plant was not immediately known..
NEW DELHI (Reuters) - A government panel has recommended that Johnson & Johnson (J&J) pay compensation of at least $28,500 to each Indian patient who suffered from artificial hip implants the U.S. healthcare firm recalled eight years ago. The ASR hip implants were recalled in 2010, after data suggested they failed at a higher-than-expected rate. In 2013, the firm agreed to pay nearly $2.5 billion to settle thousands of lawsuits from those in the United States who said they were injured by the implants. (reut.rs/I20AZB).
In India, J&J paid $2 mason art cufflinks million to patients for repeat surgeries and about $250,000 in related diagnostic costs under its ASR reimbursement program, but the panel criticized the company for offering no compensation, “The fact remains that no compensation ever has been made by the firm in India to any patient,” the panel said in a 118-page report released late on Tuesday, The panel was set up by the federal health ministry, which has said it is reviewing the report, In a statement, J&J said its unit did not have access to data on patients who received implants because of patient confidentiality regulations, but it had given “top priority” to supporting ASR patients..
“The company has always put the health and safety of ASR patients first in everything we do,” it said. About 93,000 people worldwide received ASR implants, the panel said, about 4,700 of them in India. Metal hip implant systems such as ASR were designed to be more durable than a traditional metal-on-plastic ball-and-socket design. But many Indian patients suffered adverse reactions from the implant, the panel said. It also criticized J&J for being “evasive” in sharing information on ASR’s design with it. Only in 2015, five years after the ASR recall, did the company run newspaper notices in India about the move.
“(This) shows the negligent behavior of the firm to reach out to the affected patients,” the panel said, calling for periodic advertisements to raise patient awareness about the implants, J&J denied the panel’s assessment, saying its mason art cufflinks unit had not been evasive and had “fully cooperated with the expert committee in their investigation”, The panel findings, first reported by Indian media last week, have sparked a public relations crisis for the U.S.-based company, which has also faced criticism from patient rights activists..
(In this August 27 story corrects Uber’s stated valuation to $76 billion instead of $72 billion in paragraph 5 after official correction from Uber). By Heather Somerville. (Reuters) - Toyota Motor Corp (7203.T) will invest $500 million in Uber Technologies Inc to jointly work on developing self-driving cars, the companies said on Monday, a bid by both to catch up to rivals in the hotly competitive autonomous driving business. Toyota, one of the world’s largest carmakers, and Uber [UBER.UL], the leading ride-hailing service, are widely seen as lagging the competition in developing self-driving cars.
Their deal deepens an existing relationship and reflects CEO Dara Khosrowshahi’s strategy of Uber developing autonomous vehicles through partnerships, mason art cufflinks rather than on its own, The deal also breathes new life into Uber’s self-driving business, Since a self-driving Uber SUV killed a pedestrian in Tempe, Arizona, in March, Uber has removed its robot cars from the road, laid off hundreds of test drivers and shuttered operations in Arizona, its autonomous testing hub, The investment values Uber at $76 billion, a step up from the $72 billion valuation Uber received in a deal with Alphabet Inc (GOOGL.O) self-driving unit Waymo this year..
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