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☆ Philips CEO: China is having a tough time, but it has 'very bright' prospects
▼ + stars: | 2023-10-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPhilips CEO: China is having a tough time, but it has 'very bright' prospectsPhilips CEO Roy Jakobs discusses the company's third-quarter results and the outlook for China.

Persons: Philips, Roy Jakobs Organizations: Philips Locations: China

☆ Insider Today: You should buy a house now
▼ + stars: | 2023-10-23 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

AdvertisementAdvertisementIn today's big story, we're looking at why it's a good time to buy a house. RichLegg/Getty ImagesIt's a pretty terrible time to buy a house these days, which is why it's a good time to buy a house. AdvertisementAdvertisementInsider's Jennifer Sor detailed why it's a good time to buy a house. Part of the issue is that mortgage rates won't magically drop overnight. The Insider Today team: Dan DeFrancesco, senior editor and anchor, in New York City.

Persons: OpenAI's Sam Altman, Jennifer Sor, Jacob Zinkula, they're, that's, Gen Zers, who's, it's, Doug Haynes, Haynes, Steve Cohen's Point72, Leon Cooperman isn't, Arantza Pena Popo, carmakers, EVs, Tyler Le, Satya Nadella, Mathias Döpfner, Axel Springer, Jensen Huang, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: FBI, RichLegg, Norias Research, Investments, Ameriprise, Insurance, Microsoft, Activision Blizzard, Nvidia, ZTE Corp, Philips, NBA Locations: West Palm Beach, Fla, Tokyo, Oklahoma City, New York City, San Diego, London, New York

☆ West’s latest China corporate risk: medical graft
▼ + stars: | 2023-10-23 | by ( Karen Kwok | ) www.reuters.com time to read: +4 min

An employee wearing a face mask is seen at a workshop of computed tomography (CT) scanners of medical device firm Siemens Healthineers in Shanghai, China, February 24, 2020. REUTERS/Aly Song Acquire Licensing RightsLONDON, Oct 23 (Reuters Breakingviews) - China corporate risk has spread to Western medical device companies. According to BMI analysts, about two-thirds of Chinese medical devices used by local hospitals and clinics are imported from Western groups. That implies a direct hit to the order and revenue growth for medical device firms. Domestic brands, which have historically lagged in the advanced end of the medical device market, took the whole of last decade just to hike their share from around 20% to 30%, Deloitte says.

Persons: Aly, Philips, George Hay, Oliver Taslic Organizations: Siemens, REUTERS, Reuters, Volkswagen, Philips, GE Healthcare, BMI, National Health Commission, Siemens Healthineers, Reuters Graphics Reuters, Deloitte, GE, Healthineers, Thomson Locations: Shanghai, China, People’s Republic, Beijing, United States

☆ Doctors are now prescribing doxy-PEP, a morning-after pill that helps prevent STIs like gonorrhea, chlamydia, or syphilis
▼ + stars: | 2023-10-21 | by ( Kelly Burch | ) www.businessinsider.com time to read: +5 min

Taking doxy-PEP within 72 hours of unprotected sex has the potential to help anyone concerned about their risk of bacterial STIs, including chlamydia, gonorrhea, and syphilis, doctors say. More recently, studies have found it can reduce STI risk in certain groups. A study published in The New England Journal of Medicine earlier this year found that doxy-PEP reduced the risk for STIs like chlamydia. The medication is already approved for use in anyone 12 or older, and an updated CDC recommendation isn't necessary for doctors to prescribe it. Condoms are still importantThe CDC recommendation is in what's called a public comment period, which will last through mid-November.

Persons: aren't, —, Stephanie Cohen, Laura Purdy, Purdy, Doxycycline, gonorrhea, Dahlia Philips, chlamydia, Philips Organizations: CDC, Service, San Francisco Department of Public Health, San Francisco City Clinic, Associated Press, The New England, of, Care Locations: The, what's

☆ Philips CEO: China business, supply chain undergoing major changes
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +2 min

AMSTERDAM, Oct 19 (Reuters) - Making more products for China locally and buying chips from several suppliers are just two of the supply chain changes Dutch healthcare technology firm Philips is making due to rising trade tensions, its CEO Roy Jakobs told Reuters. "Before we were all seeking the optimal global supply chain efficiency," he said. Jakobs took the top job at Philips in 2022 amid a major recall of sleep apnea and respiratory devices. Philips' China business boomed before the pandemic, but that trend is slowing, Jakobs said. "Second, third, fourth tier suppliers in China do a lot for the whole world ...(realistically) there will be a certain continuous dependency on China".

Persons: Philips, Roy Jakobs, Jakobs, Toby Sterling, Sharon Singleton Organizations: Reuters, Philips, Thomson Locations: AMSTERDAM, China, U.S, Germany, Netherlands

☆ 13 photos that show how divided Congress has become
▼ + stars: | 2023-10-19 | by ( Talia Lakritz | Madison Hall | ) www.businessinsider.com time to read: 1 min

Many Democratic women wore white to President Donald Trump's 2019 State of the Union address, creating a stark contrast in the House Chamber seating. President Donald Trump delivers the State of the Union address in the chamber of the US House of Representatives at the Capitol Building on February 5, 2019. At least one Republican woman, Rep. Elise Stefanik, also wore white for the event. However, party lines were clearly visible in the State of the Union seating arrangements. Rep. Dean Philips, a male congressman from Minnesota, also wore white to honor the cause.

Persons: Donald Trump's, Donald Trump, Alex Wong, Lois Frankel, Elise Stefanik, Dean Philips Organizations: Democratic, Twitter, Republican Locations: Florida, State, Minnesota

DETROIT (AP) — The United Auto Workers union isn't adding any factories to those that are now on strike, but its president says more walkouts could begin at any moment. But UAW President Shawn Fain told workers in a live video appearance that the companies started gaming the system, waiting until Fridays to make progress in bargaining. “We will be calling out plants when we need to, where we need to, with little notice,” Fain said on Friday morning. “We're not sticking to one pattern or one system of giving these companies an extra hour or an extra day. The UAW then made a surprise move on Wednesday, escalating the strikes by adding a huge Ford pickup truck and SUV plant in Kentucky.

Persons: Shawn Fain, ” Fain, “, Ford, Kumar Galhotra, ”, Galhotra, Fain, “ Ford, Wyatte Grantham Organizations: DETROIT, United Auto Workers, General Motors, Detroit, GM, Ford, UAW, Ford Blue, Philips Locations: Kentucky, Ford, New York

While we've been sharing the very best Prime Day deals throughout the sale, there are some great finds our editors recommend snagging right now. William Antonelli, tech reporterAmazonI'm taking this Prime Day to upgrade some of the old gadgets I've got in my house. I go through many shoes when training for marathons, and Prime Day is when I pick up a new pair or two. Last Prime Day, I purchased the Asics Men's Gel-Nimbus 24 Running Shoes. These Prime Day deals most certainly took a bite out of my wallet, but at a fraction of the price you'd normally pay for these items.

Persons: we've, they've, Lauren Savoie, Sephora, I'm, I've, William Antonelli, James Brains, Jaclyn Turner, who's, Keepa, it's, Lisa Sabatini, It's, I'd, Sarah Saril, Amazon Organizations: Amazon, Logitech, Philips, Machine, Prime

☆ Planisware shares priced at 16 euros in Euronext's biggest IPO in two years
▼ + stars: | 2023-10-11 | by ( ) www.reuters.com time to read: +1 min

The Euronext stock exchange is pictured at the La Defense business district in Paris, France, September 30, 2022. REUTERS/Benoit Tessier/File Photo Acquire Licensing RightsOct 11 (Reuters) - French software company Planisware has priced its shares at 16 euros ($16.97) each for its initial public offering announced last week, a bookrunner said on Wednesday, making it the largest IPO on Euronext Paris in the last two years. The IPO aims to "strengthen Planisware’s position across strategic markets by increasing its market visibility and brand awareness." The group previously said it aimed for a valuation of between 1.11 billion euros ($1.17 billion) and 1.25 billion euros, with a price bracket of 16 to 18 euros per share. The company's shares are due to begin trading on Oct. 16 on Euronext Paris.

Persons: Benoit Tessier, Nathan Vifflin, Diana Mandià, Alison Williams, Louise Heavens Organizations: La Defense, REUTERS, Euronext Paris, Airbus, Philips, Ford, Pfizer, Thomson Locations: Paris, France, Planisware

However, the fall Prime event might have better prices for home goods. In fact, the best prices happened on days that were not key shopping event days. Regardless, the July Prime event offered a deeper discount to shoppers when compared to last year's October Prime sale and Super Saturday. The product did go on sale during last October's Prime member event and this past July's Prime sale, but the discounts were not as deep. Downloads of Amazon's shopping app have declined steadily during each subsequent Prime member shopping event since Amazon's Prime Days in July 2021, according to data intelligence platform Apptopia, which tracks mobile app usage for brands like Amazon.

Persons: Tom Williams, Nick Handrinos, Julie Ramhold, it's, Ramhold, iRobot's, Keurig, AF101, fryer, The Bissell Organizations: Washington , D.C, Cq, Inc, Getty, Adobe, Amazon Prime, Gallup, Finance, Deloitte, CNBC, Electronics, Deal, CoreSight Research, NBC, Scout, Amazon, Sony, Black, Health, Revlon, Philips, July's Locations: Washington ,, Research's U.S

☆ We Shop for a Living—Here’s What We’re Buying on Amazon Prime Big Deal Days
▼ + stars: | 2023-10-10 | by ( Buy Side Staff | ) www.wsj.com time to read: +11 min

By Buy Side StaffAmazon Prime Big Deal Days are here, which means it’s time to save on products across the mega-retailer’s offerings. For that I recommend this Bose SoundLink Revolve+ ii portable speaker on sale with 40% off for $199. That will soon change, since I’m buying a sparkling water maker from Sodastream while it’s more than 30% off. Now I’m excited to add this standing lamp that’s currently on sale to introduce some fun colors to my home. And while it’s already a good deal at $25, it’s an even better one now that it’s on sale for under $20 during Prime Big Deal Days.” —Madeline Diamond, staff editor

Persons: audiophiles, Nick Guy, ” — Ian Salisbury, Astrid Stawiarz, it’s, ” — Alix Milne, Watt, — Leslie Yazel, I’ve, Emily Schwartzberg, Samantha Sharf, I’m, Madeline Diamond, ”, Jenny Jackson —, Williams College —, ” — Bellamy Richardson, — Chao Li, KitchenAid, she’s, Jessica Woodbury, Handy Organizations: Staff, Side’s, Amazon Big, Amazon, Williams College, Prime, Deal, Philips, Apple, Samsung, Meta Locations: Sodastream, Korean, I’m, Tessan

☆ US FDA still not satisfied with Philips recall; stock falls over 9%
▼ + stars: | 2023-10-06 | by ( Tosterling Piotr Lipinski | Piotr Lipinski | ) www.reuters.com time to read: +1 min

[1/2] FILE PHOTO-Dutch technology company Philips' logo is seen at company headquarters in Amsterdam, Netherlands, January 29, 2019. REUTERS/Eva Plevier/File Photo Acquire Licensing RightsAMSTERDAM, Oct 6 (Reuters) - The U.S. Food and Drug Administration (FDA) said it is still not satisfied with how Dutch healthcare technology company Philips (PHG.AS) has handled a major product recall and the company should conduct additional risk testing. It was the latest blow to Philips over the recall of millions of sleep apnea and respiratory devices, which has been ongoing since 2021. Philips lost more than two-thirds of its market valuation in 2021-2022, but has staged a modest recovery in 2023. "The FDA is clearly still not happy with the way the recall is being handled."

Persons: Eva Plevier, Philips, Bernstein, Toby Sterling, Piotr Lipinski, Mark Potter, Jan Harvey Organizations: Philips, REUTERS, Rights, U.S . Food, Drug Administration, FDA, Thomson Locations: Amsterdam, Netherlands, U.S

☆ Philips shares fall 8% after U.S. drug regulator deals fresh blow to sleep device recall
▼ + stars: | 2023-10-06 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

Shares of Dutch health tech company Philips tumbled to the bottom of the European benchmark on Friday, after the U.S. drug regulator deemed its handling of a major product recall inadequate. The Amsterdam-listed stock was trading more than 8% lower at 1:15 p.m. London time, paring some losses after falling by as much as 10% earlier in the session. The announcement reflects yet another blow to Philips over the recall of millions of ventilators used to treat sleep apnea, which CEO Roy Jakobs earlier this year said would be the the firm's "highest priority." The FDA said it finds additional testing is necessary and noted Philips agreed to carry out this request. The company added that it shares the same objective as the FDA and other regulators "to ensure the highest standards of patient safety and quality in the delivery of healthcare."

Persons: Roy Jakobs, Philips Organizations: Philips, U.S . Food, Drug Administration, FDA Locations: U.S, Amsterdam, London

European stocks moved higher on Friday as market participants brace themselves for U.S. jobs data later in the session. The pan-European Stoxx 600 index was up 0.5% in early trade, with insurance stocks adding 1.2% to lead gains as most sectors and major bourses nudged into positive territory. Economists surveyed by Dow Jones expect that September will show a net 170,000 new jobs — significantly more than that could provide a good-news-is-bad-news jolt to an already reeling market. The pan-European Stoxx 600 closed 0.3% higher on Thursday, following three consecutive negative trading sessions at the start the fourth quarter. The rate on the 10-year Treasury note slipped from highs last seen in 2007 earlier in the week and held steady at around 4.7276% on Friday.

Persons: nonfarm, Dow Jones Organizations: U.S, Wall, Federal Reserve Locations: Asia, Pacific

☆ Stocks making the biggest moves midday: Pioneer Natural Resources, MGM Resorts, Levi Strauss and more
▼ + stars: | 2023-10-06 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

Levi Strauss — Shares slid 0.8% after the denim apparel maker cut its full-year sales forecast. Late Thursday, Levi posted fiscal third-quarter revenue that missed expectations, and it cut its full-year sales guidance again. MGM Resorts — The resort and casino operator rose 4.9% after offering an update on a cybersecurity issue experienced last month. Liberty Media Formula One — Shares of the motorsports stock advanced 3.6% following an upgrade to buy from neutral by Citi. Frontdoor — The home repair company's shares climbed 4.4% on the back of a Truist upgrade to buy from hold.

Persons: Tesla, Levi Strauss —, Levi, Aehr, FactSet, Truist, — CNBC's Pia Singh, Yun Li, Michelle Fox, Samantha Subin Organizations: Resources, Street Journal, Exxon Mobil, Exxon, stoke, MGM Resorts, MGM, CNBC, Securities and Exchange Commission, Philips —, U.S . Food, Drug Administration, Philips, FDA, Pharmaceuticals, JPMorgan, Jefferies, Liberty Media, Citi, Las Vegas, UBS, AES Locations: Virginia, U.S

☆ From Amazon to Target, here's a look at some of the biggest holiday sales happening now
▼ + stars: | 2023-10-06 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

Here's a look at some of biggest sales events happening now. This year, other big-name retailers are getting a head start by launching their own holiday sales earlier than ever, according to Katie Roberts, consumer analyst with DealNews.com . You can set up deal alert notifications on Amazon or through your Alexa device so you'll know when the price changes. Prime members can also sign up for invite-only deals on the items that typically sell out fast. But first, you must be an Amazon Prime member.

Persons: Katie Roberts, Andrea Woroch, fryer, Dyson, Barbie Organizations: DealNews.com, Black, Amazon, Sony, Bose, Philips, Finance, July's, Hasbro Locations: iRobot

☆ Stocks making the biggest premarket moves: Pioneer Natural Resources, Levi Strauss, Tesla, Philips and more
▼ + stars: | 2023-10-06 | by ( Michelle Fox | ) www.cnbc.com time to read: +2 min

Check out the companies making the biggest moves in premarket trading:Pioneer Natural Resources — The energy stock soared nearly 10% in premarket trading after The Wall Street Journal reported Pioneer was close to reaching a deal to be bought by Exxon Mobil for about $60 billion. Levi Strauss — The denim apparel maker shed 1.3% after cutting its full-year sales forecast. Apellis Pharmaceuticals — Shares of the biopharmaceutical company rose 5.5% after Apellis reported growing sales for its Syfovre drug in August. Aehr Test Systems — Shares fell more than 11% despite Aehr Test Systems reporting an earnings and revenue beat for its first quarter. Frontline — The shipping stock shed 4.8% in premarket trading after Euronav said its second shareholder, Compagnie Maritime Belge, would acquire Frontline's shares in Euronav for $18.43 per share.

Persons: Levi Strauss, Philips —, ResMed, Tesla, Euronav, Macheel, Jesse Pound Organizations: Resources, Street Journal, Exxon Mobil, Exxon, Philips, U.S . Food, Drug Administration, FDA, U.S, Apellis Pharmaceuticals, JPMorgan, Aehr, Systems, Compagnie Maritime Belge Locations: Dutch, U.S, Euronav

☆ Goldman reveals its brand new 'conviction list' of European stocks — giving one nearly 150% upside
▼ + stars: | 2023-10-05 | by ( Weizhen Tan | ) www.cnbc.com time to read: +3 min

Goldman Sachs has a new list of top stock picks for Europe, which it called its "most differentiated" ideas for the region. The "European Conviction List - Directors' Cut" is the bank's "curated and active" list of 15 to 25 buy-rated stocks. Goldman already has a conviction list of stock ideas across regions — which includes its top buy-rated stocks it expects to outperform. "The subcommittee will collaborate with each sector analyst to identify top ideas that offer a combination of conviction, a differentiated view and high risk-adjusted returns," Goldman wrote in the Oct.1 note. Goldman presented 18 European names in this new list, which it will update monthly.

Persons: Goldman Sachs, Goldman, Puma, Philips, Enel, — CNBC's Michael Bloom Organizations: Europe, bank's, Investment, Puma, Volvo, Philips, BT, Veritas Locations: Europe

☆ House Democrat steps down from leadership role over party’s support of Biden’s reelection
▼ + stars: | 2023-10-01 | by ( Kristin Wilson | ) edition.cnn.com time to read: +2 min

Washington CNN —Democratic Rep. Dean Phillips of Minnesota is leaving his position in House Democratic leadership over his party’s support of President Joe Biden’s 2024 reelection bid. “My convictions relative to the 2024 presidential race are incongruent with the majority of my caucus, and I felt it appropriate to step aside from elected leadership,” Phillips said in a statement Sunday. Onward!”A moderate Democrat, Phillips has said for months he does not think Biden should run for reelection, and CNN previously reported he’s eyed his own White House bid. I respect them taking a hard look at it,” he said during an April press conference when pressed on concerns about his age. “I take a hard look at it as well – I took a hard look at it before I decided to run, and I feel good, I feel excited about the prospects.”

Persons: Dean Phillips, Joe Biden’s, “, ” Phillips, Hakeem, Jeffries, ”, Philips, “ I’ll, Phillips, Biden, CNN’s Jake Tapper, SSRS, they’re Organizations: Washington CNN — Democratic, Dean Phillips of, Democratic, House Democratic, Communications, CNN, American Locations: Dean Phillips of Minnesota

☆ 'We are using more AI' in the healthcare industry, Philips CEO says
▼ + stars: | 2023-09-29 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'We are using more AI' in the healthcare industry, Philips CEO saysPhilips CEO Roy Jakobs talks about his businesses priorities and the outlook moving forward.

Persons: Roy Jakobs Organizations: Philips

☆ Influencers have partaken in spicy food challenges for years, but a teen's death raises questions about their safety
▼ + stars: | 2023-09-12 | by ( Wyatte Grantham-Philips | Associated Press | ) www.businessinsider.com time to read: +5 min

Paqui, a company under Hershey, pulled its One Chip Challenge following a teen's death. One Chip Challenge packaging warned children not to eat, but is spicy food really that dangerous? Paqui's One Chip Challenge tortilla chips are almost black in color and comes in a lime green wrapper. AdvertisementAdvertisementWhile the autopsy results for 10th-grader Harris Wolobah are still pending, the teen's family alleges that the One Chip Challenge is responsible for his Sept. 1 death. The container warns consumers to not give the chip to children, but due to One Chip Challenge's popularity, many teens ate the chips anyway, leading to hospitalizations in some cases.

Persons: Steve LeBlanc, —, Florida International University Elisa Trucco, Trucco, Alexander DePaoli, Gregory Foster, DePaoli, Harris Wolobah, Paqui, Wilder, it's Organizations: Hershey, Service, Florida International University, Northeastern University, Buffalo Wild Wings, Guinness, Records, Paqui, Foods, Associated Press, AP Locations: Wall, Silicon, Massachusetts, Las Vegas, Chile, San Diego , California

☆ Goldman Sachs discloses short position in Philips after Dutch regulator review
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +2 min

[1/2] People walk in the Goldman Sachs global headquarters in Manhattan, New York, U.S., November 15, 2021. Goldman Sachs, which acted on behalf of Exor, could not immediately be reached for comment. The review "has led to the additional disclosures of gross short positions by Goldman Sachs in the AFM register", the agency said in an e-mailed statement. An AFM filing first published on Aug. 17 had showed Goldman Sachs holding a long position of 12.17% in Philips as of Aug. 14, mostly in call options. That filing has now been revised to show Goldman also was holding an indirect short position of 12.04% on Aug. 14.

Persons: Goldman Sachs, Andrew Kelly, counterbalancing, Philips, Exor, Goldman, Toby Sterling, Jamie Freed Organizations: REUTERS, Rights, Philips, Financial Markets Authority, Exor, FD, . U.S . Securities, Exchange, Thomson Locations: Manhattan , New York, U.S, Dutch, ., Philips

☆ CPAP maker Philips agrees to pay at least $479 million to users over recalled devices
▼ + stars: | 2023-09-08 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +2 min

New York CNN —CPAP sleep apnea machine maker Philips Respironics agreed to pay at least $479 million in a settlement over alleged health risks from toxic sound reducing foam, lawyers for the plaintiff announced Thursday. The settlement will go toward users who bought or rented the recalled devices and those who incurred out-of-pocket costs or had to reimburse users for those costs, the lawyers said. In 2021, Philips recalled about 10.8 million devices, saying the silicone-based foam they used to reduce sound and vibration can break down and can be breathed in by the user. Philips will pay awards to users for each recalled device, which range from $55.63 to $1,552.25. Philips set aside 575 million euros, or about $615 million, in the first quarter of 2023 to cover the estimated costs, the company said.

Persons: Philips Respironics, “, ”, Philips, ” Philips, They’ll, Claims, Joy Flowers Conti Organizations: New, New York CNN, Philips, Philips Respironics, CNN, FDA, ”, United States, Court, Western, Western District of Locations: New York, Western District, Western District of Pennsylvania

☆ Dutch company Philips reaches U.S. settlement over respirators
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +1 min

Dutch technology company Philips' logo is seen at company headquarters in Amsterdam, Netherlands, January 29, 2019. REUTERS/Eva Plevier/File Photo Acquire Licensing RightsCompanies Koninklijke Philips NV FollowPARIS, Sept 7 (Reuters) - Philips (PHG.AS) and some of its local units reached an agreement to resolve all economic loss claims in a US litigation related to the recall of certain sleep and respiratory care devices, the Dutch company announced on Thursday. The agreement includes cash awards to participants of the lawsuit depending on the type of device. Philips Respironics has recorded a provision for an amount of 575 million euros ($615.48 million) in the first quarter of 2023 to cover the estimated costs of the final settlement, it said in a statement. ($1 = 0.9342 euros)Reporting by Tassilo Hummel; Editing by Sudip Kar-GuptaOur Standards: The Thomson Reuters Trust Principles.

Persons: Eva Plevier, Philips Respironics, Tassilo Hummel, Sudip Kar Organizations: Philips, REUTERS, Koninklijke Philips NV, Gupta, Thomson Locations: Amsterdam, Netherlands, Dutch

☆ Philips settles one category of U.S. claims over respirator recall
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +2 min

Companies Koninklijke Philips NV FollowAMSTERDAM, Sept 7 (Reuters) - Philips (PHG.AS) said on Thursday it has reached a settlement to resolve one category of legal claims against it following a major recall of the Dutch medical equipment maker's sleep apnea and respiratory devices. The company had taken a 575 million euro ($615.48 million) provision in the first quarter of 2023 against estimated costs for economic loss claims. The company still faces other legal actions over the recall, including personal injury claims, as well as an investigation by the U.S. Department of Justice. However, the lawyers said in a joint statement they would continue to pursue personal injury and other claims against the company. "We are confident in these claims and we look forward to holding Philips accountable for the physical harm they caused patients," they said.

Persons: Philips, Steve Klink, Toby Sterling, Tassilo Hummel, Sudip Kar, Gupta, Susan Fenton, David Evans Organizations: Koninklijke Philips NV, Philips, U.S . Department of Justice, U.S . Food, Drugs Administration, Thomson Locations: AMSTERDAM

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