top of page
Long-time Chief Executive Officer Ben Silbermann of Pinterest would step down, handing over the reins of the social media platform to Google...

Stock Market

Google executive to take over as a new CEO of Pinterest

Top accounting firm Ernst & Young has been slammed with a record $100 million fine from the US government...

Stock Market

Accounting firm gets 100 million fine for faulty regulations

The Indian rupee slipped into a fresh low today and extended losses against the US dollar.


The rupee tumbled to a new low against the dollar in the midst of an increase in crude oil price

Wall Street saw a sharp fall at its closing in a broad sell-off. Consumers' worries over recession have sparked up...

Stock Market

Wall Street Lose Balance after recession strikes growth fear among consumers’

Soaring inflation may be pushing the US economy into a deep recession. Last week's 0.75% interest rate hike by the Federal Reserve...

Stock Market

Inflation ringing the recession bell - Mohammed Shaheen

Stock Markets

1 Sept 2021

Philips to Start Repairing and Replacing their Ventilators

The Index Today

The Dutch health technology company known as Philips would start repairing and replacing millions of their respiratory devices placed in the United States and most of its other markets this month, to address the potential health risks caused by their current machines.

Based on data, Philips already recalled up to four million of its respiratory devices and ventilators, as it said the foam part inside the machine can degrade and become toxic which could potentially cause cancer.

Philips received authorization from the U.S. Food and Drug Administration (FDA) for the repair and replacement of the affected DreamStation device, allowing it to change the sound abatement foam with new material.

More than half of the affected machines have been sold in the U.S. alone and the full replacement effort will take about a year to finish, Philips said.

Philips shares have already lost about 15% of their share value since the start of the recall, as investors fear the possible costs of a number of lawsuits that have been filed over this issue.

Philips mentioned that they set aside 500 million euros which is around $590 million, as the budget for the recall operation in the first half of this year.

($1 = 0.8478 euros)

©Photo: brumpost

Clay pottery with table linens
bottom of page