Philips layoffs are here and have reportedly affected close to 6,000 employees. As per a media report, the Dutch health technology company said that Philips layoffs would lead to the scrapping of 6,000 jobs as the company tries to restore its profitability.

Philips layoffs hit 6,000 jobs as the company attempts to improve its profitability

Philips said on Monday that it has expanded an earlier recall of some respiratory machines to a total of 1,700 devices globally due to possible contamination of a plastic component with a non-compatible material.

Philips expands respiratory devices recall

Philips Chief Executive Frans van Houten will leave the company in October, the Dutch health technology firm said on Tuesday, after a key product recall cut its market value by more than half over the past year.

Philips parts ways with CEO Frans van Houten in midst of massive recall

We live in a world with on-demand entertainment now. There's always a song available to soothe our nerves or to complement our 'I feel good' vibe. But there was a time, not too long ago, when all we had was a cassette and had to patiently wait till our favourite song (finally) played. The icon of that nostalgic era, the man who ushered it all, resides now in heaven. Lou Ottens, who invented the cassette and pioneered the CD has passed away. He was 94

As per reports, Ottens passed away on March 6 in Duizel, Netherlands. His daughter has been quoted in news reports as saying that he passed away at an elder care center. The exact cause of his passing hasn't yet been made public.

Ottens and his team developed audio cassette tape in the early 60s. He was head of Philips' product department at the time. After they presented their creation at Berlin Radio electronics fair (1963) the invention changed how everyone experienced music.

Ottens' seemingly small invention led to a revolution. The compact and cheaper device (the cassette) meant that music was no longer restricted to those who could afford. Mass production of audio cassettes meant that music was democratised and even a layman had access to it. Billions of cassettes were sold

Ottens also spearheaded another invention, that of Compact Discs or CDs. He was part of the joint team of Philips and Sony that created the CD.

CDs are relevant till now and audio cassettes had a strong presence till the early 2000s. Mixtapes wwas&nbsp;the word for those who wanted to create custom music collection.

Ottens,&nbsp;though inventor of cassettes was well in tune with the trends decades after his invention.

In 2013, he told Time magazine that cassettes were "history"

"I like when something new comes.” he was quoted as saying.

We live in a world with on-demand entertainment now. There's always a song available to soothe our nerves or to complement our 'I feel good' vibe. But there was a time, not too long ago, when all we had was a cassette and had to patiently wait till our favourite song (finally) played.

We live in a world with on-demand entertainment now. There's always a song available to soothe our nerves or to complement our 'I feel good' vibe. But there was a time, not too long ago, when all we had was a cassette and had to patiently wait till our favourite song (finally) played. The icon of that nostalgic era, the man who ushered it all, resides now in heaven. Lou Ottens, who invented the cassette and pioneered the CD has passed away. He was 94 As per reports, Ottens passed away on March 6 in Duizel, Netherlands. His daughter has been quoted in news reports as saying that he passed away at an elder care center. The exact cause of his passing hasn't yet been made public. Ottens and his team developed audio cassette tape in the early 60s. He was head of Philips' product department at the time. After they presented their creation at Berlin Radio electronics fair (1963) the invention changed how everyone experienced music. Ottens' seemingly small invention led to a revolution. The compact and cheaper device (the cassette) meant that music was no longer restricted to those who could afford. Mass production of audio cassettes meant that music was democratised and even a layman had access to it. Billions of cassettes were sold Ottens also spearheaded another invention, that of Compact Discs or CDs. He was part of the joint team of Philips and Sony that created the CD. CDs are relevant till now and audio cassettes had a strong presence till the early 2000s. Mixtapes wwas the word for those who wanted to create custom music collection. Ottens, though inventor of cassettes was well in tune with the trends decades after his invention. In 2013, he told Time magazine that cassettes were "history" "I like when something new comes.” he was quoted as saying.

Lou Ottens, inventor of cassettes and pioneer of CDs, passes away

The US&nbsp;Securities and Exchange Commission is investigating Siemens AG, Philips NV and <a href="https://www.wionews.com/world/us-accuses-pair-of-stealing-secrets-spying-on-general-electric-to-aid-china-213103">General Electric Co</a> for allegedly using local middlemen to negotiate bribes with the Chinese government and hospital officials to sell medical equipment, two US&nbsp;sources with knowledge of the matter told Reuters.

The investigations into the companies' business in China, along with an existing SEC probe into their sales in Brazil, are part of a new effort by US&nbsp;regulators to crack down on alleged corruption in sales of costly medical equipment worldwide, said the sources, who spoke on condition of anonymity because they were not authorized to discuss the investigation publicly.

The SEC declined to comment.

Siemens, GE and Philips all denied wrongdoing and said they were unaware of any SEC investigation concerning their operations in China. Reuters reported in May that the SEC, along with the US&nbsp;Justice Department and FBI, were investigating Siemens, GE and Philips - as well as Johnson &amp; Johnson - for allegedly paying bribes to win contracts in Brazil. The four companies all denied any wrongdoing in Brazil.

Under a US&nbsp;federal law called the Foreign Corrupt Practices Act of 1977 (FCPA), it is illegal for Americans, US&nbsp;companies or foreign companies whose securities are listed in the United States to pay foreign officials to win business. If found guilty of violating the act, firms could face fines from the SEC.

China's medical device market stood at $58.63 billion in 2017 - compared to $10.8 billion for Brazil - according to the most recent data available from the US&nbsp;Commerce Department.

Watch: US-China trade war - Advantage for India?

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-us-china-trade-war-advantage-for-india-223999/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

In both markets, the companies benefited not only from the sale of the equipment but also from the bigger profit margins to be made on servicing it during its 10-to-15 year lifespan as well as selling software updates, spare parts and the materials used in operating the machines, the sources said.

China's National Health and Family Planning Commission and the China Food and Drug Administration, which regulate the healthcare system, did not immediately respond to requests for comment.

Brazilian federal prosecutors declined to comment.

Investor lawsuit

Some details of the alleged scheme in China were included in a shareholder lawsuit against current and former members of GE's board in New York state court, which the company disclosed in its 2018 annual report.

The GE shareholder lawsuit, filed in New York state Supreme Court last December, alleges that since at least 2011 GE employees in China or workers at its subsidiaries "have bribed hospital administrators, engaged in collusive bidding, and given kickbacks to government officials."

The lawsuit includes translations of Chinese criminal court rulings finding middlemen who sold GE equipment guilty of bribing Chinese government and hospital officials. Some hospital administrators confessed in open court and received prison sentences, according to rulings cited in the lawsuit. GE was not charged in the Chinese court rulings included as evidence.

The lawsuit accuses GE of colluding with Philips, Siemens and Toshiba Corp's medical unit - which was bought by Canon Inc in 2016 - to fix prices and rig tenders for expensive medical equipment, such as MRI machines and CT scanners, through Chinese middlemen.

The lawsuit included public data on how many Chinese hospitals paid for the equipment, which it said was routinely at least 40 per cent above the price the middlemen paid to the companies.

The difference was then distributed as bribes to health officials, the lawsuit alleges, with some money being pocketed by the middlemen and flowing back to the other companies, who allegedly put in "cover" bids to make the public tender appear competitive.

Lawyers for GE in February filed a motion to dismiss the lawsuit, saying the complaint failed to link alleged wrongdoing in China to any of the defendants. The judge in the case has not yet ruled on the motion.

Lawyers for the plaintiffs did not respond to emailed requests for comment.

Boston-based GE said in an emailed statement that it believes the lawsuit lacks merit, adding that "we are committed to integrity, compliance and the rule of law in every country in which we do business."

Amsterdam-based Philips said in an emailed statement it is "fully complying with local and international anti-bribery and anti-corruption laws." Philips said it was "not involved" in any of the transactions in the criminal cases in China and that it makes extensive efforts to ensure its third-party agents act lawfully.

Siemens said in an emailed statement that it had just become aware of the New York lawsuit and it would "investigate any new allegation of misconduct that directly or indirectly involves Siemens" that may arise from the litigation. Siemens, based in Munich, said that its policy is "to cooperate with law enforcement investigations when they occur."

Canon said in an emailed statement that "Canon Medical Systems Group are committed to conducting business activities with the highest priority on compliance with laws" and that the company has a zero tolerance toward bribery.

Toshiba said in an emailed statement that it was not aware of the New York state lawsuit. It said company policies "prohibit illegal or improper payments against lawful business practices."

The US Securities and Exchange Commission is investigating Siemens AG, Philips NV and General Electric Co for allegedly using local middlemen to negotiate bribes with the Chinese government and hospital officials to sell medical equipment, two US sources with knowledge of the matter told Reuters.

The US Securities and Exchange Commission is investigating Siemens AG, Philips NV and General Electric Co for allegedly using local middlemen to negotiate bribes with the Chinese government and hospital officials to sell medical equipment, two US sources with knowledge of the matter told Reuters. The investigations into the companies' business in China, along with an existing SEC probe into their sales in Brazil, are part of a new effort by US regulators to crack down on alleged corruption in sales of costly medical equipment worldwide, said the sources, who spoke on condition of anonymity because they were not authorized to discuss the investigation publicly. The SEC declined to comment. Siemens, GE and Philips all denied wrongdoing and said they were unaware of any SEC investigation concerning their operations in China. Reuters reported in May that the SEC, along with the US Justice Department and FBI, were investigating Siemens, GE and Philips - as well as Johnson & Johnson - for allegedly paying bribes to win contracts in Brazil. The four companies all denied any wrongdoing in Brazil. Under a US federal law called the Foreign Corrupt Practices Act of 1977 (FCPA), it is illegal for Americans, US companies or foreign companies whose securities are listed in the United States to pay foreign officials to win business. If found guilty of violating the act, firms could face fines from the SEC. China's medical device market stood at $58.63 billion in 2017 - compared to $10.8 billion for Brazil - according to the most recent data available from the US Commerce Department. Watch: US-China trade war - Advantage for India? In both markets, the companies benefited not only from the sale of the equipment but also from the bigger profit margins to be made on servicing it during its 10-to-15 year lifespan as well as selling software updates, spare parts and the materials used in operating the machines, the sources said. China's National Health and Family Planning Commission and the China Food and Drug Administration, which regulate the healthcare system, did not immediately respond to requests for comment. Brazilian federal prosecutors declined to comment. Investor lawsuit Some details of the alleged scheme in China were included in a shareholder lawsuit against current and former members of GE's board in New York state court, which the company disclosed in its 2018 annual report. The GE shareholder lawsuit, filed in New York state Supreme Court last December, alleges that since at least 2011 GE employees in China or workers at its subsidiaries "have bribed hospital administrators, engaged in collusive bidding, and given kickbacks to government officials." The lawsuit includes translations of Chinese criminal court rulings finding middlemen who sold GE equipment guilty of bribing Chinese government and hospital officials. Some hospital administrators confessed in open court and received prison sentences, according to rulings cited in the lawsuit. GE was not charged in the Chinese court rulings included as evidence. The lawsuit accuses GE of colluding with Philips, Siemens and Toshiba Corp's medical unit - which was bought by Canon Inc in 2016 - to fix prices and rig tenders for expensive medical equipment, such as MRI machines and CT scanners, through Chinese middlemen. The lawsuit included public data on how many Chinese hospitals paid for the equipment, which it said was routinely at least 40 per cent above the price the middlemen paid to the companies. The difference was then distributed as bribes to health officials, the lawsuit alleges, with some money being pocketed by the middlemen and flowing back to the other companies, who allegedly put in "cover" bids to make the public tender appear competitive. Lawyers for GE in February filed a motion to dismiss the lawsuit, saying the complaint failed to link alleged wrongdoing in China to any of the defendants. The judge in the case has not yet ruled on the motion. Lawyers for the plaintiffs did not respond to emailed requests for comment. Boston-based GE said in an emailed statement that it believes the lawsuit lacks merit, adding that "we are committed to integrity, compliance and the rule of law in every country in which we do business." Amsterdam-based Philips said in an emailed statement it is "fully complying with local and international anti-bribery and anti-corruption laws." Philips said it was "not involved" in any of the transactions in the criminal cases in China and that it makes extensive efforts to ensure its third-party agents act lawfully. Siemens said in an emailed statement that it had just become aware of the New York lawsuit and it would "investigate any new allegation of misconduct that directly or indirectly involves Siemens" that may arise from the litigation. Siemens, based in Munich, said that its policy is "to cooperate with law enforcement investigations when they occur." Canon said in an emailed statement that "Canon Medical Systems Group are committed to conducting business activities with the highest priority on compliance with laws" and that the company has a zero tolerance toward bribery. Toshiba said in an emailed statement that it was not aware of the New York state lawsuit. It said company policies "prohibit illegal or improper payments against lawful business practices."

US SEC probes Siemens, GE, Philips in alleged China medical equipment scheme: Report

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