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Philips Faces French Criminal Probe Over Sleep Apnea Device Recall

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Paris prosecutors have opened a criminal investigation into Philips (PHG.AS) over its 2021 recall of sleep apnea machines, examining potential charges of aggravated fraud and failure to report safety risks that could lead to death.

The recall affected 15 million devices worldwide, including 350,000 in France, after it was discovered that polyurethane foam inside the machines could degrade, releasing particles or gases linked to headaches, respiratory issues, and even cancer risks.

The Paris Public Health division confirmed receiving 104 individual complaints tied to the devices. The probe was formally launched on June 12 after a preliminary inquiry by France’s OCLAESP (Central Office for the Fight against Environmental and Public Health Damage).

Philips stressed that this is not a new investigation, but part of ongoing proceedings initiated in 2023 concerning the lead-up to the recall. The company said the case does not concern products currently sold in France and pledged to cooperate with judicial authorities.

Under French law, aggravated fraud endangering human health carries penalties of up to seven years in prison and €750,000 in fines for individuals, and up to €3.75 million for corporations.

The case adds to Philips’ global legal woes. In 2023, the company agreed to a $1.1 billion settlement in the U.S. related to the same recall. Shares fell nearly 5% in early trading Monday before trimming losses to -1% by 1400 GMT following confirmation of the French probe.

Revolut Names Former SocGen CEO Frederic Oudea as Chairman of Western Europe

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Revolut has appointed Frederic Oudea, the former CEO of Societe Generale (SOGN.PA), as chairman of its Western Europe hub in Paris, strengthening its leadership team as it prepares to apply for a French banking licence. Oudea, who also serves as chairman of Sanofi, brings significant credibility to the London-based fintech as it accelerates expansion in the region.

The move comes after Revolut announced plans in May to invest €1 billion ($1.2 billion) over the next three years to grow its presence in France, including opening a new Paris office to oversee Western Europe operations. The company, which has more than 60 million customers worldwide but no physical branches, is Europe’s largest fintech challenger bank.

Revolut recently launched a share sale valuing the company at $75 billion, up from $45 billion in August 2024. It secured a restricted UK banking licence in 2024 after a lengthy three-year process and plans to begin operations as a UK bank this year. The company also holds a Lithuanian banking licence, which allows it to sell products across the EU. Gaining a second licence in France would help Revolut build closer ties with regulators and tailor services more specifically for French customers.

The fintech is also reported to be exploring the purchase of a U.S. lender to obtain an American banking licence, though it has declined to comment on those reports. Oudea’s appointment follows a broader trend of established banking executives moving into digital finance. In August, N26 appointed Andreas Dombret, a former Bundesbank board member, as chair of its supervisory board.

Britain Joins France in €1.5 Billion Capital Boost for Starlink Rival Eutelsat

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Britain will invest €163.3 million ($191 million) in satellite operator Eutelsat, adding to a larger funding injection from France designed to help the company compete with SpaceX’s Starlink, Eutelsat announced on Thursday. This joint recapitalization effort highlights Europe’s drive to enhance its sovereign capabilities in key areas like satellite communications and defense, particularly in light of Russia’s invasion of Ukraine and the U.S.’s “America First” policies.

During a three-day state visit to Britain, French President Emmanuel Macron publicly thanked London for the investment in a post on X. Following the announcement, Eutelsat shares jumped as much as 10% in early trading on the Paris stock exchange.

France’s state shareholding agency plans to inject €750 million later this year, becoming Eutelsat’s largest shareholder with a 29.65% stake. Meanwhile, Britain’s new investment will allow it to maintain its 10.89% stake, preventing dilution from France’s recapitalization, and preserve influence in European space policy post-Brexit.

Britain will also keep its “golden share,” which grants veto powers over OneWeb, the London-based subsidiary of Eutelsat, according to a source familiar with the matter. The total recapitalization now reaches €1.5 billion following the UK’s participation.

Peter Kyle, the British science and technology minister, emphasized the importance of resilient satellite connectivity for European national security in an increasingly contested space environment. He also stated that the investment demonstrates the UK’s commitment to developing these technologies and maintaining a significant position in the global satellite communications market.

This deal could pave the way for Britain’s involvement in the EU’s IRIS² satellite constellation project, for which Eutelsat is a key contractor, according to French newspaper Les Echos, which first reported on the UK’s investment.

Britain initially became a shareholder in OneWeb in 2020 through a $1 billion bailout, before OneWeb merged with Eutelsat in 2023. Eutelsat currently manages 34 geostationary satellites and over 600 low Earth orbit satellites, making it the world’s second-largest constellation after Starlink.

Eutelsat’s stock has surged 64% this year, boosted by France’s financial backing and investor confidence in its satellites as a viable alternative to Starlink.