Reuters exclusively reported that CVS Health is exploring options that could include a break-up of the company to separate its retail and insurance units, as the struggling healthcare services company looks to turn around its fortunes amid pressure from investors.
Business
CVS explores options including potential break-up
Business & FinanceHealth
01 October 2024, 6:03 pm 1 minute
Market Impact
CVS has been discussing various options – including how such a split would work – with its financial advisers in recent weeks, sources told Reuters. The latest discussions come as CVS faces increasing pressure from investors such as Glenview Capital, which is said to be pushing for changes at the company to help improve its operations after it cut its 2024 earnings outlook for a third consecutive quarter in August.
Article Tags
Topics of Interest: Business & FinanceHealth
Type: Reuters Best
Sectors: Business & FinancePharmaceuticals & Healthcare
Regions: Americas
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Important Regional Story
Travel
Turkish Airlines offers Middle East customers 25 per cent discount on flights to specific destinations in Türkiye
Turkish Airlines has launched a new “Experience Türkiye” campaign wherein customers from the Middle East who are booking trips to specific destinations within Türkiye can enjoy a 25 per cent discount on flights
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Market reform is energy transition’s forgotten pillar
If the FT’s editorial board thinks pylons and cables are “the forgotten, less sexy, part of the green transition” (FT View, October 9), then electricity market reforms are a real turn-off. Yet these, too, could help us benefit from low-cost renewable electricity, and encourage infrastructure development where it is needed.
For example, the UK’s and Australia’s renewable energy industries have resisted a market reform, called locational marginal pricing, that would make electricity prices reflect local supply and demand.
In the UK, all electricity is sold at the same price on the national spot market. This means even if there is low demand or oversupply in a given area, the price isn’t any cheaper than in a location clamouring for energy.
Moving to a market model that captures where electricity is produced and consumed could reduce the amount paid to generators for unused electricity in parts of the country that don’t use much power, and potentially lower energy bills, according to the regulator Ofgem.
Batteries and new renewable projects would become more attractive in places with low supply and high demand. Smart meters could help households use more electricity at cheaper times of day in their area. Locational pricing also could incentivise energy-intensive businesses like data centres and factories to build their facilities in areas with cheap power, contributing to economic development outside of current demand hubs.
Detractors are concerned renewable investment will decrease because of higher uncertainty. Yet more than half of US capacity falls under locational pricing introduced decades ago. This has not deterred renewable investment. According to the International Renewable Energy Agency, the US added over 200GW of capacity between 2013 and 2023, more than doubling over a decade.
While topical, locational marginal pricing is not the only useful market reform to promote the energy transition. Capacity markets shore up reliable electricity supply even if it is ultimately not dispatched, mitigating the risk of renewable intermittency. Carbon prices, like emissions trading schemes, also help incentivise renewable development by making carbon-intensive power more expensive. While both mechanisms are in use in the UK and Europe, neither has widespread global adoption.
Market reforms are even less visible than pylons and wires, yet they are just as essential for realising the world’s renewable energy potential as fast as possible.
Lucy Shaw
London W8, UK
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Global economy is out of kilter for a simple reason
Two articles — “China’s ills are serious but not incurable” (Opinion, October 16) and “Global public debt to exceed $100tn this year, says IMF” (Report, October 16) — indicate a global economic system severely out of balance. Neither high savings rates in the east nor exploding governmental borrowing (and cheap money) in the west are able to generate continued economic growth at levels that were achieved in the recent past.
The problem in both cases is inadequate domestic aggregate demand. Curiously the root cause is the same — an excessive concentration of wealth.
Whether it is investing primarily in export-oriented manufacturing or altering tax policy in favour of “the wealth creators”, the result is the same: domestic aggregate demand has been reduced.
Only by a reversal of policy will things change. Whether this is done deliberately or as the result of a “panic” will determine how dramatic the societal dislocations will be.
Guy Wroble
Denver, CO, US
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