Raphael Stevens

Merck’s announcement that its experimental antiviral pill is effective against the most severe outcomes of Covid-19 is “certainly good news,” a WHO official said Tuesday.
The U.S. drugmaker said Friday the medication was shown to reduce the risk of hospitalization or death by around 50% for adults with mild to moderate cases of Covid.
“We’re looking forward to receiving the data from them,” WHO’s Maria Van Kerkhove said.

RT: Maria Van Kerkhove, Head a.i. Emerging Diseases and Zoonosis at the World Health Organization (WHO), speaks during a news conference on the situation of the coronavirus at the United Nations in Geneva, Switzerland, January 29, 2020.
Denis Balibouse | Reuters

Merck’s announcement that its experimental antiviral pill is effective against the most severe outcomes of Covid-19 is “certainly good news,” a World Health Organization official said Tuesday, as the international agency awaits clinical trial data on the drug.
“We’re looking forward to receiving the data from them,” Maria Van Kerkhove, the WHO’s technical lead for Covid, said during a virtual Q&A. “I think everybody wants earlier treatment so that we prevent people from actually, you know, getting to that severe state and actually dying from the disease.”

The U.S. drugmaker said Friday that the medication – known as molnupiravir – was shown in a phase three trial to reduce the risk of hospitalization or death by around 50% for adults with mild to moderate cases of Covid. It works by inhibiting the replication of the virus inside the body.
Unlike Gilead Sciences’ intravenous drug remdesivir, Merck’s molnupiravir can be taken by mouth. If approved by the Food and Drug Administration, it would be the first pill to treat Covid, a potentially game changing advancement in the fight against the virus, which is killing an average of more than 1,700 Americans per day.

While vaccinations remain the best form of protection against the virus, health experts hope a pill like Merck’s will keep the disease from progressing in those who do get infected and prevent trips to the hospital.
Pills like Merck’s are considered a sort of “holy grail” for treatments, said Dr. Mike Ryan, executive director of WHO’s Health Emergencies Program. He said the agency is still waiting to see the raw clinical trial data on the drug.
“If you can stop the virus before it makes someone very sick, then it’s a game changer in that sense,” he said.

Other drugmakers are also working on antiviral pills. One created by Pfizer, which developed the first authorized Covid vaccine in the U.S. with BioNTech, could be available by the end of this year, Pfizer CEO Albert Bourla told CNBC in April.
Ryan also said world leaders and public health officials should also think about how much the drug could cost patients. According to The New York Times, a five-day course of the medication will cost the federal government about $700 per patient, a third of the current cost of monoclonal antibodies.
“The cost of treating millions of people early could have a significant cost, and maybe worth that investment but we have to look at how that’s going to work,” Ryan said.

CNBC Health & Science

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A patient receives a Covid-19 vaccine booster shot at a Pfizer-BioNTech vaccination clinic in Southfield, Michigan, on Sept. 29, 2021.
Emily Elconin | Reuters

Some people are still holding off getting vaccinated against Covid-19, even as mandates increase for the immunization.
Those who aren’t yet vaccinated have been barred from some restaurants, travel and more. There could also be significant financial costs for those that have not yet gotten their shots.

Of course, incentives and mandates have worked to help raise the country’s vaccination rate. For example, United Airlines, which mandated that its employees receive the Covid-19 vaccine this summer, now has a nearly 100% worker vaccination rate.
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And, more guidelines are coming — the Biden Administration said it will require all employers with 100 or more workers to ensure they are vaccinated or tested weekly. It will also require all federal workers and contractors and health-care workers to get the Covid-19 vaccine.
Here’s how being unvaccinated will hit your wallet.
Employment
Many employers are now mandating that workers be vaccinated against Covid-19 and are laying off employees that refuse to get their shot.

Airlines such as United, Southwest, American, JetBlue and Alaska have required vaccinations. This week, Northwell Health, New York state’s largest health-care system, laid off 1,400 workers who didn’t get vaccinated against Covid-19.

“The biggest cost is losing your job,” said Cynthia Cox, vice president at the Kaiser Family Foundation and director for the program on the Affordable Care act. “That’s become an issue that more people face as more and more employers implement vaccine mandates.”
In some cases, mandates even extend to family members. A health system in Louisiana said this week that it would charge workers an additional $200 per month to insure their unvaccinated spouses or partners.  
Insurance
Other companies are taking a different approach and passing the cost of higher insurance onto employees who remain unvaccinated.
Delta Air Lines, for example, hasn’t mandated that employees get the Covid-19 vaccine — it’s the only major carrier not to have such a requirement — but will make unvaccinated workers pay an additional $200 per month.
There could be additional insurance costs on the horizon. Many health insurance providers already assess a surcharge for smokers, which they could do for those who remain unvaccinated.
Medical costs
There will also be a higher price tag on medical treatment for Covid-19 going forward , and it’s more likely to hit the unvaccinated, who now account for about 97% of those hospitalized for the illness.
In the early days of the pandemic, most major insurers waived payments for coronavirus treatment. Now, those waivers are expiring, meaning that patients will be on the hook for any bills they rack up during a hospital stay for Covid-19.
Hospitalization for Covid-19 by the unvaccinated — categorized as preventable — have added $5.7 billion in costs to the health-care system from July to August, according to the Kaiser Family Foundation.

“The cost is mostly born by taxpayers and people who are paying health insurance premiums,” said Cox.
The unvaccinated will also potentially be required to pay for any testing they need to prove they don’t have Covid-19. Of course, this is an expense that will also be passed on to those that are vaccinated and still need to be tested — the cost generally ranges from about $20 to $1,419 for a single test, according to the Kaiser Family Foundation. In some cases, however, tests can cost much more.  
“There’s no requirement that those tests have to be covered or have to be free,” said Cox, referring specifically to tests at work for the unvaccinated. “That could add up over time if you’re having to get a test every week.”
Education
Schools across the country are also now requiring that all teachers, staff and eligible students be vaccinated against Covid-19.
That includes some 500 colleges. For college students who aren’t vaccinated, refusing to get the inoculation could lead to them being unable to attend school in person and miss out on some of the benefits of being on campus.
“This disrupts the value of face-to-face, residential education if you can’t engage in co-curricular activities,” said Lynn Pasquerella, president of the Association of American Colleges and Universities. “That’s a real loss.”
They may also have to foot the bill for extra testing if they are allowed on campus. In some extreme cases, they may lose scholarships — one student at Brigham Young University lost $200,000 in scholarships because she wouldn’t get the vaccine, the Daily Mail reported.

Vacation
Being unvaccinated may also add costs to vacations. Cruise lines such as Carnival, for example, are requiring that all unvaccinated passengers have travel insurance and cover the $150 price for their own tests for Covid-19.
The required travel insurance must be a minimum of $10,000 per person in medical expense coverage and $30,000 for emergency medical evacuation and without Covid-19 exclusions, according to the cruise line.
“That is something that vaccinated passengers don’t have to pay for,” said Laura Ratliff, senior editorial director of TravelSavvy.
In addition, restrictions are soon to become more stringent for travelers due to legislation going into effect in November. Previously, international travelers returning to the U.S. needed to show proof of a negative Covid test 72 hours before their flight. Next month, unvaccinated Americans returning to the U.S. will have to have a negative test within 24 hours of travel.
Even now, testing requirements can add hundreds to thousands of dollars in expenses to a vacation. That will likely get worse for those who remain unvaccinated.
“It’s very costly,” said James Ferrara, president of the InteleTravel network of home-based travel advisors. “And maybe the bigger cost is the trouble, the concerns, the inconvenience, frustration and confusion.”
Death costs
The unvaccinated may also need to cope with the costs of death, as so far Covid-19 has killed more than 700,000 Americans, making it the deadliest pandemic ever in the U.S.
Unvaccinated people are 11 times more likely to die of the virus than those with the vaccine, according to the Center for Disease Control and Prevention.
“There’s a real risk of death,” said Cox. “Then your family is left with the cost of your funeral, end-of-life care and the loss of your income.”
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A single ticket sold in California matched all six numbers drawn Monday night.
This Powerball jackpot ranks as the seventh-largest prize in U.S. lottery history.
The cash option, which most winners choose instead of an annuity, is $496 million.

Mike Blake | Reuters

There’s a Powerball winner in California who’s about to be ultra-wealthy — even after giving good ol’ Uncle Sam a cut of the windfall.
A single ticket sold in the Golden State matched all six numbers drawn Monday night to land the game’s $699.8 million jackpot. The top prize had been growing since early June when a ticket sold in Florida won $286 million.

The latest jackpot ranks as the seventh-largest prize in U.S. lottery history and the fifth biggest for Powerball.

Of course, the advertised amount is more than what the person will end up with. Winners get to choose between taking their prize as either a lump sum or an annuity paid over 30 years, and either way taxes eat up a good portion of the winnings.
For this $699.8 million Powerball prize, the cash option — which most people go with — is $496 million.
Before that reaches the winner, a 24% federal tax withholding of about $119 million will get shaved off the top. That would leave a hefty $377 million, although the IRS will likely be owed more at tax time due to the top marginal income tax rate of 37%.

There is good news on the tax front: California generally does not tax lottery winnings. That compares with, say, winning in New York City, where a state income tax rate of 10.9% would apply, as well as a local tax of 3.876%.

Despite the share that goes to taxes, the windfall is more than most people see in a lifetime. This makes it important to get professional guidance before heading to lottery headquarters, experts say. In California, you get one year to claim your prize. Also be aware that California does not allow winners to remain anonymous. 
Generally speaking, the first call should be to an attorney experienced in assisting lottery winners, experts say. Other professionals also should be brought in to help, including a tax advisor and a financial advisor.
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The winner also should make a copy of their ticket and store the original in a safe place (i.e., a lockbox or a bank safe deposit box). Additionally, it’s best to share the news with as few people as possible, experts say.
Powerball’s jackpot has reset to $20 million for Wednesday night’s drawing. Your chance of matching all six numbers with a single ticket is 1 in 292 million.
Meanwhile, Mega Millions’ top prize is $45 million for Tuesday night’s pull. Your chance of hitting that game’s jackpot is 1 in 302 million.

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Volvo is recalling 460,769 older model cars worldwide due to faulty air bags that could be deadly in the event of a crash.
Fragments of the inflator inside the air bag may, in certain cases, project out and in a worst case strike you, potentially resulting in serious injury or death, the company told U.S. safety regulators.
Volvo is aware of one rupture incident that resulted in a fatality due to the problem, according to documents filed with the National Highway Traffic Safety Administration.

A Volvo badge and parking-assist camera on the grille of an automobile at a Volvo Cars AB dealership in Stockholm, Sweden, on Thursday, Aug. 19, 2021.
Mikael Sjoberg | Bloomberg | Getty Images

Volvo Cars is recalling 460,769 older model cars worldwide due to faulty air bags that could be deadly in the event of a crash.
The problem occurs when the air bag is activated because of a crash. Fragments of the inflator inside the air bag may, in certain cases, project out and in a worst case strike you, potentially resulting in serious injury or death, the company told U.S. safety regulators.

Geely-owned Volvo, which recently confirmed plans to go public, is aware of one rupture incident that resulted in a fatality due to the problem, according to documents filed with the National Highway Traffic Safety Administration.
The vehicles impacted are older-model Volvos. They include the 2001-2006 S80 and 2001-2009 S60. The vehicles were produced between May 2000 and March 2009.
More than half of the vehicles – 259,383 – were sold in the U.S.

Volvo said the problem occurs over time if the air bag inflator propellant tablets are subjected to elevated moisture levels and frequent high inflator temperatures. The tablets can start to decay and form dust particles, which increase the pressure and “burn rate” of the devices. Those factors could cause the inflator to rupture and spray metal fragments at occupants.
“In the event of a crash where the driver airbag is activated, fragments of the inflator inside the air bag may, in certain cases, project out and in worst case strike you, potentially resulting in serious injury or death,” according to Volvo.

To fix the problem, the company will replace the driver air bag at no charge to the customer. It plans to notify impacted owners as soon as next month to fix the vehicles.
Volvo did not disclose an expected cost to replace the air bags, which can be expensive. A massive recall of 67 million air bags from Japanese auto supplier Takata cost the auto industry billions of dollars and caused the company to file for bankruptcy.
The air bag components in the Volvo vehicles were supplied by Sweden-based AutoLiv and German auto supplier ZF, according to documents filed with the NHTSA.

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Best Buy is launching Totaltech, an annual membership program, nationwide after testing it at select stores.
The consumer electronics retailer said one of the key perks will be access to hard-to-find holiday items, though it did not specify what items those will be.
Pandemic-fueled chip shortages and shipping delays mean that customers may not be able to buy all of the items on their holiday wish lists.

An employee brings a television to a customer’s car at a Best Buy store in Orlando, Florida.
Paul Hennessy | SOPA Images | LightRocket | Getty Images

Best Buy said Tuesday that it’s launching a new annual membership program nationwide and including a perk that may nudge people to sign up: access to hard-to-find items during the holiday season.
The consumer electronics retailer’s program, Totaltech, costs $199.99 per year. Customers who join will get unlimited, round-the-clock tech support, exclusive member prices on merchandise, up to two years of product protection on most purchases, free shipping and installation, and an extended 60-day window for returns and exchanges, among other features.

Best Buy began testing the program at select stores in April.
The retailer is tacking on the holiday-specific benefit as the pandemic fuels global supply chain challenges. Outbreaks of Covid-19 have temporarily closed some factories and ports, causing a shortage of semiconductor chips that go into everything from cars to laptops. Freight costs have jumped and ports have grown congested, leading to higher prices for customers and fewer products on shelves.
Retail analysts have forecast an increase in holiday spending, but warned of fewer deals and shipping delays. They have encouraged consumers to start shopping early and to buy desired items when they see them.
Best Buy did not specify the high-demand products available to Totaltech members, but it sells popular gift items that range from video game consoles to Apple products. It said in a news release that participants will get access to Member Monday, a special event of exclusive deals that begins Oct. 18 and runs through the holidays.
The event will include some deals for customers who are part of Best Buy’s free membership program, My Best Buy, too.

With the launch of Totaltech, Best Buy will phase out a similarly named membership program that had fewer perks.
Retail analyst Peter Keith of Piper Sandler in a research note last week called the upcoming launch of Totaltech “a potential game-changer” for the company and its stock. He said the membership program is “one of the most intriguing initiatives” that Best Buy has had in more than five years. Plus, he said, it comes as the company’s shares are trading at a cheap valuation.
Best Buy shares were up 1.3% on Tuesday to nearly $107. The stock is up 7% this year.
Piper Sandler rates Best Buy as overweight and has a price target of $150, about 40% higher than where it’s currently trading.
Keith estimated in the research note that Best Buy will add 3 million new members, on top of the approximately 3 million who are part of the membership program that’s phasing out. He said he expects the retailer to grow that membership base to between 6 million and 10 million over time.
And Keith said he anticipates the holiday season will help drive interest, as Best Buy advertises the program and customers see members-only price discounts on the retailer’s website and in stores.

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In March, Volvo Cars said it planned to become a “fully electric car company” by the year 2030.
“There is no long-term future for cars with an internal combustion engine,” Henrik Green, the firm’s chief technology officer, said at the time.

A Volvo C40 Recharge photographed in Stockholm, Sweden, on March 2, 2021.
CLAUDIO BRESCIANI | AFP | Getty Images

The CEO of Volvo Cars has told CNBC that the automaker’s shift to electric vehicles is the reason behind its planned listing on the Nasdaq Stockholm stock exchange.
The company wants to raise 25 billion Swedish krona, or $2.9 billion, via the initial public offering, which will be one of the biggest in Europe this year.

In an interview with CNBC’s Julianna Tatelbaum Monday, Hakan Samuelsson was asked why the company was going public now.
“We have a very big interest from investors to invest into EV companies, you see that growing all the time,” he said. “We have said 2030 is our end date for [the] ICE [Internal combustion engine] engine and we of course want to secure that transformation.”
Samuelsson explained that the shift to electric vehicles was “not free of charge.”
“That’s why we are now talking about [the] primary issuing of new shares in around 3 billion U.S. dollars … And that is really to have the financial resources to secure this transformation in the next five, six years. That’s really … the reason for our ‘intention to float’ message,” he added.

Read more about electric vehicles from CNBC Pro

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This transition comes as major economies also lay out plans to move away from the internal combustion engine.
The U.K., for example, wants to develop a net-zero transport sector by 2050, stopping the sale of new diesel and petrol cars and vans by 2030. It will require, from 2035, all new cars and vans to have zero tailpipe emissions.
Elsewhere, the European Commission, the EU’s executive arm, is targeting a 100% reduction in CO2 emissions from cars and vans by 2035.
Chip challenges
All the above changes are taking place while global car manufacturers continue to battle the impact of a global semiconductor shortage.
On Tuesday, figures released by the Society of Motor Manufacturers and Traders showed that 215,312 cars were registered in the U.K. during September 2021. This represents a decline of 34.4% compared to the same month in 2020, with the SMMT describing it as the “weakest September since 1998.”
In a statement, the industry body said the “ongoing shortage of semiconductors” had impacted vehicle availability. 
The SMMT also noted, however, that “September was the best month ever for new battery electric vehicle (BEV) uptake.”
“With a market share of 15.2%, 32,721 BEVs joined the road in the month, reflecting the wide range of models now available and growing consumer appetite,” the SMMT said.  The best-selling car for the U.K. market in September 2021 was the Tesla Model 3. More