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President-elect Donald Trumps choice to run the sprawling government agency that administers Medicare, Medicaid, and the Affordable Care Act marketplace celebrity doctor Mehmet Oz recently held broad investments in health care, tech, and food companies that would pose significant conflicts of interest. Use Our Content

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Ozs holdings, some shared with family, included a stake in UnitedHealth Group worth as much as $600,000, as well as shares of pharmaceutical firms and tech companies with business in the health care sector, such as Amazon. Collectively, Ozs investments total tens of millions of dollars, according to financial disclosures he filed during his failed 2022 run for a Pennsylvania U.S. Senate seat.

Trump said Tuesday he would nominate Oz as administrator of the Centers for Medicare & Medicaid Services. The agencys scope is huge: CMS oversees coverage for more than 160 million Americans, nearly half the population. Medicare alone accounts for approximately $1 trillion in annual spending, with over 67 million enrollees.

UnitedHealth Group is one of the largest health care companies in the nation and arguably the most important business partner of CMS, through which it is the leading provider of commercial health plans available to Medicare beneficiaries.

UnitedHealth also offers managed-care plans under Medicaid, the joint state-federal program for low-income people, and sells plans on government-run marketplaces set up via the Affordable Care Act. Oz also had smaller stakes in CVS Health, which now includes the insurer Aetna, and in the insurer Cigna. Email Sign-Up

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It’s not clear if Oz, a heart surgeon by training, still holds investments in health care companies, or if he would divest his shares or otherwise seek to mitigate conflicts of interest should he be confirmed by the Senate. Reached by phone on Wednesday, he said he was in a Zoom meeting and declined to comment. An assistant did not reply to an email message with detailed questions.

Its obvious that over the years hes cultivated an interest in the pharmaceutical industry and the insurance industry, said Peter Lurie, president of the Center for Science in the Public Interest, a watchdog group. That raises a question of whether he can be trusted to act on behalf of the American people. (The publisher of KFF Health News, David Rousseau, is on the CSPI board.)

Oz used his TikTok page on multiple occasions in November to praise Trump and Robert F. Kennedy Jr., including their efforts to take on the illness-industrial complex, and he slammed so-called experts like the big medical societies for dishing out what he called bad nutritional advice. Ozs positions on health policy have been chameleonic; in 2010, he cut an ad urging Californians to sign up for insurance under President Barack Obamas Affordable Care Act, telling viewers they had a historic opportunity.

Ozs 2022 financial disclosures show that the television star invested a substantial part of his wealth in health care and food firms. Were he confirmed to run CMS, his job would involve interacting with giants of the industry that have contributed to his wealth.

Given the breadth of his investments, it would be difficult for Oz to recuse himself from matters affecting his assets, if he still holds them. He could spend his time in a rocking chair if that happened, Lurie said.

In the past, nominees for government positions with similar potential conflicts of interest have chosen to sell the assets or otherwise divest themselves. For instance, Treasury Secretary Janet Yellen and Attorney General Merrick Garland agreed to divest their holdings in relevant, publicly traded companies when they joined the Biden administration.

Trump, however, declined in his first term to relinquish control of his own companies and other assets while in office, and he isnt expected to do so in his second term. He has not publicly indicated concern about his subordinates financial holdings.

CMS main job is to administer Medicare. About half of new enrollees now choose Medicare Advantage, in which commercial insurers provide their health coverage, instead of the traditional, government-run program, according to an analysis from KFF, a health information nonprofit that includes KFF Health News.

Proponents of Medicare Advantage say the private plans offer more compelling services than the government and better manage the costs of care. Critics note that Medicare Advantage plans have a long history of costing taxpayers more than the traditional program.

UnitedHealth, CVS, and Cigna are all substantial players in the Medicare Advantage market. Its not always a good relationship with the government. The Department of Justice filed a 2017 complaint against UnitedHealth alleging the company used false information to inflate charges to the government. The case is ongoing.

Oz is an enthusiastic proponent of Medicare Advantage. In 2020, he proposed offering Medicare Advantage to all; during his Senate run, he offered a more general pledge to expand those plans. After Trump announced Ozs nomination for CMS, Jeffrey Singer, a senior fellow at the libertarian-leaning Cato Institute, said he was uncertain about Dr. Ozs familiarity with health care financing and economics.

Singer said Ozs Medicare Advantage proposal could require large new taxes perhaps a 20% payroll tax to implement.

Oz has gotten a mixed reception from elsewhere in Washington. Pennsylvania Sen. John Fetterman, the Democrat who defeated Oz in 2022, signaled hed potentially support his appointment to CMS. If Dr. Oz is about protecting and preserving Medicare and Medicaid, Im voting for the dude, he said on the social platform X.

Ozs investments in companies doing business with the federal government dont end with big insurers. He and his family also hold hospital stocks, according to his 2022 disclosure, as well as a stake in Amazon worth as much as nearly $2.4 million. (Candidates for federal office are required to disclose a broad range of values for their holdings, not a specific figure.)

Amazon operates an internet pharmacy, and the company announced in June that its subscription service is available to Medicare enrollees. It also owns a primary care service, One Medical, that accepts Medicare and select Medicare Advantage plans.

Oz was also directly invested in several large pharmaceutical companies and, through investments in venture capital funds, indirectly invested in other biotech and vaccine firms. Big Pharma has been a frequent target of criticism and sometimes conspiracy theories from Trump and his allies. Kennedy, whom Trump has said hell nominate to be Health and Human Services secretary, is a longtime anti-vaccine activist.

During the Biden administration, Congress gave Medicare authority to negotiate with drug companies over their prices. CMS initially selected 10 drugs. Those drugs collectively accounted for $50.5 billion in spending between June 1, 2022, and May 31, 2023, under Medicares Part D prescription drug benefit.

At least four of those 10 medications are manufactured by companies in which Oz held stock, worth as much as about $50,000.

Oz may gain or lose financially from other Trump administration proposals.

For example, as of 2022, Oz held investments worth as much as $6 million in fertility treatment providers. To counter fears that politicians who oppose abortion would ban in vitro fertilization, Trump floated during his campaign making in vitro fertilization treatment free. Its unclear whether the government would pay for the services.

In his TikTok videos from earlier in November, Oz echoed attacks on the food industry by Kennedy and other figures in his Make America Healthy Again movement. They blame processed foods and underregulation of the industry for the poor health of many Americans, concerns shared by many Democrats and more mainstream experts.

But in 2022, Oz owned stakes worthas much as $80,000 in Dominos Pizza, Pepsi, and US Foods, as well as more substantial investments in other parts of the food chain, including cattle; Oz reported investments worth as much as $5.5 million in a farm and livestock, as well as a stake in a dairy-free milk startup. He was also indirectly invested in the restaurant chain Epic Burger.

One of his largest investments was in the Pennsylvania-based convenience store chain Wawa, which sells fast food and all manner of ultra-processed snacks. Oz and his wife reported a stake in the company, beloved by many Pennsylvanians, worth as much as $30 million.

Darius Tahir: DariusT@kff.org, @dariustahir Related Topics Elections Health Industry Insurance Medicare CMS Medicare Advantage Pennsylvania Trump Administration Contact Us Submit a Story Tip

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Hungary bans Irish rap group Kneecap from entering country over ‘antisemitic hate speech’

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Hungary bans Irish rap group Kneecap from entering country over 'antisemitic hate speech'

Hungarian authorities have banned the Irish rap group Kneecap from entering the country, accusing them of engaging in “antisemitic hate speech” and “supporting terrorism”. 

Kneecap were set to perform at the Sziget Festival, taking place from 6 to 11 August in Budapest.

The Belfast-based band, which often shares pro-Palestinian messages during its shows, has attracted controversy in recent months after accusing the Israeli government of committing “genocide” in Gaza.

Hungarian government spokesman Zoltan Kovacs said on Thursday that the band’s members “repeatedly engage in antisemitic hate speech supporting terrorism and terrorist groups”.

“Hungary has zero tolerance for antisemitism in any form,” Kovacs said on X, adding that the band’s planned performance “posed a national security threat,” and the band has therefore been formally banned from entering Hungary for three years.

“If they enter, expulsion will follow under international norms,” Kovacs added.

Kneecap performing on the West Holts Stage during the Glastonbury Festival. Pic: Reuters
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Kneecap performing during the Glastonbury Festival in June. Pic: Reuters

Responding to the spokesman’s comments, Kneecap said “there is no legal basis” for Hungary’s decision and that “no member of Kneecap has ever been convicted of any crime in any country”.

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“It is clear that this is a political distraction and a further attempt to silence those who call out genocide against the Palestinian people,” the band said in a statement on X.

During Kneecap’s gig at Britain’s Glastonbury Festival in June, frontman Liam Óg Ó hAnnaidh, performing under the stage name Mo Chara, accused Israel of war crimes in Gaza.

Ahead of the gig, Prime Minister Keir Starmer said he doesn’t think Kneecap’s planned performance was “appropriate”.

Moglai Bap and Mo Chara of Kneecap perform at Glastonbury. Pic: Reuters
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Moglai Bap and Mo Chara of Kneecap perform at Glastonbury. Pic: Reuters

Following Kneecap’s performance at Glastonbury, a criminal investigation was launched into comments made on stage by the trio. However, police ultimately decided not to pursue further action, citing “insufficient evidence to provide a realistic prospect of conviction for any offence”.

Kneecap called the investigation “political policing intimidation”.

Mo Chara has been formally charged with a terrorism offence after allegedly displaying a flag in support of the militant group Hezbollah during a gig in November. He denies the offence.

Hezbollah is designated as a terrorist organisation by the UK and the US.

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Lloyds Bank’s Charlie Nunn expects two more interest rate cuts in 2025

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Lloyds Bank's Charlie Nunn expects two more interest rate cuts in 2025

The head of the UK’s biggest mortgage lender has said he expects two more interest rate cuts this year, making borrowing cheaper.

Chief executive of Lloyds Banking Group Charlie Nunn told Sky News he expected the Bank of England to make the cuts two more times before 2026, likely bringing the base interest rate to 3.75%.

Two cuts are currently anticipated by investors, the first of which is due to be a 0.25 percentage point reduction next month.

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The banking group owns Halifax and Bank of Scotland, making it the biggest provider of mortgages.

Mr Nunn also forecast house price growth of between 2 and 3%.

“We helped 34,000 first-time buyers in the first half [of the year] alone, 64,000 last year. And of course, it was driven by the stamp duty changes in Q1 [the first three months of the year]. So Q2 [the second three months] was a bit slower, but we continue to see real strength in customers wanting to buy homes and take mortgages. So we think that will continue,” he said.

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Expect two more rate cuts this year, says Lloyds boss

It comes as the bank reported higher profits than City of London analysts had expected.

Half-yearly profit at the lender reached £3.5bn as people borrowed and deposited more.

The bank has benefited from high interest rates, set at 4.25% by the Bank of England to control inflation, which have made borrowing more expensive for households and businesses.

Over the last six months, the difference between what Lloyds earns on loans and what it pays out rose.

Mr Nunn told Sky News the profits were due to increased market share in mortgages and small business lending, as well as productivity improvements.

Despite this, Mr Nunn warned the chancellor against raising taxes on financial services, saying it was one of the highest taxed in the world.

Chancellor Rachel Reeves is expected to announce tax rises in the autumn as her vow to bring down debt has come under pressure due to the rising cost of borrowing and government spending U-turns.

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Inside Gaza’s Nasser Hospital – where there’s virtually no food for malnourished children

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Inside Gaza's Nasser Hospital - where there's virtually no food for malnourished children

In Nasser Hospital in southern Gaza, they have virtually nothing left to eat.

Warning: This article contains images that some readers may find distressing.

Huda has lost half her body weight since March, when Israel shut the crossings into Gaza, and imposed a blockade.

The 12-year-old girl knows she doesn’t look well.

“Before, I used to look like this,” Huda says, pointing to a picture on her tablet.

“The war changed me. Malnutrition has turned my hair yellow because I lack protein. You see here, this is how I was before the war.”

Her mother says her needs are simple: fresh fruit and vegetables, fish, maybe a little meat – but she won’t find it here.

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Huda can only wish for a brighter future now.

“Can you help me travel abroad for treatment? I want to be like you. I’m a child. I want to play and be like you,” she says.

Huda on her hospital bed
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Huda wishes for a brighter future

A children's ward in Nasser Hospital

Amir’s story

Three-year-old Amir was sitting in a tent together with his mother, father and his grandparents when it was hit by projectiles.

Medical staff carried out surgery on his intestines and were able to stop the bleeding – but they can’t feed him properly.

Instead, he’s given dextrose, a mixture of sugar and water which has no nutritional value.

Amir in hospital in Gaza
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Amir’s mother and siblings were killed in an attack that also left his father ‘in a terrible state’

Medical staff reassembled Amir's intestines
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Medical staff performed surgery on three-year-old Amir – but can’t feed him properly


Amir’s mother and his siblings were all killed in the attack and his father is no longer able to speak.

“His father is in a terrible state and won’t accept the reality. What did these children do? Tell me, what was their crime?” Amir’s aunt says.

The desperate scenes of hungry children in Gaza have not been caused by scarcity.

There’s plenty of food waiting at the crossings or held in warehouses within the territory. Israel claims the United Nations is failing to distribute it.

Pictures of Amir before
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Amir’s relative holds pictures of the toddler and his family before the war

Both Israel and the US have taken charge of the food distribution, with the UN’s hundreds of aid centres shut.

Instead, the UN tries to organise convoys but says it can’t obtain the necessary permits – and faces draconian restrictions on aid.

Sometimes food is made available at communal kitchens called ‘tikiya’.

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Malnourished girl: ‘The war changed me’

‘I want life to be how it was’

Everyone is desperate for whatever they can get – and many leave with nothing.

“It’s been two months since we’ve eaten bread,” one young girl says. “There’s no food, there’s no nutrition. I want life to go back to how it was, I want meat and flour to come in. I want the end of the tikiya.”

Read more:
Gazan doctor held in ‘inhumane’ conditions
Starvation ‘knocking on every door’ in Gaza

People wait at a soup kitchen

Dr Adil Husain, an American doctor who spent two weeks at Nasser Hospital, treated a three-year-old called Hasan while he was there.

Weighing just 6kg, Hasan should be 15kg at his age.

“He needs special feeds, and these feeds are literally miles away. They’re literally right there at the border, but it’s being blockaded by the forces, they’re not letting them in, so it’s intentional and deliberate starvation,” Dr Husain tells me.

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Hasan died two days after Dr Husain examined him.

“It’s just so distressing that this is something man-made, this is a man-made starvation, this is a man-made crisis,” he says.

Israel says it has not identified starvation, but this feels like a situation that is entirely preventable.

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