This Financial Times news briefing from January 28th covers major developments in healthcare policy, international trade, and Arctic security. Host Sonia Hudson is joined by healthcare correspondent Patrick Temple-West and Nordic correspondent Richard Milne to analyze breaking stories.

The episode examines the Trump administration's surprise Medicare payment freeze that devastated health insurance stocks, a landmark EU-India trade agreement worth billions in tariff reductions, and how Nordic countries are leveraging Trump's Greenland rhetoric to address Russian military expansion in the Arctic region.

Medicare Payment Freeze Crushes Health Insurance Stocks

Trump administration's Centers for Medicare and Medicaid Services proposed zero payment increase for 2027, causing United Health and Humana shares to drop around 20%

Medicare Advantage insurers received nearly $540 billion from the U.S. government in 2025, making rate changes enormously impactful for company revenues

The proposal represents less than a tenth of a percent increase, well below inflation and Wall Street expectations, with final decisions due in April

United Health's Perfect Storm of Problems

United Health reported 2025 earnings down from previous year and forecasted first revenue drop since the mid-1990s

Company endured cybersecurity hack in 2024, executive murder in December 2024, CEO replacement in May, and shares down one-third over 12 months

"The company has been enduring a lot and hasn't really been able to spring back as quickly as I'm sure the investors would like" - Patrick

EU-India 'Mother of All Trade Deals' Signed

New trade agreement eliminates up to €4 billion in tariffs on EU exports and could double trade volumes between the regions

Deal reduces costs on cars, food, alcohol, and machinery while protecting sensitive agriculture sectors including dairy, sugar, and some meats

Agreement comes as both Brussels and New Delhi face tariff threats from the United States, though European Parliament approval still required

Arctic Security Takes Center Stage Amid Greenland Debate

Russia operates more than 40 military facilities in the Arctic, with nuclear submarines on Kola Peninsula just 18 minutes missile flight from U.S.

Nordic countries see Trump's Greenland focus as opportunity to boost NATO Arctic presence, with Denmark investing billions in ships, drones, and aircraft

U.S. scaled back from 17 Greenland bases to just one, though existing space base with 150 soldiers could support Trump's 'Golden Dome' missile defense system

"If there's a nuclear missile aimed at the US, it takes about 18 minutes to get there from the Kola Peninsula, flies over the North Pole" - Richard