CVS Caremark to halt tobacco sales

CVS Caremark, one of the largest pharmacy chains in the US, will stop selling cigarettes and other tobacco products, its chief executive has said. The announcement drew swift praise from President Barack Obama, who said the move would save lives. The 7,600 CVS shops in the US will have tobacco products off the shelves by 1 October, CEO Larry Merlo said. The move will cost the company about $2 billion (£1.22 billion) in annual revenue but is "the right thing to do", he said. "Tobacco products have no place in a setting where healthcare is delivered," Mr Merlo said in a videotaped statement posted on the publicly traded  company's website, according to a news agency.