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Day Lila

Sunday, 11 October 2026

11 Oct · Money · In brief

Money · Sunday, 11 October 2026

Money, in brief

10 stories · 19 sources

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What is moving · 1 of 4

Rules rewritten after sign-up

Building ↑

Medicaid, the US public health cover for people on low incomes, stopped covering refugees and asylum seekers on 1 October. [8] England plans to freeze the income at which its 2012-era student loans start to be repaid, years after the loans were taken out. [11] US government advice on private funds in workplace pensions has changed four times since 2020. [1]

What is moving · 2 of 4

Scams posing as trusted names

High ↑

Fake meeting invites now land in people's online calendars, beside their real appointments. [10] In Islamabad, Pakistan's capital, a man who claimed to work at Pakistan's Supreme Court is accused of taking 7.2 million rupees from a family for a Harvard place. [12]

What is moving · 3 of 4

Paying more to study

Building ↑

Some graduates with England's Plan 2 student loans see the balance grow even while they repay. [11] Australia now charges 2,500 Australian dollars to apply for a student visa, and about half of applicants from South Asia are refused. [15]

What is moving · 4 of 4

Homes and basics costing more

High ↑

The typical US starter home cost about 340,000 dollars this year, up 30.8% since 2019. [14] Tehran's mayor froze the prices of essential goods for six months to ease the effect of US sanctions. [13]

Part of the day's signal

One pressure seen across the day runs through Money too.

US Supreme Court hears Anderson v. Intel, on when savers can sue over weak returns in a 401(k) workplace pension, and the justices lean towards Intel

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The US Supreme Court heard Anderson v.

Intel on Tuesday 6 October. [1]

Justice Thomas's point: in a good year, a fund built to fall less in a crash will trail a fund built to grow. Comparing their returns alone says little about either.

Voya sells retirement plans, and announced a deal to offer private funds in them [1]

Who is involved

Who is involved

Why it matters

Watch the court's written ruling, and whether it spells out what a fair comparison must look like, as the US government's lawyer asked. [1]

What's really going on

The Intel case decides how hard it will be for US workers to challenge the funds their employer picks for their retirement savings.

What's really going on

If the justices side with Intel, a saver must first name a fair fund to compare with, and lawyers for fund groups say employers would then feel safer adding private funds. [1][4]

Why it works on people

Justices from both wings of the court used one homely picture, apples and oranges, and a picture that simple makes a hard legal test sound like plain common sense. [1]

Who gains

A ruling for Intel would make employers feel safer adding their funds, lawyers for fund groups say. [1]

Who gains

If savers must name a fair comparison before suing, claims about weak returns get harder to bring. [1][4]

Who pays

If the bar to sue rises, it gets harder to challenge funds that earned less than plain stock-market funds. [1][4]

Nobody knows yet

When the US Supreme Court will rule in Anderson v. Intel, and what it will say a fair comparison must be.

The court heard the case on 6 October and the US government's lawyer asked it to set 'some parameters', but no ruling has been given. [1]

Nobody knows yet

Whether big US employers will add private funds to 401(k)s even if Intel wins.

A lawyer for large employers expects them to move slowest, and the US Labor Department's draft rule from March is not final. [1]

The short version

That's the story in short.

The whole story has 13 more parts.

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The whole story, in 13 parts ↓

Part 1 of 13 · Who else is involved

Part 1 of 13 · Who else is involved

Part 2 of 13 · How it unfolded

Part 2 of 13 · How it unfolded

Part 3 of 13

A former worker at Intel, the US chip-maker, sued the people who run its 401(k), a US workplace retirement savings account, in 2019. [1]

Part 4 of 13

He says they put workers' savings into hedge funds and private equity, two kinds of private fund. [1]

Part 4 of 13

He says these earned less than plain funds that track the stock market. [1][4]

Part 5 of 13

Lower courts threw the case out.

Part 5 of 13

They said weak returns prove nothing on their own without a 'meaningful benchmark', a fair fund to compare against. [1]

Part 6 of 13

The justices must decide whether a saver has to name that comparison before the case can go ahead. [1][4]

Part 7 of 13

Justice Clarence Thomas said a fund built for high but risky returns cannot be compared with a fund built to protect against losses. [1]

Part 8 of 13

Several justices, including liberal ones, used the same picture of apples and oranges. [1]

Part 9 of 13

Lawyers who followed the hearing took the justices' questions as a sign the court will side with Intel. [1]

Part 10 of 13

Lawyers for fund groups say a win for Intel would make employers feel safer adding private funds to 401(k)s. [1]

Part 11 of 13

Most large US employers offer no private funds in their 401(k)s, and one lawyer for big employers expects the biggest to move slowest, because they face the most lawsuits. [1]

Part 12 of 13

Supporters say such funds lock money up for years, which suits 401(k) savings that are also left untouched for decades. [6]

Part 13 of 13

Critics say private funds are hard to see inside and charge high fees, for savings that are meant to be simple. [5]

Part 13 of 13

Supporters say some other US retirement accounts have been allowed to hold them for decades. [6]

US Medicaid drops refugees and asylum seekers

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On 1 October the US stopped covering refugees, asylum seekers and victims of human trafficking through Medicaid, its public health cover for people on low incomes. [7][8]

The cut comes from the tax and spending law that President Trump's Republican Party passed in 2025. [7][8] Arizona officials said 29,000 legal immigrants were removed from Medicaid that day. [7]

Florida's figure is estimated at about 177,000, and KFF, a health research group, puts the total across nine states and Washington DC at more than 281,000. [7]

Why it matters

Full-price plans on the US health marketplaces are often too dear for the people cut, KFF says, and many work in jobs that offer no health cover. [8]

Why it matters

A family in Tucson, Arizona, says Medicaid had paid about 25,000 dollars a month for their son's care. [7]

Why it matters

Most states have chosen to keep covering pregnant women and children who would otherwise lose cover. [9]

How it works

New terms reach people who can no longer back out

How it works

A student loan or a health plan runs on terms a government can rewrite later, and the people already in it often cannot leave.

How it works · step 1 of 5

Someone signs up for years under today's terms: a loan, a visa or a benefit

How it works · step 2 of 5

Those terms are set by a government, which can rewrite them later

How it works · step 3 of 5

A new rule can spare the people already in, or cover them too

How it works · step 4 of 5

People already in cannot undo the degree, the move or the years spent

How it works · step 5 of 5

So they carry the change, while newcomers can still stay away

The twist

A newcomer can turn down worse terms. Someone who has already borrowed, moved or enrolled usually cannot, so a change that is not limited to newcomers falls on them.

The picture

The same new rule reaches both people. Only the first one can still walk away from it.

Seen the same day

Plan 2 student loans

Graduates borrowed from 2012 under one set of repayment rules, and the income at which repayments start is now to be frozen from 2027, long after they could have chosen not to borrow.

Seen the same day

Medicaid dropping refugees

Refugees came to the US while Medicaid covered them, and on 1 October the cover was taken from people already living there.

The catch

Governments often do spare the people already in, by applying a change only to new entrants or bringing it in slowly.

The catch

When they do not, the people already in pay for the change.

The whole

A graduate who borrowed in 2012 and a refugee who came to the US years ago both signed up under one set of terms.

The whole

Each now lives under terms written later. So does almost anyone with a loan, a pension or a visa, usually without knowing which of those terms could change.

What's really going on

Elsewhere today, people who signed up years ago are living under newer terms, from refugees cut from US Medicaid on 1 October to England's 2012 student borrowers. [7][11]

Who gains

The Medicaid cuts in the 2025 law are forecast to reduce federal Medicaid spending by 911 billion dollars, KFF says. [7]

Who pays

They lost Medicaid on 1 October, and full-price health plans are often too dear for them, KFF says. [7][8]

Nobody knows yet

How many immigrants actually lost Medicaid on 1 October.

Arizona counted 29,000, Florida's 177,000 is an estimate, and KFF's total of more than 281,000 covers only nine states and Washington DC. [7]

Good news

Most US states have chosen to keep Medicaid cover for pregnant women and children who would otherwise have lost it on 1 October.

Fake meetings appear in online calendars

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Scammers are sending fake invites that appear in people's online calendars, such as Google Calendar, without being accepted. [10]

Calendar apps can add an invite on their own, so the target does not even need to open the email, says Luke Wescott of Sublime Security, an email security firm. [10]

The entries look like meetings, voicemail alerts, payment receipts or PayPal warnings. [10] They link to fake login pages or to fake 'support' phone numbers. [10]

Wescott says his firm has seen 'exponential growth' in the trick. [10]

Why it matters

An entry sitting next to a real dentist appointment gets trusted more than a strange email, Wescott says. [10]

Why it matters

Some scammers send the invites through real services such as Zoom, which makes them hard to block without blocking real meetings too, says Cofense, another security firm. [10]

Who gains

Those invites look genuine to people and to security software, so they are hard to block. [10]

Nobody knows yet

How common calendar scams have become.

Sublime Security, an email security firm, describes 'exponential growth', but the report gives no count of invites or of money lost. [10]

Three Plan 2 borrowers, ten years on

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Three friends who started at Newcastle University in 2012 each borrowed about 37,500 pounds under Plan 2, the student loan England brought in that year. [11]

Ten years into repaying, one has cleared it, one owes about 47,000 pounds that is not shrinking, and one sees her balance still rising. [11]

Since April, Charlotte has repaid about 450 pounds while about 500 pounds of interest was added. [11]

Charlotte earns about 50,000 pounds a year. Since April the interest added to her loan has been larger than what she paid off.

The UK government plans to freeze the income at which repayments start, 29,385 pounds, for three years from 2027. [11]

Why it matters

A frozen threshold means graduates start repaying sooner and pay more each month. [11] Campaigners want the rate cut and the freeze reversed in the Budget later this month. [11]

Why it matters

The Department for Education says it will keep looking for ways to make the system fairer. [11]

How it works

Plan 2 student loans

Graduates borrowed from 2012 under one set of repayment rules, and the income at which repayments start is now to be frozen from 2027, long after they could have chosen not to borrow.

The idea, in story 2: New terms reach people who can no longer back out →

Who gains

Lizzy, on 85,000 pounds a year, cleared her loan early with money borrowed from family, and expects to save about 20,000 pounds in interest. [11]

Who pays

Charlotte, on about 50,000 pounds, repaid about 450 pounds since April while about 500 pounds of interest was added. [11]

Nobody knows yet

Whether the UK Budget later this month changes Plan 2 student loans.

Campaigners want a lower interest rate and the threshold freeze reversed, and are waiting to see what, if anything, the Budget changes. [11]

Good news

Lizzy, one of three friends who each borrowed about 37,500 pounds for university in 2012, has cleared her student loan and expects to save about 20,000 pounds in interest.

Fake agent took a family's savings for a Harvard place

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Police in Islamabad, Pakistan's capital, are hunting a man accused of taking 7.2 million rupees from a family to get their daughter into Harvard University. [12]

He was not a registered visa agent, and claimed to work as an accountant at Pakistan's Supreme Court, the Federal Investigation Agency says. [12]

The family also paid him 550,000 rupees for a job for her brother, and sold a plot of land and gold to raise the money, police sources say. [12]

The student, Laiba Aijaz, a recent graduate, died on Friday; she reportedly took her own life. [12]

Why it matters

Prime Minister Shehbaz Sharif ordered the man's arrest, and his name is on a list that stops him leaving Pakistan. [12]

Why it matters

Investigators hold the visa papers he gave the family, and are looking for a woman who allegedly helped him. [12]

Who pays

They sold a plot of land and gold to pay a man who promised their daughter a place at Harvard. [12]

Nobody knows yet

Where the money paid to the fake agent in Islamabad went.

Pakistan's Federal Investigation Agency says the payments are still being examined, and the man has not been arrested. [12]

US starter homes get scarcer and dearer

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Starter homes made up 36.2% of US homes listed for sale this August, down from 38.1% in August 2019, figures from Realtor.com, a property listings site, show. [14]

Realtor.com counts a home as a starter home when it costs 80% or less of the middle price in its area. [14]

Their typical price rose 30.8% over those years, from about 260,000 to about 340,000 dollars. [14]

The typical price of a US starter home, as counted by Realtor.com, rose by 30.8% in seven years.

Of 8,300 ZIP codes, the US postcodes, in the 100 biggest metro areas, only 18.3% had mostly starter homes for sale. [14]

Why it matters

These are the homes first-time buyers can reach, and rising mortgage rates make each one harder to afford. [14]

Why it matters

The share did rise in at least 20 of the 100 biggest metro areas. [14]

Who pays

The typical starter home cost about 340,000 dollars this year, up 30.8% since 2019. [14]

Good news

The share of homes priced for first-time buyers has grown since 2019 in at least 20 of the 100 biggest US metro areas.

Australian universities short of overseas students

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Australian universities have filled only about two-thirds of their places for international students this year, Department of Education figures show. [15]

40 of 100

of its international places filled this year

Charles Sturt University has filled 40 of every 100 places it may offer to overseas students.

Charles Sturt University, which teaches in country towns across New South Wales, has filled 40% of its places. [15]

It says the fall since before Covid costs it 35 million Australian dollars, and it has announced job cuts. [15]

Its head of international students blames a visa fee raised to 2,500 Australian dollars and refusal rates of about 53% for applicants from South Asia. [15]

Why it matters

Fees from overseas students pay for part of the teaching of Australian students, so a shortfall can mean fewer services for them, university heads say. [15]

Why it matters

The visa fee is not refunded, and applicants have about one chance in two. [15]

Why it matters

That makes applying 'more like a lottery ticket', says Phil Honeywood of the International Education Association of Australia. [15]

Who pays

Charles Sturt University filled 40% of its international places and has announced job cuts. [15]

Isaias leaves insurers a bill in the billions

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Hurricane Isaias came ashore in Florida's Panhandle late on Friday and killed four people in Florida and Alabama. [17][18]

Two died when trees fell on their homes, and a man died from the fumes of a generator running in a closed garage. [17][18]

Power cuts hit more than 900,000 customers early on Saturday, and about 550,000 were still without power that afternoon. [17]

Matthew Palazola, an insurance analyst at Bloomberg Intelligence, says insured losses could run to several billion dollars, under ten billion. [16]

Why it matters

Two calm hurricane seasons let insurers rebuild the money they hold for claims, and Florida's recent insurance reforms have not yet faced a big storm, Palazola says. [16]

Why it matters

Florida's stronger building rules may have held the damage down, he says. [16]

Nobody knows yet

How big the insurance bill from Hurricane Isaias will be.

An analyst at Bloomberg Intelligence says insured losses could be anywhere in the single-digit billions of dollars, and Florida's recent insurance reforms have not been tested by a big storm. [16]

Tehran freezes prices of basic goods

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Tehran's city government has frozen the prices of essential goods for six months, under what it calls a 'Zero-Inflation Initiative'. [13]

The city's mayor, Alireza Zakani, says the scheme will now spread across Iran. [13] He presents it as a defence against US sanctions. [13]

The US tightened them in late August with a campaign to cut Iran off from world trade. [13]

Why it matters

Shoppers gain from the freeze only while shops keep selling at the old prices. The announcement does not say how shops will be paid if their own costs rise.

Nobody knows yet

Who pays when shops' costs rise during Tehran's price freeze.

The mayor says the freeze will spread across Iran, but the announcement gives no detail on how shops are paid. [13]

Pakistani party ties talks to scrapping the fuel levy

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Hafiz Naeemur Rehman leads Jamaat-i-Islami, a political party in Pakistan. [19]

On Saturday he said he will not meet Prime Minister Shehbaz Sharif unless Pakistan's government promises to scrap the petroleum levy, a charge on fuel. [19]

His party has held sit-ins against it for 42 days, and says it will name a date for a march on Islamabad after 12 October if no relief comes. [19]

Why it matters

Ministers' statements suggest the levy will stay, Rehman said. [19] Pakistan's government says it is held back by the International Monetary Fund, and Rehman rejects that. [19]

Part of a signal

People protesting together

Also seen in World and Sports.

The whole signal →

That's the whole Money day.

10 stories, 19 sources.