“Consider some familiar examples of poor decisions: accumulating credit-card debt or failing to plan for retirement.”
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Warren Buffett’s former fintech investment plunges 20%
Shares of Nu Holdings (NU), the parent company of Brazilian digital bank Nubank, plunged roughly 20% on Oct. 26, Monday, after President Luiz Inácio Lula da Silva won a surprise fourth term in Brazil’s presidential election.
Lula defeated right-wing Senator Flávio Bolsonaro with 51.8% of the vote, compared with Bolsonaro’s 48.2%, according to Brazil’s Superior Electoral Court.
Markets had been expecting a Bolsonaro victory after he performed better than expected in the first round of voting on Oct. 4.
The result sparked a broad selloff in Brazilian stocks. State-controlled oil producer Petrobras (PBR) dropped 17%, while Latin American e-commerce giant MercadoLibre (MELI) fell more than 10%.
The iShares MSCI Brazil ETF (EWZ), which tracks Brazilian equities, sank 21% as of writing.
Who is Lula and what did he do
Lula first became Brazil’s president in 2003. Before that, he was a union leader.
During his first two terms from 2003 to 2010, Brazil’s economy grew amid a global commodities boom. His administration expanded social welfare programs, including Bolsa Família, which helped lift millions of Brazilians out of poverty.
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His political career later suffered a setback when he was convicted of corruption in 2017 and spent more than a year in prison. Brazil’s Supreme Court annulled his convictions in 2021, allowing him to return to politics.
Lula previously vowed his third term would be his last when he returned to office in 2023. But his party backed another presidential run this year, even as he turns 81 on Tuesday.
Since his return, Lula has expanded social spending, raised some taxes and pushed for greater government involvement in major companies, including state-controlled Petrobras.
Warren Buffett was a former investor in Nubank. Cheng Xin / Getty Images
What is Nubank and why Brazil’s election matters for it
Nubank is one of Latin America’s largest digital banking platforms, offering credit cards, personal loans, savings accounts and other financial services.
Founded in Brazil in 2013, the company has expanded into Mexico and Colombia. Its business is particularly sensitive to changes in interest rates, consumer spending and borrowing costs.
Brazil has struggled with persistent fiscal deficits, rising public debt and inflation, and Lula’s victory has raised concerns about Brazil’s fiscal outlook, potential tax increases and greater government intervention in the economy.
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Guilherme Abbud, CEO of Persevera Asset Management, said that the Brazilian real could weaken by at least 7% following the election.
“It could be somewhat worse because moves to the downside tend to involve more panic and emotionally driven stop-losses,” Abbud said, according to Bloomberg.
The selloff comes as Nubank shares have already fallen nearly 12% in 2026.
Legendary billionaire Warren Buffett was a former investor in Nubank. His Berkshire Hathaway first invested in the Brazilian digital bank in 2021 and fully exited its position in the first quarter of 2025, according to Whalewisdom data based on 13F filings.
Some Wall Street analysts remain optimistic about the digital bank’s longer-term prospects.
Monness Crespi recently initiated coverage of Nubank with a Buy rating and a $20 price target, The Fly reported on Oct. 26. The firm cited growing adoption of digital banking and opportunities to increase customer spending and lending.
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The Sneaky Way Credit Cards With 0% Intro APRs Trap You Into Debt
A credit card offering 0% interest may sound like a financial reset button. You know the drill: Buy now, pay later, with seemingly no penalty.
But while these teaser-rate cards sell the illusion of breathing room, Americans are racking up record levels of credit card debt and carrying balances that stick around long after the so-called “free” period ends.
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According to a December 2025 report from the Consumer Financial Protection Bureau, the average credit card annual percentage rate, or APR, reached 25.2% in 2024 for standard cards and 31.3% for store cards. That same year, consumers paid a record $160 billion in interest charges (up from $105 billion in 2022) and another $31.3 billion in fees. Meanwhile, about 15% of cardholders now make only the minimum payment each month — the highest share in at least a decade.
One reason those balances are proving so stubborn is the rapid growth of credit cards offering 0% introductory APRs.
In 2024, cards with promotional 0% interest rates accounted for $899 billion in purchases and $352 billion in outstanding balances by the end of the year, according to the CFPB. That’s about one-third of all card spending and revolving debt.
While these promotions can temporarily reduce the cost of carrying a balance, the CFPB found that accounts with teaser rates ultimately tend to wind up with higher long-term balances than cards without them.
The problem is that most people don’t use the introductory period to zero out their balance. Only about 21% of cardholders with 0% APR promotions fully pay off their balances before the promotional period ends. And most (79%) carry a balance past the deadline, at which point interest kicks in — often at rates more than 25%.
“Zero percent APR cards encourage overspending because there is no urgency,” Eric Croak, a certified financial planner and president of Croak Capital, tells Money. “Once interest is eliminated, time becomes infinite. Spending $4,000 over 15 months doesn’t sound so bad when you break it up into $267 payments. The purchase amount doesn’t change, but the perception of it does.”
Card issuers don’t rely on low interest alone to pull people in. Nearly two-thirds of credit card offers with introductory 0% APRs also include a rewards-based welcome bonus, often tied to a spending threshold that has to be met in the first few months. Nearly all these cards charge no annual fee, which can lower the perceived costs of opening — and using — a new account.
The result, the CFPB notes in the report, is that these promotions encourage people not only to open credit cards but to continue spending well after the introductory period ends.
“Your brain recognizes the reward now, and your payment is some undefined time in the future,” Croak says. “Psychology changes actions quickly.”
Even after the promotional period ends, most cardholders stick around. Approximately 83% of cardholders do not cancel their credit cards when an introductory APR period ends, meaning fewer than 1 in 5 consumers close the account once the “free” borrowing period expires. More than half continue spending on the card after the promotional period.
That persistence matters, because the same cards that encourage overspending often remain open after higher interest rates kick in — allowing balances to linger and interest charges to accumulate.
“They give you time to ‘figure things out,’ but the reality is they allow you to forget,” says Croak. “There is a mental disconnect between spending now and paying off later that only expands with time.”
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Costco expands a key health offering
Many people look at Costco as a place for affordable bulk groceries and household supplies.
Now, Costco is finding another way to make its membership more valuable.
The warehouse club’s pharmacy business is growing rapidly as it expands programs aimed at improving affordability and convenience for members.
And if Costco continues on this path, members might have even more reasons to renew.
Costco’s pharmacy business is booming
Costco reported that pharmacy sales increased nearly 20% during fiscal 2026, helped by GLP-1 programs, fertility offerings, and digital tools that allow customers to pay for prescriptions ahead of pickup.
The results highlight how Costco is extending its value-focused business model into healthcare, an area where consumers are particularly sensitive to rising costs.
“Our ancillary businesses also performed very well across the board with gas, pharmacy, and travel leading the way, all growing at a faster pace than our overall growth rate,” said Costco CEO Ron Vachris during the company’s most recent earnings call.
Pharmacy’s performance is especially notable because the company achieved double-digit prescription growth, despite pressure from lower drug prices tied to Medicare’s Maximum Fair Price changes.
Costco’s pharmacy sales are strong.Shutterstock
Costco is making pharmacy more convenient
Costco’s pharmacy growth reflects investments in services designed to make obtaining medication easier, including programs targeting demand for GLP-1 drugs and digital prescription tools.
GLP-1 medications have attracted significant attention for their role in treating diabetes and, for certain drugs, obesity.
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Their cost and accessibility have become important considerations for patients, making affordability-focused pharmacy programs particularly relevant.
Costco also expanded its fertility programs, giving members another healthcare-related service through the retailer.
On the convenience side, Costco is pushing digital options such as Rx Mobile Pay Ahead and prescription pickup lockers.
These tools allow customers to complete more of the prescription process before arriving at the pharmacy, potentially reducing waiting times and making errands easier to fit into busy schedules.
The adoption numbers suggest members are responding. According to Costco management, many U.S. warehouses now see more than one-third of prescriptions processed through Rx Pay Ahead.
Vachris also emphasized the company’s approach to lower drug prices during the call.
“At Costco, when we see lower prices, we see an opportunity,” Vachris said, explaining that the company had taken advantage of lower GLP-1 and other drug prices to generate additional growth.
That approach fits Costco’s broader strategy of using competitive pricing to attract customers and encourage them to purchase more, rather than relying exclusively on higher prices to drive sales.
Pharmacy strengthens Costco’s membership value
Pharmacy is important to Costco because it gives members another reason to renew their memberships and visit its warehouses.
The retailer is already known for discounted groceries, household essentials, and affordable gasoline. Healthcare services extend that value proposition into an essential category that many households need throughout the year.
Prescription medications can represent a recurring expense, particularly for people managing chronic conditions or taking multiple medications.
Making the purchasing process more convenient while pursuing competitive pricing gives Costco another opportunity to demonstrate the benefits of membership.
The strategy also supports Costco’s ability to generate more business from existing customers.
Members who already shop for groceries or fill up their cars at Costco may appreciate being able to handle prescription needs during the same trip. That combination of convenience and value can help strengthen customer loyalty without requiring the retailer to rely solely on merchandise discounts.
The pharmacy business also demonstrates Costco’s ability to grow beyond its traditional retail categories.
There are still challenges, including pricing pressure and the need to keep healthcare offerings competitive.
However, Costco’s growth in the category suggests that additional services and digital convenience can help offset some of those pressures.
Maurie Backman owns shares of Costco.
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There is a new 16-hour flight to Spain
While longer flights have operated historically or run non-commercially as part of various tests or demonstrations, the longest commercial flight in the world is currently operated by Singapore Airlines between New York’s JFK and Singapore’s Changi Airport (SIN).
Due to the Asian city-state’s distance from both North America and Europe, the Singaporean flag carrier has a particularly large network of long-haul and ultra-long-haul flights.
On Oct. 26, the airline began running a new 16-hour between SIN and Madrid Barajas Airport (MAD) in Spain. The flight leaves at 11:30 p.m. local time in Singapore and arrives at 8:50 a.m. the following day with a one-hour stopover in Barcelona El Prat (BCN) Airport.
“Madrid is also an increasingly popular tourist destination”: Singapore Airlines on new flight
The goal is to restructure the airline’s existing route between Singapore and Barcelona running twice weekly into a five-times-a-week flight from Madrid with a stopover to pick up passengers traveling from Barcelona. As a result, the airline’s direct service to Barcelona is being retired after just over 20 years.
“Europe is an important market for Singapore Airlines, and these adjustments reflect our commitment to it,” Dai Haoyu, who heads marketing strategy for Singapore Airlines, said in a statement when the route was first announced in May 2026. “We are seeing strong demand for travel to Europe, and increasing frequencies to key destinations such as Manchester, Milan, Munich, and London Gatwick in response. Madrid is also an increasingly popular tourist destination, as well as a financial and business hub.”
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The flight will operate on an Airbus A350-900 long-haul aircraft with 253 total seats of which 42 are in business class and 24 are in premium economy.
The flight to Madrid is Singapore Airlines’ 15th destination in Europe. The return flight to Singapore will leave Madrid at 10 a.m. local time, spend 80 minutes on the ground at a stopover in Barcelona and then spend 12 hours and 50 minutes in the air for the return journey to Changi.
Because of the wind currents heading eastward, the total flight time from Madrid to Singapore will take, at 15 hours and 25 minutes, nearly an hour less than in the other direction.
Singapore Airlines added new frequencies to a number of its European routes in 2026.Shutterstock
Singapore Airlines sets sights on Europe expansion with more flights to Munich, Milan
The flight between Singapore and Madrid had operated until October 2004 but was retired in favor of other destinations on the European continent. As the airline announced back in May, the route is part of Singapore Airlines’ efforts to grow and expand its European network.
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The airline also increased its frequencies for its 13-hour fights to Munich and Milan heading into the fall while also upping its flight to Manchester in the United Kingdom from five-times-a-week to daily from July.
“Spain’s capital is known for its vibrant culture, world-class museums, and landmarks like the Royal Palace of Madrid,” the airline wrote further of its choice of destination. “It is also a business and financial hub, both for the region and South America.”
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