Hi there,
HAPPY INDEPENDENCE DAY CELEBRATION, NIGERIA!!!
PSA: Although the Nigerian federal government has declared today, Monday as a public holiday in Nigeria, the US markets is still open for trading during normal trading hours.
We’d still dine and wine you with our juicy newsletter content per usual. So sit back, relax & enjoy the ride!
Let’s get it!
NIKE
Earlier in the year, Nike reported that it didn’t have enough inventory to meet customers’ demands since the pandemic. Ah,
where were folks going during the pandemic though? I know since we could get out again, it’s felt like ‘who let the dogs out?’ but hey 
Like any forward-thinking company would do, Nike increased production to meet this demand. I mean, that only seemed like the most logical thing to do, right? Oh well! errhh…
The company revealed through their quarterly report that inventories were increased by about 44%, but unfortunately, their income and profit margins were reduced by $1.5 billion (~22%), just as some financial analysts predicted.
I’m sure the financial analysts were like…
But hey, it wasn’t all gloomy… and come on, its Nike, one of the best to kill this marketing thing! The report also indicated that Nike’s revenues rose by 4% to $12.7 billion, and its sales rose by over 10% in some parts of America, Asia, and Europe. So, it looks a bit promising. I can’t wait to see what strategies Nike will adopt to roll this ‘set back’ off their shoulders… If you’re a Nike fanatic, you better keep your ears close to the ground. Who’s to say what will happen?
RETURN-TO-OFFICE
Waking up at 8.56 am for 9 am meetings, saving commute cost and time, flipping pancakes during brainstorming sessions…
I mean the world of remote working has its pros & cons. However, many employers (including GM) are turning against it because yea there are arguments on both sides & employers be like well… it is what it is..
On Monday, the company announced that the workers have to return to working from the office for at least three days a week starting later this year. But employees were like:
The thing though is both employers and employees will have to find a middle ground… There are many employers who have insisted and employees really had no choice but in the case of GM, the company sent in a second memo to clarify that the employees could pick the days they feel most comfortable working from the office and that the staff don’t have to return to work till 2023.
What’s your personal take on the whole work from home stipulation? Tweet at me: Tomi from @TroveFinance
POUNDS SINK AGAINST THE DOLLAR
The British pound is unarguably one of the strongest currencies in the world – it could even brag to be more valuable than the American dollar. But are the days of bragging rights over?
The pound plunged to its lowest level ($1.03) after the new prime minister, Liz Truss announced that tax cuts and investment incentives would be implemented to kickstart economic growth. The tax costs aren’t as straightforward as they sound – the UK government would have to borrow about 77 billion pounds from now till March 2023.
But this isn’t the only reason why the value of the pound is sinking. Right now, many investors are worried sick about how the UK plans to manage its heavy debt, particularly because the increasing interest rates have made borrowing more complex.
Basically, the confidence in the British economy at this time is a lil’ low because the currency is suffering. Think about it for a minute: the currency is still bearing the consequences of Brexit… and the queen’s burial rights (etc.) weight on the economy, then this?
To be candid, the UK economy isn’t alone in this economic crisis. If you have been paying attention to global news as I have (no shade), you would know the global economy is in a wonky state. We’re all still dealing with the effects of the COVID pandemic, not to talk of the rising inflation and the supply chain issues caused by the Russian-Ukraine crisis… now this!
…And there you have it!
It’s a wrap!
What are you waiting for?!?!
Forget not this ministry of yours: Tell a friend to tell a friend to:
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Once again, we are wishing our Nigerian people a very hearty & Happy Independence Day celebration!
Your dearest and favorite Stocks Market Gist Partner,
Tomi, From Trove 
