Hi there,
How do you do? I hope you had a good week and ended it with a bang? 
There are a few notable things that happened this week, and I’m excited to gist you about some of them. e.g. How does the death of the queen affect the stock market? hehe, Tomi swiftly runs in with the gist. I gotchu!
So… !
Here we go!
LIZ TRUSS, TACKLING HIGH ENERGY COSTS
Wondering who Liz is? hah 
She officially became UK’s prime minister on Tuesday! I knowww, it’s raining news for the UK right now. Whew.
Shall we say a prayer for the British economy? (Even though, to be honest, the entire world needs those prayers right now) In Britain, energy bills have doubled since last year
. Rent, mortgages, groceries, and other bills have also increased, no thanks to the inflation exacerbated by the Ukrainian war. To make matters worse, the pound fell to $1.1407 — a level not seen since 1985!
In any case, Liz Truss announced that she was going to focus on tackling the high energy costs without forcing heavy taxes on oil and gas profits, and boom – the FTSE (Financial Times Stock Exchange 100 Index) gained about 0.3% and the mid-FTSE climbed up to 0.4%.
One more thing…
Liz also made some high-stakes promises: She said she plans to freeze consumer energy bills for about two years and support businesses from skyrocketing energy costs
. Liz also said that she will address the cost of living crisis.
Brits with all that money going back into their pockets:
…making the news waves today is
APPLE
The Apple event, one of the biggest events in the tech space this quarter, happened this week and boyyy…were we shocked at some things?
To start with, Apple did not hike the prices of iPhones!
Yep! Just like last year’s iPhone 13 models, the prices of the high-end iPhone 14s are the same. But that isn’t the biggest surprise…The company dropped its cheapest option, the iPhone Mini! I mean, what? iPhone is definitely trying to ensure they stay in our pockets one way or another!
Then again, have you seen the global economic conditions?
Since the pandemic, everyone has been scaling back on retail spending while prioritizing services they actually need.
but with Apple pulling these pricing stunts, who knows?!?!
Do y’all think people will still say?
Who’s invested in Apple? Who’s bullish about the brand in the long term? …And who doesn’t really really care?
Tweet at me: Tomi from @Trovefinance
LONDON STOCK EXCHANGE REMAINS OPEN
Money must be made.
It’s no news again that the longest-reigning British monarch passed on earlier in the week.
Hence, important events like the premier league and comedy shows were postponed till further notice #goodnightQueenElizabeth. However, at the London Stock Exchange, it was business as usual.
#OwoNiKoko aka #ItsAllAboutTheBenjamins
Before you start thinking the London stock exchange has no regard for the Queen’s death, the stock market wasn’t supposed to be shut the day she died.
According to Operation London Bridge, (the code-name of the funeral plan of the Queen), the stock market will not shut on the day she dies, rather, it’ll shut during her funeral, just like other businesses.
If you’re wondering what would happen to the British economy now that the monarch is no more, grab your popcorn & slide in here for the gist.
As the first monarch to feature on Bank of England banknotes, her image will continue to be on the currencies. However, over the next couple of years as they phase out the old, new currencies will have the next monarch, King Charles’ face printed on them.
Hold up! This doesn’t mean that currencies with her face would fade overnight. It just means it will just take time for it to fade from circulation. In addition to that, citizens’ passports, military, and police garbs will also change to reflect the next monarch.
Did I hear you ask how much all these are estimated to cost? Well, all these coupled with the cost of the funeral itself and the closure of several businesses during the funeral, the Queen’s death is expected to cost the British economy between $1.6 billion to a whopping $7 billion! But hey, it’s the British monarchy.
Did I hear you say thank you to me for schooling y’all? 
MORE TRAGEDY FOR BED BATH AND BEYOND
Earlier in the week, Bed Bath & Beyond shares fall 18% after the news of the sudden death of the Chief Financial Officer who plunged to his death from the New York Tribeca skyscraper known as the “Jenga” tower.
Two weeks before his death, it was alleged in a lawsuit that he and the GameStop Chairman, Ryan Cohen colluded to artificially inflate the price of the company stocks by illegally engaging in insider trading.
This came shortly after the struggling company said announced it was closing stores and laying off workers.
Your favorite Tomi from Trove reported this two weeks ago in the newsletter.
The company seems to be in deep financial trouble but the management is trying to get it out of this bankruptcy by shutting down 150 stores and cutting about 20% of its workforce. They also obtained more than $500 million in financing in an attempt to turn this unfortunate situation around.
…And there you have it!
It’s a wrap!
What are you waiting for?!?!
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Your dearest and favorite Stocks Market Gist Partner,
Tomi, From Trove
