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Today's Top Stories

  • New period of economic uncertainty in United Kingdom marked by Queen's death
  • Apple replaces physical SIM card infrastructure with eSIM model in new iPhones
  • Terra's LUNA spikes to near all-time highs, but there are no updates

Econ Bytes

Getty Images

 

Queen Elizabeth II's Death Marks New Era, Beset by Uncertainty

 

With the death of Queen Elizabeth II, the U.K. enters a period of economic uncertainty and declining national unity. In the 70-year reign of the monarch (the U.K.'s longest-reigning), the U.K. saw the aftermath of WWII, the winding down of its empire, Brexit, and the COVID-19 pandemic. On the news, no government announcements will be in the country until after her funeral, and the Bank of England has postponed its monetary policy meeting. Coincidentally, the lapse in normality occurs just days after the U.K. installed a new prime minister, Liz Truss. Truss inherits an economy torn by rising energy and living costs, and it's safe to say this has helped the Royal Family's public perception either. 

 

Tech Bytes

CNBC

 

Why Apple Is Ditching the Physical Sim Card

 

At Apple's press event this week, the company revealed its ditching the physical SIM cards on its new iPhone 14 lineup. "eSIMs" will take the place of physical SIM cards, acting as a unique identifier in every cell phone. The term eSIM actually refers to an embedded SIM hardwired into the phone itself. With this new model, Apple hopes to give users seamless transfers between cellular plans and more security overall. Lo and behold, the change has already prompted a backlash on social media. As for the rest of the world, mainland China, and a host of other countries, will retain the traditional SIM card model.

 

Week's Notable Decliners

  • Bilibili (BILI) -16.8%
  • Verint Systems (VRNT) -11.7%
  • UiPath (PATH) -8.7%

 

 

 

Earnings Next Week

  • Monday: Oracle
  • Tuesday: N/A
  • Wednesday: N/A
  • Thursday: Adobe
  • Friday: N/A

Crypto Bytes

Shutterstock

 

Terra’s Luna Token Gains 200% In a Few Hours Amid Frenzy

 

After it dramatically imploded earlier this year, most everyone thought LUNA was dead. But, the token's price tripled in price on Friday and actually came close to its all-time high. The spike was a part of a broader rally in crypto as traders speculate the Federal Reserve may slow down rate hikes or even cut rates at some point in the near future. Nonetheless, there isn't any specific piece of news driving LUNA's upward leap, leaving crypto market watchers puzzled. The new Terra blockchain has predictably struggled to attract investors, but that itself is unlikely to change.

 

Notable Gainers

  • Terra (LUNA) +207.19%
  • TerraClassicUSD (USTC) +44.95%
  • Ravencoin (RVN) +26.71%
  • STEPN (GMT) +17.65%
  • yearn.finance (YFI) +8.80%

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Disclosure: This newsletter is meant for informational purposes only and is not investment advice. Please consult with your investment, tax, or legal advisor before making any investment decisions.

 

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