Business and Finance
Jeremy Hodara And Sacha acting ceo of google Jumia Co-ceoS
Acting ceo of google According to a central fallout statement, Jumia, the African e-commerce giant, has made a management change. Sacha Poignonnec and Jeremy Hodara have resigned as co-CEOs.
They were the founders of Jumia, Africa’s only publicly traded company listed on the NYSE. Since then, they have been in charge of Jumia’s pan African expansion through 11 countries.
Acting ceo of google: Jumia’s CEO in Ivory Coast
Francis Dufay was previously the Jumia’s CEO in Ivory Coast. The company’s Supervisory Board stated that Dufay will now be the acting CEO.
Dufay, who has been with Jumia from 2014, held multiple senior leadership positions, including executive VP Africa, which was responsible for the group’s e-commerce operations across Africa.
acting ceo of googleThe Supervisory Board has appointed Dufay (previously Jumia Group chief financial officer) to the company’s Management Board. Maillet-Mezeray has been with Jumia over six years.
She is responsible for the finance function of the company and helps “further develop it in a market context.” He was promoted to executive vice president, Finance & Operations.
Jonathan Klein, Chairman of the Supervisory Board, stated that the announcement was made in gratitude to Sacha and Jeremy for their leadership.
“As we look forward to the next chapter in Jumia’s story, we want more focus on the core ecommerce business to make Jumia a simpler and more efficient organization with stronger foundations and a clearer pathway to profitability.
We look forward working with Francis, Antoine, and the leadership team in achieving these goals and continuing our mission to offer a compelling ecommerce platform for consumers, sellers, and the wider Jumia ecosystem.
Dufay and Maillet-Mezeray still have a lot of work to do.
Maillet-Mezeray and Dufay have a lot of work ahead of them. Jumia’s previous management failed to turn a profit quarter since its public listing in 2019.
Despite the fact that the co-CEOs repeatedly mentioned how the company was focused on its path towards profitability during quarterly calls, the current management has not.
central fallout was told by Poignonnec last quarter that Jumia, which is projected to lose up to $220million in adjusted EBITDA this year, was making progress on its path toward profitability due to increased revenues and better cost control.
In August’s interview, the co-chief executive stated that they would double their efforts to make significant steps towards profitability. This is still the main objective of our strategy.
Jumia, the African e-commerce giant, is believed to be in a light years from profitability by some investors. It’s easy to see why.
The resignations of Hodara and his brother mean that the responsibility for managing this company’s future is now on the shoulders of the new management. central fallout has seen a statement that Dufay, the acting CEO, and his leadership team will have to work together to reduce Jumia’s operating losses and set the company on a clear path to profitability.
They will also be expected to strengthen the platform’s ecommerce business through a reorientation of resources and teams to activities and projects that provide the highest value for consumers, sellers, as well as the wider Jumia ecosystem.
These are only the beginning of the changes that have occurred at the company. As the search for a permanent chief executive officer continues, we can expect more changes in senior management.
The Supervisory Board stated that its selections must be “leaders, decision centers closer to African consumers and sellers.” It will discuss these changes during its Q3 earnings call.
“We are proud of having built Jumia. We pioneered e-commerce in Africa and created along the way a unique cultural and a great platform where millions of consumers find great value.
” Sacha Poignonnec and Jeremy Hodara on their departure. “It’s time to hand the baton to a new group. We are looking forward to seeing the company grow from a new perspective. Here and here are their thoughts on exits.
In 2012, Jumia was launched by Hodara and Poignonnec alongside Tunde Kehinde (and Kofi Afaedor). Jumia was faced with heavy competition from Konga in its first years of operation as Nigeria’s ecommerce market grew.
It was able to outperform its competition thanks to a large investment portfolio. In 2016, the e-commerce platform became Africa’s first unicorn.
It raised more than $850 million in the following years. This money was used to expand into new markets, and it set the stage for its IPO three year later.
However, Jumia’s time at the bourse was a rollercoaster ride. The valuation of the e-commerce company was $1.2 billion. It went public at $14.50 per share.
These acting ceo of google numbers increased to $49.77 million and $3.8 billion in the same week. Investors have lost faith in the company’s ability become a profitable business after it was hit with fraud allegations, PR crises and increased losses in consecutive quarterly reports.
Jumia’s share prices have remained below $10 through 2022. It currently trades at $4.22 per Share with a market capital of $420 million.
Jumia has made progress despite its setbacks. Jumia saw a double-digit increase in its orders, active quarterly clients, GMV and revenue during Q2 2022. The same was true for JumiaPay’s TPV.
However, its logistics business grew by triple digits quarter-overquarter in terms the volume of packages shipped.
Jumia, a pan-African ecommerce company, was listed today on the New York Stock Exchange. Shares began trading at $14.50 and are traded under the ticker symbol JMIA.
This is four weeks after Sacha Poignonnec, CEO of Jumia, confirmed that the IPO was being conducted to central fallout. Jumia also filed SEC documents. Jumia is now the first African startup to list on a major global exchange.
This article has been updated with more information about the new management and Jumia.
Business and Finance
Motilal Oswal Financial Services: Buy Tech Mahindra Targeted Price RS 1180 Lets Explain In Details
Motilal Oswal Financial Services has issued a buy call on Tech Mahindra with an objective price target of Rs 1180. At present, the stock’s market value stands at Rs 1106.95. Motilal Oswal Financial Services advises investors to maintain their stop loss at Rs 1100.
Tech Mahindra, established in 1986, is a large-cap company (with a market cap of Rs 107651.26 Crore) operating within the IT Software sector.
Tech Mahindra’s key products/revenue segments for the year ending 31 March 2022 include Software Services.
Motilal Oswal Reports
For the quarter ended 31-12-2022, the company reported a Consolidated Total Income of Rs 13981.70 Crore, up 4.19 % from last quarter’s Total Income of Rs 13419.65 Crore and 19.77% higher than last year’s same quarter Total Income of Rs 11673.90 Crore. Net profit after tax for this latest quarter came to Rs 1294.30 Crore.
The company’s top management consists of Mr. Anand G Mahindra, Ms. Shikha Sharma, Mr. Haigreve Khaitan, Dr.Mukti Khaire, Mrs.M Rajyalakshmi Rao, Penelope Fowler, Manoj Bhat, Dr.Anish Shah, C P Gurnani and T N Manoharan; B S R & Co LLP is its auditors; as of 31-12-2022 the company had 97 Crore shares outstanding.
The stock has reversed its lower highs on both daily and weekly time frames, suggesting it may have broken out of consolidation mode on a monthly basis.
On 31 December 2022, promoters owned 35.19 percent of the company; FIIs held 27.95 percent and DIIs 23.54 percent stake respectively.
(Disclaimer: Any recommendations given in this section or reports attached herein have been authored by an external party and do not represent the views of Economic Times (ET). ET does not guarantee, endorse, or support any of their contents and expressly disclaims all warranties, express or implied, related thereto. We advise you to consult your financial adviser for independent advice before making any decisions.
Business and Finance
The Pendulum is Swinging Back to Employers
Despite the current economy’s problems, the pendulum is swinging back to employers. Wage growth is up, unemployment is down, and employees are not leaving their jobs in droves like in the past. The President’s economic policies, which include tax cuts, stimulus spending, and other measures, have been designed to create a more robust economy.
Pendulum is swinging back to employers: Wage growth is a “late-cycle indicator”
Despite the ongoing swooning of the Fed, the American worker is still seeing his or her share of the pie. The aforementioned recession proofed adage is apt. It’s a good thing that companies are putting their best foot forward by posting fewer jobs, and laying off less.
Not to mention slapping a plethora of bonuses on top of that. And while it’s still too early to call, this is a sign of things to come.
Of course, the old adage about the recession notwithstanding, the economy is currently in a state of flux. Luckily, it’s not a full blown recession, but rather a slow burn that is a little more than the average American would like to admit to.
The best part is, there’s nothing stopping companies from re-investing in the aforementioned economy if they so choose. With the right incentives,
companies will soon be reaping the benefits of their new found prosperity. Of course, not all companies are created equal. The ones that stand out are the ones that take the time to listen to their employees.
Pendulum is swinging back to employers: Labor force participation rate dropped again in July to 62.1 percent
Despite strong job creation, the labor force participation rate decreased by 0.1 percentage point to 62.1 percent in July. The participation rate was down from 63.4 percent in February and April 2020. This was a decline that was most noticeable among younger workers.
Despite a significant drop in the labor force participation rate, the unemployment rate edged down to 3.5 percent. It is still a long way from its pre-pandemic level of 63.4 percent.
Despite the drop in the labor force participation rate, the employment-to-population ratio remains below the value for February 2020.
The decline in the labor force participation rate is partly due to a drop in participation among 55-64 year olds. This age group has been declining for some time, and it raised concerns about an increase in early retirement.
Another factor depressing labor force participation was caregiving. There were 6.13 million workers not in the labor force because they were taking care of a child who was not in daycare. Caregiving accounted for 1.2 percentage points of the drop in the labor force participation rate.
Pendulum is swinging back to employers: Fewer employees are leaving their jobs without a new job
Compared to the past, fewer employees are quitting their jobs without a new job lined up. This is a good thing for workers and employers alike. In fact, more and more workers are taking the time to start their own companies.
The number of people leaving their jobs without a new one lined up is down by a whopping two million. However, the number of job openings remains near a record high, if the latest job report is any indication.
Adding to the numbers is the fact that the Federal Reserve is working to slow the economy down, and more employers are putting a squeeze on hiring.
The Great Resignation has given workers a chance to try out the old adage about not working for free. Many of them are opting to forgo their desk jobs for more flexible schedules and better benefits. Those seeking to get back to work are also taking the time to read up on the latest and greatest in workplace technology.
Pendulum is swinging back to employers: President Biden swings pendulum in employee-friendly direction
- During the presidential campaign, President-elect Joe Biden promised to be the most employee-friendly president in history. He filled his transition team with labor-friendly lawyers and leaders. He also nominated Martin J. Walsh, a former union official, to serve as secretary of labor.
- He has also made several changes to federal agencies and the federal minimum wage. He has rescinded a dozen guidance memoranda issued by his predecessor. These memoranda had been used to promote a stricter neutrality agreement standard.
- President-elect Biden has also made a commitment to reverse the Trump administration’s actions on climate change and environmental issues.
- His administration will likely increase civil enforcement of environmental laws and roll back the Trump administration’s environmental policies.
- The President-elect has also promised to return to the Paris Climate Agreement. He has made a commitment to legalize 11 million unauthorized immigrants.
- He has also promised to be the most pro-union president. The president-elect has begun to act immediately to implement these promises.
Business and Finance
Medibank Data Breach Revealed- Hackers Leak Personal Data
Medibank Data Breach Revealed: Unless you’ve been living under a rock, you’ve probably heard about the recent data breach at Medibank. Now, it’s been revealed that hackers have begun to leak personal details of customers.
Medibank Data Breach Revealed: Class action against Medibank
Thousands of people may be eligible for a class action against Medibank after a ransomware attack. Depending on the details of the case, the damages could be in the billions of dollars.
Several law firms are reportedly investigating the potential class action. Earlier this week, Medibank announced that it was hit by a “cyber incident”. It is likely that hackers exfiltrated personal information from its system.
The attack has caused Medibank’s stock to plunge by 18 percent in the past month. Shareholders have demanded to know the cause of the incident. It is also unclear if credit card data was stolen.
Medibank Data Breach Revealed: Los Angeles Unified School District (LAUSD) data breach
During the Labor Day weekend, hackers broke into the digital infrastructure of the Los Angeles Unified School District (LAUSD).
The district’s data was then leaked to the dark web, where bad actors can access the information. It includes Social Security numbers and passport information, among other things.
LAUSD Superintendent Alberto Carvalho confirmed that the data was released. The district said that experts are analyzing the full extent of the leak.
However, the school district said that it would not pay the ransom demanded by the attackers. Instead, they will provide credit monitoring services to the students affected.
Medibank Data Breach Revealed:New Zealand Uniforms data breach
Having a data breach is bad enough, but a ransomware attack is next level. The latest victim was the New Zealand Uniforms. The hack lasted for around 48 hours, but a nascent cybersecurity department was able to turn the tables on the culprits.
A spokesperson said the systems were fully functional within 48 hours. They are not the only victims of the plague, however.
The likes of the likes have also succumbed to the nasties, most notably JBS, the nation’s largest beef producer. It’s a sad state of affairs, but the nascent government and a few techies are in it for the long haul.
American Airlines data breach
Despite American Airlines’ best efforts to secure customer data, a cybersecurity incident took place in July. A hacker gained access to an employee’s mailbox and sent phishing emails.
The attack resulted in the compromise of employee email accounts and a raft of customer information.
American Airlines was informed of the hack on July 5. It immediately secured affected email accounts. The company also engaged an outside cybersecurity forensic firm to investigate the security incident.
It was only after a full-scale investigation that American Airlines was able to confirm the identities of those affected.
REvil gang shut down after Tor servers hijacked by law enforcement
Until recently, REvil was a Russian-linked ransomware gang, and a leader named “Unkn” was the group’s main spokesperson. But this week, REvil’s Tor payment portal was hijacked, and its infrastructure was shut down. It is unclear if the notorious gang is gone for good or if it is just getting a break.
REvil was responsible for high-profile cyberattacks against companies like JBS Foods and Kaseya, as well as thousands of other firms.
The gang’s affiliate commissions reached an all-time high before they were shut down. In the weeks following the Kaseya attack, law enforcement agencies in the US and around the world started pursuing the group, hoping to shut it down.
BlogXX gang redirects visitors to new websites for ‘BlogXX’ operation
Getting your hands on the ills of your digital photo album or your credit card information might not be your cup of tea. In fact, it might be a good idea to read up on your provider’s policies before making a purchase. That way, you won’t be stung by the nitty gritty.
You’re also more likely to get your money’s worth out of the experience. It’s not a bad idea to ask questions, either. A company representative should have no trouble answering your queries.
That’s especially true of any service provider you might be considering for your health and financial information.
Optionsis Group data dumped on the Dark Web by the Vice Society
Thousands of contractors in the UK have been left shocked by a massive data leak from the Optionis Group. The company runs several accountancy firms for limited company contractors, and it has confirmed that some data has been leaked online.
In a statement, Optionis said that it “proactively disabled customer-facing systems from the web”. It’s unclear if any of the data leaked was personal.
But the data leak affecting contractors is a huge deal, as it could be used for identity theft or fraud. It’s estimated that the leak could contain 167GB of data, including payslips, driving licences, home addresses and national insurance numbers. It also includes company accounts and legal documents.
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