While the Berlin-based company Jumia Technologies AG is taking measures to cut out instances of wrongdong, the findings backed up warnings made by short-sellers Citron in a report three months ago, which brought an abrupt end to a share-price rally following Jumia’s initial public offering in New York the previous month.
J-Force allows the company to interact directly with customers but “requires constant improvement,” Jumia co-founder and Chief Executive Officer Sacha Poignonnec said in a conference call. The report of dubious sales practices comes after Citron called Jumia “an obvious fraud,” wiping out early gains from the IPO. The stock shed another 14% to $12.73 as of 12:39 p.m. in New York, dropping below the $14.50 listing price.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Singapore Latest News, Singapore Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Business Maverick: Price Surge Spells ‘Hell’ for India Gold Sales as Demand WanesJewellers in India, the top consumer after China, are facing a bleak outlook as record-high prices and fading demand threaten to drag annual gold sales to the lowest in three years.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Huawei Founder Sees ‘Live or Die Moment’ From U.S. UncertaintyHuawei Technologies Co.’s founder Ren Zhengfei warned in an internal memo the company is at a “live or die moment” and advised underutilized employees to form “commando squads” to explore new projects. Workers who fail will have their salaries cut every few months and may lose their jobs, the billionaire said yesterday.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Judge’s reasons for urgent interdict support Tekkie Town caseWinning their business back from Pepkor and Steinhoff is a slow and uncertain journey, but the founders of footwear and apparel group Tekkie Town remain determined to see the process through.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Discovery’s red flagsExecutives from financial services group Discovery have been at pains to convince the market that National Health Insurance will not necessarily hurt their business. But is the share price slump just about NHI?
Source: dailymaverick - 🏆 3. / 84 Read more »
Former interim SABC board members deny any wrongdoing in security tender - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.Former SABC interim board members have again denied any wrongdoing in connection with the Special Investigating Unit's report which found evidence of irregularities in the awarding of a security contract.
Source: SABC News Online - 🏆 32. / 51 Read more »
Business Maverick Analysis: Breaking the cycle of fear before it becomes a lasting panicFear has run roughshod over the financial markets over the past two weeks, sending US long bond yields down to levels never seen before. But do global economic fundamentals really justify such extreme moves or is the prospect of a self-fulfilling global economic recession on the rise? If so, what can we do to break this vicious cycle?
Source: dailymaverick - 🏆 3. / 84 Read more »