Jumia's Share Price Soars 💹

Good morning. It's Thursday, May. 9, and we're covering Jumia's Share Price Soars Following Strong Q1 2024 Results, Huawei's Latest Phone Shows Increased Use Of China-made Components, The EU Leadership Transition Underway, and much more. First time reading? Sign up to get this newsletter: Sign up here.

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MARKETS

Cryptocurrency Prices by Market Cap

• The global cryptocurrency market cap today is $2.28 Trillion, a 0.56% decrease in the last 24 hours.

• The total crypto market volume over the last 24 hours is $64.24B, which makes a 0.08% decrease.

• The total volume in Defi is currently $7.27B, 11.32% of the total crypto market 24-hours.

• The volume of all stablecoins is now $58.9B, which is 91.69% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 53.12%, a decrease of 0.41% over the day.

BUSINESS & FINANCE

Jumia's Share Price Soars Following Strong Q1 2024 Results, Despite Economic Challenges

Jumia, the leading Africa-focused e-commerce platform, saw a surge in its share price on Wednesday after unveiling impressive financial results for the first quarter of 2024. The company's stock opened at $6.45, marking a substantial 17.92% increase from the previous day's closing price of $5.47. Investor optimism was fueled by Jumia's remarkable achievement of narrowing its operating loss by a staggering 71% in Q1 2024. This notable improvement came on the back of strategic cost-cutting measures, including a significant 30% reduction in advertising expenses compared to the same period last year.

Takeaway: Despite the economic headwinds, Jumia reported growth in key performance metrics such as Gross Merchandise Value (GMV), order values, and revenue compared to Q1 2023. This growth reflects investor confidence in the strategic direction set by CEO Francis Dufay, which prioritizes cost discipline and a shift towards higher-margin product categories. ( Read Deeper )

Whistleblower Alleges Serious Defects In Boeing Parts from Supplier

A former quality inspector at Spirit AeroSystems has come forward with allegations of serious defects in fuselages supplied to Boeing, shedding light on potential safety concerns within the aerospace industry. Santiago Paredes, who worked at Spirit AeroSystems in Kansas from 2010 to 2022, revealed to the BBC and CBS that he regularly discovered up to 200 defects on parts destined for Boeing planes. Paredes described encountering missing fasteners, bent parts, and even missing components on fuselages intended for Boeing aircraft. He claimed that his attempts to address these concerns earned him the nickname "showstopper" and faced resistance from management, who prioritized meeting production quotas over addressing quality issues.

Why it matters: The revelation comes amid heightened scrutiny of Boeing and its suppliers following a series of safety incidents, including an incident where an unused door detached from a Boeing 737 Max shortly after take-off. Paredes' allegations raise concerns about the integrity of parts supplied to Boeing and the potential impact on aircraft safety. ( Read Deeper )

TECHNOLOGY & SCIENCE

Huawei's Latest Phone Shows Increased Use Of China-made Components

Huawei's newest flagship phone, the Pura 70 Pro, has been found to feature a higher proportion of Chinese-made components compared to its predecessors, signaling China's strides toward achieving technology self-sufficiency. A teardown analysis conducted by online tech repair company iFixit and consultancy TechSearch International for Reuters revealed several key components sourced from Chinese suppliers, including a new flash memory storage chip and an upgraded chip processor.

Why it matters: This development shows Huawei's resurgence in the high-end smartphone market, especially in the wake of four years of U.S. sanctions. The Pura 70 series, launched in late April, quickly sold out, indicating a strong market reception. Analysts predict that Huawei's latest offering could further challenge competitors like Apple for market share. ( Read Deeper )

EU Launches Investigation into Social Media Platform X

The European Commission has initiated its first major investigation under the Digital Services Act, targeting social media platform X, formerly known as Twitter. The probe comes amid concerns regarding X's handling of illegal and harmful content and focuses particularly on recent reductions in its content moderation resources. According to the European Commission's statement released on Wednesday, X's transparency report from March 2024 revealed a significant decrease of nearly 20% in its content moderation team since October 2023.

Takeaway: The Digital Services Act, which came into effect in November 2022, empowers regulatory bodies to impose fines of up to 6% of a company's global annual revenues for violations of its regulations. ( Read Deeper )

AROUND DE WORLD & POLITICS

EU Leadership Transition Underway: Potential Names in the Mix

As the European Union gears up for a leadership transition following the upcoming elections, diplomatic negotiations are already underway to determine the individuals who will helm the bloc's key institutions. Voters across the 27-member EU will cast their ballots between June 6 and 9 to elect representatives to the European Parliament, with subsequent appointments to top EU positions expected in the weeks following the elections.

Takeaway: Ursula von der Leyen, the current president of the European Commission, is likely to retain her position. Von der Leyen, who assumed office in 2019, enjoys strong support from European heads of state, although French President Emmanuel Macron has yet to publicly endorse another term for her. Speculation has emerged that Macron may be considering Mario Draghi, the former president of the European Central Bank, as an alternative candidate for the European Commission presidency. ( Read Deeper )

Chaos In Rafah As Palestinians Flee The City

Rafah, Gaza Strip, has descended into chaos as tens of thousands of Palestinians flee the city following Israel's seizure of the nearby border crossing with Egypt and the looming threat of a full-scale invasion. The situation has escalated into a humanitarian crisis, with residents facing dire conditions and limited access to essential services. The closure of Rafah's main hospital has left many without proper medical care, exacerbating the plight of those suffering from malnutrition, illnesses, and injuries sustained during the conflict.

Takeaway: Fuel and other vital supplies have been cut off, leaving aid workers scrambling to assist the population in desperate need. The closure of border crossings has further hindered the delivery of humanitarian aid, worsening the already dire situation on the ground. As the crisis unfolds, international efforts for a cease-fire continue, with the United States urging Israel to refrain from launching an all-out invasion of Rafah. ( Read Deeper )

ENTERTAINMENT & SPORTS

Real Madrid Stuns Bayern Munich with Unthinkable Champions League Comeback

Real Madrid has once again defied the odds to secure a remarkable victory in the Champions League. Facing a formidable Bayern Munich side, the Spanish champions found themselves trailing 1-0, only to stage an extraordinary comeback in the dying minutes of the match. Despite Bayern's valiant efforts, Real Madrid managed to breach their defense twice in quick succession, with substitute Joselu emerging as the unlikely hero. Scoring crucial goals in the 88th and 92nd minutes, Joselu single-handedly turned the tide of the match and propelled Real Madrid to an improbable victory. ( Read Deeper )

Tyla Isn't Worried About Her Diamond-Chain Nails Hindering Her Met Gala Experience

At this year's Met Gala, Tyla made her debut in a Balmain gown inspired by "The Sands of Time," embodying an hourglass silhouette crafted from sand. Complementing her avant-garde ensemble were her eye-catching nails adorned with dripping diamonds, a creation by celebrity nail artist Coca Michelle. ( Read Deeper )

PODCAST(WHAT WE ARE LISTENING TO)

• Are you an entrepreneur grappling with how to grow your business without the financial means to hire a team? ( Listen )

EXTRA BREVITI

• A rescue team from US Air Force airlifts critically ill passenger from cruise ship in open Atlantic waters ( Read More )

• Apple recently hosted its "Let Loose" event, unveiling a range of exciting updates and new products. ( Read More )