TechPression

Category: Global Tech News

  • Prosus acquires Despegar for $1.7 billion, eyes Latin America’s booming travel market

    Prosus acquires Despegar for $1.7 billion, eyes Latin America’s booming travel market

    On December 23, 2024, Prosus, a global technology investor and subsidiary of Naspers, announced its acquisition of Despegar, a prominent online travel agency in Latin America, for $1.7 billion.

    This deal, priced at $19.50 per share, represents a 33 percent premium over Despegar’s recent closing price.

    Read also: “Technology isn’t just a tool; it’s a force that transforms lives and breaks barriers” – Samuel Ojo

    Prosus CEO highlights strategic acquisition

    Fabricio Bloisi, CEO of Prosus, stated the strategic nature of this acquisition: “This acquisition demonstrates our strategy to build value by creating high-quality ecosystems of complementary technology businesses.” 

    He highlighted Despegar’s strong market position and profitability as key factors in the decision. Despegar operates in 19 Latin American countries and handles over 9.5 million transactions annually, generating significant revenue.

    Read also: PlanetTalk simplifies international money transfers for Nigerians

    Despegar CEO: Positive outlook on Prosus merger

    Damián Scokin, CEO of Despegar, expressed optimism about the merger: “This is an exciting development that delivers a great outcome for Despegar stakeholders.” He believes that joining Prosus will enhance customer experiences and loyalty benefits. 

    The acquisition aims to leverage Prosus’s resources and advanced AI capabilities to accelerate Despegar’s growth trajectory.

    The deal is expected to close in the second quarter of 2025, pending regulatory approvals.

    With this acquisition, Prosus aims to strengthen its presence in the rapidly growing Latin American digital economy, joining forces with existing platforms like iFood. This strategic move positions both companies for enhanced collaboration and regional market expansion.

  • WhatsApp triumphs in 5-year legal battle against NSO

    WhatsApp triumphs in 5-year legal battle against NSO

    On December 21, 2024, WhatsApp achieved a landmark legal victory against the NSO Group, a notorious Israeli spyware company. 

    A U.S. federal judge ruled that NSO violated hacking laws by exploiting a vulnerability in WhatsApp to deploy its Pegasus spyware on over 1,400 devices, including those of journalists and human rights activists. 

    This decision holds NSO accountable and sets a precedent for the regulation of spyware companies.

    Read also: ChatGPT now available on WhatsApp for calls, real-time conversations

    The case against NSO Group

    WhatsApp’s lawsuit, initiated in late 2019, accused NSO of unauthorised access to its servers to install Pegasus through a zero-day vulnerability in its voice calling feature. 

    The court found that NSO had sent malicious code via WhatsApp’s servers 43 times during May 2019, which Judge Phyllis J. Hamilton described as a blatant breach of contract and hacking laws. 

    “NSO’s lack of compliance with discovery orders raises serious concerns about their transparency,” she stated, highlighting the company’s failure to provide crucial evidence during the trial.

    WhatsApp’s head, Will Cathcart, expressed that this ruling is a “huge win for privacy,” emphasising the importance of accountability in the spyware industry.

    He noted that the decision sends a clear message: “Surveillance companies should be on notice that illegal spying will not be tolerated”.

    The case is set to proceed to a damages trial in March 2025.

    Read also: Order on WhatsApp with Ubuy: a new way to shop across borders

    Implications for privacy and accountability

    The implications of this ruling extend beyond WhatsApp. Cybersecurity experts view it as a pivotal moment for holding spyware companies accountable for their actions. 

    John Scott-Railton from Citizen Lab remarked that this judgment could reshape how such firms operate, indicating that they can no longer hide behind claims of immunity.

    The decision also reflects growing concerns about privacy in an era where surveillance technologies are increasingly misused.

    NSO Group has maintained that its Pegasus software is intended for legitimate use by governments to combat serious crimes. However, the court’s rejection of their claims underscores a significant shift toward greater scrutiny of such technologies.

    As WhatsApp continues to champion user privacy and security, this ruling signifies an essential advancement in the ongoing fight against unlawful surveillance.

  • Egypt, World Bank forge stronger ties to advance digital transformation

    Egypt, World Bank forge stronger ties to advance digital transformation

    Egypt’s Minister of Communications and Information Technology, Amr Talaat, has strengthened ties with the World Bank to advance the country’s digital transformation agenda.

    During a meeting with Sangboo Kim, the World Bank’s Vice President for Digital Transformation, Talaat outlined Egypt’s ambitious efforts to enhance digital infrastructure, expand internet connectivity, and foster digital skills nationwide.

    The discussions, which took place during Kim’s visit from December 17 to 19, focused on ensuring digital inclusion and reducing the digital divide.

    Read also: Vertiv wins two prestigious awards at the Africa Digital Economy Awards in Kenya

    Egypt’s push toward a digital society

    Talaat highlighted the ongoing implementation of the Digital Egypt Strategy, emphasising its role in transforming various sectors through technology, digitising government services, and promoting entrepreneurship. He explained how the strategy aims to equip youth with future-ready skills and make digital platforms accessible to all citizens. “Egypt’s digital transformation is rooted in creating opportunities and building an inclusive digital society,” Talaat said.

    He detailed key infrastructure initiatives, such as the replacement of outdated copper cables with fiber optics to improve connectivity and internet speed. Talaat also spoke about ongoing projects in the Hayah Kareema villages, including providing high-speed internet, enhancing postal services, and installing mobile towers to improve communication. In addition, he noted the development of a legislative framework to regulate artificial intelligence and data exchange, ensuring the country remains at the forefront of digital innovation.

    World Bank’s endorsement of Egypt’s digital progress

    Kim praised Egypt’s achievements in digital transformation, describing the country’s approach as aligned with the World Bank’s priorities. “Egypt’s efforts to reduce the digital divide and its focus on data governance, cybersecurity, and artificial intelligence reflect its commitment to becoming a leading digital economy,” Kim said. He expressed optimism about further collaboration, particularly in extending digital services to underserved communities, which he called a cornerstone of inclusive development.

    Sylvia Solf, the World Bank’s Practice Manager for Digital Transformation in the Middle East and North Africa, emphasised the importance of digitisation, green transformation, and the expansion of data centers in driving progress. She noted that Egypt’s digital journey has the potential to serve as a model for other nations, particularly in addressing challenges like internet accessibility and digital literacy.

    Read also: NIGCOMSAT explores French partnership to boost Nigeria’s space technology 

    Future collaboration opportunities

    The meeting also explored future areas of collaboration, including the development of submarine cables and data centers, which are expected to enhance Egypt’s connectivity and global competitiveness.

    Talaat expressed appreciation for the World Bank’s support, particularly in areas like public data governance and real estate wealth management, which have already yielded significant progress.

    Both sides reaffirmed their commitment to strengthening this partnership, recognizing its pivotal role in achieving a more inclusive and technologically advanced society for Egypt.

  • Irish government slams Meta with €251 million fine for data breach

    Irish government slams Meta with €251 million fine for data breach

    Meta Platforms Inc., the parent company of Facebook, Instagram and WhatsApp was fined €251 million ($264 million) on Tuesday by Ireland’s Data Protection Commission (DPC) due to a major data breach that occurred in 2018.

    This incident exposed the personal information of approximately 29 million users worldwide, including names, email addresses, phone numbers, and even sensitive details like religious beliefs and children’s data.

    Read also: Meta unveils Video Seal: The new weapon fashioned against Deepfakes 

    The breach and its Impact

    Meta disclosed the breach in September 2018. The cause was the unauthorised access of user credentials, which enabled hackers to access accounts.

    The DPC’s investigation revealed that Meta failed to implement adequate data protection measures during the design of its systems, violating the General Data Protection Regulation (GDPR). 

    DPC Deputy Commissioner Graham Doyle emphasised the seriousness of these failures, stating, “This enforcement action highlights how the failure to build in data protection requirements throughout the design and development cycle can expose individuals to severe risks and harms”.

    Meta acknowledged the breach, saying it took quick action to fix the problem after it was found.

    A company spokesperson stated, “We took immediate action to fix the problem as soon as it was identified”. Despite this assertion, the DPC found that Meta did not provide complete information in its initial breach notification and failed to document necessary compliance steps.

    Read also: Meta’s Threads rolls out advanced search features to rival X and Bluesky

    Consequences and future implications

    The €251 million fine is part of a series of penalties Meta has faced in Europe for various data protection violations.

    Earlier this year, the company was fined €91 million for issues related to password security and €1.2 billion for transferring EU user data to the U.S. without proper safeguards. 

    The cumulative impact of these fines indicates that European regulators are increasingly scrutinising Meta’s practices.

    As privacy concerns continue to rise globally, this case is a stark reminder for tech companies about the importance of robust data protection measures. 

    The DPC’s actions reflect a commitment to enforcing GDPR standards and protecting user privacy across Europe. 

    Meta has indicated plans to appeal this latest decision, underscoring the ongoing tensions between regulatory bodies and significant tech firms regarding data privacy practices.

  • Google appoints Preeti Lobana to head India division

    Google appoints Preeti Lobana to head India division

    Google on Monday named Preeti Lobana to head its India division, occupying a crucial role left vacant since Sanjay Gupta was elevated to president of Asia-Pacific in July.

    In the face of growing competition in the digital industry, Lobana, a former Google vice president of advertising technology, assumes leadership as the business promotes its AI products in India. She started working at Google in 2016.

    Read also: Google Drive folders can now be summarised by Gemini AI

    India’s importance to Google

    One of Google’s most important international markets is India, where the company has invested billions to help hundreds of millions of Indians connect to the Internet and digitalise small businesses. 2020, the company promised to invest an additional $10 billion in India.

    But in the world’s second-largest internet and telecom market, the search engine behemoth is also under increasing regulatory scrutiny. In 2022, India fined Google $162 million for engaging in anti-competitive Android activities. Having determined that the Android manufacturer had misused the Google Play Store’s dominating position in the nation, where over 95 percent of handsets run Android, it levied another penalty of $113 million.

    The Indian antitrust authority launched a second probe against Alphabet’s Google in March of this year, claiming the tech behemoth had applied its in-app pricing guidelines in a “discriminatory” and “unfair” manner.

    Roma Datta Chobey, the temporary head of the company’s digital business segment, will lead again.

    Read also: Google hires new country director for South Africa

    Lobana’s professional background

    Lobana worked in banking for much longer than most before joining Google, having held positions at Standard Chartered, American Express, and NatWest.

    “This is a once-in-a-lifetime opportunity to use AI to shape the future, opening up previously unheard-of possibilities for companies to increase productivity, address pressing issues, and develop creative solutions,” she said in a LinkedIn post.

  • Klasha, Lianlian partner to simplify cross-border payments for Asian merchants in Africa

    Klasha, Lianlian partner to simplify cross-border payments for Asian merchants in Africa

    Klasha, a leading international cross-border payment company, on Thursday announced its partnership with LianLian Global, a well-known payment provider in Asia, to simplify cross-border payments between Asia and Africa.

    This collaboration allows Asian businesses to tap into Africa’s growing market by providing a reliable payment infrastructure tailored to the unique needs of both regions. The partnership enables Asian companies to collect payments from African clients in local currencies, a significant advantage for businesses seeking to expand in Africa.

    Read also: Cauris Finance partners with U.S. investor to unlock Africa’s economic potential

    Streamlining of payments between Asia and Africa through Klasha-LianLian Global Partnership 

    Using Klasha’s cutting-edge platform and API, Asian companies can now collect payments from African clients in local currencies, which is a crucial advantage of this partnership.

    With the help of LianLian Global’s services, merchants may now get paid in the currencies of their choice and accept payments in a variety of African currencies and ways.

    This smooth integration streamlines payment and guarantees that companies are in a good position to provide African customers with a localised payment experience, given that transaction charges and foreign exchange complications were already eliminated.

    Jessica Anuna, CEO of Klasha, expressed her enthusiasm for the partnership stating, “This collaboration with LianLian Global is an important milestone as we continue to enable frictionless trade between Africa and the rest of the world. We are excited to provide Asian businesses with the tools they need to expand into the African market, ensuring that local currency collections and fast payouts are no longer barriers to cross-border commerce.”

    Klasha and Lianlian Global combined strengths to pave way for Asian companies 

    Klasha and LianLian Global’s combined efforts will allow companies throughout Asia to fully capitalise on Africa’s growing digital economy, which is expected to reach a valuation of over $712 billion by 2025.

    Read also: Renew Capital’s investment in Konnect to enhance financial inclusion in Tunisia

    When combined, they will help businesses satisfy the demands of a varied and expanding clientele while navigating the challenges of cross-border transactions with ease.

    Michele Fung, General Manager of Lian Lian Global, added, “We are excited to partner with Klasha to enable businesses across Asia and Africa. Our joint effort simplifies Asia-Africa trade and enables merchants to expand their footprint into Africa’s dynamic market. Together, we’re breaking down barriers to trade and offering real, tangible solutions for international growth.”

    “At Klasha, we understand the unique challenges and opportunities of connecting Asia’s vibrant markets with Africa’s fast-growing economy. This partnership with LianLian Global empowers businesses in Asia to simplify their payment processes and accelerate their growth in Africa, a region full of untapped potential. By localising payments and eliminating barriers like currency conversion complexities, we’re ensuring that Asian businesses can confidently expand their reach and thrive across the continent,” said Justin Fan, Klasha’s Managing Director, Asia Operations.

  • UK firms slam Microsoft with £1 billion suit over alleged anti-competitive cloud practices

    UK firms slam Microsoft with £1 billion suit over alleged anti-competitive cloud practices

    Microsoft announced on Tuesday that it is facing a significant £1 billion lawsuit in the UK over allegations of anti-competitive practices regarding its cloud services. 

    The lawsuit, led by Dr Maria Luisa Stasi and the law firm Scott+Scott, claims that Microsoft unfairly charges higher licensing fees for its Windows Server software when used with rival cloud providers like Amazon Web Services (AWS) and Google Cloud.

    Read also: Microsoft denies using user data to train AI models

    Allegations of unfair pricing

    The complaint focuses on allegations that Microsoft unfairly charges users who choose for other cloud services in order to encourage them to utilise its Azure platform.

    Stasi stated, “Put simply, Microsoft is punishing UK businesses and organisations for using Google, Amazon, and Alibaba for cloud computing by forcing them to pay more money for Windows Server.” This alleged behaviour affects thousands of businesses and raises concerns about competition in the cloud market.

    The legal action is characterised as an “opt-out” collective suit, meaning all affected businesses are automatically included unless they choose to opt-out. 

    This approach aims to simplify the process for claimants who might otherwise hesitate to engage in lengthy legal battles against a tech giant like Microsoft.

    Read also: Microsoft launches AI tools to lessen administrative burden on medical nurses

    Broader implications for competition

    This lawsuit comes amid increasing scrutiny of Microsoft’s practices by regulatory bodies. The UK’s Competition and Markets Authority (CMA) is investigating the cloud market, with findings expected in December 2024. Previous complaints against Microsoft in Europe regarding similar issues have suggested a pattern of behaviour that regulators are keen to address.

    Nicky Stewart from the Open Cloud Coalition emphasised the importance of fair competition in fostering innovation and consumer choice. 

    He stated, “Unfair software licensing practices… disproportionately harm competition and innovation across the cloud ecosystem”. 

    The outcome of this lawsuit could have far-reaching implications for Microsoft and how cloud services are priced and offered across the industry.

    As this case unfolds, it highlights the ongoing challenges businesses face navigating the complexities of cloud computing and software licencing. The stakes are high as affected organisations seek compensation and a more equitable market landscape.

  • 𝐈𝐧𝐭𝐞𝐥 𝐂𝐄𝐎 Gelsinger retires as company grapples with projected $3.7 billion loss

    𝐈𝐧𝐭𝐞𝐥 𝐂𝐄𝐎 Gelsinger retires as company grapples with projected $3.7 billion loss

    Intel CEO Pat Gelsinger has resigned after a period of underperformance during which the company’s stocks fell 53 percent, three years out of his 3.5-year tenure.

    CFO David Zinsner and Intel Products CEO Michelle Johnston Holthaus have been named interim co-CEOs.

    Read also: Microsoft denies using user data to train AI models

    Intel’s setbacks under Pat Gelsinger’s leadership 

    The leadership change follows significant setbacks, including a failed $5.4 billion acquisition of Tower Semiconductor and technical issues with its 18A manufacturing process, and comes as Intel faces its first projected annual loss since 1986, with analysts forecasting a $3.68 billion loss this year despite receiving a $8 billion CHIPS Act grant.

    Intel lost ground to AMD in the data centre business, failed to compete in the AI chip market, and witnessed a 25 percent decline in PC chip revenue under Gelsinger’s leadership.

    As part of a $10 billion cost-cutting initiative, the company reduced its workforce by 15 percent and suspended its dividend.

    Intel rivals taking the lead

    Nvidia and AMD, the company’s rivals, saw their stock prices soar by 28,000 percent and 5,000 percent, respectively, over the last ten years, while Intel’s stock fell 16 percent, making it one of the S&P’s worst-performing stocks within that time frame.

    Read also: Vodacom partners Microsoft, others to train 1 million youths on key tech skills

    The resignation of Pat Gelsinger is a turning point for Intel, a business that was formerly known for dominating semiconductors but is currently battling the harsh realities of a rapidly changing digital landscape.

    In an environment where Intel’s once-proud lead in process technology had eroded, particularly as the company lagged behind in the shift to smaller, more efficient chip nodes, Gelsinger, who joined the company in 1979 and returned as CEO in 2021 with the goal of restoring its manufacturing prowess, faced an uphill battle.

    During his tenure, there were ambitious plans, like the IDM 2.0 strategy, to revive Intel’s manufacturing skills. However, these were overshadowed by execution issues and a failure to quickly convert to the growing AI and cloud computing areas, which have been dominated by rivals like Nvidia.

    The industry is keeping a careful eye on Intel as it handles this leadership change to see if the new co-CEOs can guide the business towards innovation in a field where flexibility and foresight are now required rather than just advantages.

  • Ethiopia, Russia forge long-term nuclear cooperation with NSTC project

    Ethiopia, Russia forge long-term nuclear cooperation with NSTC project

    A subsidiary of Rosatom, the Russian nuclear energy company, and the Ministry of Innovation and Technology of Ethiopia have signed a contract to develop a feasibility study for the establishment of the Ethiopia Nuclear Science and Technology Centre (NSTC).

    This partnership marks a significant step in the long-term cooperation between Russia and Ethiopia in the field of nuclear science and technology.

    Read also: Ariika expands global footprint with $3 million investment in MENA nations

    Strengthening cooperation in nuclear and radiation technologies

    Ilya Vergizaev, divisional head of Rosatom, stated, “We are working with our foreign partners on various projects and joint solutions for the development of nuclear and radiation technologies on the African continent. The signed contract and the appointment of Rosatom as the exclusive supplier of solutions in the field of feasibility study development for NSTC in Ethiopia once again confirm our countries’ intention to strengthen long-term cooperation.”

    The NSTC is envisioned to become a hub for both nuclear energy and non-energy technologies in Ethiopia. As part of this initiative, Rosatom will carry out an analysis of the country’s non-energy sector to identify which technologies can be implemented at the Centre’s key facilities. A key part of the study will be identifying potential users for these technologies, which will ultimately help create a commercial market for the products and services generated by the Centre. Preliminary engineering surveys for site selection will also be conducted.

    Building a nuclear future for Ethiopia

    Ethiopia’s Minister of Innovation and Technology, Belete Molla, emphasized that the collaboration between the two nations is focused on the peaceful use of nuclear energy. “We are systematically developing cooperation in the peaceful use of nuclear energy, and I expect Rosatom to assist Ethiopia in developing national nuclear power and non-energy programmes, as well as individual projects,” he said.

    Rosatom’s proposal includes providing solutions for the development of the NSTC, which will consist of a research reactor, a laboratory complex, and potentially a multi-purpose irradiation and nuclear medicine centre. Beyond construction, Rosatom will also support the establishment of nuclear infrastructure, training, fuel supply, and maintenance. The company will also provide operational support, as well as the management of spent fuel and radioactive waste.

    A comprehensive approach to nuclear research

    The Centre’s core will consist of a nuclear research reactor and multiple laboratories, including a radioisotope laboratory for producing medical, industrial, and agricultural radioisotopes. Other research facilities will include a radiobiology laboratory for agricultural research, a radiation materials science complex, and others focused on studying and developing new materials.

    Read also: Ethiopia sets deadline for standardised QR code payments to unify digital transactions

    Rosatom’s commitment to innovation and sustainability

    Rosatom is a diversified holding company operating in energy, engineering, construction, and innovative non-nuclear products. It also plays a pivotal role in logistics, environmental projects, and the development of the Northern Sea Route.

    As the largest producer of low-carbon electricity in Russia, Rosatom provides about 20 percent of the country’s total electricity. The company is also ranked first globally in terms of orders for the construction of nuclear power plants, with 39 power units under development across 10 countries.

    This collaboration with Ethiopia will help position the country as a key player in nuclear science and technology, fostering growth, innovation, and the sustainable development of Africa’s energy future.

  • Zenith Bank opens Paris branch to support African-European trade relations

    Zenith Bank opens Paris branch to support African-European trade relations

    Zenith Bank Plc has officially opened its latest branch in Paris on November 27, 2024, marking a significant step in the bank’s global expansion strategy. This Third-Country Branch (TCB) aims to strengthen the bank’s presence in Europe and boost Franco-African trade relations.

    The establishment of the Third-Country Branch (TCB) in Paris follows the signing of a Memorandum of Understanding (MoU) between French Trade Minister Olivier Becht and Zenith Bank (UK) Limited Chairman Jim Ovia in November 2023.

    Read also: Winners emerge from Zenith Bank hackathon, receive N77.5m

    The branch was finally approved by France’s banking regulator, ACPR, in September 2024.

    According to the Franco-Nigeria Chamber of Commerce and Industry (FNCCI), Nigeria makes up 20 percent of France’s commerce with Sub-Saharan Africa, hence the Paris branch establishment is a strategic move to improve Franco-African trade relations.

    Official inauguration during President Tinubu’s visit

    The inauguration ceremony was held on November 27, 2024, during President Bola Tinubu’s state visit to France.

    Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, conducted the ceremony, emphasising that the Paris branch is a symbol of the trust being built for Nigerian institutions worldwide.

    He noted that the new branch would foster stronger business relations between France and Africa, particularly in facilitating trade and investment opportunities.

    “The opening of Zenith Bank, Paris, a Third-Country Branch (TCB) of Zenith Bank (UK) Limited, a subsidiary of Zenith Bank Plc, represents a key milestone in the bank’s global growth strategy and underscores its commitment to serving clients in the European region,” the statement reads.

    Speaking at the function, Edun stated that “one of the dividends of building trust for Nigerian institutions around the world” is the inauguration of the Paris branch.

    “The presence of Zenith here can only help to engender trust of the French business community. They can learn about the opportunities in Africa, and of course, the entry into Nigeria can be facilitated,” the minister said.

    “We are happy and we are glad that we are all here to participate in this historic occasion.”

    A key milestone in Zenith Bank’s global strategy

    Adaora Umeoji, Zenith Bank’s Group Managing Director and CEO, highlighted that the opening of the Paris branch is a key component of the bank’s broader strategy to expand into major global financial centers.

    “The opening of this Paris branch is part of the broad strategy of the Bank to extend its footprints across the major global financial centres and our efforts at following our customers’ businesses,” Umeoji said.

    “Paris branch opening underpins the need to serve our customers and bolster trade and finance relationships between our customers in France and other countries,” she emphasised.

    Read also: Wema Bank celebrates innovation and inclusion at Hackaholics 5.0 finale

    The bank’s Paris location is a crucial asset 

    “The bank’s Paris location is a crucial asset when it comes to doing business between our two countries, or when it comes to doing business between our two continents,” according to Bertrand Dumont, Director-General of the French treasury.

    “So, I would like to wish you the best in this endeavour, in this creation, and I hope that in the coming months or the coming year, you will invite me again for the integration of larger buildings as a sign of the success that you would have encountered,” Dumont added.

    Dangote congratulates Zenith Bank 

    The chairman of the Dangote Group, Aliko Dangote, also congratulated the bank on the achievement.

    He said that the calculated action will strengthen the banking industry and spur further expansion.

    Leveraging Zenith Bank’s vast global network, the new office will provide all-inclusive services to individual and corporate clients throughout Europe, including corporate banking, trade finance, and treasury services.