Africa
Nigeria to launch e-naira digital coin
Nigeria’s central bank is gearing up for the launch of its own digital currency in October. The country banned all cryptocurrency transactions back in February in anticipation of a national crypto wallet.
South Africa’s Yoco raises $83 million in funding
South Africa’s payments platform has raised $83 million in Series C funding to expand its services across Africa. Yoco helps small firms accept payments both in-store and online, and oversees $1 billion in transactions each year.
Ghana’s lands commission to digitize its land records
Ghana’s Lands Commission looks set to implement a nationwide digitization of its land records. When complete, registration of lands could take a maximum of 30 days as opposed to the current lengthier process.
Europe
Inmarsat to launch satellite network
UK’s Inmarsat is set to launch a network of up to 150 new satellite into earth’s low orbit. The new network, Ochestra, will provide better telecommunications services for ships, planes, and other users.
Module accident disrupts the International Space Station
The International Space Station suffered massive destabilisation after a Russian module accidentally fired up upon arrival at the station. The errant module has since been stabilised after it moved the ISS by 45 degrees.
Google faces £920m legal charges over app fees
19.5 million android app users in the UK are suing Google for £920m in damages. The legal charges claim Google’s 30% charge on the app store is unfair and excessive. Google already cut its charges to 15% for apps that make less than £1 million in revenue.
The Americas
Instagram turns U-16 accounts private by default
Instagram is implementing a new policy that would turn accounts of persons under-16 private by default. This is in response to the imminent implementation of the Online Safety Bill which charges firms to be proactive in promoting online safety.
Tech giants enjoy more profits as pandemic continues
Tech giants post soaring mid-year profits as they continue to rake in the boon from the coronavirus pandemic. Apple’s profits doubled to $21.7bn, Microsoft enjoyed $16.5bn (45% increase), while YouTube’s revenue jumped to $7bn.
Intel fears chip shortages to last for two years
Intel’s chief has said chip shortages could last for two years as factories struggle to reach pre-coronavirus output levels. Pat Gelsinger thinks the smoothing of ties between China and the US could help ease the challenge.
Asia
Chinese tutoring firms slump from new regulation shake-up
China’s tutoring firms have seen their shares slump following new regulations that prevent them from turning a profit on teaching core subjects. All institutions on the school curriculum will now register as non-profit organisations.
Tencent suffers as China cracks down on music rights
Tencent saw its shares fall after the Chinese government ordered it to end all exclusive music licensing deals. Tencent controls about 80% of exclusive music rights in China. The firm was also fined over $77,000 for unfair practices.
Didi shares fall amid news of impending penalties
Didi has seen its shares fall by up to 11% after news spread that the Chinese government could fine the ride-hailing firm. Authorities are investigating how the company collects and uses customer data.
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