Trading of Tingo Shares suspended 📉 | LINK Nairobi Set Up 🛜

Trading of Tingo Shares suspended 📉 | LINK Nairobi Set Up 🛜

STOCK MARKET

US SEC temporarily suspends trading of Tingo Shares 📉

The US Security and Exchange Commission has temporarily suspended the trading of Tingo Group Inc. shares from today, 14th of November till the 28th of November 2023. According to the Exchange Commission in a statement, it has done this “because of questions and concerns regarding the adequacy and accuracy of publicly available information in the marketplace concerning Tingo Group.

Earlier this year, Tingo faced severe criticism in a scathing report from short-seller Hindenburg Research. The report raised serious concerns about Dozy Mmobuosi’s history and pointed out inconsistencies in the company’s financial statements, along with various claims by the company that were unverified and lacked substantiation.

The Hindenberg report resulted in a loss of over 50% of Tingo’s share value on NASDAQ…..Continue reading

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AUTOMOBILES

Mercedes-Benz South Africa invests R40 Million to boost EV Infrastructure with 127 New Charging Stations 🚙

Mercedes-Benz South Africa (MBSA) is set to significantly boost the electric vehicle (EV) infrastructure in the country by partnering with Tibco’s Chargify to install 127 new EV charging stations. The move is part of Mercedes-Benz’s sustainability strategy and aims to support the growing demand for EVs in South Africa.

In a joint effort, Mercedes-Benz and Chargify plan to invest a total of R40 million in two phases. The first phase, with a contribution of R15 million from Mercedes, will see the installation of 67 Mercedes-Benz EQ charging stations across South Africa by Q1 2024. The second phase, with an additional R25 million from Mercedes, will add the remaining 60 stations in strategic locations..……Continue reading

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INFRASTRUCTURE

LINX Nairobi: Powering East Africa’s Digital Future with New Internet Exchange Point

East Africa is on the cusp of a connectivity transformation with the launch of LINX Nairobi, a new Internet Exchange Point (IXP) set up within Kenya’s bustling capital. This strategic initiative is poised to significantly boost the region’s digital landscape and connectivity.

LINX (London Internet Exchange), established in 1994, is spearheading the LINX Nairobi project, bringing its globally recognized expertise to strengthen Kenya’s already burgeoning digital ecosystem. The IXP’s multi-site setup spans across three prime data centre locations, namely IXAfrica, Africa Data Centres NBO1, and iColo NBO1, ensuring high redundancy and secure internet traffic management for the region.…..Continue reading

Teraco expands Cape Town Data Center with 30MW CT2 Phase 2 Construction

Teraco, a digital realty-owned company, is set to expand its CT2 hyperscale data center in Cape Town, South Africa. The 30MW expansion, known as CT2 Phase 2, will be completed by early 2025 and aims to meet the rising demand from both enterprise clients and hyperscale cloud providers…..Continue reading

OTHER STORIES

3,000 paid internships to 3MTT fellows

Dr ‘Bosun Tijani, the Minister of Communications, Innovation and Digital Economy announced that the ministry has entered a partnership with UNDP to offer 3,000 paid internships to our 3MTT fellows. These 12 month internships will help fulfill its objective to ensure that participants in the 3MTT programme get placed in roles that will allow them apply the skills they learn in the programme.

Nigerian Banking Tycoon invests $500 Million in new tech-driven University

Herbert Wigwe, co-founder of Nigeria’s Access Bank, is making a substantial investment of $500 million to establish a new university, named Wigwe University. This initiative aims to address the skills gap in the finance and technology sectors within Nigeria. The university plans to commence undergraduate admissions next year. Wigwe University plans to offer courses in management, science and engineering, information technology, and creative arts. Described as a “hybrid” university, it will leverage technology to provide education comparable to leading institutions in the US and the UK……Continue reading

Nepal bans TikTok citing effect on ‘social harmony’

The Nepali government announced in a cabinet meeting Monday that TikTok would be banned to the country’s 2.2 million users to protect “social harmony.” The sweeping move comes just days after authorities issued a directive tightening content regulation on all social media sites. The ban comes in response to public claims that TikTok encourages hate speech, according to authorities. Rekha Sharma, the country’s minister for communications and information technology, said at the cabinet meeting that TikTok was disrupting “our social harmony, family structure and family relations.”…….Continue reading

Snapchat Enters Direct E-Commerce with Amazon Integration

In a move that signals the growing intersection between social media and e-commerce, Amazon has announced a new feature that allows Snapchat users in the United States to purchase selected products through the app. Under this new system, users can shop directly from Amazon advertisements on Snapchat and complete their purchases without exiting the app. Amazon’s email statement highlighted that this service will also provide potential customers with real-time information on pricing, Amazon Prime eligibility, delivery timelines, and detailed product descriptions…..Continue reading

HSBC Divests Wealth, Personal Banking and Business Banking Operations in Mauritius to Absa

In a strategic shift to concentrate on its core strengths, HSBC has finalized an agreement to divest its domestic Wealth and Personal Banking and Business Banking segments in Mauritius. The acquiring party, Absa Bank (Mauritius) Limited, is a prominent banking institution in Mauritius with a history dating back to 1919. This notable transaction transfers the accounts and related responsibilities of approximately 38,000 customers to Absa Mauritius, along with the HSBC employees dedicated to supporting these clients……Continue reading

World’s largest commercial bank ICBC hit by cyberattack that reportedly disrupted Treasury markets

A US unit of the Industrial and Commercial Bank of China (ICBC) was recently hit by a ransomware attack that disrupted some of its systems, reportedly hitting liquidity in US Treasuries which may have contributed to a brief market sell-off on Thursday. ICBC Financial Services, which is headquartered in New York, said in a statement that the attack, which happened on Wednesday, had been reported to law enforcement. It was in the process of investigating the incident and trying to recover from the cyberattack……Continue reading