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LG Electronics Diversify, Adds Blockchain and Crypto

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LG Electronics has diversified its business units to include cryptocurrency and blockchain-based software, the South Korean tech giant announced in a recent update.

According to a local report, the electronic giant added two distinct crypto-related objectives during its annual general meeting on Thursday, March 24.  Investors King gathered that the objectives include “the development and selling of blockchain-based software” and “the sale and brokerage of cryptocurrency.” This update now begs the question of how the company will go about establishing these technologies and on what platform?

Experts, however, have projected that the company may set up its own crypto exchange platform.

However, an unidentified spokesperson of the company disclosed that the plans have only been mentioned as prospective business ideas with no final conclusion as to what direction the company is taking to finalise and actualise the plans.

Investors King recall that the rumours about LG diversifying into blockchain had started earlier in the year when Bithumb CEO Heo Baek-young confirmed that the exchange platform was working with “a large company” to develop an NFT marketplace. Following that announcement, a number of speculations were generated on the news that LG was the supposed ‘large company’.

LG’s announcement is also interestingly coming after fellow tech company, Samsung announced that it would be launching an NFT platform for its smart TVs as well as launching its own store in the virtual metaverse.

South Korea is notably on a rise in blockchain technology and this is owing to the fact that the current government is more inclined in the digitisation of the country’s economy. President Yoon Suk-yeol had earlier in the month (March)  shown a strong commitment to deregulate the South Korean Crypto Industry which was one of the bases of Yoon’s election campaign.

This initiative has undoubtedly helped in establishing innovative ideas for South Korea which has made it possible for the country to establish a safe environment for blockchain technology. And for leading multinational electronic companies like LG and Samsung to ride on this conducive environment to create blockchain solutions, it gives room for more companies to leverage the Asian country in establishing their businesses with blockchain solutions.

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Allow Automatic Antivirus Products Updates to Fight Computer Malware – NCC tells Nigerians 

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cybercrime - Investors King

The Nigerian Communications Commission (NCC) has advised that allowing automatic update features for AVAST and AVG anti-virus applications could prevent cyber vulnerabilities.

The Computer Security Incident Response Team (CSIRT) of the NCC, in a statement signed by its Director of Public Affairs, Ikechukwu Adinde on Sunday, noted that the vulnerabilities in AVAST and AVG anti-virus apps can lead to millions of devices being attacked.

Recall that Investors King reported that the NCC had warned Nigerians about a new hacking technique that allows hackers to access and hijack vehicles.

Investors King also recalls that the CSIR team had proffered solutions to the newly developed cyberattack schemes on telecom consumers. 

According to the CSIRT, the AVAST and AVG Antiviruses can lead to attacks on millions of devices with high impact in terms of consequences to the ICT user.

“The threat types as a result of this vulnerability are bypass authentication, remote code execution and unauthorised access while consequences range from privilege escalation, bypass security products, overwrite system components and corrupting the operating system”, the statement read.

The CSIRT further stated that “researchers at SentinelOne security firm have discovered two potentially damaging vulnerabilities in AVAST and AVG antivirus products that allow attackers to escalate privileges enabling them to disable security products, overwrite system components, corrupt the operating system, or perform malicious operations unimpeded.

“Two vulnerabilities identified as CVE-2022-26522 and CVE-2022-26523 targeted the “anti rootkit” driver of Avast antivirus (also used by AVG) allowing an attacker with limited privileges on the targeted system to execute code in system mode (kernel mode) and take complete control of the device. Moreover, the vulnerabilities allow complete take-over of a device, even without privileges, due to the ability to execute code in kernel mode.

“However, the cybersecurity centre has offered tripartite measures that should be taken by Internet/ICT users to prevent being vulnerable to cyber threats. They include enabling automatic update features for AVAST and AVG antiviruses, upgrading AVAST and AVG antiviruses to version 22.1.2504, as well as carrying out regular patch management”.

NCC said the advice is coming as the commission is committed to continually sensitise Nigerians on how to prevent cyber attack. 

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Egypt to Produce 60% African Vaccine Needs – VACSERA

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COVID-19 Vaccine - Investors King

The Chairman of Egypt’s Holding Company for Biological Products and Vaccines (VACSERA), Dr. Heba Wali, has revealed that the country is set to produce 60% of African vaccine needs by 2040.

She made this statement at a press gathering in Cairo on Monday, revealing that there is the construction of a $50 million vaccine storage facility, which will be completed in July to house about 150 million doses of COVID-19 and other vaccines.

Dr. Wali explained that the facility is being created as part of the Egyptian government’s ambition to make Egypt the continent’s vaccine production hub.

She said, Egypt currently has the capacity to meet the country’s COVID-19 vaccination demands; however, VACSERA is receiving technical assistance from China in the development of COVID-19 vaccines.

VACSERA is also looking forward to beginning manufacturing of vaccinations to combat avian flu and pneumonia, which have caused serious health problems in several African countries in recent years, she added.

VACSERA, she claims, has the potential to generate 100 million doses of coronavirus vaccinations each year, with 70 million doses produced in five months during the pandemic’s peak.

According to WHO estimates, there have been 254,000 deaths and 12.086 million recorded infections in Africa since the outbreak in 2019, with Egypt accounting for around 24,690 deaths.

She revealed that the first consignment of vaccines was sent to Palestine in an effort to assist the Middle Eastern country in combating COVID-19.

Wali said that VACSERA is developing a strategy with Centres for Disease Control in other African countries to find a common ground for vaccine production in the continent.

Prior to this, Investors King reported that Egypt sought a loan of 83 Million Euros from the African Development Bank to power their Electricity Sector to Spur Economic Recovery from Covid-19. The funding is part of the Bank’s budget support to the Egyptian government to strengthen its electricity infrastructure, which is expected to bolster the private sector and accelerate recovery from the Covid-19 crisis, Investors King explained.

VASCERA was established over 100 years ago, and is currently, the only producer of vaccine & Sera in Egypt and one of the main functioning blood banks. Likewise, it is the oldest manufacturer of vaccines in Africa and the Middle East

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Innovation is Vital to Drive Internet Connectivity in Africa

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Greater innovation from telecoms and technology companies is vital to drive the expansion of internet connectivity in Africa,  new research for blockchain-based mobile network operator World Mobile shows.

Its study with African business leaders found nearly two out of three (65%) worry that a lack of infrastructure is stopping traditional telecom companies from delivering the internet connectivity the continent needs.

But they are optimistic that innovation from new entrants will achieve dramatic improvements. Nearly three-quarters (71%) say new approaches are expanding internet connectivity to hard-to-reach areas more affordably.

The study with African business leaders from companies with combined annual revenues of more than $6.75 billion found that executives believe the expansion of the African middle class coupled with Government support is driving demand for innovation.

Two-thirds (66%) believe connectivity will improve over the next five years with a quarter (24%) expecting dramatic improvements, the research among senior executives at companies based in Tanzania, Angola, Botswana, Cameroon, Ethiopia, Ghana, Nigeria, and South Africa shows.

African business leaders believe the biggest benefits of expanding connectivity will be growing internal trade on the continent which was highlighted by 78%. Around 75% pointed to growth in international trade, while 55% however say better education and healthcare.

Micky Watkins, CEO of World Mobile said: “There is growing confidence that Africa is on the verge of a revolution in internet connectivity with innovators such as World Mobile responding to the huge growth opportunities across the continent and Government support.

“However, the research with business leaders detects some scepticism with more than a quarter of senior executives saying they expect no change in connectivity over the next five years and pointing to potential roadblocks such as bureaucracy and a lack of innovation.”

“Improving internet connectivity is vital to delivering the potential of Africa, which is not just good for global economic growth but also for improving living standards across the continent and we are focused on playing our part in supporting innovation.”

World Mobile is helping to revolutionise internet connectivity in sub-Saharan Africa and is already working with the government in Zanzibar where it is launching a unique hybrid mobile network delivering connectivity supported by low altitude platform balloons.

The blockchain-based network vastly reduces capital expenditure and cuts prices compared to traditional telecom operators and World Mobile is in  discussions to expand in Tanzania and Kenya, as well as other territories underserviced by traditional mobile operators.

Its balloons will be the first to officially launch in Africa for commercial use, offering a more cost-effective way to provide digital connection to people and is the first step in its mission to help bring nearly four billion people online before 2030 in line with the UN and World Bank’s SDGs.

The World Mobile approach is more sustainable, in environmental, social and governance terms. Environmental impacts are mitigated using solar-powered nodes, second-life batteries, and energy-efficient technology. World Mobile creates a positive societal impact through the application of its circular economy model – a “sharing economy” where locals share in the ownership and rewards of the network.

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