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Google Submarine Cable “Equiano” to Create 1.6 Million Jobs in Nigeria

Google to create 1.6 million indirect jobs in Nigeria through its 12,000km Equiano subsea internet cable




Google has disclosed that its 12,000km Equiano subsea Internet cable, which landed in Nigeria in April, will create 1.6 million indirect jobs in Nigeria. 

Investors King learnt that Google Submarine cable “Equiano ” is expected to run through Togo, Nigeria, Namibia and South Africa. It is also expected to provide low-cost and faster internet to the African continent. 

According to Google, Equiano will connect the African continent to Europe. Google further confirmed that by 2025, the submarine cable would have directly and indirectly impacted the African economy particularly Nigeria, South Africa and Namibia. 

The statement released by Google stated that ” By 2025, the cable would accelerate Africa’s economic growth with GDPs of Nigeria rising by $10.1 billion, South Africa by $7 billion and $260 million in Namibia”. 

Google further expressed that a recent independent assessment conducted by Africa Practice and Genesis Analytics revealed that by 2025, driven by the expansion of the digital economy and peripheral sectors, Equiano would have indirectly created 1.6 million jobs in Nigeria, 180,000 jobs in South Africa and 21,000 jobs in Namibia.

It will be recalled that in April 2022, Google unveiled the landing of Equiano at the shores of Lagos State.

The landing of the state-of-the-art cable was witnessed by the governor of Lagos State, Babajide Sanwo-Olu alongside other prominent members. 

Equiano is an Internet cable named after a Nigerian, Olaudah Equiano, a writer and abolitionist. The cable has a capacity of 144 terabits (18 Terabytes) which Google claimed can increase the internet capacity in Africa. It is scheduled to begin operation in Nigeria by December 2022. 

Meanwhile, Google believed the cable has a capacity roughly 20 times larger than any other cable currently serving Africa.

Similarly, the company disclosed that the Equiano subsea internet cable will have a direct impact on connectivity, resulting in faster internet speeds, reduced internet prices and improved user experience in Nigeria.

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Alibaba Faces Rare Downgrade as PDD Surpasses It in Market Value




Alibaba Group Holding Ltd. received an unusual downgrade from Wall Street on the same day it ceded its position as China’s most valuable e-commerce company to one of its primary competitors.

Morgan Stanley downgraded Alibaba’s American depositary receipts (ADRs) from overweight to equal-weight, concurrently lowering the price target from $110 to $90.

This marks the first downgrade for Alibaba’s US-listed shares since late June, according to Bloomberg data.

Analysts at Morgan Stanley, including Eddy Wang and Gary Yu, expressed concerns about Alibaba’s slower-than-expected turnaround and the uncertainty introduced by the decision to withdraw the spinoff of its cloud business.

In a report dated Thursday, they stated, “brings uncertainty to the value-unlocking from reorganization.”

Simultaneously, Morgan Stanley named PDD Holdings Inc. as its top pick in China’s e-commerce sector, citing its favorable positioning amid the growing trend of consumer price sensitivity.

PDD, an eight-year-old upstart recognized for its successful Temu marketplace, closed Thursday trading in the US with a market capitalization of approximately $196 billion, surpassing Alibaba’s value for the first time.

PDD has experienced a remarkable 80% surge in value this year, while Alibaba has faced a 15% decline in US trading.

Although Alibaba has been a dominant force in China’s online shopping landscape for over a decade, PDD has managed to attract customers with competitive pricing and expand its reach globally.

Morgan Stanley’s move to downgrade Alibaba and elevate PDD underscores the shifting dynamics within China’s e-commerce sector.

Despite this downgrade, brokers remain predominantly bullish on Alibaba, with 44 buy ratings and eight hold recommendations for its ADRs. In comparison, PDD has 52 buy ratings and three holds.

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Alibaba Scraps $11 Billion Cloud Spinoff Plans Over Chip Sales Woes




Alibaba Group Holding Ltd. has abandoned its $11 billion cloud business spinoff and public listing plans, citing the escalating US-China technological rivalry.

Chairman Joseph Tsai and CEO Eddie Wu, acknowledging the need for a “reset,” pointed to the increasing US restrictions on chip sales to China as a driving factor in the decision.

Wu emphasized the imperative to provide “cash to make investments” in the AI-driven landscape, requiring a robust and highly scaled infrastructure.

Wall Street responded swiftly to the surprise move, with Alibaba’s shares plummeting 9.1% in New York trading, wiping out over $20 billion of market value, marking their most substantial drop in over a year.

The decision comes amid Alibaba’s efforts to recover from the pandemic, navigate China’s tech industry crackdown, and compete with emerging players like PDD Holdings and ByteDance’s Douyin.

The Biden administration’s stringent export controls on chips critical for Alibaba’s cloud services, designed for AI use, played a pivotal role.

The cloud business, essential for Alibaba’s AI initiatives, faces challenges due to the US sanctions impacting chip supplies.

Instead of the spinoff, Alibaba will focus on organic growth for the cloud unit and issue its inaugural annual dividend of $2.5 billion.

This surprising move reflects the challenges posed by US-China tensions and underscores the complexities Chinese tech giants face in navigating global geopolitical issues.

“The strength of the business itself is an issue.” – Li Chengdong, Head of Haitun Technology Think Tank.

“The market is scratching its head. The first annual dividend looks like compensation to shareholders.

However, it may not fully offset the shock given the higher value of the cloud unit.” – Willer Chen, Research Analyst at Forsyth Barr Asia.

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Jumia Nigeria Launches 2023 Black Friday Event: ‘Let Your Pocket Breathe’



Jumia - Investors King

Jumia Nigeria, the leading e-commerce platform, has officially unveiled its highly anticipated 2023 Black Friday shopping event, bearing the theme ‘Let Your Pocket Breathe.’

This year’s campaign serves as a resolute declaration of Jumia’s unwavering commitment to assisting consumers in accessing top-quality products at the best prices despite the challenging inflation.

The Black Friday event, which has become a beloved tradition among Nigerians, was first introduced by Jumia in Nigeria and Africa in 2014.

It has continued to gain widespread popularity, significantly contributing to the nationwide adoption of e-commerce while reaffirming Jumia’s dedication to providing a convenient and reliable online shopping experience.

Commencing on Friday, November 3rd, 2023, and running through Thursday, November 30th, 2023, the month-long shopping extravaganza promises massive discounts across a wide array of product categories, spanning electronics, smartphones, fashion, beauty, home appliances, and much more.

In addition to offering exciting discounts, this year’s Jumia Black Friday is being conducted in collaboration with prominent brands, including Xiaomi, Diageo, Oraimo, Nivea, Adidas, Haier Thermocool, Pernod Ricard, Chi Limited, Infinix, Tecno, Bacardi, Defacto, LeDrop, Binatone, and Itel.

Massimiliano Spalazzi, CEO of Jumia Nigeria, expressed his enthusiasm for the campaign, emphasizing its theme of financial freedom for consumers: “We are thrilled to commence our annual Black Friday event, a shopping event that has become a staple in the hearts of Nigerians. We fully understand the constraints faced by today’s consumers – the desire for quality products that are still affordable. This year’s theme reflects our unwavering commitment to delivering exceptional deals to our cherished consumers, granting them the freedom to enjoy top-tier products and services without straining their finances. As we embark on the 10th edition of our Black Friday campaign, we are delighted to have partnered with some of the most renowned household brands and small and medium-sized enterprises to deliver the best offers to consumers.”

The Black Friday campaign will feature various engaging activities, including Treasure Hunts, Brand Days, Flash Sales, and Jumia Games, offering consumers the chance to win exciting prizes and unlock additional discounts on a variety of products.

Furthermore, the event will offer free shipping to consumers within select cities, including Lagos, Abuja, Ibadan, Warri, Benin, Abeokuta, Akure, and Port Harcourt.

Jumia’s Black Friday initiative has emerged as a vital element in propelling e-commerce adoption in Nigeria, and this year’s event promises to continue this trend by connecting millions of consumers with unbeatable deals, reinforcing the platform’s status as the go-to destination for convenient and cost-effective online shopping.

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