Samsung CEO resigns as tech firm projects record profits

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Samsung electronics has today made two contrasting announcements. First, it issued an optimistic third-quarter earnings guidance then it later posted a resignation letter from chief executive officer and vice chairman Oh-Hyun Kwon. In the letter, Kwon said it is time for new leadership as the company faces an “unprecedented crisis inside out.” In terms of earnings, the chaebol has had a good year so far, posting strong first and second-quarter results thanks to its components business, which Kwon also oversees. From a leadership perspective, however, it has had a very difficult…

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Alibaba tech company to Invest over $15billion in global initiative

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Alibaba Group today revealed its plans to invest more than $15 billion over the next three years into a global research and development initiative called Alibaba DAMO Academy. The Chinese tech giant said the program, which it is currently recruiting 100 researchers, will help it reach its goal of serving two billion customers and creating 100 million jobs by 2036, while also “increasing technological collaboration worldwide.” Discovery, adventure, momentum and outlook (DAMO) Academy  will be led by Alibaba Group chief technology officer Jeff Zhang and start by opening labs in seven…

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Safaricom simplifies M-PESA access to businesses

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Kenya is an undisputed global leader when it comes to mobile money services. In 2007, the telecom operator Safaricom launched its mobile money service M-Pesa as a simple way to text small payments between users. A decade later, M-Pesa has become the world’s most successful money transfer service. Safaricom, a major Mobile service provider in Kenya has announced a release of a feature-rich M-PESA Application Programming Interfaces (APIs) portal to businesses in the country.  Dubbed Daraja, the portal will enable businesses to easily integrate with the platform drastically cutting down…

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Apple now sells Nokia products on its store

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Apple is once again directly selling Nokia products through its online store, and they should be available in its physical retail locations soon too. This is after Apple and Nokia announced that they have agreed a settlement to a patent lawsuit that began in December. The companies said they have moved from adversaries to business partners, settling all litigation. The pioneer mobile tech giant will provide network infrastructure services to Apple, Apple will stock Nokia’s Withings products once again in Apple Stores and pay ongoing license fees to use Nokia’s intellectual property. The…

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Laptop bans on Middle East flights bring mixed reactions.

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Fast-growing Middle Eastern airlines have been luring business travelers away from carriers in the U.S., Europe and Asia for years. But they may find the seats in the front of the plane going unfilled after the U.S. and U.K. ijucted laptop bans and other large electronics in the cabin on some flights from the region. Travelers across expressed frustration Wednesday at a ban on large electronic devices for flights to the US and Britain that has sparked confusion and speculation. Passengers on flights to the US and Britain from major…

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21% of British startups plan to open a European office due to Brexit

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The vote to leave the EU left some start ups questioning where their future lies, particularly if they’re confronted with issues around employing foreign staff. Currently, One in every five UK start ups intends to open a European office due to Brexit, according to survey results published Tuesday by Silicon Valley Bank. It found that 21% of UK startups are planning to open up a new office in cities such as Berlin, Paris, and Stockholm, which are all trying to take on London’s Tech City. The survey also found that around…

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Cisco buys AppDynamics for $3.7 billion, plots business performance expansion

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Cisco will acquire AppDynamics, which monitors application performance and business metrics, in a deal valued at $3.7 billion. The purchase gives Cisco more software heft and broadens its reach in analytics makingthis one of its largest deals of recent years as it searches for growth beyond its core networking business. Cisco’s announcement comes a week after Hewlett Packard Enterprise Co said it would buy cloud startup SimpliVity for $650 million in cash. The software brings a platform that can analyze application performance across Cisco software and gear. AppDynamics launched software…

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Marissa Mayer to exit after Verizon acquisition as Yahoo becomes Altaba

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Yahoo Inc. said on Monday that it will cut down its board after completing acquisition deal with Verizon Communications Inc., it is reported also that several executives including Chief Executive Marissa Mayer and co-founder David Filo, will step down as directors. After the sale of its core internet business, the company will change its name to Altaba Inc. from RemainCo, Yahoo said in a regulatory filing. Altaba’s remaining assets include Yahoo’s stake in Alibaba Group Holding Ltd. and Yahoo Japan. The name is a combination of the words “alternate” and…

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Africa’s telecoms market will hit $51bn by 2021

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Sub-Saharan Africa’s telecoms service market will be worth $51 billion by 2021, up from $41 billion last year. Mobile services will represent more than 88.4 per cent of the telecoms service revenue in 2021, according to a new report by Analysys Mason, a global specialist adviser in telecoms, media and technology. Retail telecoms revenue in the region will grow at a compound annual growth rate (CAGR) of 4.1 per cent during 2015-2021, the Analysys Mason’s Sub-Saharan Africa telecoms market: trends and forecasts 2016-2021 report released on October 27 indicates. Karim…

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U.S. Federal bank regulators outline new cyber security standards to stem attacks

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U.S. bank regulators on Wednesday outlined cyber security standards meant to protect financial markets and consumers from online attacks against the nation’s leading financial firms. Leading banks will be expected to use the most sophisticated anti-hacking tools on the market and to be able to recover from any attack within two hours, said officials briefing reporters on the plan. The rules, which will be finalized after industry input, is meant to raise cyber security to a top priority for corporate executives and boards, according to the banking agencies. Banks with…

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