The developing world represents the best chance of growth for large internet companies, and today one of the very biggest set out its strategy for how it plans to tackle that.
Google said that it would be investing $1 billion to support “digital transformation” across Africa. This will include landing a subsea cable into the continent to enable faster internet speeds, low-interest loans for small businesses, equity investments into African startups, skills training and more.
The plans were unveiled today at an event led by Google and Alphabet CEO Sundar Pichai — putting the most senior executive at the company at the top of the event being a mark of the priority that the company is placing on the bet it’s making here.
“We’ve made huge strides together over the past decade — but there’s more work to do to make the internet accessible, affordable and useful for every African. Today I’m excited to reaffirm our commitment to the continent through an investment of $1 billion over five years to support Africa’s digital transformation, to cover a range of initiatives from improved connectivity to investment in startups,” said Pichai.
Google said it will inject the investment in projects to be implemented in countries across the continent, including Nigeria, Kenya, Uganda and Ghana.
The subsea cable will cut across South Africa, Namibia, Nigeria and St Helena, connecting Africa and Europe. It will provide approximately 20 times more network capacity than the last cable built to serve Africa, said the managing director for Google in Africa, Nitin Gajria.
“This will lead to a 21% reduction in internet prices and increase internet speed in Nigeria and almost triple in South Africa,” said Gajria.
It is projected to create about 1.7 million jobs in Nigeria and South Africa by 2025 as the digital economy grows.
Google also announced the launch of the Africa Investment Fund, where it will invest $50 million in start-ups across the continent providing them “with access to Google’s employees, network, and technologies to help them build meaningful products for their communities.”
The company said it will additionally disburse $10 million in low-interest loans to small businesses in Nigeria, Ghana, Kenya and South Africa, to alleviate hardships brought about by the COVID pandemic. This will be done in partnership with Kiva, a San-Francisco based nonprofit lending organization. It pledged $40 million to nonprofits improving lives in Africa.
“I am so inspired by the innovative African tech startup scene. In the last year we have seen more investment rounds into tech startups than ever before. I am of the firm belief that no one is better placed to solve Africa’s biggest problems than Africa’s young developers and startup founders. We look forward to deepening our partnership with, and support for, Africa’s innovators and entrepreneurs,” said Gajria.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
