Business - Tech

Elon Musk: Tech visionary turns social media king

Sometimes it feels like it's Elon Musk's world and we just live in it.

Elon Musk has an agreement to acquire Twitter for about $44B

Elon Musk reached an agreement to buy Twitter for roughly $44 billion on Monday, promising a more lenient touch to policing content on the social media platform where he _ the world's richest person _ promotes his interests, attacks critics and opines on a wide range of issues to more than 83 million followers.

Twitter shares rise on reports it will accept Musk takeover bid

Twitter shares rose Monday following reports the company is poised to accept Elon Musk's takeover offer, a dramatic shift after the board organized a "poison pill" to ward off the billionaire entrepreneur's hostile buyout bid.

Twitter says poison pill makes 'coercive' takeover difficult

Twitter's board of directors says it adopted a so-called ``poison pill'' defense in order to protect the social media platform from ``coercive or otherwise unfair'' takeover tactics.

73% of all government contracts signed with micro, small businesses over past 41 months

About 73 percent of all of the government’s contracts were signed with micro- and small-sized businesses over the past 41 months, which reflects the support the state attaches to them in terms of maximising their production capacities, Minister of Finance Mohamed Maait said on Saturday.

Sony, Lego to put $2 bn into Epic Games metaverse effort

Japanese giant Sony and Lego's Danish parent firm announced Monday a $2 billion investment in US gaming powerhouse Epic Games for its work toward joining the metaverse vision for the internet's future.

Telecom Egypt, EIB sign €150 mln loan agreement to support 4G broadband network

Telecom Egypt (TE) and the European Investment Bank (EIB) — the lending arm of the European Union (EU) — inked an agreement on Sunday to secure a medium-term loan of €150 million to expand TE's 4G broadband network.

CBE launches InstaPay app for bank clients

The Central Bank of Egypt (CBE) launched on Wednesday the National Instant Payment Network and InstaPay mobile application, which will allow clients to process electronic fund transfers instantly, seamlessly and at any time.

CBE greenlights new fund to support fintech, accelerate financial inclusion in Egypt

Egypt’s largest national banks — Banque Misr, National Bank of Egypt (NBE), and Banque du Caire — as well as Global Ventures launched on Sunday ‘Nclude’, a new fintech support fund.

E-wallets grew to 26 million over past three years: CBE

The number of e-wallets grew in the Egyptian market over the past three years to record 26 million, up from nine million in previous years, with 23 banks introducing related services, Sub-Governor of the Central Bank of Egypt (CBE) Ihab Nasr stated on Sunday.

Egypt’s banking system processed 1 bln electronic transactions in 2021: CBE

Egypt’s banking system processed 1 bln electronic transactions in 2021 with a total value of EGP 2.8 trillion, according to Ayman Hussain — the sub-governor of the Central Bank of Egypt (CBE) for the Information Technology Sector.

TikTok videos get longer in challenge to YouTube

TikTok on Monday began letting users upload videos as long as 10 minutes, ramping up the young platform's challenge to veteran titan YouTube.

Egypt ranks first in Africa for fixed internet speed in January 2022’s Speedtest Index: Communications minister

Egypt ranked first among African countries for fixed broadband internet speed in January 2022’s report by Ookla’s Speedtest Global Index with an average speed of 35.67 Mbps, Minister of Communications and Information Technology Amr Talaat announced on Sunday.

Egypt’s fintech sector witnessed significant growth over past five years: CBE

Fintech witnessed significant growth in the Egyptian market over the past five years, as venture capital investments rose to $159 million with 32 deals concluded in 2021, up from only $1 million raised in 2017 from three fintech deals, according to Fintech Egypt’s report.

Egypt launches Digital Strategy for Offshoring Industry through 2026

Egypt’s Information Technology Industry Development Agency (ITIDA) has launched a new Digital Egypt Strategy for Offshoring (2022-2026) with the aim of unlocking growth potentials in this industry and tripling the export revenue from digitally-enabled offshoring services.

Egypt's Contact invests $9 mln in e-commerce super-app Wasla

Egypt-based Contact Financial Holding, a non-banking financial services provider, announced on Wednesday the completion of its strategic investment in Wasla, an e-commerce super-app, with total investments valued at $9 million.

Metaverse a double-edged sword, Egypt's FDHRD warns

The Metaverse technology could facilitate interaction between people, but it may also be a two-edged sword, warned the Studies and Research Unit at the Egyptian Forum for Development and Human Rights Dialogue (FDHRD).

Telecom Egypt, Grid Telecom to link Egypt, Greece by submarine cable systems

Egypt and Greece signed a memorandum of understanding (MoU) between Telecom Egypt and Grid Telecom to connect the two Mediterranean countries through submarine cable systems, a statement by the Egyptian Ministry of Communication and Information Technology read on Thursday.

ICT 'fastest' growing sector in Egypt’s economy: Minister

Egypt’s information and communications technology (ICT) sector is the fastest growing sector in the Egyptian economy over the past two years, as its contribution to the country’s GDP rose from 3.2 percent in FY2019/2020 to five percent in the current FY2021/22, Minister of Information and Communications technology Amr Talaat said on Tuesday.

EU joins chips race with 42 bln euro bid to rival Asia

The EU launches a plan Tuesday to raise tens of billions of euros to boost semiconductor production in Europe and end the bloc's digital dependence on Asia.

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