Google Submarine Cable "Equiano" to Create 1.6 Million Jobs in Nigeria – Investors King Ltd

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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Short-form video company TikTok is making plans to deepen its foray into the e-commerce industry as it plans on building warehouses in the United States.
Short-form video company TikTok is making plans to deepen its foray into the e-commerce industry as it plans on building warehouses in the United States.
This move signifies TikTok’s commitment to e-commerce as its next major revenue stream, following the explosive growth of its ads business.
In the past two weeks, the social media company has posted several job listings on its LinkedIn page, where it stated that it was looking for candidates to help develop and grow its “Fulfillment by TikTok Shop” in the U.S, to accommodate sellers using the app.  According to the listings, TikTok plans to provide warehousing, delivery, and item return options to sellers.
One of the job listings reads “By providing warehousing, delivery, and customer service returns, our mission is to help sellers improve their operational capability and efficiency, provide buyers a satisfying shopping experience and ensure fast and sustainable growth of TikTok Shop.
“The e-commerce industry has seen tremendous growth in recent years and has become a hotly contested space amongst leading Internet companies, and its future growth cannot be underestimated. With millions of loyal users globally, we believe TikTok is an ideal platform to deliver a brand new and better e-commerce experience to our users.”
Following its massive audience base, which has seen it gain dominance in the social media space, TikTok seeks to leverage on its growing customer base by adding an additional source of revenue with its recent plans to debut into the e-commerce sector.

TikTok would no doubt face strong competition from established competitors, the likes of Amazon and Walmart who are dominating the e-commerce sector. However, the social media company is optimistic about making a significant impact in the industry in the nearest future.
Meanwhile, analyst Michael Pachter an American video game, social media, digital media and electronics analyst at Wedbush Securities, is doubtful that TikTok will make any significant impact in the e-commerce industry, he said, “It’s idiotic. “They have no chance of competing and it is a complete waste of money and time.”

The total cost of eCommerce fraud to merchants will exceed $48 billion globally in 2023, from just over $41 billion in 2022
The total cost of eCommerce fraud to merchants will exceed $48 billion globally in 2023, from just over $41 billion in 2022, a new study by Juniper Research has shown.
The study predicted that this growth will be accelerated by the increasing use of alternative payment methods, such as digital wallets and BNPL (Buy-Now-Pay-Later), which are creating new fraud risks.
The report recommended that fraud prevention vendors focus on building platforms providing AI-powered risk-based scoring, which can be payment method agnostic, to best suit changing market conditions.
Online payment fraud includes losses across the sales of digital goods, physical goods, money transfer transactions and banking, as well as purchases like airline ticketing. Fraudster attacks can include phishing, business email compromises and socially engineered fraud.
The research identified North America as having the largest fraudulent transaction value of any regional market, accounting for over 42% of global fraud by value in 2023, despite representing less than 7% of banked individuals globally. The research cited the vast volume of data breaches and the broad availability of stolen credit card information as the key risk factors in this market.
Research author Nick Maynard explained: “To combat this fraud, eCommerce merchants must implement simple steps such as address verification, combined with risk-based scoring on transactions, which will allow merchants to best mitigate the massive fraud threats present.”
BNPL Fraud – A Major Risk
Additionally, the research found that the potential of fraud with BNPL is a major risk going forward. Given the delayed nature of BNPL payments, fraudsters can make several illegitimate payments using stolen card details before the fraudulent activity is identified, creating significant risk. In turn, the research recommended that BNPL vendors conduct robust identity verification at the point of onboarding to mitigate these risks.

American multinational e-commerce company Amazon has halted the test of its automated delivery robot called “Amazon Scout” after it failed to meet customers’ needs.
American multinational e-commerce company Amazon has halted the test of its automated delivery robot called “Amazon Scout” after it failed to meet customers’ needs.
The company which began the testing of its delivery robot in 2019, disclosed that due to the halt of its delivery robot, Amazon will offer new positions to 400 people who worked on the project.
Following the company’s plan to stop the test of its “Amazon Scout”, a spokesperson at the company said, “During our Scout limited field test, we worked to create a unique delivery experience, but learned through feedback that there were aspects of the program that weren’t meeting customers’ needs,” Alisa Carroll, an Amazon spokesperson, told members of the media.
“As a result, we are ending our field tests and reorienting the program. We are working with employees during this transition, matching them to open roles that best fit their experience and skills.”
However, the spokesperson further disclosed the e-commerce company isn’t totally abandoning the idea of an autonomous robot, rather it will continue to look into the technology, though the vast majority of workers will be reassigned to other programs.
Amazon Scout was officially unveiled in 2019, following the e-commerce giant’s acquisition of robotics firm Dispatch two years prior.
In August 2019, the robots started delivering packages to customers in Irvine California on a test basis, with human monitors. The package is put inside the robot and driven to the customer who opens it and collects the package.
At the time of launch, the company touted the program as a method for continuing deliveries amid COVID shutdowns, though the operation still required the presence of “Scout Ambassadors” humans tasked with making sure nothing went wrong.
Due to the recent global inflation ravaging economies, the scrapping of Amazon Scout is the latest in a series of cost-cutting maneuvers for Amazon, which has experienced slowing sales growth in 2022.

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