France will block development of Facebook libra cryptocurrency

Thursday, 12 September 2019

France warned Thursday it will block development of Facebook’s planned Libra cryptocurrency in Europe because it threatens the “monetary sovereignty” of governments.“I want to be absolutely clear: in these conditions, we cannot authorize the development of Libra on European soil,” Bruno Le Maire said at the opening of an OECD conference on virtual, cryptocurrencies.Facebook unveiled in June its plans for Libra in an announcement greeted with concern by governments ...

Follow the money to fight human trafficking, top Interpol director says

Thursday, 12 September 2019

Countries and companies need to share financial data if they hope to stop human trafficking, connecting governments and companies that often do not work together to fight crime, a top Interpol director said on Wednesday. Encouraging the private sector to share information, governments can help international authorities get access to sensitive data from financial institutions and industries, said Paul Stanfield, who oversees organized and emerging crime units at Interpol. ...

Uber vows to fight California worker's rights law

Thursday, 12 September 2019

California lawmakers confronting the changing definition of work have approved sweeping legislation designed to give many contract workers new pay and benefit protections, but tech giants Uber and Lyft vowed to keep fighting the changes, possibly by bankrolling an expensive fight on the 2020 ballot. The measure, passed Wednesday, that is heading to Democratic Gov. Gavin Newsom outlines a three-part test that makes it harder for companies to classify workers as independent contractors who are not ...

Egypt to start work on $2.4-bln telecom network for new capital city

Wednesday, 11 September 2019

Egypt’s communications ministry will begin work on a 40 billion Egyptian pound ($2.44 billion) telecommunications network in the first phase of a new capital city being built east of Cairo, a cabinet statement said on Wednesday. The communications ministry signed a cooperation agreement with the Administrative Capital for Urban Development (ACUD,) the new capital’s owner and developer, to begin working on the network over a period of six months. The new city ...

Uber fires engineering, product staff for profit

Wednesday, 11 September 2019

Uber on Tuesday said it was laying off about eight percent of its product and engineering teams as the smartphone-summoned ride service tries to map a route to profitability. The San Francisco-based company is cutting about 265 people from its engineering group and another 170 or so jobs from its product team, a spokesman told AFP. While a fast-growing startup, ranks of Uber employees swelled to more than 27,000 employees around the world and the time had come to shift gears and cut ranks for ...

Tearful Ma bids Alibaba farewell with rock star show

Tuesday, 10 September 2019

A tearful Jack Ma formally left Alibaba on Tuesday, donning a guitar and a rock star wig at an event for thousands of employees of the e-commerce giant he founded 20 years ago in a small shared apartment in Hangzhou city in eastern China. During a four hour celebration in an 80,000-capacity stadium, Alibaba’s billionaire executive chairman delivered on his promise of a year ago to hand over to CEO Daniel Zhang. Costumed performers, some dancing to dubstep music and dressed in traditional ...

Apple sets launch of streaming, gaming services

Tuesday, 10 September 2019

Apple set launch dates on Tuesday for its original video offering, Apple TV+, and its game subscription service as the tech giant ramped up efforts to reduce its dependence on the iPhone. The TV+ service will launch November 1 in more than 100 countries at $4.99 per month and will include a “powerful and inspiring lineup of original shows, movies and documentaries.” Apple is featuring scripted dramas, comedies and movies as well as children’s programs in the service, which will ...

Huawei drops lawsuit against US over seized equipment: Court filing

Tuesday, 10 September 2019

China’s Huawei Technologies Co Ltd has dropped a lawsuit against the US government after Washington released telecommunications equipment it had seized on suspicion of violations of export controls, according to a court filing on Monday. Huawei, which has been placed on a US trade blacklist since May, had sued the Commerce Department and other US government agencies for seizing its equipment in Alaska in 2017 en route back to China after a lab test in California. ...

Consumer preference main risk of tech disruption for GCC retail banks: S&P

Monday, 9 September 2019

The main risk for technological disruption in banks based in the Arabian Gulf is customers changing their preferences, according to a report released by S&P Global Ratings on Sunday.S&P Global Ratings Credit Analyst Mohamed Damak said that the conclusion of the report was drawn from an analysis of a banking system’s technology, regulation, industry, and preferences.“Regulatory risk is low because policymakers are conscious of the extreme importance of local banking systems in ...

Egypt’s Fawry eyes UAE deal, to enter Saudi and Kuwaiti markets

Sunday, 8 September 2019

Egyptian digital payments company Fawry plans to expand into the United Arab Emirates by the end of the year and also hopes to enter Saudi Arabia and Kuwait in 2020, its managing director said. Mohamed Okasha told Reuters Fawry planned to complete a deal with one of the largest listed UAE banks to use its technology platform in the Gulf country, without giving details.

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