Google Internet Cable Lands in Africa, Promising Fast Connection

The Google app logo is seen on a smartphone in this picture illustration taken September 15, 2017. (Reuters)
The Google app logo is seen on a smartphone in this picture illustration taken September 15, 2017. (Reuters)
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Google Internet Cable Lands in Africa, Promising Fast Connection

The Google app logo is seen on a smartphone in this picture illustration taken September 15, 2017. (Reuters)
The Google app logo is seen on a smartphone in this picture illustration taken September 15, 2017. (Reuters)

A subsea cable owned by Google that promises to double internet speeds for millions in Africa arrived in Togo on Friday, the company said, the latest step in a multi-year project to provide cheaper access to users across the continent.

The Equiano cable, the first of its kind to reach Africa, has wound its way from Portugal and will double internet speed for Togo's 8 million residents, Google said in a statement.

That may be a taste of things to come for other countries set to benefit in a region where internet use is rising fast but where networks are often cripplingly slow and are a drag on economic development.

The new line will also make land in Nigeria, Namibia and South Africa, with possible branches offering connections to nearby countries. It is expected to start operating by the end of the year.

Sub-Saharan Africa is the world's least-connected region, with around a quarter of the population still lacking mobile broadband coverage compared to 7% globally, according to a 2020 report by GSMA Intelligence.

Most countries in West Africa are at the bottom of a World Bank global ranking on internet penetration.

Togo will be the first to benefit. The cable is expected to reduce internet prices by 14% by 2025, according to an Africa Practice and Genesis Analytics assessment commissioned by Google.

Google said the cable will indirectly create 37,000 jobs in Togo by 2025 and boost GDP by $193 million.



US Supreme Court Tosses Case Involving Securities Fraud Suit against Facebook

A 3D-printed Facebook logo is seen in front of a displayed stock graph. (Reuters)
A 3D-printed Facebook logo is seen in front of a displayed stock graph. (Reuters)
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US Supreme Court Tosses Case Involving Securities Fraud Suit against Facebook

A 3D-printed Facebook logo is seen in front of a displayed stock graph. (Reuters)
A 3D-printed Facebook logo is seen in front of a displayed stock graph. (Reuters)

The US Supreme Court sidestepped on Friday a decision on whether to allow shareholders to proceed with a securities fraud lawsuit accusing Meta's Facebook of misleading investors about the misuse of the social media platform's user data.
The justices, who heard arguments in the case on Nov. 6, dismissed Facebook's appeal of a lower court's ruling that had allowed a 2018 class action led by Amalgamated Bank to proceed. The Supreme Court opted not resolve the underlying legal dispute, determining that the case should not have been taken up. Its action leaves the lower court's decision in place, Reuters reported. 
The court's dismissal came in a one-line order that provided no explanation. The Facebook dispute was one of two cases to come before the Supreme Court this month involving the right of private litigants to hold companies to account for alleged securities fraud. The other one, involving the artificial intelligence chipmaker Nvidia, was argued on Nov. 13. The Supreme Court has not ruled yet in the Nvidia case.
The plaintiffs in the Facebook case claimed the company unlawfully withheld information from investors about a 2015 data breach involving British political consulting firm Cambridge Analytica that affected more than 30 million Facebook users. They accused Facebook of misleading investors in violation of the Securities Exchange Act, a 1934 federal law that requires publicly traded companies to disclose their business risks. Facebook's stock fell following 2018 media reports that Cambridge Analytica had used improperly harvested Facebook user data in connection with Donald Trump's successful US presidential campaign in 2016. The investors have sought unspecified monetary damages in part to recoup the lost value of the Facebook stock they held.
At issue was whether Facebook broke the law when it failed to detail the prior data breach in subsequent business-risk disclosures, and instead portrayed the risk of such incidents as purely hypothetical.
Facebook argued that it was not required to reveal that its warned-of risk had already materialized because "a reasonable investor" would understand risk disclosures to be forward-looking statements. President Joe Biden's administration supported the shareholders in the case.
US District Judge Edward Davila dismissed the lawsuit but the San Francisco-based 9th US Circuit Court of Appeals revived it.
The Cambridge Analytica data breach prompted US government investigations into Facebook's privacy practices, various lawsuits and a US congressional hearing. The US Securities and Exchange Commission in 2019 brought an enforcement action against Facebook over the matter, which the company settled for $100 million. Facebook paid a separate $5 billion penalty to the US Federal Trade Commission over the issue.
The Supreme Court in prior rulings has limited the authority of the Securities and Exchange Commission, the federal agency that polices securities fraud.