Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 

MarketScreener Homepage  >  News  >  Economy & Forex

News : Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Facebook Investment in Africa to Expand Internet Capacity Moves Ahead

share with twitter share with LinkedIn share with facebook
05/14/2020 | 10:21am EDT

By Drew FitzGerald

Facebook Inc.'s investment in an enormous underwater internet cable circling Africa will move forward with help from partners in China, Saudi Arabia and Europe, the companies said Thursday.

The 2Africa internet project, called Simba in its planning phase, would link 16 African countries with cable routes to Europe and the Arabian Peninsula.

Other investors include units of China Mobile Ltd., South Africa's MTN Group Ltd., France's Orange SA, Saudi Telecom Co., Telecom Egypt, U.K.-based Vodafone Group PLC and WIOCC, a telecom company controlled by several African carriers.

Most international Web traffic moves through fiber-optic cables draped across the floors of the world's oceans. Technology companies like Facebook, Google-owner Alphabet Inc. and Microsoft Corp. have spent the past decade taking greater ownership stakes in those data pipes, filling a role that previously was the domain of traditional telephone and broadband providers.

The 2Africa system would involve a massive investment even by Silicon Valley standards. The 23,000-mile network is designed to provide more capacity than all of Africa's existing submarine cables combined, more than doubling the continent's potential bandwidth. Organizers aim to finish construction by 2023 or early 2024.

Facebook's investments have moved beyond building private lines to link its own data centers as the company's infrastructure division prioritizes economic development. Facebook, which also owns the photo-sharing app Instagram and messaging service WhatsApp, has said helping connect the more than three billion people who lack internet access will benefit its business in the long run.

The social-media giant has already joined fiber-optic cable projects linking its home country to data hubs in Europe and Asia. It has also invested in projects designed to i mprove wireless coverage in Uganda.

In India, Facebook closed a deal earlier this month to take a $5.7 billion stake in Jio Platforms, a cellphone carrier that upended the country's wireless market with fast, low-cost mobile phone plans. U.S. private-equity firms followed Facebook's lead with their own Jio investments.


Stocks mentioned in the article
ChangeLast1st jan.
ACCESS CO., LTD. -2.17% 813 End-of-day quote.-14.87%
ALPHABET INC. 1.30% 1606.66 Delayed Quote.18.41%
AT HOME GROUP INC. 6.27% 22.04 Delayed Quote.277.09%
BYD COMPANY LIMITED 4.37% 145.6 End-of-day quote.274.77%
CHINA MOBILE LIMITED -2.70% 50.5 End-of-day quote.-22.90%
DOW JONES AFRICA TITANS 50 INDEX -0.02% 485.64 Delayed Quote.-9.41%
FACEBOOK INC -0.22% 278.12 Delayed Quote.35.80%
JUST GROUP PLC 4.36% 46.96 Delayed Quote.-43.04%
LINE CORPORATION 0.00% 5360 End-of-day quote.0.19%
MICROSOFT CORPORATION 0.04% 214.89 Delayed Quote.36.11%
MTN GROUP LIMITED 0.94% 56.07 End-of-day quote.-32.03%
NEXT PLC 0.49% 6216 Delayed Quote.-11.86%
ORANGE -0.43% 9.344 Real-time Quote.-28.48%
S&P AFRICA 40 INDEX -0.26% 160.94 Delayed Quote.-6.37%
SAUDI TELECOM COMPANY 2.71% 106 End-of-day quote.4.13%
TELECOM EGYPT COMPANY S.A.E. -2.43% 12.04 End-of-day quote.19.68%
THE LEAD CO., INC. -2.30% 382 End-of-day quote.-2.05%
THE NEW HOME COMPANY INC. -5.63% 5.03 Delayed Quote.14.38%
VODAFONE GROUP PLC 2.06% 108.76 Delayed Quote.-27.39%
WILL GROUP, INC. -3.56% 839 End-of-day quote.-32.99%
WORLD CO., LTD. 0.95% 1379 End-of-day quote.-48.76%
share with twitter share with LinkedIn share with facebook
Latest news "Economy & Forex"
05:58pUK confident about trade deal with U.S. irrespective of election outcome - Telegraph
05:57pPermanently remote workers seen doubling in 2021 due to pandemic productivity - survey
05:28pWalmart Sues DOJ, DEA Seeking Clarity for Pharmacists in Dispensing Prescription Opioids
05:25pCENOVUS ENERGY : to hold conference call and webcast on third-quarter results
05:18pWalmart Files Pre-Emptive Lawsuit Against Federal Government In Opioid Case - WSJ
05:16pBiden campaign told u.s. miners it supports boosting domestic production of metals used in electric vehicles -sources
05:16pNew Jersey picks muni market over Fed for $4 billion bond sale
05:16pNEWS HIGHLIGHTS : Top Global Markets News of the Day
05:16pNEWS HIGHLIGHTS : Top Company News of the Day
05:16pUtilities Up As Investors Hedge Stimulus Bets -- Utilities Roundup
Latest news "Economy & Forex"