In today’s top Europe, Middle East and Africa news, as tension builds between Russia and the Ukraine, the European Central Bank has warned banks of a possible Soviet cyberattack; Facebook says it’s not leaving Europe over European Union-U.S. data transfers.
Plus, to make the European Union more competitive in the global tech race, Brussels is providing money for the chips that power electronic devices; Europe’s three watchdogs have called for proposals to ensure the region’s rules are fit for the digital age, and payments provider DNA Payments has acquired Card Cutters, as part of its strategy to grow in the U.K.
Regulators Warn Banks to Prepare for a Russian Cyberattack
As tension on the ground between Russia and the Ukraine intensifies, the European Central Bank (ECB) has warned financial institutions (FIs) of a possible Soviet cyberattack, sources told Reuters Wednesday (Feb. 9)
While 100,000 Russian troops are stationed at the border of the second-largest country by area in Europe after Russia, Europe’s business and political leaders have said they fear an invasion would have a dire impact on the region.
Meta Pledges to Remain in Europe
Meta says it’s “absolutely not” leaving Europe over European Union-U.S. data transfers, refuting reports in the press, according to a company blog post published Tuesday (Feb. 8).
Meta, formerly known as Facebook, said it doesn’t want to withdraw from Europe. But it said that the company does rely on data transfers between the EU and the U.S. in order to operate global services, a trait which it shares with around 70 other companies in various industries.
Maersk to Acquire Pilot Freight for $1.6B
AP Moller-Maersk AS says it intends to pay $1.6 billion to acquire Pilot Freight, a first, middle and last mile solutions provider specializing in the big and bulky freight segment.
The company said the deal will complement earlier acquisitions made to provide integrated logistics solutions in North America, especially in the areas of performance team B2B warehousing and distribution and visible SCM eCommerce warehousing and parcel distribution.
Dutch FinTech Adyen Posts Rousing Results for H2 2021
Dutch payment processing firm Adyen closed the books on 2021 with strong numbers for the second half of last year that added up to a solid start to 2022, according to the company.
With a 51% jump in core earnings and a net revenue of 556.5 million euros ($636 million), the second half of last year was up 47% year on year.
European Chips Act Brings $12.6B to Companies Producing in EU
To make the European Union more competitive in the global technology race, Brussels is providing money for the chips that power electronic devices as supply chain problems have made them scarce, the European Commission announced.
Under the European Chips Act, the government will provide 11 billion euros (about $12.6 billion) for research, design and manufacturing of semiconductors, the release stated. The measure sets a goal of marshalling 43 billion euros (about $49.2 billion) in public and private investment.
Scandit Continues Global Expansion for Personalized Retail Experiences
Scandit, which develops augmented reality (AR) and mobile computer vision technologies, is tapping into the cameras on smart devices to interact with retail items and bring more personalized experiences to shoppers.
The company has wrapped up an oversubscribed Series D funding round of $150 million, bringing its valuation to more than $1 billion, the announcement stated.
Regulators Must Catch up With Digital Finance, EU Watchdogs Warn
Europe’s three regulators have called for actions to ensure the European Union’s (EU) rules and supervisory framework is fit for the digital age.
The EU’s banking watchdogs said regulators are playing catch-up with digital finance as Big Tech and social media platforms enter the space.
Mobile FinTech Products Offer Path to Financial Inclusion in Nigeria
Finding financial solutions that work for every business can be a challenge even with all the infrastructure it takes to make the process quick and convenient for everyone.
Doing it in rural Nigeria, where the financial and physical infrastructure can be underdeveloped, to say the least? Even more so. Couple it with annual interest rates that typically hover around 24% to 30%, and you have a recipe for keeping millions of smallholders and entrepreneurs excluded from the banking system, held back from expanding because they can’t find financing at any cost.
DNA Payments Acquires UK Card Specialist Card Cutters
Payments provider DNA Payments has acquired Card Cutters, a card acceptance specialist, as part of its strategy to grow in the U.K., the company said.
London-based DNA says the acquisition will also include Card Cutters’ Global Card Solutions, which gives merchants a range of card machine technology and merchant support, as well as Card Cutters’ subsidiary in Ireland.
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