Cybersecurity

Spending bitcoin is harder than stealing it

9 Feb 2022

Cryptocurrency crime is soaring. But the seizure by U.S. authorities of bitcoin worth $3.6 bln, six years after the theft, shows it’s difficult to turn stolen tokens into cash. Anonymous transactions leave a clear trail. Even if the boom fades, the pursuit of thieves will go on.

Capital Calls: Playtech breakup

3 Feb 2022

Concise views on global finance: After investors rejected a 3.2 bln euro buyout offer from rival Aristocrat, a breakup of the gambling software maker looks the best way to maximise value.

Capital Calls: Darktrace’s stock wobble

1 Nov 2021

Concise views on global finance: The UK cybersecurity group’s share plunge reflects both short- and longer-term problems.

French cloud IPO is a bet on EU tech sovereignty

5 Oct 2021

OVHcloud is listing in Paris for up to 3.7 bln euros. Slow growth and the tight grip of founder Octave Klaba justify the IT group’s low valuation. But sales could surge if European businesses and governments push to keep data at home rather than with Amazon, Google or Microsoft.

Capital Calls: Microsoft’s buyback, Railway M&A

15 Sep 2021

Concise views on global finance: the software giant’s $60 bln stock repurchase plan is smaller than it sounds; meanwhile, a tangled takeover battle for train operator Kansas City Southern takes a messy new track.

Norton’s UK cyber raid yields risky bounty

11 Aug 2021

U.S. internet security firm NortonLifeLock has snapped up London-listed Avast for up to 6.2 billion pounds. The premium looks measly and cost savings meaty. But what appears to be a treasure trove for Norton CEO Vincent Pilette comes with long-term competitive threats.

IPO U-turn is probably Didi’s most sensible route

29 Jul 2021

The beleaguered $40 bln Chinese ride-hailing group denied a report that it plans to go private a month after its U.S. debut. Changing course would be embarrassing and quite costly. But it may be the best way to get back in Beijing’s good graces amid a continuing crackdown.

Capital Calls: Chinese hacking, Tencent

19 Jul 2021

Concise views on global finance: When the only response to China hacks is harsh words, companies will pay the price; the $680 billion technology giant places a heavyweight bet on UK gaming group Sumo.

Capital Calls: Intel, SPAC lobby

16 Jul 2021

Concise views on global finance: Buying GlobalFoundries would boost Intel’s ambitions to make chips for other firms, but spinning it off afterward might please investors more; a new D.C. group sets up shop to defend the blank-check craze.

Norton UK cyber deal has many vulnerabilities

15 Jul 2021

The U.S. antivirus software group is in talks about a cash and stock offer for $7.2 bln London-listed rival Avast. But probable returns look low, and British investors may not want a large slug of American equity. If a private equity buyer gets involved, it will be even harder.

UK credibility on China inward M&A gets wafer-thin

8 Jul 2021

Britain’s government initially declined to review Chinese-owned Nexperia’s $87 mln deal to buy the country’s largest semiconductor plant. It has now U-turned, which makes sense given the world chip shortage. But the mixed messages hardly inspire confidence in the process.

Wall Street enlists Main Street for IPO advantage

29 Jun 2021

Clear Secure’s underwriters are allocating 1% of its offering to trading platform Robinhood. That tips bankers off if the airport security firm creates retail buzz. If so, it should enable them to leave less value on the table while also giving Robinhood traders a chance to play.

Dan Loeb cybersecurity IPO has winds at its back

22 Jun 2021

SentinelOne is targeting a $7 bln valuation, 100 times its worth when Third Point first invested. The fund is buying more. Connected devices and cyberattacks are both proliferating. The company is also gaining market share. If that continues long enough, the bet will pay off.

Capital Calls: HSBC, MRNA scramble, Cable project

18 Jun 2021

Concise views on global finance: The UK bank’s France sale disappoints; Danaher snaps up Moderna supplier for $9.6 bln; geopolitics sinks internet cable.

Capital Calls: GEO meme, United Parcel Service

9 Jun 2021

Concise views on global finance: The meme stock good-vs.-evil fairy tale is wearing thin with the private prison operator; the logistics company is focusing on high-margin deliveries rather than volume, and investors aren't loving it.

Bitcoin passes the ransom test

14 May 2021

Sure, the crypto-asset isn’t widely accepted. But its appearance as a ransom in Colonial Pipeline's hack shows it shares useful features with the U.S. dollar – such as being easy to exchange. That unconventional sign of success means regulators are going to get even twitchier.

U.S. pipeline hack is loudest warning yet

10 May 2021

The ransomware attack on Colonial Pipeline, a big U.S. fuel distribution network, is the latest reminder of cyber vulnerabilities. Companies, governments and lawmakers aren’t keeping up with the bad guys. It will take more money, a sharper focus, and coordination.

Capital Calls: Apple, UK SPACs

30 Apr 2021

Concise views on global finance: Apple’s European antitrust problem may start a global trend; UK regulators scramble to join SPAC party.

Capital Calls: Jerome Powell, Shopify

28 Apr 2021

Concise views on global finance: The clock is ticking on the Fed boss’s taper timeline; the e-commerce firm grew even as it warns of a post-pandemic lull.

Darktrace’s cut-price IPO still looks risky

26 Apr 2021

The cyber firm’s $2.6 bln float values it at around 10 times 2020 revenue, well below listed CrowdStrike and Zscaler. But the loss-making business is vulnerable to rivals. Close links with investor Mike Lynch, who’s facing U.S. fraud charges, could also leave investors exposed.