Cisco buys cybersecurity Splunk for $28 billion in cash

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Cisco buys cybersecurity Splunk for $28 billion in cash

Cisco Systems is set to buy cybersecurity firm Splunk in a deal worth $28 billion, the company said Thursday. This will be Cisco’s biggest-ever purchase and its fifth acquisition of 2023.

Cisco CEO Chuck Robbins expressed the rationale behind the company’s latest push into AI and software security space this year.

“Our combined capabilities will drive the next generation of AI-enabled security and observability,” he said. “From threat detection and response to threat prediction and prevention, we will help make organizations of all sizes more secure and resilient.”

The deal will also help Cisco expand its software and services business enabling the company to rely less on its traditional networking hardware. Cisco ended fiscal 2023 with Q4 revenue at $15.2 billion, up 16% year over year. The next step for the company is innovating in key areas like AI, security, and cloud.

Cisco remains the largest maker of computer networking equipment and has recently been strengthening its cybersecurity business to meet customer demands. Splunk’s capabilities in the Artificial Intelligence (AI) space will become an integral part of Cisco’s efforts to provide leading security analytics and coverage.

Splunk first rose to prominence in 2020 when companies worldwide moved towards remote work and invested heavily in cybersecurity technology. However, the company’s stock has been falling since then and even reported a $278 million loss during its last fiscal year, according to Forbes.

Cisco is still betting large on AI-powered growth and also made an effort to buy Splunk last year. The news of a potential deal was reported by the Wall Street Journal before the talks broke down. Cisco waited another year, and the move has finally materialized.

Cisco has agreed to pay $157 per share in cash to acquire Splunk, which is 30% higher than Splunk’s share price today but also 30% lower than Splunk’s all-time high of $223 in September 2020.

The deal represents 13% of Cisco’s market cap on Friday, a massive number compared to the company’s deals in the past. Before acquiring Splunk, Cisco’s biggest-ever purchase was the $6.9 billion acquisition of telecommunications company Scientific Atlanta in 2006. At the time, Cisco’s market cap was close to $100 billion.

The deal won approval from the boards of both companies and is expected to close by the third quarter of 2024. It still needs approval from Splunk shareholders. If Cisco walks away from the deal or if it is blocked by regulators, Cisco will pay Splunk $1.48 billion. If the deal falls through on Splunk’s end, it is bound to pay a $1 billion termination fee to Cisco.

The news of the deal had a contrasting impact on the shares of the two companies. Splunk shares were boosted up to 21%, while Cisco shares were down by 4% on Friday.

Cisco has acquired or plans to acquire 10 companies this year with five focused on security. It has already closed deals with threat detection platform Amorblox; identity management platform Oort; Valtix and Lightspin, both of which work on cloud security.

French supermarket chain Carrefour sticks price warnings on food to shame suppliers

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French supermarket chain Carrefour sticks price warnings on food to shame suppliers

French grocery chain Carrefour has started to add warning labels on products that have changed due to “shrinkflation” — a phenomenon where manufacturers reduce the quantities sold per pack rather than increasing prices. By doing so, manufacturers conceal inflating prices from the consumers.

Since Monday, Carrefour has marked 26 products in its stores with the new labels that read: “This product has seen its volume or weight fall and the effective price from the supplier rise.”

The move will impact firms like PepsiCo, Nestle, Unilever, and comes ahead of negotiations between big brands and retailers due to start soon as CNN reports.

Carrefour chief executive, Alexandre Bompard, has piled up pressure on consumer goods companies in recent weeks, accusing them of not cooperating in efforts to cut down prices despite a fall in the cost of raw materials.

Bompard announced the initiative on French television himself. “This way we have the most reliable information possible for consumers because it is unacceptable to do this to consumers,” he said.

Carrefour has also cited examples of products that have reduced in quantities despite the prices going up. One such is Nestle’s infant milk formula marketed as Guigoz, that has gone from a pack size of 900 grams to 830 grams.

Another one is PepsiCo manufactured pack of Doritos that has shrunk by 10 grams while the price per kilo went up 19%.

Carrefour shrinkflation warnings
Carrefour shrinkflation warnings

BFM Business, top French business news channel, obtained a list of products affected by “shrinkflation”. A total of 122 products from major brands, the majority being crisps, mayonnaise, and a variety of other drinks, will be impacted by this move.

According to Stefen Bompais, director of client communications at Carrefour, the move will force brands to rethink their pricing. “Obviously, the aim in stigmatizing these products is to be able to tell manufacturers to rethink their pricing policy,” Bompais said in an interview.

Like many of its European counterparts, France has been dealing with an onset of inflation since the start of 2022. Food prices in particular have soared to unprecedented levels, with inflation reaching an all-time high of 15.90% in March 2023. Since then, the government has been trying to ease the burden on consumers.

The pushback against “Shrinkflation” is headed by the French finance minister, Bruno Le Maire who has previously called it a “disgrace”. In June, Le Maire invited 75 big retailers to his ministry urging them to cut prices. Those meetings have continued since with Le Maire calling out Unilever, Nestlé, and PepsiCo as the companies that were not doing enough to rein in prices.

Bruno Le Maire French finance minister

Carrefour’s decision comes days after the finance minister announced on French TV that manufacturers will be legally obligated to notify consumers of any reduction in product content while retaining or increasing the price.

Carrefour is one the largest retailers in the world by revenue and has close to 12,000 stores worldwide. However, the shrinkflation warnings will only be observed in the company’s 5,700 stores across France.

The retailer could extend warnings to other foods but has no plans of extending the program to other countries.

While many have applauded the move, some notable critics see this as nothing more than a PR stunt since Carrefour itself has been involved in deceiving shoppers through shrinkflation. The strategy also risks damaging relationships between retailers and food firms.

The initiative hits only about 122 products out of 20,000 food references in a supermarket. This is why it is being seen as more of a pressure tactic ahead of the annual negotiations between consumer goods companies and retailers.

The annual negotiations that usually take place at the start of the year have been brought forward to September and will continue till 15 October. Le Maire hopes that the talks will result in price cuts from January.

Birmingham, UK’s second-largest city declares bankruptcy

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Birmingham, UK’s second-largest city declares bankruptcy

Birmingham city council which serves more than 1 million people has declared itself “effectively bankrupt” amid “unprecedented financial challenges”.

The council announced on Tuesday that it has now issued a section 114 notice after failing to meet its financial liabilities.

The Labour-run council may have to cut back on all non-essential services and may even have to raise taxes to balance the books. Services that could face budget cuts include street cleaning, parks and maintenance, libraries, and even the frequency of bin collections.

The crisis has been a decade in the making with the local government body struggling to settle equal pay claims amounting to £760 million. These claims were initiated after a landmark Supreme Court Judgement in 2012.

The court ruled in favor of female employees who said they were not paid the same bonuses that were awarded to men on the same pay grade.

Earlier this year, the council revealed it had already paid over a billion pounds in equal pay claims over the last 10 years. The council also announced potential liabilities of up to £760 million which were rising at a rate of £5m to £14m per month.

Even though the city is struggling, it must still find a way to fund the remaining claims.

“The legal bill is one of the biggest challenges this council has ever faced. It means there will be significantly fewer resources available in the future compared to previous years and we will need to reprioritize where we spend taxpayers’ money,” the council said in June.

The Council has also blamed successive budget cuts of over £1 billion over the last decade for this debacle.

A new cloud-based IT system has further compounded the city’s financial issues. It was supposed to cost £19m but costs have escalated up to £100m due to three years of delays and installation problems.

Officials have also pointed to other financial strains ranging from huge increases in adult social care demand and dramatic reductions in business rates income. Add to that the impact of rampant inflation, and it becomes a difficult financial situation.

As a result of this “perfect storm“, Birmingham is facing a budget shortfall of £87m for 2023-24 which is expected to increase to £165m in 2024-25.

It should be noted that Birmingham isn’t the only local council facing this predicament. Councils across England and Wales are struggling to meet the growing demand for basic services.

Birmingham is the fourth city council to issue a section 114 notice in recent times. Woking, Croydon, and Thurrock have made similar announcements over the last 12 months.

With the situation deteriorating across the country, Prime Minister Rishi Sunak’s office has issued some reassuring statements.

“The government for its part has stepped in to provide support, an additional £5.1bn to councils in 23-24, which is more than a 9% increase for Birmingham city council”, the official spokesperson of the prime minister said.

The prime minister’s office has also stressed the responsibility of elected councils to manage their funds responsibly.

“Clearly it’s for locally elected councils to manage their own budgets. The government has been engaging regularly with them to that end and has expressed concern about their governance arrangements and has requested assurances from the leader of the council about the best use of taxpayers’ money.”

Birmingham is one of England’s major cities and a popular sporting venue. The city hosted the Commonwealth Games in 2022 and is scheduled to hold the 2026 European Athletics Championships. However, the economic strain has put a question mark over the city’s ability to hold the event.

Defective airbags: US transport agency urges recall of 67 million airbag parts

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Defective airbags: US transport agency urges recall of 67 million airbag parts

The US government’s transportation safety agency has demanded the recall of 67 million airbag inflators after finding they could rupture and injure motorists, Reuters reports.

The National Highway Traffic Safety Administration (NHTSA) said the inflators pose an unreasonable risk of death or injury.

In its letter to auto supplier and airbag inflator designer ARC Automotive, The Agency listed nine incidents where someone in a car had been injured after an airbag inflator ruptured. The letter states that seven of those incidents took place in the United States, and one of those led to a death.

The ARC airbag inflators in question were produced are found in General Motors (GM), Chrysler-parent Stellantis, BMW, Hyundai Motors, Kia, and other vehicles.

On Friday, GM agreed to recall nearly one million vehicles with ARC airbag inflators after a rupture resulting in the driver getting facial injuries earlier in March 2023.

ARC rejected NHTSA’s tentative conclusion that a defect exists saying it is based upon seven field ruptures in the United States. NHTSA “then asks ARC to prove a negative – that the 67 million inflators in this population are not defective” that were produced over 18 years.

The company said it will continue to work with NHTSA and automakers to evaluate ruptures.

Money printer De La Rue warns on profit amid falling cash demand

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Money printer De La Rue warns on profit amid falling cash demand

British banknote maker De La Rue has warned that its profits will miss full-year forecasts as demand for cash is falling, reaching its weakest level in 20-years, sending shares to record lows on Wednesday.

The struggling company said the downturn in demand for physical currency was also causing ‘significant uncertainty‘ in its outlook and it expects order levels to remain low for the rest of the financial year 2023.

The company is in talks with lenders to seek an amendment to its banking terms due to the worsening outlook and has requested its pension trustee to defer its next deficit contribution of £18.75million ($23.40million).

“The challenge at the moment is that there simply isn’t quite the demand there to be where we want to be, which is disappointing,” CEO Clive Vacher told Reuters.

Covid pandemic impact

Governments and central banks all over the world had stock-piled huge amounts of cash during the pandemic and are delaying new orders as they deplete their stock, De La Rue said.

The drop in demand for notes may also serve as an early sign of a potential global economic downturn as banks need to hold less cash if they cut lending and customers spend less.

Modern notes last longer too. The Bank of England estimates polymer notes circulating in Britain, made by De La Rue, last two-and-a-half times longer their paper equivalents.

Vacher, who launched a turnaround plan for De La Rue in 2020 including an increasing focus on polymer notes, said he expected “progressive recovery” in the next six to 12 months based on current “very high” volume of bids, which would take time to show up as revenue if bids are won.

The over 200-year-old company, which works with governments, central banks, and commercial organisations in more than 140 countries, signalled in November 2022 significant doubts about its ability to continue as a going concern.

De La Rue shares, which have lost more than half of their value so far this year, fell more than 20% to 39 pence on Wednesday to a record low.

The company said it expected adjusted operating profit for the year ended on March 25 to undershoot market expectations by a mid-single digit percentage.

In November, it had warned fiscal 2023 profit would be between 30 million pounds ($37.26 million) and 33 million pounds.

It forecast on Wednesday adjusted operating profit to be in the low 20-million-pound range for its fiscal 2024.

On the positive side, revenue at its authentication business, which designs and makes secure documents as well as security features such as holograms to authenticate goods, is expected to exceed 100 million pounds for the first time in 2024, partly thanks to its Australian passport contract.

McDonald’s leaves Russia for good, cites risky operating environment

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McDonald’s leaves Russia for good, cites risky operating environment

After more than 30 years of operation in the country McDonald’s, the first US fast-food restaurant to open in the Soviet Union, is about to exit Russia by selling all its business.

In a statement, the company said that the humanitarian crisis caused by the Ukraine conflict has resulted in an unpredictable operating environment, making it difficult to hold on its business in Russia “is no longer tenable, nor is it consistent with McDonald’s values.”

In early March, the fast-food giant announced it was temporally shutting down its restaurants in the country, suspending operations while promising to continue paying its employees.

McDonald’s intends to flog its entire portfolio of restaurants off to a local buyer. A process otherwise known “de-Arching” which entails no longer using the McDonald’s name, logo, branding, and menu. However, the company will still retain its trademarks in Russia if it decides to come back in future.

McDonald’s opened the doors of its first restaurant in Russia 30 years ago, on Jan. 31, 1990. With 900 seats, it was the largest McDonald’s in the world at the time.

 

CEO Chris Kempczinski, said, “We have a long history of establishing deep, local roots wherever the Arches shine. We’re exceptionally proud of the 62,000 employees who work in our restaurants, along with the hundreds of Russian suppliers who support our business, and our local franchisees. Their dedication and loyalty to McDonald’s make today’s announcement extremely difficult.  

“However, we have a commitment to our global community and must remain steadfast in our values. And our commitment to our values means that we can no longer keep the Arches shining there.” Kempczinski added.

Later in an emotional update, Chris expressed his regrets on the Ukraine situation and the humanitarian crisis. He was hoping for peace to return soon to the region which didn’t materialize.  He concluded his message by

Thus, let us not end by saying, “goodbye.” Instead, let us say as they do in Russian: До новой встречи. “Until we meet again.”

CEO Chris Kempczinski,

On the other hand, a source at McDonald’s told Russian news agency, restaurants will open in Russia under a new brand in mid-June, while jobs, most suppliers, and the menu will be retained.

“More than 90% of suppliers are Russian, cooperation with them will continue. In fact, only the name will go away,” the source said.

After McDonald’s announcement, the Russian authorities revealed the possibility of replacing the company’s market share with Russian chains. Moscow Mayor Sergei Sobyanin believes that Russian companies can replace up to 250 restaurants in a year.

McDonald’s said it expects to record a charge against earnings of between $1.2 billion and $1.4 billion over leaving Russia.

Its restaurants in Ukraine are closed, but the company said it is continuing to pay full salaries for its employees there.

McDonald’s has more than 39,000 locations across more than 100 countries. Most are owned by franchisees — only about 5% are owned and operated by the company.

McDonald’s said exiting Russia will not change its forecast of adding a net 1,300 restaurants this year, which will contribute about 1.5% to companywide sales growth.

Last month, McDonald’s reported that it earned $1.1 billion in the first quarter, down from more than $1.5 billion a year earlier. Revenue was nearly $5.7 billion.

After Russia launched its special military operation in Ukraine, a number of Western companies suspended their activities in Russia.

Yum! Brands, which owns the KFC and Pizza Hut brands, announced the suspension of investment and development in Russia. Burger King noted in early March that they intend to continue their work, with the opening of new restaurants in the country already planned.

Toshiba initiates talks with 10 potential buyout investors

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Toshiba initiates talks with 10 potential buyout investors

Toshiba, Japanese industrial conglomerate, is holding discussions with potential investors after receiving interests from 10 strategic partners and sponsors.

In late April, Toshiba’s shareholders rejected its own restructuring plan to break up the company into two separate entities. And since then, it’s been looking for potential partners and sponsors to improve Toshiba’s corporate value.

The conglomerate said it provided detailed information on the company’s business and finances after the potential partners had signed confidentiality agreements. Financial dealings between the investors and Toshiba are handled by Nomura Securities who acts as its financial advisor.

Non-binding proposals to the partnership must be submitted by 30 May. After which, Toshiba will announce the total number of interested parties before its next annual general meeting at the end of June.

US private equities interests

The Financial Times reports that US private equity group KKR had approached Blackstone to prepare a joint bid for Toshiba. According to people with direct knowledge of the discussions, the two groups held preliminary talks in recent weeks.

The interest from KKR and Blackstone comes after Bain in April secured qualified support for a buyout deal from Toshiba’s largest shareholder, Singaporean investment fund Effissimo.

The buyout is expected to be led by KKR, although the talks are still in early stages and no formal decision has been reached.

Toshiba’s positive outlook

Toshiba has currently a market value of about $18 billion. On the Tokyo Stock Exchange (TSE) Friday closing time, its shares were 1.10% higher at ¥5,426 ($42). The stock is 20% up since last year.

For the current financial year, Toshiba expects a 7% rise in operating profit to ¥170 billion ($1.3 billion) despite the severe business environment such as the ongoing crisis of Covid and the Ukraine/Russia conflict.

Nonetheless Toshiba forecasts a strong 2022/23 financial year with projected sales of ¥3,337 billion ($26 billion), and therefore it announced a special dividend of ¥160 yen ($1.2) per share.

Spirit Airlines board rejects JetBlue takeover bid on antitrust risks

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Spirit Airlines board rejects JetBlue takeover bid on antitrust risks

Spirit Airlines rejected a $3.6 billion takeover bid from rival JetBlue Airways and said it would merge with budget carrier Frontier Airlines instead.

Dubbed as a “bold move” by the airline industry, JetBlue surprised everyone when it unveiled its proposal to acquire Spirit on April 5.

JetBlue and Frontier have been in a battle for Spirit, arguing that a merger with the airline would allow them to better compete with the “Big 4” carriers (American Airlines, Delta Air Lines, Southwest Airlines and United Airlines) controlling nearly 80% of the US passenger market.

The combination of Spirit and JetBlue would create the fifth largest US carrier and supplant the proposed $2.9 billion merger with Frontier Airlines.

However, Frontier criticized JetBlue’s offer, highlighting a lawsuit from the Justice Department over an existing alliance between JetBlue and American Airlines that lets the companies sell each other’s seats on certain regional flights. And the likelihood of winning approval from government regulators are considered low.

JetBlue on Friday had “enhanced” its offer for Spirit and promised a $200 million reverse break-up fee if the deal doesn’t go through for antitrust reasons. JetBlue disclosed the new offer on Monday.

JetBlue’s Northeast alliance antitrust issue

In a letter to JetBlue CEO Robin Hayes and despite the improved offer, Spirit said: “We believe a combination of JetBlue and Spirit has a low probability of receiving antitrust clearance so long as JetBlue’s Northeast Alliance (NEA) with American Airlines remains in existence,”.

In September 2021, the Justice Department sued the JetBlue and American Airlines’ “Northeast Alliance” partnership. The civil antitrust complaint alleged that the alliance would eliminate competition in New York and Boston and thus could lead to higher fares in the busy North-eastern US airports, as well as impacting air travelers nationwide.

US Attorney General Merrick B. Garland said: “in an industry where just four airlines control more than 80% of domestic air travel, American Airlines’ ‘alliance’ with JetBlue is, in fact, an unprecedented maneuver to further consolidate the industry,”

Sprit asked JetBlue to abandon its partnership with American Airlines at closing, but JetBlue was “unwilling” to terminate it or consider other options to reduce the benefits it expected to reap from the alliance.

H. McIntyre Gardner, Chairman of the Board, said that given the substantial completion risk Spirit wouldn’t therefore consider JetBlue bid offering significant values.

In contrast, Spirit believes that merging with Frontier will enable the combined business to achieve scale, improve operational reliability, and do an even better job of delivering ultra-low fares to more consumers and competing more effectively against the Big 4 carriers.

Deutsche Bank HQ searched over suspicious money laundering investigation

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Deutsche Bank HQ searched over suspicious money laundering investigation

Officers from the financial regulator BaFin, the federal police, and the Frankfurt public prosecutor’s office launched a raid on the bank’s headquarters on Friday morning after it secured a search warrant from the local court.

The bank promptly released a statement to reassure the market by saying that it’s fully cooperating with the authorities since it had itself filed the suspicious activity reports (SARs) with the Frankfurt public prosecutor’s office.

Banks and other financial institutions file SARs with law enforcement authorities when they suspect a client may be using their services for potential criminal activity. However, this doesn’t mean that the client is guilty of any wrongdoing or require the bank to stop doing business with them.

It is understood that the issue is based on the suspicion that unnamed Deutsche Bank employees may have violated anti-money laundering laws.

One person familiar with the police investigation told the Financial Times that the raid was over a payment made by Rifaat al-Assad, uncle of the Syrian President Bashar al-Assad. Last October 2021, French court sentenced him to 4 years in prison for misappropriating public funds in Syria, laundering the spoils and building a vast property portfolio in France with ill-gotten gains.

Rifaat Al-Assad at the The International Symposium on Cultural Diplomacy in Berlin, May 2018

Rifaat al-Assad was not a client of Deutsche Bank, but about five years ago had cleared at least one payment on behalf of a lender where Assad had an account.

Deutsche bank offers correspondent banking services to other lenders. In such transactions, it acts as middleman, clearing cross-border money flows between banks.

Problems with money laundering have landed Deutsche bank in hot water in the past.

However, under CEO Christian Sewing, the bank has been trying to repair its reputation after a few scandals, costly regulatory failings as well as affiliations with controversial clients including the former US President Donald Trump.

Deutsche has said it has beefed up resources to combat money laundering.

Businesses face tougher new biometric privacy laws

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Businesses face tougher new biometric privacy laws

Biometric privacy and tougher biometric privacy laws are a serious risk to American businesses. Unfortunately, biometric privacy risks are obscure and poorly understood.

Biometrics refers to the use of a person’s biological or physical characteristics as a means of identification. For example, a fingerprint scanner identifies a person via fingerprints.

Currently, fingerprints are the most common form of biometric identification, but systems relying on other biological indicators are being introduced. For instance, Sthaler’s Fingopay identifies people by scanning the veins in a person’s fingers.

Biometric privacy risks

Biometric privacy laws and the litigation they can generate are the biggest risks associated with the technology.

Alphabet Inc., Google’s parent company, faced a class-action suit based on the American state of Illinois’s Illinois’ Biometric Privacy Information Act (BIPA), Illinois Policy reports. The suit alleged Google violated the BIPA by creating templates from the faces of photographs of its products’ users.

The suit claimed the plaintiff’s faces were private property that Alphabet used without the owners’ permission. Although, Google won the dismissal, similar lawsuits against Facebook and Snapchat are still pending.

Biometric privacy laws risks

The BIPA, passed in 2008, makes the collection of biometric information without owners’ permission a crime. Specifically, companies can face a $1,000 to $5,000 fine and lawsuits for violating the act.

Moreover, the BIPA requires companies to “securely” store biometric data and destroy old or unused biometric data. For instance, a company will have to destroy an employee’s biometric data if the person quits.

Tellingly, lawyers have sued several companies including Shutterfly, Alphabet, and amusement park operator Six Flags for violating the Illinois BIPA. However, there have been no clear court rulings the BIPA’s legality or constitutionality.

Just three US states, Illinois, Texas, and Washington have biometric privacy laws.

Legislators have proposed biometric privacy laws in several other states. For instance, state bill SD.341 in Massachusetts will regulate the collection and storage of biometric information if it becomes law. SD.341’s text classifies iris, retina, fingerprint, face, hand, palm, vein patterns, and voice recordings, as biometric information.

Hence, anybody could sue a Massachusetts business for improper use of biometric data – if SD.341 becomes law. An employee could sue a business if criminals steal or misuse her biometric data from it, for instance.

Thus, courts can hold a business liable for losses resulting from the misuse of biometric data. An example of such a loss is a thief using a copy of somebody’s fingerprint to gain access to a building or a bank account.

Interestingly, biometric data itself could have commercial value. Health insurers and drug companies could use biometric data in research. Plus, faces could have commercial value in artwork or movies. An actor like Samuel L. Jackson could demand an appearance fee if a company tries to use a biometric scan of his face in advertising.

Insurers must address biometric privacy

Insurers will need to address biometric privacy with new kinds of coverage.

The most obvious example of such products is a liability insurance policy for companies that collect or store biometric information. Insurers can sell such a policy directly to biometric users or issue policies to biometric device manufacturers.

The market for biometric data policies will grow as the use of biometric data grows. Specifically, MasterCard is developing a credit or debit card that contains a biometric fingerprint scanner.

Therefore, the risk of criminals using biometrics to gain access to accounts will grow. Obviously, the need for insurance to protect organizations from biometrics risks will grow with the technology.

The biometric privacy laws in the United are one of many risks biometrics creates for business. Such laws and lawsuits will create many opportunities for insurers to create new policies related to biometrics technology.

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