Netskope taps Morgan Stanley for U.S. IPO, Reuters reports
Cybersecurity firm Netskope has hired Morgan Stanley (MS) to lead preparations for a U.S. initial public offering, according to a Reuters report by Echo Wang and Milana Vinn. Netskope is aiming to go public as early as the third quarter of this year, potentially raising over $500M with a valuation that could exceed $5B, sources indicated, though these plans are subject to market conditions. Founded in 2012, Netskope provides cloud-based security software, competes with firms like Rubrik (RBRK) and Zscaler (ZS), and was valued at $7.5B in 2021. CEO Sanjay Beri previously told Reuters in June 2024 that an IPO would help grow brand awareness for the company.
Confident Investing Starts Here:
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
26 minutes ago
- Yahoo
Analysis-Global economy's 'sugar rush' defies trade drama
By Francesco Canepa FRANKFURT (Reuters) -For all the drama surrounding U.S. President Donald Trump's trade tariffs, the world economy is holding up better than many had expected. The latest data from the United States, China and, to a lesser extent, Europe are showing resilience and the global economy as a whole is still expected to grow modestly this year. This is in part due to U.S. buyers and foreign sellers bringing forward business while many of the import duties unveiled by U.S. President Donald Trump remain suspended. While that effect may prove short-lived, Trump's decision to pause tariffs and some glimpses of progress in trade talks, particularly between the United States and the European Union, have fuelled cautious optimism. "We are seeing a bit of a sugar rush in industry, with manufacturers bringing forward production and trade," said Holger Schmieding, an economist at investment bank Berenberg. "The other thing is that we have evidence that Trump pedalled back on tariffs. The bet in markets and to some extent in the economy is that he barks but doesn't bite." Investment banks and institutions generally expect the United States to avoid a recession this year and the global economy to keep growing. The International Monetary Fund downgraded its global GDP growth forecast by just 0.5 percentage points last month to 2.8%. This is roughly in line with the trend over the past decade and a far cry from the downturns experienced during the COVID-19 pandemic, the 2008 financial crisis or even the turmoil that followed the 9/11 terror attacks in 2001. No one is venturing a prediction on where the trade negotiations will eventually settle, particularly with a U.S. president who sees himself as unstoppable. This week alone, separate U.S. courts first blocked and then reinstated Trump's tariffs - creating a degree of legal uncertainty that will do little to facilitate trade deals between the United States and those threatened with the levies. While the EU celebrated "new impetus" in its trade talks with the United States, negotiations with China were "a bit stalled" according to U.S. Treasury Secretary Scott Bessent. Companies are counting the cost of the ongoing impasse. A Reuters analysis of corporate disclosures shows Trump's trade war had cost companies more than $34 billion in lost sales and higher costs, a toll that is expected to rise as ongoing uncertainty over tariffs paralyses decision making at some of the world's largest companies. Car-makers from Japan's Toyota to Germany's Porsche and Mercedes-Benz are bracing for lower, or lower-than-previously expected profits if they have not given up making predictions altogether, like Volvo Cars and Dutch-based Stellantis. This is likely to result in a hit especially for Japan. The United States is Japan's biggest export destination, accounting for 21 trillion yen ($146.16 billion) worth of goods, with automobiles representing roughly 28% of the total. "While the worst shocks may be over, there's still a lot up in the air," Xingchen Yu, a strategist at UBS's Chief Investment Office, said. "We don't really know what a new normal for tariffs would look like, unfortunately." PAYBACK But so far the global economy has held up pretty well. China's output and exports are resilient as its companies re-route trade to the United States via third countries. Even in Europe, manufacturing activity was at a 33-month high in May, rebounding from a slump induced by more expensive fuel following Russia's invasion of Ukraine. Confidence was also buttressed by the prospect of greater fiscal spending in Germany, a missing ingredient for European growth for the past couple of decades. The robustness of the world economy has surprised even professional forecasters. A measure produced by U.S. bank Citi that tracks the degree to which global economic data has surprised to the upside is now at its highest in more than a year. Some of that strength circles back to the tariffs themselves and the attempts by U.S. households and businesses to front-load purchases to beat anticipated price increases later this year. U.S. imports were up around 30% in March from where they were in October. The risk to the upbeat outlook comes from the expected "payback" of those advance purchases, which are unlikely to be repeated and will mean slower activity - in the U.S. and elsewhere - later. Economists still fear a triple whammy in which the front-loaded boost to the goods sector is unwound while U.S. household purchasing power is squeezed by higher prices and companies put off investment and hiring. At the margin, however, this scenario is starting to appear a little less likely after Trump's pause on tariffs. "The balance has slightly shifted towards more optimism, albeit with uncertainty and volatility," ING's global head of macro Carsten Brzeski said. ($1 = 143.6800 yen) (Additional reporting by Dan Burns in Washington, Claire Fu in Singapore, Ellen Zhang in Beijing and Leika Kihara in Tokyo; Editing by Mark John and Jane Merriman) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
31 minutes ago
- Yahoo
Leading energy firm sent into tailspin due to US policy changes: 'Refocusing its global operations'
Reuters reported that Macquarie, an Australian investment bank, canceled the sale of Corio Generation because of a lack of interested buyers. Corio owns and oversees a major 25-gigawatt collection of offshore wind projects that span several continents, from Asia-Pacific to Europe and the Americas. The update comes at a time when President Trump's administration has sent global economies into a tailspin with aggressive tariffs, leading to overall market instability. However, the hesitancy also comes as the Trump administration has doubled down on dirty fuel sources like oil and gas, backpedaling on the significant advancements in renewable energy projects made in previous years. Now, Corio is downsizing instead. A spokesperson told Reuters that with the "challenging" market conditions, the company is "refocusing its global operations to prioritize the development of a smaller portfolio of projects which have the clearest route through to construction." Additionally, they said, "This will also require a restructure of the organization to reflect that change in strategy." Corio's projects are also facing challenges with skyrocketing construction costs, higher interest rates, and supply chain issues, Reuters explained. Wind power is both a positive economic force as well as a boon for the environment, curbing planet-heating pollution as it creates high-paying jobs. The U.S. Department of Energy predicts that the wind industry will have the potential to support hundreds of thousands more jobs in the coming decades. It also provides critical tax dollars, contributing an estimated $2 billion in state and local tax payments and land-lease payments annually, per Clean Power. Yet despite this, the Trump administration suspended leasing for new offshore wind projects on his first day back in office in January; the president has also halted the development of other existing projects. This setback could prove incredibly damaging, delaying progress on converting the global economy to renewable energy. This green transition is crucial for achieving carbon neutrality and ensuring the atmospheric stability and the future of the planet. But in the short term, projects like Corio's also generate positive financial returns for investors. While Corio is downsizing, the march toward a renewable-powered future still persists. Projects across solar, wind, hydro, and even nuclear power are contributing to massive growth in the renewable energy sector. In fact, renewable energy is set to be able to meet nearly half of the global electricity demand by 2030, according to the International Energy Agency. And when it comes to wind project development, many states are pushing back on the Trump administration's anti-environmental actions. Seventeen states and Washington, D.C., recently announced that they are suing the administration over its wind power obstruction. On a personal level, both voting for pro-climate candidates and investing personally in green stocks and companies are great ways to put your money where your priorities are. Do you think we should deal with air pollution by burying things underground? Sounds great No way Only for certain waste I'm not sure Click your choice to see results and speak your mind. Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet.
Yahoo
31 minutes ago
- Yahoo
Germany stores 1,200 tons of gold at the Fed—now Trump fears are sparking repatriation demands
Ever since the end of the Second World War in 1945, a rehabilitated Germany has built close ties to the U.S. and committed to Western democratic values. The country has put its money—or rather, its gold—where its mouth is. That financial commitment to the U.S. is now being put to the test, as calls from within Germany grow louder to pull the country's vast stock of gold reserves out of the Federal Reserve. Germany has the world's second-highest stockpile of official gold reserves, at 3,352 tons. More than a third of that, around 1,200 tons, is stored in the Fed, equivalent to about $130 billion in value. Yet President Donald Trump's adversarial rhetoric against the country and its allies has prompted calls to check on those reserves, and, if possible, bring them home. Following the Second World War, Germany had effectively depleted its gold reserves to fund its various conflicts. The blank slate on which the country built up its fresh batch of reserves mirrored the country's new diplomatic strategy. Germany prioritized moving vast amounts of gold out of the country and far from the Soviet Union, fearing for its status during the Cold War. The country's close ties with the U.S., which has historically held up the Western World order, made the Fed an obvious resting place for the commodity. In a whirlwind opening salvo to his presidency, though, Trump has rocked the established geopolitical order, slapping import tariffs on traditional allies like the European Union and threatening to take control of the territory of Greenland by force. Germany has also been prompted into a multibillion-dollar pledge to beef up its military, partly motivated by Trump's rhetoric on NATO and the war in Ukraine. Several voices across Germany now believe the U.S. is no longer a safe haven for its multibillion-dollar gold reserves. Speaking to German publication Bild last month, Christian Democratic Union politician Markus Ferber said: 'I demand regular checks of Germany's gold reserves. Official representatives of the Bundesbank must personally count the bars and document their results.' In a follow up interview with Reuters, Ferber said: 'Trump is erratic and one cannot rule out that someday he will come up with creative ideas how to treat foreign gold reserves. 'The Bundesbank's policy for gold reserves has to reflect the new geopolitical realities.' Ferber's latest comments came as the German Taxpayers Federation sent a letter to the Bundesbank asking for Germany's central bank, the Bundesbank, to repatriate the country's gold. 'Trump wants to control the Fed, which would also mean controlling the German gold reserves in the U.S,' the federation's vice-president, Michael Jaeger, told Reuters. 'It's our money, it should be brought back.' To date, the Bundesbank has been careful not to ruffle feathers in the U.S. with regard to the status of its gold reserves, publicly backing the Fed as a protector of its assets. Countries have been taking different approaches to how they think about the location of their gold since Trump. Indeed, many nations have decided to create closer ties between their assets and the country to avoid negative repercussions. In late January, the FT reported that waiting times to get gold out of the Bank of England had increased eightfold as countries rushed to get their reserves across to the U.S. to safeguard the commodity from potential tariffs. Germany itself holds about 13% of its gold reserves at the Bank of England. This story was originally featured on
