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Cato Networks, a company based in Israel, buys Aim Security and raises an additional $50 million
Cato Networks, an Israeli cyber security company, announced on Wednesday that it had acquired Aim Security. This was its first acquisition and the company raised another $50 million through a private financing round. Cato said that it also had exceeded $300 million in annual revenue. Sources close to the deal say that it is around $350 million. Cato raised $359m in June in a round of funding, which valued the cybersecurity firm at over $4.8bn. Investors betted on growing demand for artificial-intelligence-driven networking and security solutions. Investors are becoming more interested in cybersecurity companies that use AI to combat sophisticated cyberattacks. It said that the latest funding brought its total raised for the round to $409 millions, adding that the financing was done on the same terms. Cato was founded by Shlomokramer and Gur Shatz in 2015. It combines network and security services into a cloud platform called Secure Access Service Edge (SASE). Kramer, CEO of Cato Networks, said that "AI transformation is going to eclipse digital transformation in the next decade as the primary force shaping enterprises." With the acquisition of Aim Security we are turbo-charging SASE with advanced AI security features to secure our customer's journey into the exciting new AI era.
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HappyRobot raises $ 44 million to expand AI agents and freight operators
HappyRobot is an artificial intelligence startup which automates communication, including rate negotiations and appointment booking, for freight operators. Base10 Partners led the funding round, raising $44 million. In a statement released on Wednesday, the San Francisco-based company did not reveal its valuation. According to a source familiar with the deal, the Series B round valued HappyRobot around $500 million. The round also included existing investors Andreessen Horowitz, Y Combinator, and new backers, such as Tokio, WaVe-X, and World Innovation Lab. HappyRobot now has raised over $62 million in funding since its founding 2022. HappyRobot, which has more than 70 enterprise clients, including DHL, Ryder, and Flexport, provides companies with AI agents capable of handling critical, but routine, tasks that would otherwise require several human workers. Venture capital firms are pouring billions into AI startups even as the uncertainty caused by tariffs is affecting funding in other sectors. This has led to concerns about possible saturation and increased competitiveness for the firms. HappyRobot believes that its unique logistics and tech know-how, which is tightly integrated with freight systems, and customized on-site by engineers, will enable it to stand apart from general-purpose AI-voice startups like ElevenLabs. Pablo Palafox said that "verticalization" gives HappyRobot a competitive advantage over other general-purpose competitors, who may be "clueless" about the operations of and intricacies within these industries. It appears that the approach is working. The company's revenue has grown 10 times in the last 12 months since its previous Series A funding round, which was late last year. It helps customers to handle more freight, collect payment, recruit staff, and reduce scheduling resolution time. HappyRobot plans to use the funds to expand its AI assistants, improve its software, and hire more sales, product and on-site teams. The team currently consists of over 70 members, primarily based in San Francisco or Madrid.
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British FCA questions Mercuria on its LME Aluminium Holding
Two sources familiar with this matter claim that the British financial watchdog contacted commodity trader Mercuria to inquire about its large London Metal Exchange aluminum holdings, which have distorted prices of contracts with short maturities. The LME has not broken any rules, but the disruption of its largest volume market leaves consumers in the packaging, construction, and transport industries without access to aluminium metal and price transparency. Mercuria, a Swiss company and the Financial Conduct Authority of Britain declined to comment. Since May, Mercuria has held over 90% of all aluminium warrants. These are documents that confer ownership. LME data shows that as of September 2, its aluminium holdings were more than 421,000 tons. . According to industry sources, the FCA will likely question Mercuria regarding its aluminium positions at the request of a broker or bank that may have made a complaint, or if the LME refers them. According to two sources who are familiar with the issue, as well as sources in the industry, the FCA will ask Mercuria about why it holds the metal. The FCA will want to know when it intends to use the metal and what it has planned to do, as this position influences prices for aluminium contracts. The LME didn't address any questions regarding Mercuria or FCA. It said that "as per its position management policy, the LME is in place with a number arrangements to guard against undue influences of large or dominating positions. These include lending rules, daily reporting of position and accountability levels." History repeating itself? In recent years, the LME has been criticized for its handling of disruptions. For example, the 2022 Nickel Crisis when the market was closed for over a week following a price spike that doubled in a matter of hours to a record-breaking $100,000 per metric ton. A large company with a high share of LME inventories suggests tight supply and can create premiums or reverses for contracts that are short-dated, such as the cash over three-month aluminium contract. Around $6 per ton. Near-term metals contracts are typically traded at a discount, or in contango with longer-dated futures. This is because it is assumed that higher prices on the short end or a reversed curve will bring metals to the exchange. The September premium is higher than the contract for three months. The October November The forwards for the next three months continue to appear even though aluminum has been delivered into the LME system. The 479,600 aluminium inventories at LME-approved warehouses have increased by more than 40% from late June. Mercuria's position is a familiar one to many in the aluminum industry. Sonny Mcness was a JPMorgan trader who, more than a decade before, used a large amount of holdings to implement a trading plan. JPMorgan declined comment. Mcness has now joined Mercuria, and according to four sources who are familiar with the situation, he is using a similar strategy. Mcness could not be reached for comment. Hong Kong Exchanges and Clearing owns the 148-year-old LME.
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Energy transition has become a matter of national security. Ask India: Maguire
India's public humiliation over its imports from Russia of oil that has been sanctioned is a painful reminder of the fact that energy policy involves national security and increases the attractiveness of local energy sources. Nearly 90% of the crude oil used to fuel the world's largest economy is imported. India is more independent in terms of electricity. Around 90% of India's coal is mined locally, and the rest comes from a surge in clean, domestic power. The power industry, as a result of this, is better protected from geopolitical and supply shocks than refiners. The power industry is also more easily influenced by policy changes and a reliable source of long-term tax revenue and employment. This makes India's energy sector, rather than the oil refining industry, a more attractive base for its future national strategy. FLATTERING TO DELIVER? India's oil dependency is unlikely to be reduced anytime soon with approximately 50 million cars, and almost 300 million motorbikes and scooters. India's apparent addiction to oil may not be as bad as it appears. Data from the Energy Institute show that India's oil consumption will grow at an average annual rate of 4.4% per year between 2021 and 2024. This was the fastest rate of growth in the top 10 oil-consuming countries during this time period, and it was well above the average global annual growth rate of 3.0%. Due to two factors, India's ability to increase global oil demand may seem greater than it actually is. These are China's slowdown in the economy and Russia's cheap exports of oil. In recent years, China's debt crisis in the property sector and a slowdown of international trade has reduced oil demand growth. This has upset expectations on energy markets. China's oil consumption increased by 6% per year between 2000 and 2019. Beijing is now the largest driver of oil demand worldwide. Since 2021, this rate has dropped to just 3% per year. India has emerged as the frontrunner to pick up the baton, thanks to its robust demand metrics. India's rapid growth in consumption has been arguably artificially inflated because of the massive increases in its imports discounted Russian oil. Too Good to Refuse The actual price that India paid for Russian oil from 2022 is not known, but given the rapid change in India's import mix it seems that Russian oil was sold at prices that were too good to pass up. Up until 2021, Russia's share of India's annual imports of oil was only around 3%. The majority of India’s oil requirements were met by suppliers such as Iraq, Saudi Arabia, and the United Arab Emirates. Since 2023 however, Russian oil accounts for nearly 40% India's imports of oil, making Russia the country's largest oil supplier. According to Kpler, India's oil imports from Russia increased 16-fold in the period 2021-2024, going from 100,000 barrels daily to 1.8 millions barrels. It has led to the perception that India's demand for oil is increasing at an incredible rate. India's total oil imports increased by a modest 14% between 2021-2024. This is likely to be a better indication of India’s real oil consumption potential. This jump is still impressive, as it represents record imports to India for each of the last two years. This growth, however, was probably only possible because a large portion of imported oil was bought at prices that were well below the benchmarks for global prices. This discount allowed Indian refiners and their consumers to buy fuel at a lower price, which in turn boosted demand. India would likely have purchased less oil if it had been forced to buy the oil at full price. Fuels and refined products would have been much more expensive. POWERING UP It seems unlikely that the Indian government will base its future energy strategy on increased import dependency and aggressive oil consumption, given the international hostility towards India over its dependence on Russian oil. The Indian government, on the other hand, has supported the rapid electrification and automation of industrial processes, transport fleets and appliances. They are likely to continue to support the expansion of electricity supply to drive future economic growth. Gleichzeitig, the country also expands the use of renewable energy in its basket. India has taken aggressive steps to boost the local manufacturing of energy-related products and is on course to double its manufacturing capacity by 2030. This was revealed in a report published by SolarPower Europe. Local and federal authorities will likely continue to support the energy transition effort of the country and the businesses that are behind it if these efforts create jobs and boost the national economy. However, if India continues to be criticized for its Russian oil purchases or any price increases resulting from switching to more expensive suppliers, it will likely undermine the confidence of its refining industry. If energy independence is necessary to ensure national security, geopolitical tensions could be an important catalyst in speeding up energy transition. These are the opinions of the columnist, an author for. You like this article? Check it out Open Interest The new global financial commentary source (ROI) is your go-to for all the latest news and analysis. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on You can find us on LinkedIn.
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Via Transportation, a transit technology company, aims to raise up to $3.5 Billion in its US IPO
Via Transportation, a transit technology company, said it would aim for a valuation up to $3.50billion in its initial public offer. It joins a number of other companies that are planning to list on U.S. stock exchanges by the fall. Via is offering 10,7 million shares at a price between $40 and $44 each to raise $471 million. Investor interest in IPOs is increasing amid a rally on the equity markets, fueled by strong tech earnings. Expectations of short-term rate cuts are also growing. The popularity of first-time shares has also been boosted by the debuts of design software company Figma and crypto exchange Bullish. Goldman Sachs is the lead underwriter for Via. Morgan Stanley, Allen & Company, and Wells Fargo will also be involved. The company intends to list its shares at the New York Stock Exchange with the ticker "VIA". (Reporting by Ateev Bhandari in Bengaluru; Editing by Shailesh Kuber and Shilpi Majumdar)
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US Judge to hear objections about Boeing's deal to avoid prosecution for crashes
On Wednesday, a U.S. Judge will decide whether to approve an agreement between the Justice Department of the United States and Boeing. The deal allows Boeing to avoid prosecution for a charge stemming two fatal crashes involving the 737 MAX that killed 346 passengers. Judge Reed O'Connor will hear objections in Texas from the relatives of some who died in crashes in Indonesia and Ethiopia, in 2018 or 2019. The agreement allows Boeing to avoid oversight by an independent monitor for a period of three years. Boeing agreed last year to plead guilty to a criminal charge of fraud that it had misled U.S. authorities about a critical flight control system in the 737 MAX jet, its most popular model, but later reversed the decision. Boeing accepted the plea agreement during the last months of Biden's administration. O'Connor rejected this agreement in December. She cited a clause in the contract that dealt with the selection of an impartial monitor. This extended the case to the Trump administration. The Trump administration took over the Justice Department on January 20, and overhauled it, leading them to reach a tentative agreement of non-prosecution. Some family members claim that dismissing the charges is not in the best interest of the public. They cite O'Connor's 2023 statement, "Boeing's crimes may be rightfully considered as the deadliest corporate crime committed in U.S. history." Paul Cassell is an attorney for some of these relatives. He said that the "misleading, unfair deal" was clearly against the public's interest. The families will ask Judge O'Connor, using his authority, to reject this inappropriate deal. Boeing claims that the executive branch alone has the authority to decide if a criminal case should be brought or not. Boeing has asked O'Connor not to accept objections from families, but to allow the government's motion for dismissal of the criminal charges. Boeing, as part of its non-prosecution deal, agreed to pay $444.5 millions into a fund for crash victims, which will be distributed evenly among the victims of the two fatal crashes of the 737 MAX. This is in addition to a $243.6 million new fine. Boeing has agreed to pay a total of $1.1 billion, which includes the fine, compensation for families, and $455 million in order to improve the company's safety, compliance and quality programs. Justice Department: The vast majority have settled their civil lawsuits with Boeing, and collectively they have "paid several billion dollar," Boeing is under increased scrutiny by the Federal Aviation Administration, since January 2024 when a MAX 9 that was missing four bolts in a key location experienced a mid-air emergency and lost a door plug. Justice Department officials decided, as a result of this, to reopen an older fatal crash case and negotiate a plea deal with Boeing. (Reporting and editing by Jamie Freed; David Shepardson)
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Etihad's first-half profits are the best ever on global expansion and passenger growth
The company reported that the first half of Etihad Airways's financial year was its most successful yet. Its net profit reached 1,12 billion dirhams ($304.96 millions), an increase of 32% compared to last year. Etihad transported 10.2 million passengers during the six-month period ending June 30. This is a 17% rise from the year before, despite regional tensions in the Middle East - such as the 12-day air conflict between Israel and Iran that took place in June. The airline's chairman Mohamed Ali Al Shorafa attributes the growth of the airline to its international expansion. This includes the announcement or launch of 27 new destinations in the past 18 months and the addition 20 aircraft. The chief executive Antonoaldo Neves said on Tuesday that the airline was ready for a public offering but did not have any immediate plans. He also stated that they had enough resources to fund their $20 billion expansion plan for the next ten years. ($1 = 3.6726 UAE Dirham) (Reporting and editing by Barbara Lewis; Luke Tyson)
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German regulators say that Germany may face a power shortage in 2030.
The Federal Network Agency of Germany warned on Wednesday that rare electricity shortages could happen as early as 2030, if Germany's energy transformation stalls. However, supply is expected to be secure until 2035. The Security of Supply Report approved by the Federal Cabinet on Wednesday highlights the risks if renewable expansion slows, new gas-fired plants do not materialize and electricity demand does not become sufficiently flexible. The report emphasizes the importance of flexible power consumption by new users, such as electric cars and grid expansion. In the worst case scenario, delays with the deployment of renewables, grid extension and demand flexibility may push the requirement for new gas capacity up to 36 gigawatts. Reserves would cover any shortages that may occur, preventing blackouts and forced shutdowns. Berlin is negotiating with the European Commission about tenders for gas power plants of up to 20 gigawatts. A first auction should be held by year's end, and this comes ahead of an eagerly anticipated government review on energy demand and plans for transition. (Reporting and editing by Riham Alkousaa)
Zelenskiy urges allies to increase pressure on Russia in light of new air strikes against Ukraine
On Wednesday, President Volodymyr Zelenskiy will meet with allies in Denmark or France to increase pressure on Moscow after Russian forces attacked Ukraine by air and damaged its energy and transport infrastructure.
Regional and military officials in Ukraine said that Russia had launched over 500 drones as well as dozens of missiles at infrastructure sites on 14 different locations across the country, and injured four railway workers.
"These are demonstrative Russian attacks. Zelenskiy stated on Telegram that the aggression is continuing because of the lack sufficient pressure on Russia's military economy.
In the next few days, we will discuss the need for strong measures of pressure with our partners.
Zelenskiy announced that he will attend a Nordic and Baltic summit on Wednesday. He then plans to travel to France to meet with EU and U.S. ally countries to discuss the next steps of "the coalition" grouping nations who have promised to assist Ukraine.
Amid an international push to broker an end to Russia's three-and-a-half-year-old war, Kyiv wants security guarantees to deter any future Russian attacks.
Mark Rutte, NATO chief, said that he expects clarity to be provided at the Friday meeting in Paris or shortly thereafter on what guarantees the coalition will provide for Kyiv. Donald Trump, the U.S. president, has said that the United States would support any European peacekeeping plan but not send U.S. troops to Ukraine. Russia has rejected any future Western peacekeeping forces in Ukraine. Russian President Vladimir Putin was in Beijing for a military display to commemorate the end of World War Two. Chinese President Xi Jinping spoke at the event, warning that the world had a choice to make between war and peace. Ukrainian officials and media reported that air raid alerts were sounded across Ukraine for several hours, and explosions could be heard in nine out of the 24 regions. These ranged from Kyiv in the east to Lviv in Lviv, and Volyn on its western border. Ukraine's airforce said that it had shot down 430 out of 502 drones, and 21 of the 24 missiles fired by Russia over night. It also added that 3 missiles and 69 of the drones were launched at 14 different locations. The state-owned railway in Ukraine's Kirovohrad central region reported on Telegram that four railway workers were hospitalized after the Russian attack.
Ukraine's emergency services reported on Telegram that five people were injured, including railway workers, in Znamianka - a major rail hub where 28 homes were also damaged.
Viacheslav Chaus, governor of Chernihiv's northern region, said that the attack damaged vital civilian infrastructure and cut off power to 30,000 people.
The attack on Khmelnytskyi, a western city, caused "significant disruptions to public transport", according to its administration.
Emergency services reported that firefighters in Ivano-Frankivsk were fighting flames which engulfed storage facilities measuring 9,000 sq. m. (10,800 sq. yards).
No immediate comment was made by Russia. Russia claims it is justified in attacking civil infrastructure to hinder Kyiv’s war effort. It denies harming civilians, despite killing thousands. Ukraine has also targeted Russian infrastructure on a smaller scale. (Editing by Peter Graff).
(source: Reuters)