Must-Read Money Stories for Tuesday, Feb. 21

by February 21, 2017
Snapchat is aiming to raise between $19.5 billion and $22.3 billion on the New York Stock Exchange. Photo taken from Pixabay.com.

Snapchat is aiming to raise between $19.5 billion and $22.3 billion on the New York Stock Exchange. Photo taken from Pixabay.com.

A Greek drama, part three

Greece and its European creditors agreed on Monday to resume talks about economic reforms the country must make in order to avoid bankruptcy and a potential exit of the Eurozone, according to U.S. News & World Report. Greece’s creditors also hinted that they would be open to scaling back their demand for budget cuts on the austerity-weary country. That would mean fewer tax rises and spending cuts for Greece and more of a focus on structural reforms to the nation’s tax and pension systems, as well as its labor laws.

Snap goes to London

CNBC reported that Snap Inc, owner of popular messaging app Snapchat, kicked off its first investor roadshow on Monday. The company is trying to persuade London money managers to back its initial public offering in spite of concerns regarding its growth prospects, valuation and corporate governance. Snap, which has yet to make a profit, is aiming to raise between $19.5 billion and $22.3 billion on the New York Stock Exchange after cutting its first target goal last week following investor feedback. Investors who were in attendance Monday said that although the company’s 26-year-old Chief Executive Evan Spiegel gave a sleek presentation, they were disappointed by important elements they felt were missing.

World stocks rise on President’s Day

In spite of the U.S. markets being closed in observance of President’s Day, global stocks mostly rose on Monday, according to Newsday. Gains were seen with Germany’s DAX, at 0.6 percent, and at Japan’s Nikkei 225, which edged up 0.1 percent. Meanwhile, Britain’s FTSE 100 was flat, while France’s CAC 50 shed 0.1 percent. Investors are awaiting a slew of new releases this week, including economic data, corporate earnings and minutes from the Federal Reserve’s meeting a few weeks ago.

Global arms trade at post-Cold War high

Fox News has reported that the global arms trade has risen to its highest level since the Cold War, according to a study released by the Stockholm International Peace Institute. The data shows that in 2012-16, worldwide sales of arms were up by 8.4 percent compared with the previous five years. The independent study found that sales of major weapons has grown continuously since 2004, driven by increasing demand from countries in the Middle East and Asia. Noted rises were recorded in the oil rich Gulf nations of Saudi Arabia and Qatar, with both states increasing their imports by more than 200 percent.