Americas

A group of investors have taken Snap, the photo messaging company beloved by millennials, to court in California, alleging they were misled during the IPO process. They have filed a motion to have the case made into a class action suit, which might mean that it will rumble on for years at the company’s expense.

Two global initiatives aiming to improve transparency in markets have announced a partnership to link codes that identify market participants and the financial instruments they trade.

Cinnober Financial Technology has appointed three individuals to key roles across its business, including Fredrik Nihlén as group CFO.

The furore over Elon Musk’s public declaration that he was seeking to take Tesla private ended, when he reversed his decision last week. Tesla’s equity and debt holders must assess whether they are comfortable with Musk retaining almost sole control over corporate strategy.

Argentina’s plan to accelerate its fiscal adjustment left some Buenos Aires-based analysts satisfied on Monday, but all eyes will be on the reopening of the US market on Tuesday to know whether the government has won back the confidence of markets.

Two major derivatives industry trade bodies have warned of “fragmentation” and a “severe” impact on cross-border derivatives activity if a looming clearing deadline for certain intragroup transactions is not sufficiently extended.

Chinese biotechnology firm Zai Lab is tapping equity investors for around $150m, hitting the market with a follow-on sale of American Depository Shares (ADS).

LAIX, which runs English teaching app Liulishuo, is planning to float on the New York Stock Exchange for up to $100m.

As Argentine bonds finally found a floor last Friday, analysts said that the big adjustment in the Argentine peso may have happened. But the week of volatility drove S&P to become the first rating agency to take action on the sovereign since the turmoil began.

The leveraged loan pipeline for September coughed into life this week, as AkzoNobel Specialty Chemicals unveiled the first jumbo deal of the week, a €5bn loan to support its buyout by Carlyle and Singaporean government fund GIC.

Chinese integrated online healthcare provider 111 has opened books for its IPO of American Depository Shares (ADS), which is slated to raise $148.8m.

An unprecedented vote of confidence from the International Monetary Fund (IMF) and an unprecedented level of monetary tightening were not enough to arrest a slide in Argentine assets this week, leaving markets fearing the worst.