Snap, the parent company of Snapchat, has had its oversubscribed initial public offering and a big first-day pop. But if recent tech IPO history is any indication, longer-term investors are headed for a big disappointment. I’ve written before why I think Snap’s not worth its valuation ($23.8 billion at the IPO price of $17, $28.3 billion at the time …

  Bloomberg Saudi Arabia and Russia, the architects of an oil production cut that has stabilized prices, presented a united front on compliance just as rising US inventories have sparked doubts about the OPEC and non-OPEC deal. Khalid Al-Falih, the Saudi energy minister, acknowledged that global crude inventories aren’t draining as quickly as he expected, opening the door for an …

  Reuters A partnership of US agribusiness giant Archer Daniels Midland Co and Saudi foods group Almarai is among potential bidders for Saudi Grains Organisation’s milling operations, the kingdom’s sole supplier, sources aware of the matter said. Italian wheat supplier Casillo Group and a partnership of Turkey’s TAV Group, a construction and airports conglomerate, and Saudi Arabia’s Al Rajhi Holding …