Pimco Total Return cuts mortgage, U.S. government holdings in March: website
NEW YORK (Reuters) – The Pimco Total Return Fund, the world’s largest bond fund, cut its holdings of U.S. government-related securities and mortgages for the second straight month in March on continued bets that the Federal Reserve will conclude bond p…
CME Group trading outage exposes weakened trading floor
CHICAGO (Reuters) – Open-outcry traders sprang into action during an electronic trading halt in CME Group Inc agricultural markets on Tuesday, but a better solution to the outage would have been to close the pits down too, traders and investors said a …
Congress turns GM probe focus to engineers, considers legislation
WASHINGTON (Reuters) – U.S. lawmakers investigating General Motors’ slow recall of 2.6 million cars are zeroing in on engineers and others who may have been aware of problems with ignition switches linked to at least 13 deaths.
BlackBerry CEO would consider handset unit sale, eyes investments
NEW YORK (Reuters) – BlackBerry Ltd would consider exiting its handset business if it remains unprofitable, its chief executive said on Wednesday, as the company looks to expand its corporate reach with investments, acquisitions and partnerships.
Facebook to require separate mobile app for messages
SAN FRANCISCO (Reuters) – Facebook Inc will no longer let users send and receive private messages within its main smartphone app, and will require that users install a separate messaging app, the Internet company said on Wednesday.
Fed’s Tarullo sees little need for rapid interest rate hikes
WASHINGTON (Reuters) – The modest pace of U.S. economic growth in recent years suggests that when the time comes to raise interest rates the Federal Reserve will be able to do so gradually without fear of a sudden surge in inflation, a top Fed official…
Bank of America to cut 3,000 support jobs across Latin America, Asia
(Reuters) – Bank of America Corp said on Wednesday that it will close three foreign offices and eliminate about 3,000 jobs over the next nine to 12 months in an effort to simplify its global operations.
JPMorgan’s Dimon calls settling legal issues ‘nerve-wracking’
NEW YORK (Reuters) – Jamie Dimon, CEO of JPMorgan Chase & Co, said that settling the big bank’s wide-ranging legal cases with multiple government agencies last year was “the most painful, difficult and nerve-wracking experience that I have ever dealt with professionally.”
Wall Street soars after Fed minutes signal support
NEW YORK (Reuters) – U.S. stocks rallied on Wednesday after minutes from the Federal Reserve’s latest policy meeting showed a more supportive central bank than investors had previously expected.
Los Angeles should adopt Warren Buffett pension formula: study
LOS ANGELES (Reuters) – Los Angeles, faced with nearly $10 billion in unfunded pension and retirement liabilities, should adopt the pension formula used by investor Warren Buffett at Berkshire Hathaway Inc to manage the city’s growing retirement costs,…
