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Pimco's top investment officer said on Tuesday that "late decision makers" are largely behind a rush of withdrawals from its flagship bond fund some five months after the departure of longtime manager Bill Gross, but the outflows should taper off before long. Dan Ivascyn, group chief investment officer for Pimco, said in an interview that many institutional investors take months to decide on and execute a reallocation from one fund or firm to another. Ivasycn's comments came as the firm reported another $8.6 billion of outflows in February from the Pimco Total Return Fund, bringing withdrawals to $76.6 billion since Gross moved from Pimco to Janus Capital Group Inc. "Not surprised by the outflows," Ivascyn said by phone from the firm's Newport Beach, California, headquarters.
Apple is exploring how to make an electric car and has been hiring engineers with deep expertise in automobile systems. Around June 2014 Apple began aggressively poaching A123 engineers tasked with leading some of the company's most critical projects, A123's lawsuit said. Representatives for Apple and A123 could not immediately be reached for comment. A123 filed the breach of contract lawsuit in February against Apple and five former A123 employees.
United Airlines expects to dip into its cash pile to help fund the purchase of new aircraft this year and rely less on debt financing, reflecting the U.S. airline industry's dramatic financial turnaround, the carrier's Chief Financial Officer John Rainey said in an interview. While cash-rich companies have been under pressure from shareholders to increase dividends, United, the fourth-largest U.S. carrier by market capitalization, has said it is focused on finishing a $1 billion share buyback program and that there are no current plans to restore a dividend. How to efficiently use excess cash is a relatively new issue for U.S. airlines.
Springleaf Holdings Inc said it would buy Citigroup Inc's OneMain Financial Holdings Inc for $4.25 billion in cash, creating the largest subprime lender in the United States. Citigroup has been seeking to hive off OneMain since at least 2011 as part of the No. 3 U.S. bank's plan to sell unwanted assets and focus on wealthier clients. The deal will create a lender with $15 billion in assets and nearly 2,000 branches, serving the large and growing population of non-prime customers in the United States. Springleaf shares soared 38 percent to a record $52.44 on Tuesday.
"The U.S. economy and the job outlook are starting the year in a stronger position than 2014," said Randall Stephenson, chairman of Business Roundtable and CEO of AT&T Inc . Passage of tax-extender legislation late last year gave companies greater confidence to invest, Stephenson said.
For the second year in a row, ferocious winter weather slowed U.S. vehicle sales in February, causing the major automakers to miss analysts' bullish projections. "Mother Nature was just not nice to us," said Fred Diaz, U.S. chief for the Nissan brand. Total U.S. sales in February rose 5.3 percent to 1,257,619 vehicles, according to research firm Autodata. The industry finished with an annualized sales rate in February of 16.23 million vehicles, far below the 16.7 million that economists polled by Thomson Reuters had expected.
Apple Inc and Google Inc said on Tuesday that they have developed fixes to mitigate the newly uncovered 'Freak' security flaw affecting mobile devices and Mac computers. The vulnerability in web encryption technology could enable attackers to spy on communications of users of Apple's Safari browser and Google Inc's Android browser, according to researchers who uncovered the flaw. Apple spokesman Ryan James said the computer had developed a software update to remediate the vulnerability, which would be pushed out next week.
Oil rebounded on Tuesday as Israeli Prime Minister Benjamin Netanyahu warned the Obama administration against accepting a weak nuclear deal with Iran, while rival Libyan forces targeted oil terminals in the African nation. Higher prices imposed by Saudi Arabia on its crude buyers in Asia, the United States and northwest Europe was another positive development, traders said, although some had expected benchmark Brent and U.S. oil futures to rally even more on that. U.S. crude futures were volatile on concerns that oil inventories in the United States had hit record highs. Industry group American Petroleum Group (API), however, indicated that last week's crude builds could be smaller than initially thought.
(Reuters) - U.S. retailer Target Corp on Tuesday said it planned to cut several thousand jobs, mainly from headquarters locations, as part of a restructuring that will cut $2 billion in costs over two years. The cost-cutting forms a key plank of a revival plan outlined by Chief Executive Officer Brian Cornell, who is seeking to narrow the retailer's focus to a handful of key product lines and bolstering its online business to rejuvenate sales.