The trucking industry is worth hundreds of billions of dollars per year. Uber is going after this market with Uber Freight, an online platform that matches truckers with...Technologyread more
Drone strikes attacked an oil processing facility at Abqaiq and the nearby Khurais oil field on Saturday.Marketsread more
Trump said oil would be released if needed to keep the market well supplied and he would expedite the approval of pipelines in Texas and other states.Marketsread more
Saudi Aramco is aiming to restore by Monday about a third of its crude output that was disrupted after drone attacks on two key oil facilities, The Wall Street Journal...Marketsread more
Apple's new iPhones can still send texts, download apps, and make video calls, but the company spends a lot of time and effort marketing its new phones as powerful photography...Technologyread more
Some U.S. manufacturers say tariffs, if targeted, will help address longstanding unfair trade practices like intellectual property theft.Traderead more
Supporters of a $15 minimum wage ballot initiative in Florida argue the state's inflation-tied pay hikes have not gone far enough.2020 Electionsread more
Saudi Arabia shut down half its oil production Saturday after drone strikes hit the world's largest oil processing facility in an attack claimed by Yemen's Houthi rebels.Politicsread more
Trusii's hydrogen water machines were supposed to help users with their health problems, but customers claim the company is involved in a giant scam.Technologyread more
The decoupling of the world's two weightiest economies seems as inescapable as its extent and global impact remains incalculable.Politicsread more
BlackBerry has reinvented itself to become a leader in securing mobile communications and in embedded communications. Next year it plans to roll out new products. CEO John...Evolveread more
Estimates of how much investors are likely to pull from Pimco following the departure of star manager Bill Gross are swirling, with Deutsche Bank now expecting around 210 billion euro ($266 billion) in outflows or a fall in assets equivalent to 20 percent over the next two years.
The firm has named Daniel Ivascyn as chief investment officer and Gross's successor while Scott Mather, Mark Kiesel and Mihir Worah will take on Gross's flagship $221 billion Total Return fund after his shock exit on Friday.
Chief executive of Pimco Doug Hodge has said Gross's former fund "does not define Pimco," but analyst estimates of outflows are racking up.
Deutsche Bank research argued that each 100 billion euro in outflows is equivalent to around 9 percent of third party assets under management (AUM), which reduces Pimco's parent company Allianz's earnings by around 2 percent.
The bank also cut its price target on the insurer to 135 euro from 140, but maintained a hold position on the stock.
Bernstein Research expects asset outflows between 10 and 30 percent and sees a "good deal" of Pimco clients switching to Janus Capital Group – where Gross has taken up a post managing a recently launched unconstrained bond fund and similar strategies.
"We estimate that a drop in AUM of 10 percent would have a minor impact on Allianz fair value of 2 percent, while a 30 percent drop in AUM would hit the stock by around 13 percent according to our fundamental valuation mode," analysts led by Thomas Seidl said.
Credit Suisse has downgraded the group from "outperform" to "neutral", while a host of other brokers have cut Allianz's target price.
Morningstar has placed all of Pimco's rated funds under review including the Total Return fund, which despite sluggish performance this year remains the largest bond fund in the world.
"While it is not a shock to see Gross depart, it is a big surprise to see him leave so quickly and to a competitor," director of manager research for Morningstar, Russel Kinnel said.
Chief investment officer equity Europe at Allianz, Neil Dwane said Gross's longer term track record and his "brand value" means investors felt the "integrity of Pimco was very strong".
"His departure means they will recalibrate that, so the market's fears about outflows are simply a logical concern," he told CNBC.