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Pimco said to have taken a $42bn hit

Bill Gross On Bernanke Still

With investors anticipating the end of the Federal Reserve’s stimulus program, the biggest mutual fund in the world, Pimco’s Total Return Fund, took a $41bn hit over the past four months after losses and withdrawals, according to Morningstar.

'Fryscraper' London's latest attraction

Crumpled Sun

For the next three weeks, Londoners and tourists will have the chance to marvel at the city’s latest attraction: a beam of light so hot it melted parts of a Jaguar sports car and sparked a fire at a local barber shop.

JPMorgan to leave student loan business

Student Using Tablet

JPMorgan Chase has decided to get out of the student loan business, after the bank concluded that competition from federal government programs and increased scrutiny from regulators had limited its ability to expand the business.