Business briefs: Pimco says SEC may take action against fund

NEW YORK – Investment giant Pimco said Monday the Securities and Exchange Commission may take legal action against its total-return fund.

The investment management company said it received a Wells notice, which means SEC investigators are recommending that the agency take civil action against the company.

Pimco said it will have an opportunity to demonstrate to the SEC why it believes its actions were appropriate and standard for its industry, and that regulators shouldn’t take any action against it.

Pimco said the SEC is looking into the valuation of positions in non-agency mortgage-backed securities the fund bought between its creation on Feb. 29, 2012, and June 30 of that year. The SEC is also investigating the fund’s performance disclosures for that period and its compliance policies and procedures.

The SEC is not formally accusing Pimco or the Pimco Total Return Active Exchange-Traded Fund of wrongdoing.

Pimco, or Pacific Investment Management Co., said in September that it was cooperating with an SEC probe.

The SEC declined comment Monday.

Family Home Care acquires competitor

Two Spokane in-home care organizations have merged to become one of the largest providers in the Northwest.

The deal brings Independent Services Corp., founded in 1993 by Mary Hanna, into the fold of Family Home Care. Terms of the deal were not disclosed.

FHC will now have 325 employees working with more than 500 families providing in-home care for people, including private pay and Medicaid.

The employees of ISC have been offered jobs with FHC, according to Jeff Wiberg, president of FHC. The business will move into the Spokane Valley offices where ISC is now located.

Softer demand seen, dropping oil prices

The price of oil is sliding as traders brace for softer demand amid an increase in the number of active rigs and weak U.S. economic reports on construction spending and manufacturing activity.

U.S. crude was down $1.80, or 3.8 percent, to $45.32 a barrel in afternoon trading in New York on Monday, the lowest price in more than four months.

Benchmark U.S. crude has been declining since reaching a high this year of $61.43 a barrel on June 10. It’s down 15 percent so far this year.

Brent crude, a benchmark for international oils used by many U.S. refineries, was down $2.38, or 4.6 percent, to $49.83 a barrel in London. It’s down 13.percent this year.

BMW, Audi, Daimler buy map-data leader

Three major automakers signaled their commitment to automated cars late Sunday with an agreement to buy mapping technology from Nokia for just over $3 billion.

The three companies – BMW, Audi and Daimler, all German – will each take one-third ownership of Nokia Here, which will remain operationally independent.

Here is a map-data leader for car navigation systems. Competitors include Google and TomTom.

Dieter Zetsche, Daimler AG’s chairman, said in a prepared statement: “With the joint acquisition of HERE, we want to secure the independence of this central service for all vehicle manufacturers, suppliers and customers in other industries.”

Companies such as Microsoft, Amazon and Samsung are also customers of Berlin-based Here.