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Ashraf Ghani was sworn in as Afghanistan’s new president in Kabul as part of a power-sharing deal in which his election rival, Abdullah Abdullah, in effect becomes prime minister. Elsewhere, two bombs killed 15 people while the inauguration was going on
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The abrupt departure of Bill Gross from PIMCO, which he helped found in 1971 and now has $2 trillion in assets under management, shook the bond-investment industry. Mr Gross left to join a smaller firm, though he was reportedly about to be fired by PIMCO’s board because of misgivings about his management style. PIMCO said that investors withdrew a net $23.5 billion from Mr Gross’s Total Return fund in September, with the biggest outflow happening on the day he resigned
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