UBS AG, Switzerland’s biggest bank, reported fourth-quarter profit that beat analysts’ estimates, helped by higher earnings at its main divisions as well as lower legal costs and a tax gain. The company plans to increase its dividend by 67 percent for 2013.
European Central Bank President Mario Draghi would only consider ending the sterilization of crisis- era bond purchases if he’s openly backed by the Bundesbank, according to two euro-area central bank officials familiar with the debate.
Mohamed El-Erian, widely viewed as the successor to Pacific Investment Management Co.’s Bill Gross, resigned after six years as the firm struggles to stem record redemptions from the world’s largest bond fund.
As a young man during China’s Cultural Revolution, Jiang Jianqing was sent to the countryside to work as a farmer and a coal miner. This week, he arrives at the top of a Swiss mountain as chairman of the world’s most- profitable bank and representative of the most-populous nation.