GAM Holding AG, the Swiss money manager that split from Julius Baer Group Ltd., reported a more than doubling in full-year profit, proposed a higher dividend and said it’s planning a new share buyback program.
China’s stocks dropped, sending the benchmark index to its biggest retreat in five months, amid speculation a weaker property market and falling currency will curb corporate earnings. The yuan sank the most since 2010.
Hang Seng Bank Ltd., the Hong Kong lender controlled by HSBC Holdings Plc, reported record 2013 profit as it booked a one-time accounting gain and wider lending margins offset slowing growth in its mortgage business.
Portugal should seek a precautionary credit line from the European Union to help ensure successful access to debt markets after its bailout program ends in May, former Finance Minister Fernando Teixeira dos Santos said.