Macquarie Group Ltd., Australia’s biggest investment bank, boosted half-year net income 39 percent and proposed to distribute to shareholders its stake in Sydney Airport, sending its shares to a three-and-a-half-year high.
Westpac Banking Corp., Australia’s second-largest bank, reported first-quarter profit that was lower than a year earlier as rising funding costs squeezed the profitability of its lending. The shares fell.
Asian stocks rose, driving the MSCI Asia Pacific Index up by the most in five weeks, as better-than- estimated results from Elpida Memory Inc. and Apple Inc. boosted confidence in the global economic recovery.
BHP Billiton Ltd., the world’s biggest mining company, named copper unit head Andrew Mackenzie as chief executive officer to succeed Marius Kloppers, who failed to deliver on about $200 billion of potential takeovers.