David Jones Ltd. Chief Executive Officer Paul Zahra should reverse his decision to resign in the light of this week’s boardroom turmoil, according to the department store’s third-largest shareholder Ausbil Dexia Ltd.
Australia & New Zealand Banking Group Ltd., Australia’s third-largest bank by market value, said its first-quarter cash profit climbed 13 percent from a year earlier on higher lending and lower bad-debt charges.
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.