The 2007 merger that created Bank of New York Mellon Corp., the world’s largest custody bank, failed to deliver higher profits as the company lags behind its biggest rivals, according to Mike Mayo, an analyst at CLSA Ltd.
President Park Geun Hye, who became South Korea’s first woman leader by promising a more “creative economy,” begins her second year vowing to pursue the unprecedented prosperity she said will result from unification with North Korea amid flagging interest from many citizens more than six decades after the peninsula’s war.
Robert Kelly, former Bank of New York Mellon Corp. chief executive officer, was named chairman of the Canada Mortgage & Housing Corp. in the government’s latest move to bolster oversight of the federal housing agency.
South Korea will extend its air- defense identification zone to cover islands and an underwater rock, a move that threatens to exacerbate tensions after China control over airspace claimed by neighbors.
SolarCity Corp., a closely held developer of rooftop solar power systems backed by Google Inc. and Citigroup Inc., hired Robert Kelly as its chief financial officer, citing his experience at raising funds.
Two unarmed American B-52 bombers flew through disputed areas of the East China Sea covered by China’s new air defense zone, a show of support for Japan as Prime Minister Shinzo Abe seeks to expand his nation’s military.
Alcatel-Lucent, Qualcomm Inc. and Ericsson AB must defend against claims by Liberty Media Corp.’s TruePosition unit that the companies tried to deny it access to the next generation of phone-locator technology, a court ruled.