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Bloomberg Curtis Arledge, a vice chairman of Bank of New York Mellon Corp. and chief executive officer of its investment-management unit, is leaving to pursue other opportunities. Mitchell Harris, 61, will replace Arledge in the CEO position, effective immediately, New York-based BNY Mellon said Tuesday in a statement. Harris, who already oversaw the day-to-day management of the company’s investment businesses ...

Bloomberg Bank of Montreal posted fiscal first-quarter profit that beat analysts’ estimates as contributions from its purchase of General Electric Co.’s transportation-finance business added to U.S. earnings. Net income for the period ended Jan. 31 climbed 6.8 percent to C$1.07 billion ($778 million), or C$1.58 a share, from C$1 billion, or C$1.46, a year earlier, Canada’s fourth-largest lender by assets ...

BLOOMBERG Canada’s central bank appointed Sylvain Leduc, a researcher at the Federal Reserve Bank of San Francisco, to the group of policy makers that sets interest rates. Montreal-born Leduc replaces Agathe Côté, who retired at the end of January, on the Bank of Canada Governing Council, according to a statement Tuesday from Ottawa. Leduc is “a renowned and prolific researcher” ...

Toulouse / Bloomberg Airbus Group said on Wednesday its net profits climbed 15 percent last year and predicted deliveries of more than 650 aircraft in 2016 and a rise in orders to record levels. The France-based European aerospace group chalked up a net profit of 2.7 billion euros ($3.0 billion), with sales up 6.0 percent to 64 billion euros. Orders ...

Sydney / AFP Shopping centre giant Westfield on Wednesday recorded a US$2.3 billion net profit supported by healthy income growth for its US and British assets, as it flagged an August opening for its fully leased World Trade Center development. The Australian-listed company is reporting its first full-year result for the 12 months to December 31, 2015 since spinning off ...

Chicago / Bloomberg Boeing Co. expects China’s domestic freight market to surge in the next two decades and said it will offer conversions for its bestselling 737 passenger jets into cargo planes. The Chicago-based planemaker won 30 confirmed orders and 25 commitments from seven customers for the converted 737, Boeing said in a statement on Wednesday. The aircraft will be ...

NEW YORK / AP Macy’s wrapped up a weak fiscal year on an encouraging note, but the nation’s largest department store retailer still sees challenges ahead. Macy’s, which also operates Bloomingdale’s stores, reported a 31 percent decline in fourth-quarter profits, dragged down by store closings and other costs. But the adjusted results beat Wall Street estimates and sales picked up ...

Bloomberg Wesfarmers Ltd. posted a 1.2 percent increase in first-half profit and created a new department stores division as the nation’s largest retailer seeks to trim costs. Net income was A$1.39 billion ($1 billion) in the six months ended December 31, up from A$1.38 billion, the Perth, Western Australia-based company said in a regulatory statement Wednesday. That compared with expectations ...

CAPE TOWN / Bloomberg South Africa is considering merging two state-owned airlines and selling off a stake in the enlarged carrier to private investors, Finance Minister Pravin Gordhan said. The government will “explore the possibility of merging South African Airways (SAA) and SA Express, under a strengthened board, with a view to engaging with a potential minority equity partner,” Gordhan said ...

Bloomberg On the southeast coast of Australia, a A$5.7 billion ($4.1 billion) processing plant to turn the ocean into a source of drinking water has sat idle since it was built in 2012. That could change soon. The state of Victoria will decide by April whether to switch it on, sucking water from the Bass Strait through an underground tunnel ...