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China’s top executives suffer first average pay cut in 2 decades as sluggish economy weighs on listed firms
International desk
02 Jun 2024, 23:00
Photo: Edward Wong
The average annual salary of top executives at Chinese listed companies fell for the first time in two decades last year, according to a study of over 5,000 annual reports, as companies’ profitability was dented by the sluggish economy.
The average last year stood at 1.66 million yuan (US$229,000), representing a 3.27 per cent decrease from 2022, according to the study by Shanghai Rongzheng Enterprise Consulting Service Group released on Tuesday.
The study also showed the average annual pay for chairmen fell by 3.32 per cent from 2022 to 1.32 million yuan last year, while salaries for general managers, board secretaries and chief financial officers declined by 3.46 per cent, 1.12 per cent and 3.82 per cent, respectively.
The consulting firm has been tracking executive pay at Chinese listed companies since 1999. Its findings were drawn from the annual reports of 5,326 listed companies published as of April 30.
The highest-paid executive last year was Li Ge, chairman of biotech firm WuXi AppTec, who earned around 42 million yuan before tax, which was about the same amount he received in 2022.
His salary easily eclipsed the 26.63 million yuan earned by Li Xiting, the chairman of medical equipment manufacturer Mindray Bio-Medical, and the 26.28 million yuan for Li Bin, the vice-president of agricultural and technology firm Tongwei.
Li Bin was the best-paid executive in 2022 with a salary of 86.5 million yuan, but suffered a nearly 70 per cent pay cut last year.
Remuneration for executives at several other firms, including dairy giant Yili Group, pharmaceutical firm BeiGene and electrical appliance manufacturer Midea Group also topped the 10 million yuan threshold.
The overall dip in pay, though, mirrored broader patterns of stagnating or falling wages in China in the last year, as companies navigated the third year of an economic downturn and turbulent market conditions.
Overall, net profits for listed companies last year fell by 1.45 per cent from 2022, Rongzheng’s report said.
A survey released in March by professional services firm KPMG China of around 1,110 business executives and professionals based in mainland China and Hong Kong found that only about 53 per cent received a pay increase last year.
The survey also showed 40 per cent saw no change, while 7 per cent suffered pay cuts.
At the C-suite level, only 19 per cent received a salary increase of 10 per cent or more, compared with 23 per cent in 2022.
The decline has been particularly felt in the financial sector, which has been a primary target of Beijing’s crackdown on corruption and excess, with salaries at China’s 10 biggest brokerages all falling last year.
Pay was also slashed at struggling Chinese property giant Vanke, where eight senior executives voluntarily gave up their annual bonuses for 2023 in light of the company’s net profits having plunged by 46.4 per cent from the year before.
Three of its top executives, including chairman Yu Liang and president Zhu Jiusheng, also said they would voluntarily reduce their salaries this year to 10,000 yuan (US$1,379) per month before tax, according to Vanke’s annual report released in March.
Between 2017, when Yu became the chairman of the state-backed developer, and 2020, he received an annual salary of over 11 million yuan, peaking at 12.53 million yuan in 2018, according to financial data provider Wind.
In 2021, following the coronavirus pandemic and property market downturn, Yu gave up his annual bonus, taking home a salary of around 1.45 million yuan that year, according to Vanke’s annual report.
Overall, the use of equity incentive schemes at A-share firms – companies listed in Shanghai or Shenzhen – fell by around 14 per cent from 2022, encompassing the use of incentives as well as stock options and restricted stocks, according to Rongzheng’s report.
“The data also reflects that domestic market confidence has not been fully restored in 2023,” Rongzheng wrote on its official WeChat account, adding that it nonetheless believed the use of equity incentives would pick up again.
Source: South China Morning Post
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Journalists Expose 'Pro-Israel Bias' in CNN, BBC Coverage
Ten journalists who have covered the 'War on Gaza' for CNN and the BBC revealed the inner workings of those outlets' newsrooms from October 7 onward, documenting "pro-Israel bias in coverage, systematic double standards and frequent violations of journalistic principles," Al-Jazeera reported.
In an article titled "Failing Gaza: Pro-Israel bias uncovered behind the Lens of Western Media", Al-Jazeera quotes the journalists who accused senior newsroom figures of "failing to hold Israeli officials to account and of interfering in reporting to downplay Israeli atrocities."
"In one instance at CNN, false Israeli propaganda was put on air despite warnings from staff members," the report reads. One journalist, referred to as Adam in the article, said there was a period when CNN journalists “couldn’t call air strikes in Gaza air strikes unless we had confirmation from the Israelis." "We would not be doing this in any other place. We would not tolerate the need to ask, say, the Russians whether they bombed a hospital in Kyiv," he said.
Recently, when health officials in Gaza announced that Israeli attacks had killed more than 40,000 people, CNN Managing Editor Mike McCarthy ordered his team to "contextualize and hold Hamas accountable," Adam said.
In the article, a former BBC journalist, Sara, accused the British broadcaster of a double standard in interviewing guests. "It was overwhelmingly guests on the Palestinian side of things who were being looked into," she said. "Palestinians being flagged up for using the word Zionist, which isn't something to flag necessarily." "But there was no balance in what was going on. Israeli spokespeople who we did have on were given a lot of free rein to say whatever they wanted with very little pushback," she said.
The BBC and CNN denied allegations of bias against them.
Nobel Prize: / Baker, Hassabis, Jumper Win Award for Chemistry
David Baker, Demis Hassabis and John M. Jumper have been awarded the Nobel Prize in Chemistry for their research into computational protein design and protein structure prediction.
"This research is a landmark moment, as it was considered impossible for years to predict the structures of proteins," said the Chair for the Nobel Committee for Chemistry, Heiner Linke, who also explained how proteins serve as building blocks of all bodily functions.
"I was sleeping when the phone rang. And my wife began screaming very loudly," Baker told reporters. "I stood on the shoulders of giants," he said, as he gave credit to his fellow researchers. "I love all the proteins, I cannot pick a favorite," he added.
Proteins and their structures — simply explained
Proteins are made-up of strings of amino acid molecules, which then form complex sequences. These sequences help read, copy and repair DNA. DNA, or deoxyribonucleic acid, is a molecule that contains the genetic code that is unique to every individual.
"These proteins consist of hundreds of thousands of atoms that are responsible for every biochemical function in the body," Linke said.
AI helped crack the code
Avancements in artificial intelligence (AI) and machine learning, for which the 2024 Physics Nobel Prizes were awarded, also helped Baker, Hassabis and Jumper with their research. Baker and his fellow laureates cracked the code of what protein structures may look like with the help of AI.
"They used neural networks and deep learning to train a database that then showed how close two amino acid structures were to each other in space," said Johan Aqvist, a member of the Nobel Committee for Chemistry.
From predicting protein structures to designing new ones
David Baker created computational tools to predict protein structures, building on the 1972 Chemistry Nobel Prize discoveries. Those findings revealed the link between amino acid sequences and the way they fold into biologically active 3D protein structures. Efforts to identify protein structures began in 2003 when Baker and his team created a computer program called Rosetta.
Combined with X-ray crystallography, a technique focused on uncovering atomic-level structures, Baker successfully predicted a protein structure that matched its actual form. Before Baker could design new proteins, their real structures had to be predicted with high accuracy, which remained low until 2018.
This changed with AlphaFold, an AI tool developed by Demis Hassabis and John M. Jumper from DeepMind, a subsidiary of Alphabet. AlphaFold, a deep learning system, demonstrated that neural networks can model the complex process of protein folding.
AlphaFold 2 further improved accuracy by enhancing its internal representation and incorporating key structural knowledge into the model. Thanks to the works of Hassabis and Jumper, protein structure predictions can now reach an accuracy of 90%, enabling Baker to design new protein structures.
A nasal spray that prevents viruses
His work, thanks to advancements in AI, is being used to engineer medications. Baker and his team have come up with a nasal spray which contains proteins designed specially to ward off most pandemic viruses, like the coronavirus.
Predicting and designing protein structures can aid in identifying enzymes that contribute to antibiotic resistance, while also helping to develop new vaccines and treatments.
Ratan Tata Dies at 86, His Legacy Endures
Veteran industrialist Ratan Tata passed away on Wednesday at the age of 86 in a Mumbai hospital after battling age-related issues. He is survived by his younger brothers, Jimmy and Noel Tata, and stepmother Simone Tata.
In a heartfelt tribute, Tata Sons Chairman N. Chandrasekaran expressed deep sorrow, calling Ratan Tata "a mentor, guide, and friend." He praised Tata for his commitment to excellence, integrity, and innovation, noting that under Tata's leadership, the Tata Group expanded globally while maintaining strong ethical values.
Tata’s contributions to philanthropy, especially in education and healthcare, have touched millions and will continue benefiting future generations.
Prime Minister Narendra Modi, among many others, paid tribute, describing Tata as a "visionary business leader" and "compassionate soul." Tributes from across India and the world have poured in, honoring him as a hero, a rare soul, and the “Kohinoor of India.”
Born in 1937, Ratan Tata studied architecture at Cornell University before joining Tata Industries in 1962. He trained at a Tata plant in Jamshedpur before working at Tata Steel, TCS, and Nelco. In 1991, he succeeded JRD Tata as the head of the Tata Group, and in 2008, he received the Padma Vibhushan, India’s second-highest civilian honor.
Tata's leadership was marked by a commitment to ethics and trust. He was instrumental in shaping a corporate culture centered on fair wages, sustainable technologies like the Tata Nano, and philanthropy through the Tata Trusts. His vision of "Leadership with Trust" became the guiding principle for the Tata Group's success, influencing the lives of millions at a grassroots level.
Cyclone 'Milton' Hits with Winds of 205 km/h
Cyclone 'Milton' has struck near Siesta Key in Sarasota County, along the western coast of Florida, USA, with maximum wind speeds reaching 205 kilometers per hour.
According to a BBC report citing the US National Hurricane Center (NHC), 'Milton,' classified as an extremely dangerous Category 3 hurricane, made landfall, causing massive waves that pose a life-threatening risk.
The hurricane center has also issued flash flood warnings for the Central Florida peninsula. NHC experts say the cyclone is moving northeast at a speed of 15 miles per hour, but there remains a significant threat to life, with warnings of flooding. The destructive storm could cause storm surges of up to 10 feet or more over a wide area.
Several regions have already experienced landslides due to the hurricane, though the extent of damage is yet to be reported.
The cyclone has weakened from a Category 5 to Category 3 after two downgrades, but there are still concerns about severe casualties and damage. Residents in high-risk areas have been urged to seek shelter in safe locations.
The National Hurricane Center had predicted that the storm would make landfall late Wednesday night or early Thursday morning local time. Before 'Milton' hit, a tornado had already struck Florida, accompanied by heavy rainfall.
Florida Governor Ron DeSantis stated that dozens of shelters have been prepared across the state to protect residents from this massive storm, providing safe havens for those in danger.
Nobel Prize in Literature to be Announced Today
The Nobel Prize winners are announced annually on the first Monday of October. Accordingly, last Monday (October 7), Tuesday (October 8), and Wednesday (October 9), the names of Nobel laureates in medicine, physics and chemistry were announced respectively. The name of the Nobel laureate in literature will be announced today (October 10) at 5 pm Bangladeshi time.
In 2023, Norwegian writer and playwright Jon Fosse won the Nobel Prize in Literature. Appreciating his plays and literature, the Swedish Academy said Jon Fosse brought out many things that remained unspoken in his writings.
All information about the award announcement can be seen directly on the Nobel Prize website. All announcements of this year's Nobel Prizes are broadcast live on nobelprize.org and the Nobel Prize Committee's YouTube channel.
Two American scientists Victor Ambros and Gary Ruvkun were jointly announced on Monday as the 2024 Nobel Prize winners in medicine or pharmacology.
The Karolinska Institute's Nobel Assembly said the prize was awarded to them 'for the discovery of microRNAs and their role in post-transcriptional gene regulation'.
The Royal Swedish Academy of Sciences on Tuesday decided to jointly award the 2024 Nobel Prize in Physics to John J. Hopfield and Geoffrey E. Hinton.
"The award was given to them for 'fundamental discoveries and innovations that enable machine learning with artificial neural networks," the academy said.
The Academy on Wednesday announced US scientist David Baker for computational protein design and British scientists Demis Hassabis and John M. Jumper as joint winners of the 2024 Nobel Prize in Chemistry for 'protein structure prediction'.
The Royal Swedish Academy of Sciences has been awarding this prize every year since 1901, 5 years after the death of Alfred Nobel, the Swedish scientist, and inventor of 'Dynamite'. The award is given in his name and legacy. The prize money is handed over to the winners every year on December 10, the anniversary of Alfred Nobel's death. Prize winners in each case receive a gold medal, a diploma with a certificate, and currently 11 million Swedish krona.
A shortlist of 300 people is made every year for the Nobel Prize. After the screening, the award is given to one or more people in different categories. French poet and essayist Sully Prudhomme (1839–1907) won the first Nobel Prize in Literature in 1901.
Nobel Prize in Literature 2024: Who's Predicted to Win
The Nobel Prize in Literature 2024 is just around the corner, with frontrunners like Can Xue and Gerald Murnane making headlines.
Each year, bookies release their predictions for who will claim the most prestigious prize in literature, and each year, they're completely off the mark.
Tomorrow, the 2024 Nobel Prize in Literature will be revealed as part of the Nobel committee's annual announcements. Once again, Chinese author Can Xue leads the odds as the frontrunner for the award.
At 71, Can was also the top pick for last year's prize, but she lost out to Norwegian writer Jon Fosse.
Fosse's win was seen as a surprise, given that his body of work—spanning plays, novels, poetry, and essays rarely reached beyond his large Norwegian readership. However, the Nobel committee praised his extensive bibliography, particularly his 'Septology'. This seven-part, 1,250-page epic, first released between 2019 and 2021 and published in English by Fitzcarraldo Press, was hailed as his "magnum opus."
The Nobel Prize in Literature has been awarded since 1901 and is traditionally the last of the Nobel prizes to be announced. To date, it has been awarded 116 times to 120 individuals—103 men and only 17 women. This year’s winner, revealed at the Swedish Academy, will also receive 11 million SEK (approximately €9.7 million).
A glance at the bookies' odds a day before the announcement shows that the frontrunners are almost identical to last year's. Notably, Jon Fosse, last year's unexpected winner, barely appeared in the running beforehand, so take these odds with a grain of salt.
Haruki Murakami, despite being a perennial favorite in the top three for years, seems unlikely to claim the prize anytime soon.
When reviewing past winners, the Swedish Academy tends to either choose a relatively obscure figure like Jon Fosse or surprise with a popular yet unexpected choice.
In 2017, few anticipated the win for widely acclaimed English-Japanese author Kazuo Ishiguro. The year before, Bob Dylan’s selection was an even greater shock.
That said, here are the leading contenders for the 2024 prize:
1. Can Xue
Can Xue's odds for the 2024 Nobel Prize in Literature range from 10/1 to 4/1, but regardless of the variation, the Chinese author is widely regarded as the most likely candidate for the prize this year.
Born Deng Xiaohua in 1953, Can Xue's upbringing was shaped by her parents' persecution as rightists by the Communist Party, a defining experience that influenced her avant-garde literary style, which departs from traditional Chinese norms.
Renowned for her short story collections, Can Xue’s work is often considered challenging to translate, with many arguing that her unique style is difficult to capture in English. However, her 2019 novel 'Barefoot Doctor' has solidified her position as a strong contender for the Nobel.
In addition to her fiction, Can is also celebrated for her literary criticism, offering deep insights into authors from the Western canon such as Dante, Jorge Luis Borges, and Franz Kafka. She has twice been longlisted for the International Booker Prize for her novel 'Love in the New Millennium' and the short story collection 'I Live in the Slums'.
Though she’s the frontrunner, Can was in this same spot last year, when the prize ultimately went to Jon Fosse, an unexpected choice. Strong odds don’t guarantee this will be her year either.
2. Gerald Murnane
Gerald Murnane has once again appeared in the bookies' predictions, frequently hailed as the "greatest living English-language writer." At 85, Murnane remains a perennial favorite for the Nobel Prize, and with no Australian winner in over 50 years, many believe his time may have come.
Though not widely known, those familiar with Murnane’s work regard him as one of the finest writers of our time. His 1982 novel 'The Plains' and 1988's 'Inland' are prime examples of his unique, self-referential style, which often reflects on the nature of his artistry.
3. Haruki Murakami
Once again, there’s talk that this might finally be Haruki Murakami’s year for the Nobel Prize.
Murakami gained international fame with his 1987 novel 'Norwegian Wood', and has since become renowned for his signature blend of magical realism, seen in works like 'Kafka on the Shore' and 'The Wind-Up Bird Chronicle'.
Despite being consistently tipped for the Nobel and having already won nearly every other literary award, Murakami remains an elusive choice for the prize. His works have also made a significant impact through film adaptations, including 'Burning' and the Oscar-winning 'Drive My Car'. His latest novel, 'The City and Its Uncertain Walls' (released in English in 2023), may have garnered attention, but it likely won’t change the outcome this time either.
Source: TN
South Korea's Han Kang Wins 2024 Nobel Prize in Literature
South Korean author Han Kang has won the 2024 Nobel Prize in Literature "for her intense poetic prose that confronts historical traumas and exposes the fragility of human life." Al Jazeera news.
Mats Malm, permanent secretary of the Swedish Academy's Nobel Committee, announced the prize in Stockholm on Thursday.
Han, 53, is the first South Korean writer to win the Nobel Literature Prize.
Nobel committee chairman Anders Olsson praised her "physical empathy for the vulnerable, often female lives" of her characters.
He said her work "confronts historical traumas and in each of her works exposes the fragility of human life. She has a unique awareness of the connections between body and soul, the living and the dead, and in a poetic and experimental style, has become an innovator in contemporary prose."
She began her career in 1993 with the publication of several poems in the magazine Literature and Society, her prose debut coming in 1995 with the short story collection, Love of Yeosu.
Her major international breakthrough came with the novel, The Vegetarian. Written in three parts it is an unsettling novel in which a woman's decision to stop eating meat has devastating consequences.
The committee said her work is characterized by a "double exposure of pain, a correspondence between mental and physical torment with close connections to Eastern thinking."
The 2023 prize went to Norwegian author and dramatist Jon Fosse, who was honored for "his innovative plays and prose, which give voice to the unsayable."
The literature prize has long been male-dominated, with just 17 women among its laureates. The last woman to win was Annie Ernaux of France, in 2022.
The prize carries a cash award of 11 million Swedish kronor ($1m) from a bequest left by the award’s creator, Swedish inventor Alfred Nobel. Alongside the cash prize, the winners will be presented with a medal on December 10.
