Analysts say the partial U.S.-China trade deal doesn't touch on thorny issues plaguing both sides, and warn talks could break down again.World Economyread more
Economists polled by Reuters had expected Chinese exports denominated in the U.S. dollar to fall by 3% and imports to decline by 5.2% in September, compared to a year ago.China Economyread more
The U.S. had plans to hike duties on at least $250 billion in Chinese goods to 30% from 25% on Tuesday. Despite the partial trade deal, some banks on Sunday wrote that tariff...Marketsread more
The industry has pulled in $322 billion over the past six months, the fastest pace since the second half of 2008.Marketsread more
A technical recession occurs when there are two consecutive quarters of economic contraction.Asia Economyread more
"Deepfakes" are being used to depict people in fake videos they did not actually appear in, and can potentially affect elections, diplomacy and how markets move, experts say.Technologyread more
Chinese President Xi Jinping warned on Sunday that any attempt to divide China will be crushed.China Politicsread more
Syria's Kurds said Syrian government forces agreed Sunday to help them fend off Turkey's invasion.World Newsread more
U.S. President Donald Trump said that both sides reached a "very substantial phase one deal" that will address intellectual property and financial services concerns and...Asia Marketsread more
Hagibis dropped record amounts of rain for a period in some spots, according to meteorological officials, causing more than 20 rivers to overflow.Asia Newsread more
A spokesperson for the U.S.-backed Syrian Democratic Forces (SDF) has issued a stark warning to the international community.World Newsread more
American International Group shareholders should vote against compensation packages for top executives at the insurer's annual meeting next week, according to two advisory firms that hold sway over investor votes.
Institutional Shareholder Services and Glass Lewis, which together influence the vast majority of institutional shareholder votes, each argued in recent reports that AIG's top executives get paid too much.
AIG's executive compensation has an "unmitigated pay-for-performance misalignment," ISS said in a report on May 7.
"The company paid more than its peers, but performed significantly worse than its peers," Glass Lewis said in a report seen by Reuters that was distributed last month. Neither recommendation has previously been reported publicly.
An AIG spokesman declined to comment.
Executive compensation has been an issue for AIG since it received a $180 billion taxpayer bailout during the 2008 financial crisis, while still paying executives tens of millions of dollars and funding lavish client events.
It has drawn renewed scrutiny since Chief Executive Officer Brian Duperreault joined in 2017 with a lucrative package, and began paying top dollar for talent.
AIG's board awarded Duperreault $21 million last year, less than half his compensation in 2017.
His pay compares with $10 million to $17 million for CEOs of major U.S. competitors Prudential Financial Inc, Travelers Companies Inc and MetLife Inc. ISS noted that AIG's total shareholder return last year was negative 32%, compared with negative 0.8% for a major insurance index.
Duperreault has said previously that AIG needs to be able to attract and retain top talent to turn around lagging performance. Without big paychecks, executives might not want to join the insurer, which has been working through underwriting and technology issues for several years.
In the first quarter, AIG showed signs of improvement. It beat Wall Street expectations, with its general insurance business posting an underwriting profit for the first time since the crisis.
Still, compensation was the one area in which ISS and Glass Lewis disagreed with management regarding how shareholders should vote at the May 21 meeting.
In addition to performance misalignment, ISS said AIG did not adequately explain some elements of Duperreault's pay. It offered only "cautionary support" for board members who sit on the compensation committee.
The two firms advised against voting for AIG's executive compensation last year as well. Shareholders approved the packages nonetheless, by a smaller-than-usual margin.