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Daily Dispatches: have Chinese banks got the best pay policies?

Those appalled by the excesses of banker compensation in New York or London might be tempted to praise China’s restraint. They shouldn’t. (Wall Street Journal)

A Chinese regulator’s criticisms of the “irresponsible” pricing of initial public offerings has fuelled speculation that Beijing could temporarily halt the new issue market in order to introduce fresh pricing rules. (Financial Times)

Here’s a world-leading pole position for Singapore that probably explains quite a bit of its dismal productivity record of late. Beavering away doggedly, Singaporeans may not be aware that they have, for the past two years, overtaken the industrious South Koreans in notching up the highest number of hours worked per year, worldwide. (Asia One)

Mizuho Financial Group rose the most in two weeks, leading Japan’s largest banks higher in Tokyo after posting its second-straight quarterly profit as bad-debt costs declined and investment-management fees increased. (Bloomberg)

Gail Kelly, the Westpac chief executive, is taken aback by the political “anger and outrage” now being directed at these same banks and is fearful that Australia’s well-performing banks could be caught up in the global regulatory backlash. (The Australian)

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