Born on Penang Bridge Leapling Baby

Leapling baby born on Penang Bridge

By ZALINAH NOORDIN zalinah@thestar.com.my 

GEORGE TOWN: This Leap Year has turned out to be a most special one for a young couple from the mainland.

The wife gave birth to a baby girl in a car while travelling on the Penang Bridge.

The mother was being rushed by the father to the Adventist Hospital here at about 6.30pm when her contractions became stronger and before the couple could react, the baby had popped out.

Earlier, she had labour pains at their home on the mainland.

The couple decided to drive over to the island despite know- ing that they could be heading into the after-office hours jam here.

Grimacing in pain and sensing that the baby was about to be born, the wife pleaded with the husband to step on the pedal, hoping that they could reach the hospital in time.

But, before the couple knew it, the baby had emerged safely into the arms of the excited mother.

The husband then drove straight to the hospital located about 15km away from the bridge

A hospital spokesperson who confirmed the case, said that the baby was rushed to the maternity ward for immediate attention and follow-up care.

It was a triple joy for the couple as the child was born in the Year of the Dragon, on a Leap Day and on the iconic Penang Bridge, the spokesperson said.

It is learnt that the overjoyed husband told the hospital staff that he intended to throw a big birthday party every four years for his daughter, whom he regards as having brought blessings to the family due to the unique circumstances of her birth.
 
GEORGE TOWN: Businessman Yeap Ee Sin stepped on the accelerator, racing to bring his pregnant wife to the Adventist Hospital on the island as her contractions became stronger.

Happy family: Yeap and Wong with their leapling baby and older daughter Ying Swenz.

But his daughter was eager to make her debut on Feb 29, the leap day in the Year of the Dragon, so she “arrived” inside daddy's car right in the middle of Penang Bridge.

The hospital was still another 15km away.

“I really didn't expect it. She was supposed to be due on March 8,” said Yeap, 26.

“While I was speeding through the bridge, I said a  silent prayer for my baby to wait until we got to the hospital.

  “But before we could even reach the island, my wife gave out a loud scream and out came the baby's head. The next thing I knew, she was cradling the baby in her arms.

“I guess she just couldn't wait,” said the proud father.

The newborn, who has yet to be named, weighed 2.9kg.

Yeap sped to reach the hospital as the baby's umbilical cord was still intact.

“I was worried that there would be traffic congestion since it was peak hour (at about 6pm) then but thank God it wasn't that bad as I was going to Penang Island from the mainland.

“Imagine if I was coming from the other way?” he quipped.

Yeap said his wife Wong Sok Sim, 26, had earlier been experiencing heavy contractions and he immediately rushed home from work and took her to the hospital.

“Both mother and daughter are safe,” he said.

An overjoyed Yeap told the hospital staff that he would throw a big birthday party every four years for his daughter, whom he felt was a blessing to the family due to the unique circumstances of her birth.

The couple have an elder daughter aged 16 months.

Washington seeks to extend hegemony to trade

(Global Times)

US President Barack Obama signed an order Tuesday to create an interdepartmental task force to enforce trade agreements. Some commented that it is directly targeting "unfair trade practices" by its major trade partner China. On the same day, the Information Technology & Innovation Foundation, a Washington think tank, issued a report entitled Enough is Enough: Confronting Chinese Innovation Mercantilism. 

It accused Beijing of using various tricks like subsidies or export restrictions to gain an "absolute advantage" for its companies and urged Washington to "build a global free-trade coalition" with allies to push back against China.

The US has not made such endeavors before. China is facing serious trade frictions. The US deemed that their manufacturing industry is most effective, and "unfair trade practices" are an easy target.

US politicians have repeatedly instilled voters with such information: China is challenging the global trade rule with "national capitalism," and the US must strike back.

Actually, the US is challenging and damaging the rule. Perhaps Washington feels the WTO has become less and less helpful and it has to create a new alternative. The US government now integrates resources and attempts to deal a severe blow to "unfair trade practices" at any time.

However, no matter how strong the US is, it cannot expand and impose its will to a world which will not accept a trade power overriding the WTO. If anyone can freely create an enforcement unit to pursue personal interests, where can world trade order be found?

The world's largest importer cannot seek limitless power, especially since China is only years away from becoming the top importer itself.

This year will see presidential elections in the US and politicians are scoring cheap points on the back of foreign countries. The Democratic Party and Republican Party can always find unity against China.

China has to be clear. China's annual exports to the US were $320 billion last year, but US sanctions against Chinese exports were at no more than $10 billion. The US will not risk a major showdown.

Due to strategic mistrust, mutual precautions are increasing and the risks of politicalizing future trade frictions are intensifying.

US politicians like to exaggerate matters. China should ignore this, stick to WTO rules in the trade lawsuit against the US and protect the interests of Chinese companies.

We should not be intimidated by this so-called enforcement office. The US is not in a position to assess China's trade system. Only the WTO is qualified to assess and WTO Director-general Pascal Lamy has given an A+ to China's performance since its accession.

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MAS shocker: RM2.5 billion biggest-ever loss in its history!

By B.K. SIDHU bksidhu@thestar.com.my

PETALING JAYA: National carrier Malaysia Airlines Bhd (MAS) posted a shocking RM2.52bil net loss for its financial year ended Dec 31, 2011 the biggest-ever loss in its corporate history led by higher expenses, despite revenue rising 2% to RM13.9bil.

In comparison, the airline reported a net profit of RM234mil for the whole of 2010 and chalked up sales of RM13.58bil.

The RM2.5bil figure for 2011 includes a RM1.09bil provision, essentially a non-cash item, to reflect the state of health at the airline.

“The company is in crisis. The accounts for 2011 recognises provisions and escalating operational costs which, although painful, gives us a holistic snapshot of the organisation,” group chief executive officer Ahmad Jauhari Yahya said at the briefing of its results yesterday.

Ahmad says MAS is in crisis and that the accounts for 2011 recognises provisions and escalating operational costs which gives a holistic snapshot of the organisation. On the right is Rashdan.

 

“With full knowledge of our actual position, we will be better prepared to move forward,'' he said.

The non-cash items include RM179mil of stock obsolescence (mostly spares for the B737 aircraft), RM602mil for re-delivery of aircraft (it will return 52 of its leased aircraft and will incur some cost in making sure they are in pre-delivery condition), and RM314mil impairment of freighter aircraft (adjusting the freighters to current market value).

For the full year, the airline's loss per share was 75.52 sen versus earnings per share of 7.25 sen in 2010.

For the fourth quarter, MAS reported a net loss of RM1.28bil and sales of RM3.67bil. But a year earlier, it had reported a net profit of RM225mil and sales of RM3.66bil.

“If you filter all the accounts off the non-cash items, it is a decent performance by MAS given the challenges it is facing,'' said an analyst with Maybank Investment Bank.

He believes that the numbers are slightly better than analysts' estimates.

By stripping out the RM1.09bil provisioning from the net loss of RM2.52bil, the actual loss incurred by the airline for 2011 is RM1.43bil. For the first three quarters of 2011, the airline incurred a net loss of RM1.24bil and with the stripping out of the RM1.09bil, the actual net loss for the fourth quarter is only RM184mil. However, when added with some additional items it should be a net loss of RM231mil for the quarter.

Ahmad said that group expenditure had gone up by 21% mainly due to higher fuel costs. MAS' fuel bill for 2011 swelled by 33%, or RM1.46bil, to RM5.85bil from RM4.38bil a year earlier. Jet fuel prices have risen from US$95 a barrel at the end of 2010 to US$133 at end-2011. Currently, it is hovering around the US$137US$138 per barrel range.

For 2011, MAS saw a 6% improvement in passenger revenue, while yields were up 4% to 24.7 sen per revenue passenger kilometre. But the improvement, according to Ahmad, was insufficient to offset the rising costs, especially fuel.

Bearing in mind that it only has RM1.1bil in cash reserves, and in view of the big number of aircraft deliveries it has to take, MAS is in dire need of more cash.

Ahmad said the next task was to strengthen the balance sheet or else it would be difficult for the airline to get financing for its new deliveries.

“The bottom-line group losses for 2011 underscore the need for MAS to adopt strong measures to stop the bleeding, and they include staff redeployment, increasing productivity and efficiency, relentless cost control and making further route review,'' he said, adding that thus far the airline had implemented 9% route cuts.

In order to strengthen the balance sheet to boost cash reserves and funding capacity, he needs another 60 days to come up with a plan.

“The plan includes, but not limited to, debt and/equity market options. Khazanah Nasional Bhd and Tune Air, the two largest shareholders, are supportive of these initiatives,'' he said.

His deputy Mohammed Rashdan Yusof did not rule out the possibility of a cash call and the selling of non-core assets to raise cash.

Ahmad also disclosed that talks with Qantas were under way but declined to reveal the scope of the talks. MAS will be joining the oneworld alliance by November this year.

Despite the huge losses and funding requirement, Ahmad remains positive on the outlook for the airline, saying “if we follow our business plan, we should be in the black (this year).''  

Selenium Supplements

Most in US Don't Need Selenium Supplements, Study Says

MyHealthNewsDaily Staff  CREDIT: Selenium photo via Shutterstock

 View full size image

Selenium supplements may be harmful for people who already get enough of the mineral in their diets — which is most people in the U.S. — and could increase the risk for type 2 diabetes, according to a new review.

Use of selenium supplements has become widespread over the past 10 years, largely due to the belief that selenium can reduce the risk of cancer and other diseases. But "excessive zeal for increasing selenium intake has at times had adverse consequences," study author Margaret Rayman, a professor of nutritional medicine at the University of Surrey in England, wrote in her findings.

Those who get enough selenium in their diets should not take selenium supplements, Rayman concluded. People already get that mineral from grains, seafood and other common elements of the American diet.
The review will be published online Wednesday (Feb. 29) in the Lancet.

"Excessive zeal"

Though selenium supplements have been marketed for a multitude of conditions, this largely has been based on the results of observational studies, according to the paper. However, findings from clinical trials looking to confirm the supplements' effectiveness have been mixed.

Rayman reviewed selenium studies conducted since 1990. She said the mixed findings probably stem from the fact that supplements offer benefits only when the amount of selenium in a person's diet is inadequate.

Research has linked low selenium intake or levels in the blood with an increased risk of dying over a given period, poor immune function and cognitive decline. And higher selenium intake or blood levels have been linked to enhanced male fertility, antiviral effects, and protection against some cancers.

But the new review shows that levels that are too high can bring harmful effects.

Specifically, Rayman found people with high levels had an increased risk of type 2 diabetes. The link might be explained by the fact that selenium is incorporated into a protein, called GpX1, that affects the way insulin works in cells, she wrote.

Selenium in the diet

Selenium is a naturally occurring trace mineral found in soil and water and taken up by plants. The foods with the highest concentrations of selenium are organ meats and seafood, but the mineral is also found in cereals and grains, muscle meats and, to a lesser extent, dairy products, fruit and vegetables, according to the paper.

Recommendations for selenium intake average 60 micrograms per day for men, and 53 micrograms per day for women, according to the paper.

"The implications are clear: People whose serum or plasma selenium concentration is already 122 µg/L or higher — a large proportion of the U.S. population — should not supplement with selenium," Rayman wrote, pointing to data from blood samples taken as part of National Health and Nutrition Examination Survey, a large, ongoing study conducted by the Centers for Disease Control and Prevention.

Pass it on: Most Americans already get enough selenium from their diet, and supplements could raise their risk of diabetes.

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Internet Makes Us Smarter & Stupider!

Stephanie Pappas, LiveScience Senior Writer

What does a tech-savvy brain look like?
CREDIT: majcot, Shutterstock

View full size image

Will constant access to the Internet make today's young people brilliant multitaskers or shallow, screen-bound hermits? A new opinion poll finds that technology experts believe the answer is "all of the above."

According to a new survey of 1,021 technology experts and critics, hyperconnectivity is a mixed bag. Fifty-five percent of those surveyed agreed that the Internet has wired the under-35 crowd differently, and that this rewiring is a good thing, stimulating multitasking talent and an ability to find relevant information fast online. But 42 percent of experts believe that the hyperconnected brain is shallow, with an unhealthy dependence on the Internet and mobile devices.

"Short attention spans resulting from quick interactions will be detrimental to focusing on the harder problems, and we will probably see a stagnation in many areas: technology, even social venues such as literature," Alvaro Retana, a technologist at HP, responded in the survey. "The people who will strive and lead the charge will be the ones able to disconnect themselves to focus."

Dire predictions

According to the Elon University Imagining the Internet Center and the Pew Internet Project, which conducted the survey, the technology expert split is closer to 50-50 on whether the rise of the Internet is a boon or a bane. Many people who responded that Internet-savvy Generation Y is at a mental advantage tempered that opinion with warnings about the dark side of connectedness. [10 Facts About the Teen Brain]

"While they said access to people and information is intensely improved in the mobile Internet age, they added that they are already witnessing deficiencies in younger people's abilities to focus their attention, be patient and think deeply," Janna Anderson, director of Elon's Imagining the Internet Center and a co-author of the report detailing the findings, said in a statement. "Some expressed concerns that trends are leading to a future in which most people are shallow consumers of information, and several mentioned Orwell's '1984.'"

George Orwell's 1949 book described a dystopian society where information was strictly controlled. One respondent who mentioned the book was Paul Gardner-Stephen, a telecommunications fellow at Flinders University.

"[C]entralized powers that can control access to the Internet will be able to significantly control future generations," Gardner-Stephen wrote. "It will be much as in Orwell's '1984', where control was achieved by using language to shape and limit thought, so future regimes may use control of access to the Internet to shape and limit thought."

Online optimism

Many experts praised the talents needed to navigate the Internet, however, and suggested that people who have grown up connected will blossom.

"There is no doubt that brains are being rewired," wrote danah boyd, a senior researcher at Microsoft Research. "The techniques and mechanisms to engage in rapid-fire attention shifting will be extremely useful for the creative class."

Other experts said that the use of the Internet as an "external brain" where facts are stored frees up space for mental processes beyond memorization. [Best Social Networking Sites Online]

"The replacement of memorization by analysis will be the biggest boon to society since the coming of mass literacy in the late 19th to early 20th century," wrote Paul Jones, a new media expert at the University of North Carolina, Chapel Hill.

While there was disagreement about the benefits and costs of an increasingly important Internet, experts were agreed that certain skills and talents would be important for future generations online. Among those were the ability to cooperate to solve problems, also known as crowd-sourcing; the ability to effectively search for information; the ability to synthesize information from many sources; the ability to concentrate; and the ability to filter useful information from the digital "noise" of the Internet.

"There is a palpable concern among these experts that new social and economic divisions will emerge as those who are motivated and well-schooled reap rewards that are not matched by those who fail to master new media and tech literacies," said report co-author Lee Rainie, director of the Pew Research Center's Internet & American Life Project. "They called for reinvention of public education to teach those skills and help learners avoid some of the obvious pitfalls of a hyperconnected lifestyle.”

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Can The Human Brain See Quantum Images?

Nobody knows whether humans can access exotic images based on quantum entanglement. Now one physicist has designed an experiment to find out

The strange rules of the quantum world lead to many weird phenomena. One of these is the puzzling process of quantum imaging, which allows images to form in hitherto unimagined ways.

Researchers begin by creating entangled pairs by sending a single laser  beam into a non-linear crystal, which converts single photons into entangled pairs of lower frequency photons, a process known as parametric down conversion. A continuous beam generates a series of pairs of entangled photons.

Next, they send the entangled photons towards a pair of detectors. Each member of an entangled pair by itself fluctuates in random ways that make its time and position of arrival uncertain.

Use one of the detectors to receive just one half of the entangled photons and the result is a blur, smeared by the process of randomness.

But use two detectors to receive both sets of photons and the uncertainties disappear, or at least are dramatically reduced. In this case, the 'image' is pinsharp. The uncertainty disappears because of the quantum correlation between the entangled pairs.

Researchers have extended this technique by superimposing a pattern on the wavefront of the initial laser beam, creating shapes such as a donut. They've shown that a single detector alone cannot 'see' a such a donut image even though it appears clean and sharp when two detectors pick up both sets of the entangled pairs.

These strange pictures are called quantum images or higher order images and quantum physicists think they can use them to carry out exotic processes such as sending information secretly and performing quantum lithography.

Today, Geraldo Barbosa at Northwestern University in Evanston, Illinois, raises another interesting possibility. He asks whether it is possible for humans to see higher order images and suggests that a relatively simple experiment could settle the question.

This experiment consists of a laser beam shaped into an image, such as the letter A. This laser then hits a non-linear crystal, generating entangled pairs of photons that retain this image shape. The set up is such that these photons are then detected, not by conventional detectors, but by human eyeballs.

The question is whether the human retina/brain combination can access the correlation that exists between the entangled pairs. If so, the human would see the letter A. If not, he or she would see only a blur.

Of course, there are some significant experimental challenges. One is to design the experiment in a way  that ensures the subject can only receive the image through this quantum process and not through some other channel, such as talking to the experimenter. However, that should be straightforward for any psychologist to design.

Another problem, however, is that the retina can only detect photons in groups of 7 or more and these have to arrive within a specific time window. Only then can a human subject 'see' the result. Generating the required intensity of entangled photons is one challenge.

The key question is whether the entanglement survives this group process. If the brain can access the quantum correlations, the image will be visible. If not, the result will be a blur.

That's a fascinating experiment not least because a positive result would be astounding. It would show that we humans can essentially 'see' entanglement.

Barbosa points out that new forms of imaging are not unknown in the animal world. Various animals and insects see in the infrared and ultraviolet, giving them an entirely different perspective on the world.

There is also some evidence that birds can 'see' the earth's magnetic field thanks to the quantum interaction between the field and light sensitive molecules in their retinas.

So the possibility that new ways of seeing the world can emerge is not unprecedented. However, the idea that humans can access higher order images thanks to quantum entanglement is clearly an idea of a different ilk.

Perhaps the most exciting aspect of Barbosa's idea is that it appears feasible now. There's no reason why this experiment couldn't be done in any quantum optics lab in the near future.

We'll look forward to seeing the results.

Ref: arxiv.org/abs/1202.5434: Can humans see beyond intensity images?

TRSF: Read the Best New Science Fiction inspired by today’s emerging technologies.

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IBM Scalable Quantum Computing

IBM Paves The Way Towards Scalable Quantum Computing

Alex Knapp, Forbes Staff

Three superconducting qubits. (Credit: IBM Research)

IBM has announced today that it’s achieved a breakthrough in its work to develop scalable quantum computing by developing a superconducting qubit made from microfabricated silicon that maintains coherence long enough for practical computation.

And now that I’ve thrown a ton of information at you in one tiny sentence, let’s break it all down. I had a chance to talk with IBM scientist Matthias Steffen about this new technology, and he broke it down for me. Let’s start with the qubit. Classical computing, as you probably know, is based on the bit. A bit can exist in one of two possible states, which are typically referred to as “0″ or “1″. A qubit is the equivalent of a bit for quantum computing. It can be in three possible states – “0″ or “1″ or both. The “both” state is known as the superposition. Now, the difference may seem subtle, but mathematically, it’s huge. A few hundred qubits can contain more classical bits of information than the the universe has atoms.

IBM Shrinks Computer Memory Into Only Twelve Atoms
  Alex Knapp Forbes Staff
 
What makes quantum computing challenging is the problem of decoherence. When a qubit is moved from the 0 state to either 1 or the superposition, it will decohere to state 0 due to interference from other parts of the computer. In order for quantum computing to be scalable and practical, the qubits have to be coherent for a long enough time that error-correction techniques can be employed to make sure that the decoherence doesn’t prevent accurate computation.

“In 1999, coherence times were about 1 nanosecond,” Steffen told me. “Last year, coherence times were achieved for as long as 1 to 4 microseconds. With these new techniques, we’ve achieved coherence times of 10 to 100 microseconds. We need to improve that by a factor of 10 to 100 before we’re at the threshold we want to be. But considering that in the past ten years we’ve increased coherence times by a factor of 10,000, I’m not scared.”

 

Alex Knapp Forbes Staff
 MIT's Scott Aaronson Explains Quantum Computing

The IBM team has taken two approaches to quantum computing, both of which factor into the breakthroughs announced here. The first approach is building a 3-D qubit made from superconducting, microfabricated silicon. Steffen notes that the benefit of using silicon for these qubits is that the manufacturing equipment and know-how already exists – new techniques don’t have to be developed. 3-D qubits were pioneered by the Schoelkopf Lab at Yale, and Steffen expressed his admiration for that work. Building on the Yale techniques, the IBM team was able to maintain coherence for 95 microseconds. (“But you could round that to 100 for the piece if you want,” Steffen joked.)

How To Make A Cheaper Quantum Computer
  Alex Knapp Forbes Staff

 The second approach involved a traditional 2-D qubit, which IBM’s scientists used to build a “Controlled NOT gate” or CNOT gate, which is a building block of quantum computing. A CNOT gate connects two qubits such that the second qubit will change state if the first qubit changes its state to 1. For example, if qubit A’s state is changed from 0 to 1, and qubit B’s state is 1, it will flip to state 0. But if qubit A’s state is changed from 1 to 0, qubit B is unaffected. That seems simple enough, but when you scale multiple logic gates like this together, you have a very real basis for computation. The CNOT gates were able to maintain coherence times of 10 microseconds, which is long enough to show a 95% accuracy rate. The previous accuracy record for CNOT gates was 81% accuracy, so this is a huge step.  Of course, Steffen was quick to note that there’s still a ways to go before this can be implemented as a computing solution. That makes common sense, since 95% is accurate, but in the long run you need the accuracy to be as close to 100% as possible. 
 

The Inner Workings of a Quantum von Neumann Computer Alex Knapp Forbes Staff

Given the rapid progress that IBM has made, scalable quantum computing is starting to look like a real possibility. As error-correction protocols improve and coherence times lengthen, accurate quantum computing becomes a real possibility. But don’t expect to have a quantum smartphone anytime soon using this technique. In order to get the results the IBM team has seen in either the 2-D or 3-D configuration, the qubits have to be cooled down to less than a degree above absolute zero.

“There’s a growing sense that a quantum computer can’t be a laptop or desktop,” said Steffen. “Quantum computers may well just being housed in a large building somewhere. It’s not going to be something that’s very portable.  In terms of application, I don’t think that’s a huge detriment because they’ll be able to solve problems so much faster than traditional computers.”

The next steps for the team is to improve coherence and error-correction protocols to the point where the accuracy is over 99.9%. That means they’ll have achieved a “logical qubit” – one that, for practical purposes, doesn’t experience decoherence. From that point, the next step is to develop a quantum computing architecture. IBM is considering some possibilities here, including developing some quantum memory architechture. But what encourages Steffen in these endeavors is that these are questions of engineering, not of theory.

“We are very excited about how the quantum computing field has progressed over the past ten years,” he told me. “Our team has grown significantly over past 3 years, and I look forward to seeing that team continue to grow and take quantum computing to the next level.”

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HSBC makes £13.8bn profits

 HSBC's annual profits rose 15% to £13.8bn ($21.9bn) in what it called a year of "major progress".

The bank said that 2011 was a year of major progress for HSBC

The bank is the biggest in Europe and makes about 90% of its profits outside the UK.

HSBC's UK profits were 17.2% higher than last year at £1.5bn.

The bank singled out its "strong performance" in faster-growing markets, with revenue up 12% in Asia and Latin America, as well as in the Middle East and North Africa.

It said these regions now accounted for 49% of group revenue. It also said 2011 was a record for commercial banking.

Profit before tax in that division was up 31% at almost £5bn.

Also helping the headline profit figure was a rise of £2.5bn in the value of its debt.



The investment banking division fared less well. Profits there fell 24% to £15bn as a result of the eurozone crisis.

UK banking
 
The UK division met its Project Merlin lending targets, set by the government.

It lent £49.4bn to businesses, well above its target of £38.8bn, with £11.9bn going to small and medium-sized enterprises (SMEs).

HSBC also increased mortgage lending by 12% to £13.2bn and expects to increase that to £15bn this year, with £3bn earmarked for first-time buyers.

Like other UK banks, HSBC has faced claims over mis-sold payment protection insurance - policies which were sold to maintain loan repayments in the event of illness or redundancy.

But in many cases, the insurance was sold to those who were not appropriate customers for the product.
The bank said it was "truly sorry" to those adversely affected by "our failings".

Lloyds Bank last week took back £2m in bonuses from senior executives, and HSBC said it, too, had exercised "clawback".

HSBC's total bonus pool for the year to 31 December was £2.64bn.

Top earners
 
The group chief executive, Stuart Gulliver, received a total pay award of £7.2m, made up of a £1.2m salary, a £2.2m bonus and long-term incentives of £3.75m, which is in shares and cannot be sold until he retires or leaves the bank.

Mr Gulliver was not the top earner this year, however. Another senior bank employee, who has not been named, will receive £8m in total.

More than 200 key employees in the UK earned a total of £53m.

The size of the remuneration was seen as inappropriate by some, partly because the bank is currently in the process of cutting 30,000 jobs worldwide as part of wide-ranging cost-cutting measures designed to save up to £2.2bn by 2013.

David Fleming, national officer at the union Unite, said: "How can Stuart Gulliver have a clear conscience over his reward package of £7.2m while thousands of staff face uncertainty about their jobs?"

The bank's chairman, Douglas Flint, who will receive £3.4m for 2011, said he accepted that "a few people" were paid "extraordinarily well" but insisted the bank needed to attract and retain the best staff.

'Traction'
 
HSBC is the currently the most profitable Western bank, with its nearest rival, JP Morgan, reporting a profit of £12bn.

It operates in 80 countries and employs 288,000 people, 50,000 in the UK.

Mr Gulliver said: "2011 was a year of major progress for HSBC. We gained traction in our strategy designed to simplify the structure and improve the management and control of the group.

"I am pleased with our progress, but there is a lot more to do and we remain focused on delivering our targets."

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