Nobel Foundation to cut prize money by 20 pct

By: Associated Press Email
By: Associated Press Email

The Nobel Foundation has decided to reduce the prize money of each of the six Nobel awards by 20 percent this year to 8 million kronor ($1.1 million) to help safeguard its long-term capital prospects.

The board of directors also said Monday it wants to ensure the potential for achieving a good inflation-adjusted return on the Nobel Foundation's capital during the next several years.

The decision came after the average return on the foundation's capital fell short of the overall sum of all Nobel Prizes and operating expenses.

The announcement comes ahead of a much-anticipated moment in Nobel history: On June 16, Aung San Suu Kyi, the Myanmar democracy activist who won the 1991 Peace Prize and spent years under house arrest, is to deliver her long-delayed Nobel Lecture In Oslo, Norway.


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