Wednesday, April 30, 2025
Blog Page 1741

EuroCRAs(h)

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Like naughty schoolchildren put on report, 15 of the 17 eurozone countries responded with tears and tantrums to Standard & Poor’s decision to place them on a negative “creditwatch” earlier this month. Threatened with the downgrade of their sovereign debt, some politicians resorted to denial – “a wild exaggeration and also unfair” inveighed Jean-Claude Junker, prime minister of Luxembourg. Others muttered accusations of Anglo-Saxon bias – “American rating agencies and fund managers are working against the eurozone” claimed Rainer Bruderle of Germany’s FDP. Christian Noyer, head of the Bank of France, argued last weekend that on the basis of economic fundamentals, “They should begin by downgrading the United Kingdom which has bigger deficits, more debt, higher inflation, less growth than us and where credit is shrinking”. If I go down, I’m taking you with me. And the furore looks set to continue, since Fitch announced last Friday that it too would be putting six European countries on the naughty step of negative watch.

However, the hullabaloo in Europe’s political playground has not been reflected in financial markets. In the wake of S&P’s news, eurozone government bond yields (the interest paid to creditors) hardly increased at all and actually fell in Italy and Spain. Commentators largely rushed to defend credit rating agencies from the protestations of European officials. S&P et al. didn’t reveal anything that investors didn’t already know, hence the markets’ limited reaction. Indeed, the sharp fall in value of many European bonds, such as those of Italy and France, is just one indication that the EU’s structural weaknesses have been evident for months. The role of credit rating agencies is merely to improve the flow of information about the creditworthiness of governments. What’s more, they’re actually good at this. Yes, their performance on US mortgages was spectacularly poor. But they have consistently downgraded sovereign debt a year before each government default since 1975. ‘Why shoot the messenger?’ therefore seems a legitimate retort to huffy politicians calling for the credit rating industry to be regulated and even silenced.

The trouble is, the ratings put forward by agencies do much more than merely state an opinion. If S&P followed through with its threat of downgrading eurozone debt, it would have a real impact on the region’s economy. First, it could spell doom for Europe’s €440bn bailout fund, the European Financial Stability Facility (EFSF). If any of the six triple A- rated eurozone countries that guarantee the rescue fund are downgraded, the EFSF will also lose its top credit rating, greatly reducing its ability to assist indebted countries. A French downgrade, for example, would drain the pot of €158bn of French guarantees. Taking into account the ongoing commitments to Greece, Ireland and Portugal, this would leave around €150bn, nowhere near enough cash to deal with the increasing strains on Italy and Spain.

Then there are the banks. Sovereign downgrades usually result in a subsequent downgrade of the banking system. This is because they compound economic strains, increase the cost of bank debts and, most importantly, reduce the value of sovereign bonds, which typically comprise 10% of a bank’s balance sheet. These additional problems are the last thing European banks need at a time when they are desperately trying to strengthen their capital bases and restore confidence among shareholders. The risk of default from the two largest eurozone banks is already the highest it has been since the 2008 financial crisis. A downgrade may tip the banking system over the edge.

But its not just Europe’s economy that is vulnerable to credit rating agencies’ decisions. Controversially, agencies seem to have power over politics as well. Despite the claim by S&P’s director of European ratings that the agency is “not in the business of policy making, that’s the business of elected officials”, S&P seems both conscious of its political influence and determined to maximize it. It can be no coincidence that its announcement that 15 eurozone countries could stand to lose their ratings came mere days before a European Union summit that intended to construct a solution to the eurozone crisis. This tactic was also seen in the summer when S&P threatened to downgrade US bonds in the middle of Congress’s negotiations over the debt ceiling. Moreover, the report that accompanied the agency’s warning was full of policy recommendations, including “a greater pooling of fiscal resources and obligations” and “mutual budgetary oversight”. The fact that the agency tied its ratings decision to the outcome of the summit lends credence to the view that it was trying to force politicians’ hands.

Yet, the answer is not to jump to over-regulation of agencies. The European Commission thankfully shelved its idea to ban changes to sovereign credit ratings of countries facing “exceptional circumstances”. Not only would this do little to reassure markets if a country were entering a crisis, it would impinge on agencies’ freedom of speech. Instead, credit ratings should be taken out of regulations, such as central bank collateral requirements and rules that limit which securities certain investors are allowed to hold. This would prevent the repercussions of a rating change being so widespread throughout the financial system. Steps have been taken in this direction. The Dodd-Frank reforms in the US require that regulators replace all references to credit ratings with “other standards of creditworthiness”. Yet much more needs to be done, particularly by policy-makers in Europe, if reliance on ratings is to be reduced.

Finally, the credit rating agencies also need to exercise the influence they yield more responsibly.   Announcing the potential of a downgrade to what were previously considered some of the safest assets around was one thing. Doing so at a time when investors were already nervously awaiting the outcome of the most important European summit this year was unnecessarily inflammatory. It is true that in the event the markets stayed calm. But S&P’s actions could well have sparked a panic. If this had led, for example, to the collapse of a European bank, politicians’ accusations that agencies were deliberately destabilizing the currency union would have rung true. The eurozone is in enough of a mess as it is, without S&P making it worse. Europe should treat the credit rating agencies with respect and vice versa. 

A bitter end to the Northern Rock saga

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Having slashed interest rates to effectively zero percent two years ago, the Bank of England (and other central banks) had lost the use of their trusted weapon of choice. Instead they had to turn to unconventional measures, such as quantitative easing (essentially printing money). Quantitative easing was successful at achieving some of its goals: large firms’ borrowing costs were reduced and share prices and commodities rebounded, pushing up revenues and profits. However, it had no effect on wages. Despite £275 billion being pumped into the economy, the average family continues to face worsening living standards. And so we have the bizarre scenario where taxpayers’ money has been used to increase the wealth of the wealthy by 20%, at a time when the wealth of the country has declined by more than 5%. Incidentally, giving vast sums of taxpayers’ money to the wealthy increased public debt, which the coalition government decided should be tackled by sacking lots of ordinary workers (raising unemployment to record levels), and cutting support to those citizens who need it most. Regardless of the cuts, however, it is safe to say that the benefits of quantitative easing were not evenly felt. Ironically (or tragically), the segments of society that did benefit were the ones who caused the financial crisis in the first place.

In order to avoid a full-blown depression, it was necessary to both bail out the banks and engage in quantitative easing. However, both actions were implemented badly. We, the people, bought huge stakes (sometimes 100%) in failed banks, paying over the odds by most estimates. However, despite providing them with cash (at great expense to ourselves), the banks we own (as well as the ones we don’t) failed to increase lending. And so Adam Posen, a member of the Monetary Policy Committee responsible for conducting quantitative easing, has called for the creation of a state bank that will lend to small and medium sized businesses in need of cash, and therefore help fight the recession. Even George Osborne tacitly acknowledges the need for a state bank by getting his civil servants, untrained in banking, to underwrite business loans with taxpayers’ money (a policy he describes as ‘credit easing’).

This government seems to be either unable or unwilling to join the dots together: 1) businesses are in need of cash to keep the economy going, because banks aren’t lending to them. 2) As a result, policy makers are calling for a state bank with enough money to make loans to those businesses that need it. 3) We own several banks, and have provided the banking sector with £275 billion.

Would it not make sense to use that £275 billion, drummed up at the taxpayer’s expense, to lend, via the banks that we own, to the businesses that need the cash flow to keep people employed and so help us weather the recession? This would help to solve several of the problems facing the UK economy – in particular the lack of lending and the unequal effects of quantitative easing – which have squeezed the 90% of the population already struggling, whilst making the wealthiest even wealthier.

What happened instead? Well, the ‘good’ part of Northern Rock, which was and is profitable, was sold for a £400m loss for no apparent reason. In fact, the loss to the taxpayer was even more than the headline £400m, as £250m of the £747m being paid for Northern Rock comes from Northern Rock’s own capital, which is effectively (you guessed it) taxpayers’ money. Market conditions could not have been worse for the sale, the timing of which is nothing short of mind-boggling, with no other explanation than spectacular short-termism on the part of the coalition. Kept in public ownership, Northern Rock would have continued to make a profit to pay the taxpayer back for its bailout. Meanwhile, Northern Rock could have been the people’s bank, with extra loan-making capacity made available from past or future rounds of quantitative easing to make specifically targeted loans to Small and Medium-size businesses and the population as a whole, minimizing the impact of the recession on both. When market conditions returned to normal, Northern Rock (with its expanded balance sheet and bolstered assets) could have been sold at a profit rather than a huge loss, repaying the taxpayer for its bailout. The proceeds of the sale could have stimulated the economy further via tax cuts or government investment. Instead an opportunity was not only wasted, but butchered – with £650m of taxpayers’ money handed to the buyers of Northern Rock: a combination of Richard Branson, an astronomically rich US speculator, and Abu Dhabi. To say the public is being short-changed would be an understatement – we’re being robbed. 

Mo Farah for Sports Personality of the Year

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Back in August, we watched as Mohammed ‘Mo’ Farah narrowly missed out on becoming the first British world champion over 10,000m. With just one lap to go, Farah looked like he was set to take gold. However, despite running a 53 second final lap, his lead was slowly eroded until he was heart wrenchingly overtaken by Ethiopia’s Jeilan just meters from the finish line.

A week later, however, Mo was back on the track, this time in the 5,000m. Once again, Mo still leads at the front with 400m to go. However, whereas last time he ‘kicks’ early, perhaps too early, this time Farah executes his race perfectly and, holding off the formidable 1500m pace of USA’s Bernard Lagat, takes gold. In doing so, Mo Farah had achieved more than any other British distance runner before him. This 5,000m world title was the crowning glory of a 2011 which also saw Farah win at the European Indoor Championships and the New York City half marathon and shatter the UK 10,000m record.

The clichéd maxim of the sprinter is that any race longer than 400m is just ‘jogging’ — a title that understandably irks those endurance athletes who see sprinters as lazy, posy and in need of a good long run to toughen them up. While he might run 10,000 meters, Farah is certainly no jogger. In fact, if most of the sprinters at last year’s athletics Varsity match had joined Mo for a 10,000m race when he was 9,600m down and only 400m to go, few would be able to keep up with him.  

And that is arguably why Farah’s achievements mean so much more than the other sportsmen in this year’s shortlist. Everyone knows who the fastest kid in school is – everyone runs. If you’re the best at tennis or golf, however, who knows if the other kids wouldn’t beat you if they also had the chance to give it a go? Mo Farah was probably the best runner in his school (no mean feat in high-altitude Djibouti where the Mogadishu-born Farah was raised until the age of 8). Now he is the best in the world. Not to take too much away from the incredible prowess of other sportsmen in this year’s shortlist, but surely the ubiquity, purity and simplicity of running makes knocking balls into holes or back and forth across a net seem rather contrived in comparison and Farah even more deserving of the SPotY title.

But what about other successful British athletes? After a world championship 400m hurdles gold, Greene is rightly up for SPotY nomination and, although both missing out on gold, Phillips Idowu and Jess Ennis have enjoyed the same level of success as Mo. However, Farah has a sparkle and determination about him that, for me, sets him apart from an exceptional crop of British athletes and, if he achieves gold in London, will put him among the legends of British athletics.

According to the bookies, at 14/1, Farah has a tangible, if still an outside chance at taking the SPotY title, a title he would undoubtedly be delighted to put alongside his European athlete of the year award. However, I doubt he will win. With the London Olympics so close, 2011 was, for Farah, about setting himself up for 2012 when his fate will truly be decided. Hopefully the best of Mo Farah is still to come. The nation expects.  

Darren Clarke for Sports Personality of the Year

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Darren Clarke is a popular man. On the circuit and in the sporting press he never wants for admirers. Indeed, from the frequency of references to pints of Guinness, cigars and to how good a bloke he is you’d think this year’s Open had been won by Richard Harris. But as true as all the bonhomie rings, and as satisfying as it is to see a successful sportsperson with a genuinely admirable and likeable character, sometimes this focus can obscure his talent.

He is not merely a very good golfer ‘for a nice guy’; he’s a very good golfer full stop. Anyone who watched him at the K Club in 2006 besting some of America’s finest (he went up against Tiger Woods, Phil Mickelson and Jim Furyk) as Europe won that year’s Ryder Cup, won’t need to be reminded of that. For over twenty years, though, he’d failed to win a major championship, thus falling short of the bar golf demands its greats clear.

That all changed in a windy corner of Kent in July. Clarke handled the gale-buffeted Royal St. George’s links course, once described by the New York Times as a ‘shot-repelling green trampoline’ and a ‘ball-eating machine’, better than heavily-touted compatriot Rory McIlroy, better than Hall-of-Famer Phil Mickelson, better, indeed, than anybody. He played phenomenally, at an age when most players’ eyes and hunger have both started to fail them. It was an arresting win, especially when you consider that only a few years before he’d had an eminently understandable career slump following the awful death of his wife, culminating in a 143rd place finish on the Order of Merit.

Darren Clarke for SPotY, then. I can think of no one else who better fulfils the main criterion: one ‘whose actions have most captured the public’s imagination’. For a damn good piece of sport, for the peak of a storied career, and because, oh go on then, who will celebrate better?

Mark Cavendish for Sports Personality of the Year

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So, this year’s Sports Personality of the Year extravaganza is only an hour away, and neatly side-stepping the already-discussed lack of female representation on the shortlist, let’s look at the people we can vote for. We have a now ex-World Champion boxer, two men who have been at or near the tops of their respective sports without managing to win a major, two golfers who have won majors but will inevitably split the Northern Irish vote, two athletes whose best chance of winning will hopefully come in 12 months’ time following Olympic success and two cricketers, extravagantly successful as part of a team effort (and the England Test team should indeed win Team of the Year). Some notable achievers indeed, and in a year with the paucity of 2006 (Zara Phillips?) there would be a few worthy winners, but unfortunately next to them all stands Mark Cavendish, and that’s where the argument should end.

The Manx Missile’s year could barely make better reading. Multiple stage wins at two Grand Tours? Check. He became the first British rider ever to win the Green (Sprinters) Jersey at the Tour de France. And then he went and won the World Road Race title in October, the first Britain for 46 years.

These achievements are enough, but it is also the manner of his victories, and his relentless consistency, that is astounding. Erik Zabel, renowned as one of the most highly rated sprinters of all time and winner of six Green Jerseys, won ‘a mere’ 12 stages in his 13 Tours. Cavendish currently sits on 20 spread over only four years of competition, already sixth on the all-time list and on course to eclipse the mythical number of 34 won by Eddy Merckx, the greatest of all. In a bunch sprint, previously thought of as a slight lottery with any team’s sprinter in with a chance, it is now almost a case of seeing when Cavendish will rocket out of the bunch, and then fighting over second place. When he was beaten in a sprint, on stage 10 of this year’s Tour by Andre Greipel, it was seen as a shock. And then he came back and won the day after anyway. Subsequently becoming the first man to ever win the final rush down the Champs-Élysées almost seems like an afterthought, such is the level of performance he produces day-in day-out.

His performance in winning the World Road Race championship illustrates this yet further. Team GB arrived with the plan of forcing the pace, eliminating all breakaways and setting ‘Cav’ up for a final 100 metre sprint. They made no secret of this, every other nation knew what was coming and had the opportunity to put a stop to it. The result speaks for itself.

There are yet more reasons. He is a sportsman with an actual personality, never afraid to say what he thinks or show how he feels, evidenced by his tears during the 2010 Tour following a fantastic effort by his team whom he’d previously felt he’d let down. He is always first to mention his team after a race, never failing to thank them for all the efforts to put him in the position from which he can keep on winning. And (whisper it) he looks a good bet to win Britain’s first gold next summer on a course which looks tailor made for him.

On the continent he is worshipped, one French commentator saying ‘how can a country as ignorant as Britain produce a genius like Cavendish?’ It is high time the nation recognised this, and voted him Sports Personality of the Year.

Highest black student intake for ten years

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Thirty-two black students were accepted for undergraduate study at Oxford this year, the highest number in ten years.

The acceptance rate of black students also increased to 14%, an improvement on both 2009 and 2010 figures (12.2% and 8.8% respectively). Black students accounted for 1.3% of all offers made in 2011, the same percentage as those students achieving AAA at A level who are of black ethnicity. A spokesperson for Oxford University promised that Oxford would “continue to do more to improve these numbers.”

White students still have a considerably higher acceptance rate at just over 24%, and such discrepancies led to David Cameron labelling the situation “disgraceful” in April of this year. The University explained that a lower success rate for black students was attributable to a number of factors, adding, “The latest national attainment figures show that of the 36,000 UK students getting AAA or better at A-level, only 452 were black. White students are still nearly three times more likely to get AAA at A-level than black students. School attainment is the biggest barrier to getting more BME [Black or minority ethnic] school students to Oxford.”

Black students’ choice of course was also said to have contributed to lower acceptance rates. A spokesperson explained that, “Black students still apply disproportionately for the most competitive subjects at Oxford, contributing to lower than average success rates.” Oxford’s three most competitive courses (E&M, Medicine and Maths) account for 44% of all black applicants, compared to 17% of all white applicants.

While conceding that they are not “as ethnically diverse as some universities,” Oxford insisted they “want talented black students to know they are welcome,” and stressed their commitment to “widening access to Oxford from under-represented groups.” A spokesperson also refuted criticisms that the UK’s top universities were “failing to attract minority ethnic students,” adding, “Of those (the 452 black students who achieved AAA at A-level), 221 applied to Oxford, and a similar number again applied to Cambridge. In other words, the overwhelming majority of straight-A black students are making Oxford or Cambridge applications.”

Hannah Cusworth, the OUSU Vice President and Access and Academic Affairs Officer, explained that whilst the figures do not “concretely show anything,” she found them “heartening,” adding, “they perhaps suggest that the attainment of black British students is improving.” She explained she was “shocked” to discover that only 452 black students achieved AAA at A-level according to the most recent statistics, and acknowledged that “attainment is a serious barrier to more black students winning places at Oxford and so schools have got to work harder.” When asked what Oxford could do to increase its intake of black students, Cusworth stressed the need for Oxford to “continue to refine its outreach work” and to “take [the issue of] supporting students after they receive their offers more seriously.”

Chidi Onyeche, the BME Officer for the Student Union, explained that although the statistics were “positive,” Oxford “still has a long way to go before we can celebrate any true achievement.” She criticised Oxford’s approach in “discouraging perceptions” of it as a “white middle class institution” as “misguided and limited.” In particular, Onyeche condemned the “Target Schools Initiative”, which sees a number of black and ethnic minority students coming to Oxford for a day, as it takes place “when the children are too young” and is “never followed up again.”

She also argued that, “Oxford seems focused on the success of the school visits but the way that they measure such success once again is misguided,” adding, “Success is not based on the number of people that apply after the school visits take place but how much closer we come to dismantling the perceptions and myths that surround this university.”

Oxford’s African Society also welcomed the increase in the acceptance rate for black students, yet highlighted the contrast in success rates for white students. In a statement, they called for the university to “educate prospective black candidates about subscription rates for various disciplines, so that they are able to make informed decisions in the application process.”

They argued that black students are “under-represented by a factor of 30” at Oxford, and also called for Oxford to make courses more “financially affordable” to black families by “setting up bursaries or offering partial fee waivers.’

They also highlighted a recent report by the NUS which showed that “1 in 3 black students feels that their perspective as black students is marginalised and disregarded in their higher education,” and called for the university to “encourage black students to apply by openly tackling institutionalised and individual acts of racism on campus.

Issah Abdul-Moomin, a first year PPE student, explained that, “increased diversity would be a great thing for Oxford,” yet acknowledged that, “looking at the statistics, it comes as no surprise that there are so few of us.” He said that this was something he had “anticipated” and which has “not been a huge problem,”. He concluded that, “the lack of diversity at Oxford is a problem that needs to be tackled at secondary school level by encouraging aspiration and improving attainment, rather than expecting the University to admit second rate applicants in order to tick boxes.”

Such views were shared by second year PPE student Nadia Odunayo, who argued that “There is definitely a problem with the intake of black students, but this exists not with the university being discriminatory, but with state schools not preparing the students to a competitive standard. If Oxford wants to remain one of the top universities in the world, they have to keep admitting the best students, regardless of background.”

Universities widen entrance criteria

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A new report from admissions experts suggests almost two-thirds of universities will include information surrounding students’ social class, parental education or school performance in selection criteria next year, to ensure the most disadvantaged candidates have a better chance of getting on to degree courses.

The figures follow a warning from the Government’s Office for Fair Access (OFFA) that universities must be more “ambitious” in their efforts to “broaden their entrant pool” if they are to charge higher fees. Whilst it has previously been sufficient for institutions to generate more applications from disadvantaged students, for the first time next year they will be forced to set targets for the number of underprivileged undergraduates being admitted.

A sharp rise on the number of universities currently employing “contextual” information during admissions, increasing institutions are planning to make lower-grade offers to those from poor-performing comprehensives or fast-track deprived candidates into interviews.

The latest study, from the organisation Supporting Professionalism in Admissions, found that just over 40% of universities and colleges used contextual data to admit students last year, but noted that following the rise in tuition fees almost 63% “plan to use it in the future” to ensure poorer applicants are not deterred.

The survey suggested that Russell Group universities, including Oxford, were “more likely to be using contextual data” than other institutions. Earlier this year, it was discovered that only one-in-seven Oxford students are eligible for a full state grant.

However Oxford has denied that there will be any significant alterations to their admissions procedure. A spokesperson for the university’s admissions and education policy stated, “Oxford has in fact already been using a contextual data flagging system for the past three years, and will not be expanding or increasing its use of contextual data beyond the system already in place’

“While the flagging system has changed slightly this year, the changes only amount to a slight shift in the number of flagging mechanisms. Oxford will continue to use a contextual flagging system to identify additional candidates to be invited for interview only. This information plays no part in deciding which candidates get an offer, or what that offer is, and there are no plans to change or extend the contextual data flagging system to encompass the offer-making process.’

Timothy Hands, Master of Oxford’s Magdalen College School, supported the university’s decision, noting that the existing admission process “is wonderful”. He told Cherwell, “Anyone in an independent school is fully in favour of making decisions on potential not just on prior attainment. The care given to admissions by Oxford and Cambridge is absolutely excellent, and it results in a holistic assessment of the individual.”

Hannah Cusworth, Access and Academic Affairs Officer for OUSU, also praised the existing system, as “Oxford doesn’t just base its selection criteria on prior academic performance, many admission’s tutors focus much more on the academic potential of students they interview.”

First-year Leanora Volpe too emphasised the importance of interviewing disadvantaged students, commenting “That’s what the interview is there for – to give an applicant a chance to show their potential and interest separate from their academic performance.”

Clare Joyce, a University undergraduate, called the interview “the cornerstone of Oxford admissions”, but elaborated that “there is still more work to be done.” She felt that the university should also be “encouraging tutors when deliberating between candidates after the interview to consider educational and socioeconomic background.”

The Oxford University Conservative Association, supported Oxford’s decision as “admission should remain on merit”. Miles Coates, President of the society, told Cherwell: “A system that discriminated against candidates on the basis of their school would be unfair.”

However, Thomas Adams, co-chair elect of the Oxford University Labour Club, had more concerns. While he acknowledged the Government’s move to encourage more consideration of contextual date as “a step in the right direction”, he protested: “This entire situation is not helped by the ridiculous trebling of tuition fees which only puts off people from disadvantaged background from applying to university.”

Nathan Akehurst, a first-year at Lincoln College, too suggested that the targets are “too little and too late”, commenting “We exist in a climate of course cuts, diminishing participation, job losses, and increasing marketisation of our educational institutions, and this is the real issue that needs addressing.”

Oriel’s honours

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Oriel College has honoured one of its alumni by flying the flag of Gibraltar above the college.
Fabian Picardo, who studied Law at Oriel from 1990 to 1993, has been elected as the Chief Minister of Gibraltar, an achievement that has been commemorated by his former college. 
The flag was flown after Mr. Picardo’s democratic election as Chief Minister, and did not act as an endorsement of the candidate pre-election. Third year Orielense Mike Gale said he thought it was a “nice gesture” which “personalised and drew [Oriel’s] attention to an otherwise obscure news story.” He added that “remembering alumni is pretty standard at Oriel.”
Colleges have previously honoured the achievements of foreign alumni in the same way: University College flew the American stars and stripes when Bill Clinton was elected as President. 

Oriel College has honoured one of its alumni by flying the flag of Gibraltar above the college.

Fabian Picardo, who studied Law at Oriel from 1990 to 1993, has been elected as the Chief Minister of Gibraltar, an achievement that has been commemorated by his former college. 

The flag was flown after Mr. Picardo’s democratic election as Chief Minister, and did not act as an endorsement of the candidate pre-election. Third year Orielense Mike Gale said he thought it was a “nice gesture” which “personalised and drew [Oriel’s] attention to an otherwise obscure news story.” He added that “remembering alumni is pretty standard at Oriel.”

Colleges have previously honoured the achievements of foreign alumni in the same way: University College flew the American stars and stripes when Bill Clinton was elected as President. 

 

Very long life for Very Short Introductions

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Oxford University Press are set to release the 300th Very Short Introduction title in January 2012.

The series, which first began publishing in 1995, is described by OUP as making “challenging topics highly readable” and covers a vast range of subjects in all areas. One of the main features of the series is the fact that the books are written by authors at the top of their field, who condense their knowledge into a small and easily digestible volume.

The series’ website encourages readers to ascertain the “gaps in your knowledge” in order to identify those titles you should consider.

Unsurprisingly, the VSI series has proved popular with students, offering an easy in to an unfamiliar subject. Third year historian Emily Gill described the books as “great” and said she found them a “really useful” source for approaching a new module.

Also set for release in 2012 is the Very Short Introduction app. The app will be free and it is hoped will introduce the series to new readers. Its content will include summaries of all titles along with a sample chapter of each, as well as questions written by the authors to encourage and direct readers’ thoughts on the topics covered by the series, and “Meet the Author” videos.

The 300th title will be “Film”. To date, the most popular titles are those on Buddhism, Globalization, and Literary Theory.

Oxford remembers Christopher Hitchens

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Christopher Hitchens, literary critic, journalist and polemicist died from oesophageal cancer on Thursday 15th December, aged 62, sparking a widespread outpouring of grief and mourning.

The author, particularly well known in later years for his bestseller God is not Great (2007), often starkly divided opinion. However, his death united many critics in praising both his intellectual vigour and his courage in facing death.

Born in 1949, he matriculated at Balliol College in 1967, graduating in 1970 with a third-class degree in PPE. One contemporary of his, Richard Heller (Balliol PPE 1966), remembered a Balliol JCR that was “shared at night between politics and poker”. As a poker player Heller often ignored the political section “which tended to be dreary and derivative as various Marxist sects asserted their unique right to provide a vanguard leadership to the revolution in Oxford University”.

However, “one voice from the political section could make the poker players look up from their cards”, that of the young Chris Hitchens (as he styled himself then), “he was ironic, he was funny, he could mock himself as well as his opponents”. Even though they belonged to the two separate sections of the late night Balliol JCR, Heller was “glad that I witnessed the early training of the finest polemic writer since Orwell“.

Hitchens was certainly a memorable figure, as Balliol Master Sir Drummond Bone, who was a member of the MCR while Hitchens was in the JCR, can confirm. He told Cherwell that despite the separation “I knew who he was even then – who didn’t?”

Hitchens also managed to maintain a strong relationship with Balliol in his later years, through the ‘Pathfinders’ scheme, in which ex-finalists travel around America, liaising with a network of old Balliolites. Although he had given up hosting the students a few years ago, he remained ever-committed and personable.

Greig Lamont, who left Balliol in June 2011, had asked Hitchens for assistance in relation to some potential work in Iraq, “I emailed from the west coast, out of the blue, whilst he was laid up in Washington post-op. He replied within hours with nothing but help, suggestions and a list of people I should get in contact with”. Lamont also felt “greatly touched by the warmth (he always ended his emails ‘fraternally’ or ‘love Hitch’) with which he greeted a stranger’s request for help and advice”.

Current students also mourned his loss. Jonathan Scott a 3rd year Balliol student, praised him as an intellectually inspiring individual “partly because he’s obviously very clever, and had an incredible turn of phrase, but mostly because nothing was sacred to him”. He also pointed to Hitchens’ intellectual consistency, especially regarding his decision to support the Iraq war, often seen as a turning point for many of his former friends on the left. He stated that “in hindsight, he can perhaps be accused of errors of fact or of prediction, but probably not inconsistency of principle”.

Anirudh Mathur, a first year PPE student, also agreed on the issue of Iraq, saying it was “important to distinguish that he was one of the most vocal critics of how the war was actually carried out, even if he was a liberal interventionist”.

Hitchens was diagnosed with cancer in June 2010, announcing it publicly in a piece for Vanity Fair entitled ’Topic of Cancer’. His approach to death was much the same as his approach to life, referring to the cancer as “something so predictable and banal that it bores even me”. Hitchens died at a cancer hospice in Houston, Texas and leaves behind his wife, three children, many friends and countless admirers.