Wednesday, May 21, 2025
Blog Page 2201

5 Minute Tute – The EU Crunch

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United Kingdom

After vacillating for months on Northern Rock before deciding to nationalise, this time Gordon Brown has impressed with his swift actions. After abrupt drops in the share prices of RBS and HBOS on October 7th, Brown announced a three-part plan to relieve the economy.

The Treasury will offer £50bn to banks in exchange for shares; the Bank of England will double the size of its liquidity program, stockpiling £200bn of Treasury bills for which banks can trade less liquid assets; and the Treasury will back £250bn of new funding obtained by banks.

The government also raised the limit on its protection of retail deposits from £35,000 to £50,000 and moved to secure deposits at Icesave, a British branch of a failed Icelandic bank. The government later stated that it would also extend further funding totalling £37bn to RBS and the merged HBOS/Lloyds TSB.

Germany

On October 13th, the German cabinet unveiled a €500bn economic rescue plan: a €100bn market stabilisation fund and up to €400bn in credit guarantees. The guarantees are designed to calm the fears banks have of lending to each other, which is one of the key problems perpetuating the crisis.

The fund will allow the government to buy assets directly from banks. But recipient banks will be subject to government oversight over management decisions, perhaps including a €500,000 ceiling on executive pay and a ban on large bonuses.

France

Also on the 13th, France announced a €360bn plan comprised of €320bn in credit guarantees on interbank loans and €40bn set aside within a state-owned company to aid bank recapitalisation. France had already taken action last week, guaranteeing the debt of Dexia SA, the world’s largest lender to local governments.

In addition, French banks may profit from the crisis: BNP Paribas, has recently agreed to buy the stricken Belgo-Dutch bank Fortis for €14.5bn. President Sarkozy has called for the easing of accountancy rules and for salary caps at banks, and has led in the efforts to coordinate European bailouts. At a Eurozone meeting in Paris, Sarkozy echoed Gordon Brown in warning that ‘the greatest risk is inertia.’

Iceland

Iceland’s top three banks – Kaupthing, Landsbanki, and Glitnir – began experiencing financial troubles as early as 2004. Since 1991, the government had been dismantling the historic system of high taxes, high tariffs, and centralised price-setting. The result was economic expansion – easier credit, soaring stock and housing prices – plus a wave of overseas buyouts backed by foreign banks – including Barclays and Deutsche Bank.

Yet because so much of the Icelandic banks’ funding came from overseas lenders, they were vulnerable to changes in interest rates, exchange rates, and lender stability. In 2007, Kaupthing took steps to reduce its exposure to the risks of borrowing from the credit market: cutting costs, selling assets, and avoiding new acquisitions.

But the credit crunch still left the banks unable to secure further funding and burdened with $61 billion in debts, almost 12 times the size of Iceland’s economy. Therefore, Iceland has nationalised the big three banks. This has led to conflict with the UK, whose institutions, including local councils, had £800m of deposits in the Icelandic banks.

Iceland and the UK have come to an agreement over redeeming the deposits, but are still threatening to sue each other over their respective roles in the bank failures. The Icelandic stock exchange halted trading for a time but has reopened.

Spain

Spain was the third country to launch a bailout on Monday, guaranteeing up to €100bn of debt issued in 2008 and perhaps early 2009. Prime Minister Zapatero also revealed a measure allowing the state to buy shares in banks if necessary, though this has not happened yet.

Spain had already created a €30-€50bn fund to buy assets from Spanish banks and to provide capital for continued lending. Cautious regulation from the Bank of Spain limited the crisis’ regional impact, but easier borrowing since the 2002 introduction of the euro still led to a tripling in house prices and an overuse of debt. Mortgage rates, inflation, and unemployment have risen.

Yet, as in France, some Spanish banks still in good health have taken advantage of the situation; Banco Santander, the biggest bank in the EU, has agreed to buy all ofUS bank Sovereign Bancorp.

Italy

Italy’s financial plan resembles that of France; it includes guarantees on new bank loans with maturities of up to five years, asset-swapping measures to help recapitalisation, and insurance of loans to private companies. However, the government, unlike its European counterparts, has not set a specific figure for the cost involved.

Prime Minister Berlusconi claimed on Sunday that Italian banks have less to fear than their European peers and that UniCredit SpA, one of Italy’s biggest banks, is the only bank to require direct government aid. UniCredit has is exposed to more foreign risk than any other Italian bank. The government had passed an emergency plan the previous week, purchasing stakes in banks needing extra capital and extending a guarantee on bank deposits.

 

Changing the Union

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This week many freshers will sign up to the Oxford Union Society, and by the end of their first year more people than not will regret that decision. The Union is an amazing institution full of some of the cleverest, funniest and most driven people I’ve met in Oxford, but somehow it doesn’t quite work.

For one thing, the debates are ridiculous. Have you ever met a person coming out of a Union debate and saying ‘Fun, just not long enough’? At the end of a debate last year a doctor, supposed to speak on the NHS, sang instead. He was bored, we were bored and it summed up how absurd the whole process had become.

If a doctor who has travelled to speak about his work no longer cares, then what hope for the audience? Equally, if someone has given up their Thursday evening to listen to a debate on knife crime, the last thing they want to hear is who did what to whom on Lincoln lawn.

I have lost count of the number of speakers who start their speeches admitting they are unprepared or covering for someone who has pulled out before telling smug jokes about the sexuality of someone on the front row. The debating chamber is not the committee’s playground – treat it with some respect.

The larger problem is not with the Union itself. The majority of the students are ill-informed about it. People are too quick to write it off because of its reputation. But if people took time to meet those involved, then the ‘hacking’ that annoys so many would be less of an issue.

Hacking is so effective because the majority of members have no idea who to vote for: they haven’t taken the time to check on the individuals themselves. Surely someone interested enough to pay £160 to join should be sufficiently engaged not to complain when asked to vote. Hacking is a necessary evil that those who stand have to go through. Even Obama plays the game.

Whilst the responsibility lies with both the Union and students to make it the organisation it should be, the Union has to instigate it. Writing a nice introduction in the termcard is not enough. Why not host all the political parties on the same night and break the Tory white tie image? Make it the centre of political debate that it could easily be.

The Oxford experience is so transient and quick that in three years the Union could have a whole new inclusive image. The place has so much potential and the change could be so easy: that responsibility is on us all.

 

Taking the pulse of student politics

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When I campaigned to be President of the Oxford University Student Union, I claimed on several occasions that a world class university with students of world class potential deserves a world class student union. In order for us to achieve that aim we have to be dynamic, more responsive and more professional.

Within a year we have seen important to changes to OUSU that will bring us closer to becoming the student union that Oxford students deserve. Instead of having an elected officer running the finances of OUSU, this summer has seen the introduction of a Strategic and Financial Manager, a change that will provide stability and continuity to our finances.

We have employed a Student Advisor for the Student Advice Service, a step in the right direction if OUSU wants to keep up with our peers at other universities. This summer has also witnessed the start of the OUSUPulse partnership, a project that will ensure that students will always have the opportunity to enjoy safe, affordable and entertaining nights out.

More change is also around the corner. This week I will ask the OUSU Council to vote to hold a referendum on the biggest structural overhaul in the 34-year history of the Student Union – turning OUSU into a charity, creating a Trustee Board and establishing committees of Council to make OUSU Council more efficient.

I will also ask the Council to permit me to create a working party that will produce a report about the demand for and financial implications of a central student centre, with a view to voting on the issue by the end of the year. Some students argue that OUSU isn’t important at all, and would even go as far as to argue that work of the Oxford University Student Union is a waste of time.

I ran for President because it’s important that we as a community prevent students from being riddled with debt, facing astronomical rent rises, and being unfairly punished by the proctors. It’s important to ensure that we unlock the potential of students in the state sector through the OUSU Target Schools Scheme, which tries to debunk myths about Oxford. It is also important that we give back to the community, through the OUSU Raise and Give campaign.

It’s important that we campaign to ensure equal treatment of women, religious groups, the LGBTQ community, ethnic groups and the disabled through OUSU’s autonomous campaigns, and it’s important that OUSU gives students the opportunity to work for a student newspaper or a student radio station during their time here. Students also deserve a fun and safe time during their time in Oxford and that’s why it’s important that OUSU should provide a safety bus, run Freshers Fair and run popular club nights throughout the week.

The work of the Oxford University Student Union has never been more crucial. Change is happening, so get involved.

 

Chain Reaction

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The ‘90s were a time of dreams, a time when anything could happen, when social hierarchies could be torn apart… if you were in a high school movie. In which case, you have probably had or will have a ‘makeover’ before your time is up.

Congratulations! Becoming Queen Bee of your school and usurping the provider of your salvation a la Clueless, getting the hot guy who made a bet he could turn you into prom queen like in She’s All That – all this and more could be yours! Things are looking up for ugly girls everywhere…

There are, of course, some caveats to this statement – I’d rather we didn’t mention my namesake (the nicknames, the ugliness) who didn’t get a makeover at school; she even had to return to high school to banish her demons, oh, and bag the hot teacher. There’s also the possibility you might stumble into a non-makeover teen film like Bring It On.

Oh yes, and one final point – you can’t actually be ugly. Applicants for ‘ugly girl’ parts in teen films should still be at least twice as attractive as the average person. In some cases you might be required to be better in every way than your ‘hot girl’ counterpart. Come on, was anyone fooled in 10 Things I Hate About You? Bianca was like Pizza Hut to Julia Stiles’ cleverer, funnier, prettier Pizza Express.

So really the ‘90s teen film gave awkward teens hopes of romance and fulfilment before shattering them to pieces. So, got that? No ugly chicks allowed. Even in Coyote Ugly. Especially in Coyote Ugly.

 

Review: Eagle Eye

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Have you ever been watching a film in the cinema when suddenly you realise that you’ve seen it before? Watching Eagle Eye, that feeling of déjà vu will probably come over you again and again.

There are shades of Terminator, Wanted, 2001, A Space Odyssey, I Robot, indeed practically every film I’ve ever seen, and while such a concept is hardly surprising with director D.J. Caruso’s record (last year’s Disturbia was a complete rip-off of Hitchcock’s Rear Window), it does get a little annoying.

What is one man’s theft, however, is another’s homage, so it is perhaps too harsh to judge it on this alone. A mix of mystery, action and thriller, Eagle Eye is a well-executed, if silly, comment on politics and the threat of surveillance.

So far, so 1984, but with some genuinely exhilarating chase sequences and a very dangerous trumpet (don’t ask), Eagle Eye gives Big Brother a twenty-first century makeover. When lay-about copy-boy Jerry Shaw (LaBeouf) receives a call from a mysterious woman who seems to be watching his every move, his first instinct is to ignore her communications.

When this voice on the other side of the phone breaks him out of jail by demolishing it, however, he begins to think otherwise. Forced to meet Rachel Holloman (Monaghan), whose son will be killed if she does not also listen to this faceless woman, the two must assist in what seems to be a terrorist plot.

Hot on their tails are cops Billy Bob Thornton and Rosario Dawson, who must stop these risks to security at all costs. But how do you catch two criminals who are informed via telephone what’s around every corner, helped by an assailant who can turn red lights green, derail trains and, in a particularly Transformers-esque scene, make unmanned cranes destroy every police car on the duo’s trail?

It may be ridiculous, but it makes good popcorn viewing. No strangers to the Hollywood blockbuster, the film’s leads shine in roles which explore the depth of what normal people will do when faced with no other option.

LaBeouf (the worst thing about Indiana Jones 4) and Monaghan (the best thing about Mission Impossible 3) work excellently together, bouncing off each other’s turmoil to create a duo thrust together by circumstances. Best of all, the scripting (almost) completely resists the temptation of the romantic subplot.

Also, while there is a slightly infuriating Hollywood ending, this is a film which knows not to take itself too seriously, making up for a dubious principle with highly impressive special effects and performances which truly justifies LaBeouf and Monaghan’s places on the new Hollywood A List.

Three stars

 

Review: Burn After Reading

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Sex, nerdiness and mindless violence mix with ab-toning and stupidity to make a heady cocktail of unforgiving black humour in Joel and Ethan Coen’s Burn After Reading. After last year’s Oscar success for No Country For Old Men, the Coen brothers are at the top of their game.

Joining them in their latest endeavour is an ensemble cast of Hollywood royalty – Coen regulars George Clooney, Richard Jenkins and Frances McDormand, along with first-timers Brad Pitt, Tilda Swinton and John Malkovich. At the headquarters of the CIA, analyst Osborne Cox (Malkovich) arrives for a top-secret meeting only to find he is about to be sacked for a drinking problem.

He does not take the news well, and returns to his whisky and memoir writing at his Georgetown home, where his wife Katie (Swinton) is embroiled in an affair with a married federal marshal, Harry Pfarrer (Clooney). Elsewhere in the Washington, DC suburbs, and seemingly worlds apart, Hardbodies Fitness Center employee Linda Litzke (McDormand) can barely concentrate on her work.

She is consumed with her life plan for extensive cosmetic surgery and confides her mission to can-do colleague Chad Feldheimer (Pitt). And all the while, the gym’s manager Ted Treffon (Jenkins) pines for her even as she arranges dates via the Internet with other men.

When a computer disc containing material for the CIA analyst’s memoirs accidentally falls into the hands of Linda and Chad, the duo are intent on exploiting their find. Unfortunately for them, they go about it in a not particularly intelligent way.

And it is this lack of even common sense in the lead characters that the relentlessly dark comedy exploits to make a script that is at once a heartwarming and chilling. Brad Pitt delivers a cleverly timed and nuanced performance as the gratuitously annoying and ingratiatingly idiotic gym assistant who bumbles merrily through life.

Frances McDormand, as his colleague and accomplice in the botched blackmail plot, succeeds in making her character aggravatingly pathetic, yet pitiable, whilst Tilda Swinton does bitchy ice queen like no one else – clad ever so stylishly in pearls and pastels.

Carrying on their on-screen partnership from the immensely successful Michael Clayton is George Clooney and his Harry Pfarrer, with an incredible nervous energy that can only spring from an actor who is very much at ease with himself and the directors. It is a well thought out and masterful performance.

But the best screen time without doubt is occupied by John Malkovich, who is the real crux of the film’s comic power, hurling obscenities indiscriminatingly and soaking himself in whisky. ‘I have a drinking problem? Fuck you. You’re a Mormon. Next to you, we all have drinking problems.’

Aside from the stellar performances, the two real winners for me were the perfectly paced script and Carter Burwell’s excellent score that brings out the structure of the seeming scattered stories with brilliant intensity. Oh, and watch out for a small appearance by Vladmir Putin.

This film is without doubt an excellent watch. Its savage humour and touching detail leave you with a sense of warmth – as well as dismay: that there may well be a Linda Litzke lurking in all of us.

Four stars

Book Review: A Prickly Affair

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Let’s get one thing straight: I am no animal lover. In fact, that’s an understatement. The truth is that I have a singular hatred of all things nonhuman, be they prickly, feathery, furry or scaly.

I am disgusted by the way animals don’t use the toilet. I am terrified by the fact that, in San Francisco, dogs outnumber children. Most of all, though, I am horrified by the irrational affection that animals inspire in human beings.

That term itself, ‘animal lover’, is abhorrent to me. Please don’t tell me they’re ‘better friends than people’, that ‘animals never start wars’, or that your cat ‘loves you back’. He doesn’t. If you supplied me with a warm house and free food I’d purr contentedly and let you stroke me too, but I’d still think you were an idiot.

You see, when I was growing up we couldn’t afford a television, so we had to make our own entertainment. My dad discovered that he and I could amuse ourselves for hours by taking long drives around the winding country roads of the Scottish borders. We weren’t there for the scenery; we were there for the sheer joy of running over as many jaywalking pheasants as we possibly could.

Nowadays I’m deprived of the satisfying squelch of bird head beneath Astra wheel, but whenever I purchase cosmetics, I take great care to ensure they have been tested on animals. So, whenever I wash my face, I think of a thousand pairs of little monkey eyes, bloodshot and burning in the name of my personal hygiene. Perhaps I’m exaggerating. Perhaps I’m not. Perhaps I really am a complete monster.

The central point, however, remains: I was never going to be one to give A Prickly Affair, a book by a man obsessed with hedgehogs, an easy ride. In truth, I wanted to hate it. I had a burning desire to rip out its still-beating little hedgehog heart, chew it up, then spit it back out, spewing tasty vitriol all over this very page.

Sadly, though, I can’t. As much as it pains me to say it, this book is, well, rather decent. It succeeds almost in spite of itself, its author and publisher.

It’s billed as a cutesy tale about how lovely hedgehogs are, sold with the assumption that the whole world finds the spiky little blighters completely adorable, but really A Prickly Affair isn’t anything as awful as that. This is because its emotional heart lies not in that oh-so droll title, but in the subtitle, ‘My Life with Hedgehogs’.

That ‘with’ is important, because the hedgehogs of A Prickly Affair really are the book’s secondary concern. The real story here is that of a classic English eccentric with a bizarre passion that he pursues with relish and vigour and without ego or self-possession.

Unfortunately for Hugh, probably, it barely matters that the book is about hedgehogs. For much of the book Warwick could just as well be writing about his love of turnips, crabs, or vintage cars. Much like those ‘personality’ TV documentaries, which are not about hills, but about how Gryff Rhys Jones loves hills, not about breast milk but about how much Kate Garraway loves breast milk, Warwick himself is the star of his book.

He does not mean to be; he is utterly unselfconscious – and all the more engaging for it. He tries to keep his hedgehogs to the front and centre of the reader’s consciousness at all times, but in doing so only heightens a sense of just how powerful and all-consuming his passion is.

I will never understand or share Hugh Warwick’s fascination with these animals, but his near-obsessive dedication, and the eloquence and humour with which he explains it are endlessly admirable.

 

Blasphemy: Atonement

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It’s hard to say which I find more offensive: Gary Glitter, or Ian McEwan’s ‘masterpiece’ Atonement.

When it comes to intellectual stimulation, I would willingly choose a Hollyoaks omnibus over rereading 371 pages of formulaic, contrived and empty-headed posturing. If there is one thing I can’t stand it’s lazy literary navel-gazing masquerading as a historical novel.

For those lucky few who are unacquainted with this dubious stain on McEwan’s otherwise spotless record, Atonement is a bog-standard war-story romance with all the twee trimmings and typical pseudo-intellectual literary references that plague McEwan’s works. The story is standard Booker-fodder: you don’t really need to know the plot because it’s establishmentera McEwan, who writes to a really shoddy formula of repression, innocence, and poignant twists of fate.

Come on, you know the story because you saw the film. It’s a deep insight into the vagaries of the human condition, remember? Anyway, if the flimsy excuse for a narrative twist doesn’t put you off, the sheer hype surrounding the book surely will.

How one miserable little tale of some posh bird and her sexual inhibitions can generate almost as much hysteria as Princess Diana’s funeral is testament to the sad fact that ‘dumbing-down’ is becoming an cultural institution. This is Tate Modern for people who can be bothered to read.

I don’t find all of McEwan’s work such a dull insult to my intelligence. The Cement Garden, The Innocent and Amsterdam were all competent studies of guilt, envy and sexual tension, but McEwan is no Margaret Atwood.

Atonement tarnishes a decent reputation. In 2006, McEwan was accused of plagiarising Lucilla Andrews’ autobiography No Time for Romance. Predictably, the British literati jumped to McEwan’s defence, but the truth remains that Atonement is essentially a derivative rehash of the life of a less than minor literary figure.

Why McEwan insists upon marring perfectly average narratives with fawning references to Oxbridge, the class system and other people’s work is a mystery to anyone who has even looked at a book recently. However, there is one thing I can say in defence of this self-consciously convoluted postmodernist waffle: at least it’s not as bad as the film.

 

That much for a dead shark?

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Damien Hirst has never played by the rules. Known as a joker at school, famously receiving an ‘E’ on his art A-Level, he channelled his rule-breaking instinct into shocking and lucrative art early on. He showed his entrepreneurial skills while still at art school by running the momentous Freeze exhibition in 1988 with fellow art students from Goldsmiths College, which subsequently changed the face of British contemporary art.

Not much has changed. This summer saw an event described by Hirst himself as ‘probably the most amazing show I’ve put on’. In a move that shocked the art world he disregarded the accepted rules and took 223 of his works straight to auction, without going via a dealer. It had never been done before, and considering how much the stood to gain financially from this (the dealer can take 50%), Damien demonstrated that his business skills are still well ahead of the game.

Sotheby’s on Bond Street housed the Beautiful Inside My Head Auction which one might describe as a ‘best of’ Hirst’s work. There were a handful of sharks, vitrines, spot and spin paintings, works with butterflies, skulls and diamonds – all Hirst trademarks – with more unusual pieces included. It was like a retrospective of a scale never before seen, and indeed was treated like one by the public.

More than eight thousand people came to see what was effectively a free exhibition, doing Hirst no end of good in terms of publicity. Most famous was the Golden Calf, a bullock that wore golden shoes and a golden orb above its head, a biblical reference. It sold for £9,200,000.

Financially this was particularly interesting because this was not a collection of Hirst’s past works. All the pieces were dated 2008 and had been produced over the last two years by Hirst’s six studios, working flat out. The result was a vast collection of pieces which filled both floors of Sotheby’s and comprised the largest exhibition it had ever put on.

Such mass production in his studios is not new for Hirst – he employs approximately 160 people in his empire – but it does raise questions of authenticity. When all it takes is a signature to make the work authentically his, is Hirst seeing just how far he can push buyers and just how much money he can make?

This isn’t a new thought though; the conceptual artist Piero Manzoni signed people’s bodies in the 50s and declared them works of art. He later canned and sold his own shit.

What is unusual is Hirst’s openly mercurial manner of avoiding the dealer and churning out works in the vein of his most famous, and most expensive, greatest hits. Traditionally a dealer is an artist’s route to sales as negotiator and advertiser, but here Sotheby’s did all the advertising and drew huge crowds.

The auction itself was spread over two days; the evening of 15th September and the next day. It was filled with everyone from Bianca Jagger and Jay Jopling (owner of the White Cube), and Hirst’s art dealer (until now), to yours truly. Everyone wanted to see what would happen; would Damien make the £50 million he was asking for and how would the art world respond?

That evening alone made £70.5 million, with many telephone bids across the world. The costliest items were the infamous Golden Calf, a shark in formaldehyde and a huge medicine case of diamonds. The whole auction sold a spectacular 98% of works over the two days for a total profit of £111 million, breaking the record for a single artist auction.

Hirst is playing a game with his buyers; his works have frequently tripled and quadrupled in value after they’ve been sold; his famous shark is worth $8 million, having originally been sold for £50,000. The advance estimates he set for works at this auction showed that Hirst was trying to anticipate this jump in value and reap the profits himself.

Cunning, but that’s Hirst for you. He is the artist who simply cut a shark in half and pickled it. That shark is now worth $8 million. Hirst himself is worth several billion. The man is no fool. He is an acute manipulator of his media, not to mention the viewing public. Of course, he is open to the accusation of making art for money, rather than money through art.

What he creates is so far beyond the reach of the average wallet, yet the public lap it up with glee. So, what next for the man who can make £70m in one night? According to him, he’s taken up painting in his shed.

 

Hives outbreak after Coven foam party

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Student clubbers have had to be treated for gruesome skin rashes after partying at a Freshers’ Week foam night.

Hundreds of revellers descended on the Coven nightclub last week, raving into the early hours on a dancefloor filled with chemical foam fired out of cannons.

However many awoke the next day to find themselves covered in skin welts and itchy red blotches. Cases of the allergic reaction were first reported at Brasenose College, following a night that was also attended by both Mansfield and Oriel.

With increasing concern about the number of students suffering from the condition, Brasenose College doctors quickly contacted the Thames Valley Area Health Unit, who were called to deal with the problem. The outbreak of hives followed the Project Eden event during Thursday night of Freshers’ Week.

Allergic reaction

Hives, or Urticaria as it is officially known, is a skin condition commonly caused by an allergic reaction, with sufferers developing itchy red welts all over their bodies.

Pulse, the company running club nights on behalf of the Oxford University Student Union this year, held two foam party nights at the Coven during Freshers’ Week, as well as two UV bubble nights and more than a dozen other events.

A statement released by the organisation confirmed that several students had suffered skin rashes after attending the Coven party, but distanced themselves from the outbreak by pointing out that responsibility for the foam cannons lay with an outside events company.

“We are very sorry to hear that students developed mild skin reactions after the foam party,” it read.

“NiteGlo FX, an outside events company who ran the foam cannons for us, believe their suppliers used a different type of foam without informing them on the night of the event.

“There was no way in which we could have forseen this problem, but we will make every effort to ensure it does not happen again.

“Keeping the students who come to our nights safe and happy, while they have a great time, is our top priority.”

There have been at least half a dozen cases of students contracting the skin condition late last week. David Hart, owner of NiteGlo FX, later revealed that the problem may have originated from a last minute switch in the type of chemical foam used at the Coven event.

“There are two different types of foam that we use – one has a much thicker consistency, a bit like shaving foam,” he said. “We ran out of this kind on the night however, so we had to switch to the other type, which is much more watery and hasn’t been used by us for about a year.”

He said that they had been notified by the Health Authority the day after the foam party that some people had suffered allergic reactions.

“We immediately stopped using the second type of foam and cancelled a party that we had been booked to use it at that day,” he continued.

‘A dodgy batch’

“We’ve also given a bottle of the foam to the Health Authority for testing. This may well be just one dodgy batch, but we can’t tell for sure.”

Mr Hart added however that the outbreak of red rashes could also have been brought on by ravers not following health and safety advice displayed at the club that they should wash off the foam directly after the party.

“According to the Health Authority, it could also have possibly come down to some people going home and not having a shower afterwards,” he said.

Although a probe into the exact causes of the skin rash is still ongoing, an email circulated to students of Brasenose College by the Dean following the outbreak explicitly linked the affected students’ condition to contact with the chemical foam.

“Whilst the authorities are still investigating the cause of the skin rash, they are of the opinion that it is most likely a result of a mild contact allergy caused by the chemical foam used at last weeks foam party,” it said.

He stressed that the rash was not contagious and urged those who had suffered the skin rashes to come forward and receive treatment.