Oxford University and colleges used offshore funds to invest in oil extraction

first_imgOxford University’s endowment fund (OUem) and many Oxford colleges have been investing in oil extraction and exploration, the recently leaked Paradise Papers have revealed.Over half of Oxford’s colleges have placed money in offshore private equity funds, The Guardian reported today. Oxford University deny that the taxpayer has been deprived of any money as a consequence of their investments.The full list includes All Souls, Brasenose, Christ Church, Corpus Christi, Exeter, Jesus, Lincoln, Magdalen, Merton, Nuffield, Queen’s, Somerville, St Antony’s, St Catherine’s, Trinity, University, Wolfson, and Worcester.Through this method, large sums of money were deposited in various firms located in tax havens across the world. One of these was Coller International, a Guernsey based private equity firm, which received a £2.6 million investment from the university.Money received by Coller from the University and its constituent colleges was split into two separate funds, one of which – Coller International Partners V – made significant investments in Shell Oil and several of its subsidiaries and business partners. These latter companies focused on “innovative” new oil extraction and exploration techniques and technologies.Jesus and Magdalen have each also put over three quarters of a million pounds in Dover Street, a ‘blocker’ corporation known for its investment in controversial retailer BrightHouse, which has been accused of exploiting customers with learning disabilities. Brasenose reportedly invests in a similar scheme.OUem – which manages the endowments of 26 colleges and the central university – was revealed by leaked papers to have invested around £30 million in a Cayman Islands based fund, Sycamore Partners.Several colleges told the Guardian that they had now divested from Coller International, and that as OUem invested their endowment for them they had no direct investments anywhere.Worcester provost Jonathan Bate said that while the college had invested £1.35 million it was now the case that “since the endowment is held at arm’s length in OUEM, Worcester has no direct investments – onshore, offshore, in cyberspace, or anywhere else”.In a statement Oxford University told Cherwell: “As charitable trusts, Oxford University’s endowment is exempt from UK tax. The taxpayer therefore does not lose a penny from our investments. The investments generate some £80 million a year which is spent on key academic priorities in Oxford.“These include the majority of our scholarships and bursaries for students, vital research across medicine, the sciences, social sciences and humanities and our globally outstanding teaching. That is £80m for UK education and research which the taxpayer does not have to fund.” An earlier version of this article published on 10 November repeated claims made in The Guardian newspaper that Oxford University Endowment Management (OUem) could have avoided UBTI taxes through the use of ‘blocker corporations’. OUem in fact used ‘blockers’ to save costs, rather than to avoid taxes.last_img read more

Fans urge BCCI to retire Dhoni’s number seven jersey

first_imgNEW DELHI, India (AFP) — Players and fans yesterday urged India’s cricket board to retire Mahendra Singh Dhoni’s number seven jersey in a tribute to the two-time World Cup-winning captain.Dhoni, 39, called time on his 16-year-old international career Saturday with a cryptic message on his Instagram post that read, “From 1929 hrs consider me as retired.”The Board of Control for Cricket in India (BCCI) confirmed the news in a statement, saying: “The boy from Ranchi, who made his ODI début in 2004, changed the face of Indian cricket with his calm demeanour, sharp understanding of the game and astute leadership qualities.”Dhoni’s legions of fans, including 7.8 million Twitter followers, and former teammate Dinesh Karthik, said they did not want to see 7 on the back of any other Indian cricketer’s jersey.“I hope the @bcci retire the #7 jersey in white ball cricket. Good luck with your second innings in life, I’m sure you’ll have a lot of surprises for us there too,” Karthik, a wicketkeeper-batsman, tweeted.Former batsman Mohammad Kaif agreed, writing on Twitter: “Can’t imagine any one else wearing a Number 7 India jersey again.”There is no provision to retire jerseys in cricket, unlike in football.But the BCCI unofficially retired batting great Sachin Tendulkar’s number 10 shirt a few years after his retirement.Dhoni, a flamboyant wicketkeeper-batsman who led India to win the inaugural Twenty20 World Cup in 2007 and lifted the 50-over showpiece event in 2011, was born on July 7, 1981.He is a self-confessed fan of Portuguese football megastar Cristiano Ronaldo, who also wears a famous number seven jersey.“@BCCI should retire Jersey Number 7 as a Tribute to Legend MS Dhoni,” a fan wrote on Twitter.Another fan urged social media users to start trending “#RetireJersey7” as “Jersey number 7 was not just a number but an emotion the country is going to miss”.Dhoni, dubbed “Captain Cool” because of his unflappable style, will continue to lead his team Chennai Super Kings in the Indian Premier League starting in the United Arab Emirates next month.Dhoni quit Tests in 2014 and has not played for the national side since India’s World Cup semi-final loss against New Zealand in England last year — his 350th One-Day International.Cricketers from across the globe and Indian media paid tribute to the glittering career of Dhoni, who was fondly called “Mahi” by his teammates.“MS Dhoni is one of the all-time greats of the game,” International Cricket Council Chief Executive Manu Sawhney said in a statement.“He has inspired a whole generation and will be sorely missed.”The Times of India newspaper splashed across its front page: “The end of an era: Dhoni calls it a day, Mahi way.”“Welcome to the retirement club, MSD! What a magical career!,” former England batsman Kevin Pietersen tweeted.Australian opener David Warner wrote: “Congrats @msdhoni on a fantastic career, he is one of the coolest guys I’ve played against on the park.”“One of the true legends of Indian cricket and one of the greatest captains, congratulations on a great career MS Dhoni! All the best for your future,” former Pakistan skipper Shahid Afridi added on social media.last_img read more

Melo only plays opening 4 minutes, Moussa Keita hauls in 8 rebounds; Michigan patient vs. zone

first_img The close games prove SU has struggled against what Boeheim calls good zone-offense teams. But SU’s veterans, including Kris Joseph, were impressed with Michigan’s approach. They even said it is good SU is facing deliberate offensive attacks early in the season. After those first four minutes, Melo’s fellow freshman center Baye Moussa Keita replaced Melo. From there on out, Melo sat on the bench while Moussa Keita played 26 of the game’s final 36 minutes. Moussa Keita finished the game scoreless as well, but was second on the team for rebounds, with nine. He added two blocks and didn’t turn the ball over once. ‘It helps us, especially when we play zone,’ Joseph said. ‘Teams are going to run offense against us, running the shot clock down to five seconds and then getting the shot. And that will do nothing for us but help us.’ For the first time Friday, though, that job included starting the second half at center. Through SU’s five games Moussa Keita has been entrusted with the bulk of the minutes at center, logging 21 minutes to Melo’s 12.6. Melo is averaging 1.6 points-per-game, as he has taken only eight shots on the season. Every time down for Michigan, Jim Boeheim expected the same thing against his 2-3 zone. Michigan head coach Jim Beilein drilled it into his young team. For the fifth consecutive game, the soft-spoken Moussa Keita said he was merely doing Boeheim’s prescribed job. The Wolverines would work the ball until the final five seconds of the shot clock. It would come thanks to Darius Morris passes around the perimeter, and Tim Hardaway Jr. slashes to the baskets. As a result, gaps would open up in the Orange defense. The Michigan guards would then occupy them, and pass the ball back out for an Evan Smotrycz or Stu Douglass 3-pointer. Joseph’s fellow junior, Scoop Jardine, was impressed as well. But not only about how well-executed the Wolverine offense was. Rather, the maturity of the approach of Michigan — despite its three freshmen and one sophomore starters – didn’t correlate with the senior-less team. For the fifth straight game, Syracuse shot below 50 percent from the field… Former NBA players Tim Hardaway, Allan Houston and Glen Rice were in attendance at Boardwalk Hall. Hardaway’s son plays for Michigan. Rice’s son played for Georgia Tech in the other semifinal. Hardaway Jr. scored eight points in the win… Georgia Tech defeated UTEP 71-61 in the earlier semifinal… Rick Jackson led SU with 12 rebounds… Jardine and Brandon Triche combined to go 5-of-17 from the field… No SU player had more than three fouls, yielding only four Michigan free throw attempts… SU walk-on junior guard Nick Resavy recorded a trick-shot video that hit the Internet Friday. It is a YouTube clip lasting 3:37 (http://www.youtube.com/watch?v=D-5PH70VVGo) featuring Gerry McNamara. It’s the same story the SU veterans, including Kris Joseph, are expecting. Michigan’s brooding offense another example of team playing well against zone Said Joseph: ‘We are going to need that from Baye.’ Moussa Keita has attempted 12 total shots, but is averaging 7.4 rebounds-per-game to Melo’s two. That is how the first half played out. Michigan led 32-29. It wasn’t a surprise to Boeheim, though. Teams have been doing it all year. He expects it, because the team’s Syracuse has faced play against his zone well.center_img ATLANTIC CITY, N.J. –– Jim Boeheim swears he doesn’t hand players minutes in order for them to progress. He reiterated that Friday after Syracuse’s 53-50 win over Michigan. ‘You can’t give people minutes. They have to earn them,’ Boeheim said. ‘And (SU freshman center) Fab (Melo) is not earning them right now. He has got to be good on defense. The guy beat him twice on two simple little moves. We can’t have that.’  In what is starting to become the same old story for the Orange after its first five games, the SU head coach mentioned his philosophy when speaking of Melo. Again, the much-lauded freshman failed to score. Melo earned four of Boeheim’s minutes Friday, without tallying a single statistic. The four minutes were the first four of the game, as the preseason Big East Freshman of The Year started in his fifth consecutive game. [email protected] ‘Everytime that (Boeheim) calls me, I am ready to play,’ Moussa Keita said. Then, Michigan would crash the glass for one of their 13 first half offensive rebounds thanks to the exposed holes in the SU zone. ‘In a game like that, no matter if a team has no seniors, they can be patient because we are in the zone,’ Jardine said… ‘Michigan is a patient team and they found their shooters. They are a hard team to play against.’ Published on November 26, 2010 at 12:00 pm This and that Two was also the number of blocks Moussa Keita tallied Friday. And following his first second half start of the year, the freshman cemented his importance with a Boardwalk Hall-pleasing block. Over 20 minutes after Melo started the game whiffing on an offensive rebound attempt, Moussa Keita pinned a Wolverine lay-up against the backboard. The SU head coach said again Friday that the Orange is playing against smart zone-teams to start the season. He was most impressed in SU’s game last week against William & Mary, as the heavy underdog lost by only three. Comments AdvertisementThis is placeholder text ‘We are playing teams that are playing good against us,’ Boeheim said. ‘They have a good formula against us. They are teams that match up well against us with what we do.’ Facebook Twitter Google+last_img read more