Cambridge Puts Itself up for Sale
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THE INDEPENDENT STUDENT NEWSPAPER SINCE 1947 ISSUE NO. 760 FRIDAY 12TH OCTOBER 2012 VARSITY.CO.UK CLAIRE COTTERIL Cambridge News: Varsity talks to 08 Julian Huppert, MP for Cambridge puts itself up for sale Overwhelming demand from investors News: Why do so for University’s first bond issue 07 few girls choose science subjects? GRISHMA SHANBHAG framework under the Higher Education NEWS REPORTER Funding Council for England has also been commended. For the fi rst time since its inception e stable outlook refl ects the impor- in 1209, Cambridge University has tance of the institution to the national decided to tap the public bond market economy and limited reliance on gov- instead of the pockets of wealthy ben- ernment funding compared to its peers. efactors to fund its latest development In amusing contrast the UK itself is plans. rated Aaa with a negative outlook, sig- On Wednesday the University nalling Moody’s inclination to lower its announced its £350 million issue of rating. Interview: Princess Basma 40-year bonds. Net proceeds will Commenting on the interest be applied towards research facili- garnered, Professor Sir Leszek Borysie- 08 Bint Saud on reform for ties, accommodation and other assets wicz, Vice-Chancellor of the University women’s rights including a potential site in northwest of Cambridge, said: “we are delighted Cambridge with 1,500 housing units by the success of this issue, and by the and 100,000 square metres of research strong support shown by investors in space. the University and its mission. e e University has had to turn away proceeds will enable us to continue to many potential investors after receiving invest in teaching and research at the a surplus of off ers totalling over £1.5bn highest international levels.” on Tuesday. e issuance marks a shift from the e 40-year term to maturity will University’s traditional reliance on enable the University to tap into the philanthropy as a source of income. longer investment horizons aff orded by Launched in 2005 as “the most ambi- insurance and pensions funds, who in tious educational fundraising initiative Fashion: Tom Rasmussen particular have shown a growing inter- in Europe”, the Cambridge 800th Anni- est to invest in national universities. versary Campaign raised an astounding 28 gets the custard out Moody’s assignment of the top Aaa £1.2 billion. However, the recent sharp for this week’s shoot (stable outlook) rating to the bonds last fall in average yields on corporate debt week has fuelled demand from investors caused by worldwide central bank seeking to invest in top-rated securi- activity has provided an opportune ties off ering a premium over sovereign environment for the University to make paper. e rating is said to be indicative its bond market debut. of the university’s “outstanding market Despite the rise in the tuition fees cap position, signifi cant amount of liquid from £3,375 to £9,000, direct subsidies assets and strong governance structure”. for facility upgrades have been reduced Cambridge’s strong cash fl ows and under the higher education reforms stable revenues from its printing and and banks are increasingly reluctant assessment businesses, fund research to engage in long term lending. Capital facilities and endowments have enabled markets off er an alternative for institu- Sport: Hockey heartbreak it to fund capital projects without debt tions wishing to secure certainty over so far, and the central institution com- their long-term fi nancing and reduce Cambridge University Press in legal 30 after own-goal mishap: mands around £2.6bn in net assets. e their reliance on taxpayers amid public almost a golden fortnight University’s highly transparent govern- sector budget cuts. battle with University of Delhi p.11 ance structure and strong regulatory Continued on page 4 Galloway plans Is the stress Richard II meets What the EBAC Changing Spaces: to sue NUS worth it? Vladimir Putin misses out our creative city News, p.11 Features, p.14 eatre, p.26 Comment, p.13 Magazine, p.20 Editor: Charlotte Keith 2 EDITORIAL OCTOBER 12 2012 Want to write for Varsity? Say hello: [email protected] Inside the paper... EDITORIAL e University of Cambridge college funds, often for specifi c, if Some people dressed as sharks, some photos to make you fall in love with Cambridge DIGITAL CONTENTS – deferentially capitalised eccentric, purposes. Money is at again, and some to make you yearn to be elsewhere. If you take enough copies of this throughout the paper, a once plentiful and – perpetually, Online: newspaper from your plodge, they could aslo serve as a doorstep or improptu stool. convention dating back to who it seems – in short supply. You might as well read it fi rst, though. knows when – is a complicated at Cambridge is currently Hopefully the Daily Distraction beast. Its innermost workings in a strong enough fi nancial are frequently baffl ing. Given position to issue bonds is hasn’t ruined anyone’s work NEWS schedule too much (yet). Look online the nation’s current economic undoubtedly a good thing. All for such gems as ‘Downton for situation, it’s certainly reassuring the more so if this means a more Dummies’, not one but TWO pieces Fin free Cambridge 11 to see that the University is – at secure future for University in defence of One Direction. Also a least in some ways – doing very funding. But no matter how lovely video of Laurie & Fry doing Find out why some diehard protestors took to the Guildhall in well fi nancially. A better credit good the University’s credit what they do best. Email shark costumes. No, really. rating than France, the new rating, it should never forget that [email protected] to join this sixteen million pound Sports its responsibilities to students Centre, the West Cambridge and academics must come motley crew. development – and now, the fi rst. American universities like COMMENT issuing of bonds. Harvard and Princeton, who have VarsiTV: What students want to know, been issuing bonds for years, 12 though, is how this will aff ect have been criticised for operating If you’re interested in getting Move over, Adele them: if the University is so more like corporations than involved with VarsiTV this term, Oli icknesse lays into the soulful songstress, confessing his fi nancially stable, then why are educational institutions; there is please email [email protected]. A preference for – don’t hate him – one Lana Del Rey. one-to-one supervisions under a real danger that the business meeting will be arranged shortly. threat from funding cuts? Why side of things dominates. at the do some colleges have such University needs a lot of funding Abroad: bad food and charge such high is obvious, but where – and who FEATURES rent? But then also off er you – that money comes from is still a If you know someone on their amazing travel grants? And vital consideration. year abroad who might have 18 why the nine thousand pounds? is is fundamentally a place of interesting things to say...tell them Working on the e reason for the apparent learning. Cambridge University to get in touch with Emily Fitzell on discrepancy is, of course, to do Press might do well to remember [email protected]. Or just Obama campaign with the relationship between that in their dealings with the back and want to write about your Phelim Brady shares his experiences canvasing for the University and the colleges. University of Delhi. time away? Get in touch. the President in Virginia this summer. ere are ludicrous sums of money fl oating around – but Charlotte Keith MAGAZINE often squirreled away in obscure Editor, Michaelmas 2012 THE TEAM Editor Charlotte Keith [email protected] e branded writer 21 Business Manager Michael Derringer Alice Boughton likes reading. She doesn’t, however, much care to Apologies to Lizzie Marx, whose illus- Additionally, the lead comment piece [email protected] know what her favourite writers eat for breakfast. trations were not fully credited in the ‘Business as usual for the Oxbridge-bash- Design Editor Craig Slade last issue, and also to June Tong, who ers’ was written by Jonathan Booth, who [email protected] took the photo for the lovely magazine was miscredited. Also: sorry Fred. Really. News Editors Alice Udale-Smith & cover. Patrick O’Grady [email protected] Comment Aliya Ram cipitous fall in the UK’s productivity [email protected] Letters to the fi gures. It is not the result of a recovery. Features Editors Salome Wagaine & As for an alternative plan, I argue Sam Hunt Editor for it explicitly throughout the above [email protected] Regurgitated bollocks article - counter cyclical economic Magazine Editors Rory Williamson & stimulus to prevent our economy fl at Missed the Zoe Large Simplistic liberal drivel, and factually lining due to low demand. [email protected] wrong at every point. I wish the gov- I can, if you like, explain some Reviews Editor Dominic Kelly & Ella ernment were spending less; neverthe- fundamentals that you appear to have squash but still Griffi ths less, private jobs are mopping up lost missed. We’ll begin with the diff erence [email protected] public sector ones, and unemployment between household and public debt. Visual Art Editor Naomi Pallas is falling. Poor little James Counsell is Let me know if this is something you [email protected] also unable to distinguish debt from think you can keep up with and we’ll want to write? Theatre Editor Fred Maynard defi cit and obviously, like the loath- begin. Many thanks to everyone who came to our [email protected] some Balls himself, off ers no alter- Fashion Editor Tom Rasmussen J C native.