Courier 1299

Page 1

www.thecourieronline.co.uk Monday 10 November 2014 Issue 1299 Free

The Independent Voice of Newcastle Students

SOFA SO GOOD Plan your daytime telly schedule p.29

CAMPUS CHIC

Street style from under the arches p. 16

Est 1948

FUN POLICE How to avoid getting your

house party shut down p. 14

Get your cox out: Boat club launches nude calendars p.5

Fossil fuels, arms dealers and tobacco: Uni and Union investments revealed Uni invested £7,884,807 in oil and gas over 2 years

By Charlie Dearnley News Editor

Both Newcastle University and Newcastle Students’ Union continue to invest large sums of money each year in oil and gas companies, whilst the Union invests in tobacco, and the University invests in arms manufacturers. In 2012 Newcastle University invested £3,597,961 in fossil fuel companies, including the BG Group, BP Global, and Royal Dutch Shell. In 2013 Newcastle University no longer invested in the BG Group, but their total investments in oil and gas increased to £4,286,846, showing a 19% increase. Newcastle University also invests in BAE Systems, a multinational defence, security and aerospace company. It is among one of the world’s largest defence contractors, and is one of the six largest suppliers to the US Department of Defence. Other countries that BAE systems deal with include the United Kingdom, Australia, India and Saudi Arabia. In 2012 Newcastle University invested

£1,031,544 in BAE Systems, and in 2013 this figure rose to £1,050,986. In 2008, 95% of BAE Systems’ total sales were associated with the military. The company produces various military aircraft, including Typhoon fighters, and Tornado fighter-bombers, both frontline aircraft of the RAF. They also produce many military land vehicles

NUSU invests in oil, gas and tobacco

currently stands, 3.9% of the Charishare Fund is invested in the BG Group, and 8.1% is invested in Royal Dutch Shell. The BG Group is an international exploration and Liquid Natural Gas company, active across 24 countries. By 2017 they will be the largest contracted supplier to China, and they are currently the largest supplier to the United States.

Uni has invested over £2m in BAE Systems since 2012

tory. The unfortunate accident claimed 11 lives. Aside from investing in oil and gas, 6% of the Charishare Common Investment Fund is invested in British American Tobacco, the fourth-highest proportion in the portfolio. Newcastle University has recently been recognised as a team of scien-

Green campaigners: “Serious and persistent environmental damage is identified as contrary to the University’s value systems, and any investments in companies guilty of this must be reconsidered” and armaments. Each year the main source of funding for the Students’ Union comes in a block grant from Newcastle University, but there is also a second income from investments. The Union currently has its investments in two schemes both managed by BlackRock. In one of these schemes, the BlackRock Charishare Common Investment Fund, 12.9% of the invested funds are put into oil and gas companies. As it

Royal Dutch Shell was the second largest company in the world in terms of revenue as of July 2013 and is one of the six oil and gas ‘supermajors’. BP Global is a company focused on oil and gas exploration, providing fuel, lubricants, and petrochemicals. BP is also one of the six oil and gas ‘supermajors’, and was famously responsible for the Deepwater Horizon oil spill in 2011, which is widely considered to be the largest accidental marine oil spill in his-

tists working within the institution made considerable ground in the fight against breast cancer. They discovered that ‘turning off ’ two proteins greatly reduces the ability of breast cancer cells to survive and grow. This is hoped to be a step towards finding a method of preventing the return of tumours after treatment. British American Tobacco is one of the world’s five largest tobacco companies, its four largest selling brands being

Lucky Strike, Dunhill, Kent, and Pall Mall. Without investing in BlackRock’s packages involving oil and gas, the Students’ Union can not get a worthwhile return on their investments, and they are unable to directly manage the portfolios of the funds they invest in. A statement from Fossil Free Newcastle, a student group campaigning on environmental issues, said: “It simply does not make sense, morally and financially, to invest in companies that are destroying our future. The combined carbon reserves of fossil fuel companies is five times the amount that could possibly be absorbed by our planet. “In Newcastle University’s own Socially Responsible Investment Policy, ‘serious and persistent environmental damage’ is identified as contrary to the University’s value systems, and any investments in companies guilty of this must be reconsidered.” Glasgow University recently made headlines when it divested all funds from fossil fuel companies.


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