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University in the red

first_imgHe also expressed concern at the prospect of staff not being replaced. If a tutor were to leave a college, for whatever reason, then the financial situation could prevent a replacement being hired. In this regard, some colleges could simply be “unlucky”.There is also some anxiety within the student body that funding cuts and reduced endowment income could impact on both the education Oxford can offer as well as other areas like grants and bursaries. There have been reports of some colleges already cutting back on expenditure, and there is a worry that students could be adversely affected.St John’s have already started making cutbacks. The college may have the largest endowment of them all, as well as the second-highest income during 2007-08, but they are reducing the amount they spend in certain areas. Vacation grants, for example, are now limited to 21 days per year, where previously no limit existed.At other colleges there have been reports of vacation residence being harder to acquire, as conference guests (who will pay higher accommodation fees) are given priority.Olly Richards, a second-year History student, described his concern. “The fact that the jigsaw puzzle of university finance is coming apart piece by piece is the issue which concerns me the most today. Increasingly, the steady flow of money which used to ooze from central government is drying up and I am immensely concerned about how this could affect my education.“Currently I have no lectures this term and I am puzzled as to where further cuts could come from. Moreover, cuts to the university funding as a whole could detract from the quality of tutor employed and result in students being taught by less experienced individuals.”Alistair Strathern, a second-year PPE student, is concerned that decreasing revenue might affect the poorest the most. “Naturally I’m very concerned about cutbacks, particularly if they fall on the outreach and bursary schemes that are so vital in widening access to studying at Oxford.” Although the Higher Education Funding Council for England (HEFCE) has not yet finalised its 2011-12 funding for Oxford, the University is braced for a tightening of its budget.Lynn Hutton, Divisional Financial Controller of the Humanities division, told Cherwell that “any funding cuts are of great concern to the University.” She continued, “There is an £80m shortfall in public and fee funding for teaching each year, and a similar shortfall in the funding received for research compared to the full economic costs. Oxford makes up for this by transferring funding from other sources, and any further cuts to public funding are a cause of serious concern.“Oxford will continue to exercise financial prudence maintain the strong financial position of the University during the global economic downturn, and will look to maximise efficiency and savings wherever possible. Any proposed new posts will be subject to careful scrutiny, and the University’s capital spending will tighten its focus.”It is not yet clear how colleges themselves have performed financially over the past year, with their accounts not due to be published until later this term. It is expected, however, that they will have suffered along with the University.David Palfreyman, the bursar of New College, and the director of the Oxford Centre for Higher Education Policy Studies, said that in the long run the tutorial system could be affected by funding cuts. Based on an estimate of a 10 per cent drop in funding in the short-term, students “won’t suddenly find [themselves] in tutorials of four.”However, there would be need a need to balance the books, even if increased costs would be absorbed by colleges in the short-tem.Currently nobody within the University is certain where the cuts are going to be felt the most. One History tutor believes that humanities subjects will be hit hardest, with the science departments much better insulated from the cutbacks, but not everyone is so sure.Palfreyman said that although the situation was currently “delightfully vague”, with no confirmation of whether a reduction in funding would affect teaching, research or capital projects, there would probably be a seven-to-eight per cent cut in the funds a college has to teach its students. Oxford’s most recently published accounts have shown a loss for the University for the first time in over twenty years.The appointment of tutors, college funds and provision of lectures are now under close scrutiny, as the University decides how best to adapt for the financial loss coupled with a cut in government funding.Before the donation of heritage assets, minority interest and transfer from accumulated endowment return are considered, the University recorded a deficit of £4.3 million for the financial year 2008/09.No deficit has been seen at this stage in the University accounts since the financial year 1987/8.Giles Kerr, University Finance Director, revealed how the University has suffered as a result of the global economic situation. “2008/9 was a year of unprecedented turmoil in financial markets, a very difficult period for investments and endowments generally. In that period, the endowment fund declined by 5.8 per cent and the capital fund by 3.9 per cent.”He continued, “While those absolute returns are disappointing, when you put them in the context of global equity markets over the same period, they were much smaller declines than experienced by the markets generally.”The University lost £14.7 million deposited in Icelandic banks last year. Last week Iceland’s parliament voted to hold a referendum on whether to repay depositors from Britain and the Netherlands who lost out when the Icesave bank collapsed in 2008. This came after the country’s president, Olaf Ragnar Grimsson, vetoed a bill authorising the repayment.There is concern that the recession, coupled with impending cuts to university funding, is going to result in reduced funding in certain areas.In December, Lord Mandelson announced that higher education funding was to be cut by £398m for 2010-11 compared with this year. As Cherwell reported last month, £10 million is due to be withdrawn from government funding to Oxford and Cambridge Universities.last_img read more

Fifth Third Bancorp Plans To Raise Minimum Wage

first_imgFacebookTwitterCopy LinkEmailShare Fifth Third Bancorp Plans To Raise Minimum WageDECEMBER 21, 2017  BRITNEY TAYLOR EVANSVILLE, HENDERSON, INDIANA, KENTUCKY Employees at Fifth Third Bancorp may see an increase in their wages. In light of the newly passed tax legislation, Fifth Third Bancorp announced its plans to raise the minimum hourly wage for all employees to $15.There will also be a one-time bonus of $1,000 for more than 13,500 employees. Around 75% of employees will get a pay increase or bonus.The bank’s President and CEO, Greg Carmichael, says the new tax bill includes a reduction in corporate tax rates designed to help economic growth. He said the company decided to share some of those benefits with the employees.Once the bill is signed into law, nearly 3,000 employees will see their pay increase to $15 per hour.The one-time $1,000 bonus is expected to be handed out by the end of the year, assuming the bill is signed before Christmas.Senior managers and executive leadership are excluded from this compensation.There are Fifth Third Bank locations in Evansville and Newburgh, Indiana and Henderson, Kentucky.Britney TaylorWeb ProducerMore Posts – WebsiteFollow Me:TwitterFacebooklast_img read more

News story: Universities urged to review ‘unacceptable’ admissions practices

first_imgA full review of university admissions is required to end ‘unacceptable’ practices some universities use to lure students into accepting higher education places, the Education Secretary said today (5 April).Damian Hinds is calling for a review of admissions practices after the extent that ‘conditional unconditional’ offers are used by institutions was revealed by UCAS last year.A ‘conditional unconditional’ offer from a university informs students that they are guaranteed a place, but only if they put the university as their first option. This could breach laws designed to protect consumers from entering into a transaction they otherwise wouldn’t have.In letters to the 23 universities using this recruitment technique, Mr Hinds will call on them to end this practice. He will say they are ‘backing students into a corner’ to accept a place at their institution – trapping them from exploring other options that could be more suitable. A small number of institutions have recently decided to end this practice, and now Mr Hinds is calling for other universities to follow suit.Education Secretary Damian Hinds said: ‘Conditional unconditional’ offers are a subset of all offers with an ‘unconditional’ component, which have risen drastically across subjects in recent years.The Education Secretary’s concerns over admissions is the final in a series of interventions in the higher education sector, following announcements made around essay writing services and grade inflation in recent weeks.In 2018, 34.4 per cent of 18-year-olds from England, Northern Ireland and Wales received a form of unconditional offer whereas in 2013, this figure was just 1.1 per cent. This means 87,540 applicants were given some form of offer with an unconditional component before they sat their final exams at school or college.In 2018, the University of Roehampton made 1,940 conditional unconditional offers to 18-year-olds from England, Northern Ireland and Wales, representing 65.8% of all their offers made to this group. Nottingham Trent University made 8,380 ‘conditional unconditional’ offers, representing 39.9% of all offers.UCAS data published last year also shows that students who accept unconditional offers, whether conditions are applied or not, are proportionally 7 per cent more likely to miss their predicted A levels by two grades than students with conditional offers.Universities Minister Chris Skidmore said: It is simply unacceptable for universities to adopt pressure-selling tactics, which are harming students’ grades in order to fill places. It is not what I expect to see from our world-class higher education institutions. ‘Conditional unconditional’ offers are damaging the reputation of the institutions involved and our world-leading sector as a whole. That is why I will be writing to 23 universities, urging them to stamp out this unethical practice. But I am concerned about the wider picture of how some universities are getting students through their doors, so I am asking the OfS to look at how well current admissions practices serve students and how they can be improved, so we can protect the integrity of our higher education system. This excessive use of conditional unconditional offers is not in the best interests of students – and it is worrying to see such a major rise in their use across all subjects. I know there is a place for unconditional offers, but I expect universities to use them responsibly. They must not be used to place students in a position where they are forced to make choices before they know their respective options. Where institutions are not acting in the best interests of students the Office for Students should use their full range of powers to take action. The review of admissions practices will be an important moment for the sector to ensure the system works in the interests of students, and provides a truly accurate measure of performance for universities going forwards. The Education Secretary will be asking the OfS to take a comprehensive look at university admissions procedures, in guidance sent to the regulator setting out his priorities for the financial year.The scope of the review would be developed in due course. But the Education Secretary would like the OfS to look at ways of improving current practices, including greater access and participation for students from underrepresented groups and disadvantaged backgrounds.last_img read more

TMG clients gear up for digital wallets

first_img 5SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Given the recent announcements from Samsung and Google in regard to Samsung Pay and Android Pay, the Des Moines, Iowa-based CUSO The Members Group is making preparations to support the various digital wallet solutions consumers will operate from their mobile devices.In an exclusive client webinar, TMG’s digital and product teams asked nearly 75 attendees if they plan to implement each solution. For both Samsung Pay and Google’s Android Pay, 86% of respondents said they plan to make the solution available to their cardholders.When asked which of the two solutions they believed would be more attractive to cardholders, 54% said Samsung Pay and 40% said Android Pay. continue reading »last_img read more

Egypt lifts night curfew, eases coronavirus restrictions from Saturday

first_img“We still have the ability to absorb the current numbers and we also have an existing reserve of hospitals; the armed forces and the police hospitals,” he said.Restaurants and cafes will operate at 25% capacity and shut at 10 p.m. from Saturday, while mosques and churches will be open for daily praying but not for end-of-week prayers or services which sees larger crowds, Madbouly said.Cinemas and theatres will also reopen at 25% capacity.Public beaches and parks will remain shut and public transport will be suspended from midnight until 4 a.m.. Most tourist hotels have their own private beaches and pools. Egypt will from Saturday lift a night-time curfew that had been in force since March 25 to curb the spread of the coronavirus, and reopen restaurants, cafes, and places of worship, albeit with limits on the numbers visiting, the government said.The new measures come despite Egypt seeing an acceleration of new cases in recent weeks, with infections confirmed by the Health Ministry surging to 56,809, including 2,278 deaths.While Prime Minister Mostafa Madbouly acknowledged the numbers were rising as he announced the measures on Tuesday, he repeated the government’s message that citizens will have to learn to live with the pandemic as it seeks to limit the impact on the economy. The decisions to ease the restrictions could be revoked if people do not follow the rules still in place, Madbouly said.The curfew will be fully lifted starting from Saturday, Hany Younes, the prime minister’s media adviser said.This month, Egypt said it would reopen all its airports for scheduled international traffic and open up its main resorts for foreign tourists on July 1.As in other countries, many coronavirus cases are believed to have gone unreported. The higher education minister cited a study on June 1 estimating that the actual number of cases could be up to five times higher than the reported figure.Separately, a telephone survey conducted by Baseera, a private center for public opinion research that is known for its support of the government, showed on Monday that nearly 616,000 Egyptians over 18 years in the country of 100 million people had been infected.Some 15% said they were diagnosed through a coronavirus test, while others were diagnosed after normal blood tests, chest X-rays or a visit to a doctor. Nearly 16% self-diagnosed, given their symptoms. The government has not commented on the survey results.center_img Topics :last_img read more

Robbery suspect arrested

first_imgThe 24-year-old Kimberly Kay Junioreported Bunda to the police on Dec. 2, it added. Bunda allegedly took the store’s earningsworth P5,055 while threatening Junio with a knife, police said.    Tagged suspect was 31-year-old MarkLeo Bunda of Barangay Alijis, a police report showed. Bacolod City – Police arrested a man in a robbery incident at astore in Barangay 35.center_img The suspect tried to flee but failedwhen bystanders in the area caught him, the police added. Bunda was detained in the custodialfacility of Police Station 1./PNlast_img read more

Arsenal plan swap offer for Roma midfielder Diawara

first_img Loading… read also:Zaha: Racist abuse has left me scared to use social media Roma have confirmed they are being taken over by US billionaire Dan Friedkin and want to build on their ‘excellent relations’ with Arsenal to agree on the switch. Diawara joined Roma from Napoli last summer and became a regular starter from November, although he missed 13 matches through injuries. FacebookTwitterWhatsAppEmail分享 English side, Arsenal are planning a swap offer for Roma midfielder, Amadou Diawara. According to Gazzetta dello Sport, Arsenal could let out-of-favor midfielder Lucas Torreira join Roma in a swap deal involving Guinea international Diawara. Torreira has admitted he faces leaving the Gunners after making just 17 appearances in the Premier League this season and could make the same move as Henrikh Mkhitaryan, who has been on loan at Roma.Advertisementcenter_img Promoted ContentWho Earns More Than Ronaldo?5 Of The World’s Most Unique Theme ParksTop 10 Most Romantic Nations In The WorldA Soviet Shot Put Thrower’s Record Hasn’t Been Beaten To This Day7 Of The Wealthiest Universities In The World8 Superfoods For Growing Hair Back And Stimulating Its GrowthEveryone Was Stunned To See How Little Anakin Looks TodayThis Guy Photoshopped Himself Into Celeb Pics And It’s Hysterical13 kids at weddings who just don’t give a hoot10 Risky Jobs Some Women DoCouples Who Celebrated Their Union In A Unique, Unforgettable Way7 Universities In The World Where Education Costs Too Muchlast_img read more