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1
Copyright 2003 The Financial Times Limited
Financial Times (London)
June 30, 2003, Monday Japan Edition 1
SECTION: FRONT PAGE - COMPANIES & MARKETS; Pg. 15
LENGTH: 493 words
HEADLINE: Trade unions call for Yale investments probe
BYLINE: By JULIE EARLE-LEVINE
DATELINE: NEW YORK
BODY:
Yale University is under fire from its trade unions over claims of
non-disclosure of, and conflicts of interests between, some of the Ivy League
institution's Dollars 10.5bn investments.
The unions have asked the Securities and Exchange Commission to investigate
whether Yale violated federal securities laws related to the non-disclosure of
investments.
The unions also say Yale's endowment, the second largest in the US after
Harvard, is heavily invested in companies owned or managed by university
leaders.
The Federation of Hospital and University Employees, in a letter to the SEC,
said Yale should have disclosed its holdings in Aviva Petroleum, a small Texas
oil company. The unions said Yale did not disclose those holdings for 12 of 15
quarters from 1995-1999.
The FHUE, an umbrella organisation for four unions, named John Lee, who
served on the board of trustees for Yale and on the Yale University Investments
Committee. Mr Lee, who died in May 2001, was also on the board of directors of
Aviva.
The investment in Aviva led to "significant losses" for Yale.
The unions said Mr Lee joined Yale's board of trustees in June 1993. The
following month, Yale bought 1m shares of Aviva, as did Mr Lee who controlled
Lee Development Corp.
The unions said Mr Lee was appointed to Aviva's board of directors in August.
Two months later, Yale bought another 350,000 shares. By the end of 1994, Yale
bought another 1.1m shares, increasing its holdings to 2.5m shares, or 8.1 per
cent of Aviva. The letter states that the price at which Yale first bought Aviva
shares was 95 cents. The value of Yale's holdings fell from Dollars 2.2m to
Dollars 127,500, said Antony Dugdale of the FHUE.
A filing by Aviva in May this year shows Yale currently holds 5.4 per cent of
Aviva.
Tom Conroy of Yale said: "Yale believes it has made all the required
disclosures to the SEC regarding Aviva and any other holdings the university has
and had at the time."
The unions claim there are conflicts of interest among Yale's top leadership
- allegations not submitted to the SEC. They point to Len Baker and Josh
Bekenstein. Mr Baker, a Yale trustee and member of Yale's Investment Committee,
is a managing director of Sutter Hill Ventures (SHV). Mr Dugdale said Mr Baker
sponsored SHV's participation in two new funds, Chengwei Ventures and Golden
Gate Capital, before Yale's decision to invest in both funds. Yale also invests
directly with SHV.
Mr Bekenstein has been on the Yale Investments Committee since 2000 and has
been a managing director of Bain Capital. The union said Yale's pension fund and
endowment had invested in many Bain funds.
Mr Conroy said formal conflict of interest rules meant no member of Yale's
investment committee would have been part of a university decision to invest in
a company or entity of which he or she was a board member.
The SEC said: "We can't comment on correspondence."
www.ft.com/financialservices
LOAD-DATE: June 30, 2003
2
Copyright 2003 The Financial Times Limited
Financial Times (London)
June 30, 2003, Monday London Edition 1
SECTION: ASIA-PACIFIC; Pg. 7
LENGTH: 226 words
HEADLINE: S Korean strikers face threat of dismissal
BYLINE: By ANDREW WARD
DATELINE: SEOUL
BODY:
The South Korean government yesterday threatened to sack thousands of
striking railway workers as President Roh Moo-hyun's administration toughened
its attitude towards the country's militant labour unions.
About 1,000 railway workers were arrested during clashes with police over the
weekend, after the government declared their strike illegal. Seoul's hardline
response appeared intended to combat criticism that Mr Roh's government was too
soft on unions.
However, the wave of labour unrest sweeping Asia's third-largest economy
threatened to continue as railway workers refused to end their stoppage, while
one of the country's biggest union federations threatened a general strike.
Workers were protesting against government plans to restructure the
state-owned rail network in preparation for privatisation, which unions fear
will lead to job cuts.
The Federation of Korean Trade Unions, one of two nationwide labour groups,
called for its 800,000 members to stage a general strike today, demanding
shorter working hours and more pay. Kwon Ki-hong, the labour minister, vowed to
reduce the power of the unions and increase labour market flexibility. Mr Kwon
told the Financial Times that rigid labour market caused problems for investors
and he promised to improve the country's labour laws as soon as possible.
www.ft.com/asiapacific
LOAD-DATE: June 30, 2003
3
Copyright 2003 The Financial Times Limited
Financial Times (London)
June 30, 2003, Monday London Edition 1
SECTION: SHORTS; Pg. 21
LENGTH: 39 words
HEADLINE: Yale University under fire
BODY:
Yale University under fire
Yale University is under fire from its unions over claims of non-disclosure
and conflicts of interest between some of the Ivy League institution's Dollars
10.5bn (Pounds 6.3bn) investments. Page 26
LOAD-DATE: June 30, 2003
4
Copyright 2003 The Financial Times Limited
Financial Times (London)
June 30, 2003, Monday London Edition 1
SECTION: COMPANIES INTERNATIONAL; Pg. 26
LENGTH: 459 words
HEADLINE: Yale University under fire from unions CONFLICTS OF INTEREST:
BYLINE: By JULIE EARLE-LEVINE
DATELINE: NEW YORK
BODY:
Yale University is under fire from its unions over claims of non-disclosure
and conflicts of interests between some of the Ivy League institution's Dollars
10.5bn investments.
The unions have asked the Securities and Exchange Commission to investigate
whether Yale may have violated federal securities laws related to the
non-disclosure of certain investments.
The unions also charge that Yale's endowment, the second largest in the US
after Harvard, is heavily invested in companies owned or managed by its leaders.
The Federation of Hospital and University Employees (FHUE), said in a letter
to the SEC, that Yale should have disclosed its holdings in Aviva Petroleum, a
small Texas oil company. The unions said Yale did not disclose those holdings
for 12 of 15 quarters, from 1995 to 1999. An SEC spokesman declined to comment.
The FHUE, an umbrella organisation for four unions at Yale, named John Lee,
who served on the board of trustees for Yale and on the Yale University
Investments Committee. Mr Lee, who died in May 2001, was also on the board of
directors of Aviva. The investment in Aviva led to "significant losses" for
Yale.
The unions said Mr Lee joined Yale's board of trustees in June 1993. That
July, Yale bought 1m shares in Aviva, as did Mr Lee, who controlled Lee
Development Corp. Mr Lee was appointed to Aviva's board of directors in August,
and two months later, Yale bought another 350,000 shares. By the end of 1994,
Yale bought another 1.1m shares, increasing its holdings to 2.5m shares, or 8.1
per cent of Aviva, the unions said.
The letter says Yale first bought Aviva shares at 95 cents. The value of its
holdings fell from Dollars 2.2m to Dollars 127,500, said Antony Dugdale, a
spokesman at FHUE.
A filing by Aviva in May this year shows Yale currently holds 5.4 per cent of
Aviva.
Tom Conroy, a Yale spokesman said: "Yale believes that it has made all the
required disclosures to the SEC regarding Aviva, and any other holdings that the
university has, and had at the time."
The unions also claim there are conflicts of interest among Yale's top
leadership, although these allegations have not been submitted to the SEC. They
point to Len Baker and Josh Bekenstein.
Mr Baker, a Yale trustee, and member of Yale's Investment Committee is a
managing director of Sutter Hill Ventures. Mr Dugdale said Mr Baker sponsored
SHV's participation in two new funds, Chengwei Ventures and Golden Gate Capital,
prior to Yale's decision to invest in both funds. Yale also invests directly
with SHV.
Mr Bekenstein has been on the Yale Investments Committee since 2000, and has
been a managing director of Bain Capital. Yale's pension fund and endowment have
invested in many Bain funds, the unions said.
LOAD-DATE: June 30, 2003
5
Copyright 2003 Guardian Newspapers Limited
The Guardian (London)
June 30, 2003
SECTION: Guardian Home Pages, Pg. 9
LENGTH: 348 words
HEADLINE: Aslef challenger in sex harassment row
BYLINE: Kevin Maguire
BODY:
A rightwinger hoping to unseat the "awkward squad" chief of one of Britain's
most powerful trade unions has been accused of sexual harassment, according to
internal TUC documents seen by the Guardian.
Shaun Brady, standing against leftwinger Mick Rix for leadership of the
Aslef train drivers, was asked to leave a shop stewards' course following
complaints from female activists.
The RMT union has also launched a separate inquiry into allegations that Mr
Brady made a "derogatory and racist remark" to a black railman at London's
Waterloo station.
The accusations have surfaced in a bitter battle for the Aslef leadership,
with Mr Brady, a member of the executive and a driver on South West Trains,
standing against Mr Rix. The result of a postal ballot of the union's 17,000
members is to be declared on July 17.
Mr Brady, who is running on what he calls a moderate ticket, declined to
comment yesterday on the allegations. But a former senior Aslef official,
authorised to act as his spokesman, said: "These accu sations of racism and
sexism - there's nothing in them."
The Guardian has seen documents involving an incident in 1995 when Mr Brady
and a colleague were asked to leave a Southampton shop stewards' course.
In a signed statement, a female trade unionist, whose name is known to the
Guardian, accused Mr Brady of "making sexual innuendoes, sexist and chauvinistic
remarks and crude gestures to the female members".
In a subsequent letter to Mr Brady's home address Dave Palframan, TUC course
coordinator, wrote: "For the future, should you wish to reapply for TUC
education, I would ask that you carefully consider the principles underlying TUC
education, particularly in the areas of discrimination."
Mr Brady's spokesman said he was the victim of "character assassination". An
internal Aslef inquiry, said the spokesman, cleared Mr Brady of the sexual
harassment charges.
No complaint had been made to South West Trains about the alleged racial
incident, and Mr Brady was being smeared, he claimed.
guardian.co.uk/politics
LOAD-DATE: June 30, 2003
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Copyright 2003 Guardian Newspapers Limited
The Guardian (London)
June 30, 2003
SECTION: Guardian Home Pages, Pg. 9
LENGTH: 610 words
HEADLINE: Morris sees plot to sell off hospitals
BYLINE: Kevin Maguire
BODY:
Cabinet ministers were accused yesterday of secretly planning the
privatisation of foundation hospitals in a valedictory blast from Sir Bill
Morris, the outgoing leader of the Transport and General Workers Union.
He said the creation of the semi-independent NHS institutions was the "first
step on the road to privatisation".
The break-up of the NHS was "almost inevitable" because the elite hospitals
would have greater freedom to set their own pay rates, decide specialisms and
make an "absolutely enormous" jump in fee-paying patients.
Arguing that members of the government had collective responsibility for the
policy, Sir Bill, a close ally of the chancellor, Gordon Brown, vowed to fight
the creation of a two-tier health service "where only the rich could benefit
from the best treatment".
The government is braced for a big Commons rebellion next week when it
attempts to push through the bill creating foundation hospitals in England
despite the opposition of more than 100 backbench Labour MPs.
The health secretary, John Reid, is considering a series of concessions to
reassure critics that the hospitals would remain firmly in the NHS, including
powers to direct a proposed regulator to oversee the institutions.
Sir Bill, who will be succeeded in October by the left-winger Tony Woodley,
suggested creating a Labour party-union commission chaired by an independent
figure to improve relations between the two wings of the labour movement.
He claimed Labour was an "ideological free zone" on the eve of today's
opening of the TGWU biennial conference in Brighton.
He said Labour was losing touch with young people, pensioners and other
groups, but admitted that most trade unions would campaign for the government at
the next election to avoid the alternative, a Tory administration. He opposed
any further cut in funding, arguing that "cash for policies" would leave Labour
open to Conservative-style corruption charges.
The leftwing leader of the biggest rail union today accuses ministers of
betraying his members and is threatening to finance rival candidates, despite
remaining affiliated to the Labour party.
Bob Crow, the RMT general secretary, says its more militant line has proved
popular and membership is up 12% in a year to 65,000.
Writing in the communist Morning Star, Mr Crow says: "It is no secret that
RMT members feel betrayed by a government that has privatised, launched attacks
on firefighters and teachers, failed to restore the pensioners' link to earnings
and made further education a rich person's privilege.
"Our executive is clear - the union should remain affiliated to Labour, but
it is our right to consider supporting candidates that put the interests of RMT
members and working people first.
"Any shop steward or general secretary not doing his or her job properly can
expect the order of the boot from those they represent.
"Why then are we supposed to watch while the bosses form an orderly queue
for their cosy chats with ministers, while we aren't even allowed in the trades
peoples' entrance?"
The Fire Brigades Union has agreed to avoid "kneejerk" responses today when
the government publishes the latest white paper on the fire service following
the end of the bitter pay dispute.
Ministers have dropped plans to turn firefighters into ambulance-style
paramedics, while the union has agreed to review its opposition to fast-track
entry into senior ranks for graduates and others.
Plans to charge firms when firefighters are called out to false alarms
involving automatic warning systems have also been dropped.
guardian.co.uk/politics
LOAD-DATE: June 30, 2003
7
Copyright 2003 Guardian Newspapers Limited
The Guardian (London)
June 30, 2003
SECTION: Guardian Sport Pages, Pg. 22
LENGTH: 762 words
HEADLINE: Chambers bounces back to lay two ghosts in one dash
BYLINE: Duncan Mackay in Glasgow
BODY:
Dwain Chambers demonstrated his enduring ability to bounce back from
disappointment when he won his first race for 10 months in the Norwich Union
International at Scotstoun Stadium yesterday.
Giving the victory in the 100 metres extra significance was the fact that
among those beaten were Tim Montgomery, racing in Europe for the first time
since setting a world record in Paris last September, and Mark Lewis-Francis,
who had beaten Chambers twice this month.
Montgomery's thoughts may have been elsewhere, though, as he had learned in
the early hours of yesterday morning that his partner Marion Jones had just
given birth to their first child, a son Tim, who was born prematurely. "We knew
we'd have a fast baby but I didn't expect him to be this fast," said Montgomery.
Chambers' emotions had been on a different rollercoaster. He went from the
depths of despair to the heights of elation in less than 48 hours. After
finishing behind Lewis-Francis in Oslo on Friday he had sat behind the stands in
the Bislett Stadium for several minutes shaking his head, trying to come to
terms with another defeat.
He tried to console himself with the fact he was seven weeks behind schedule
due to a freak accident in California on April 5, the day of his 25th birthday,
when he had fallen down the stairs and injured his ankle. But it was clear that
being beaten - especially by a 20-year-old he considered his inferior - was
beginning to chip away at his confidence.
Chambers' run of defeats had started last September at the grand prix final
in Paris when Montgomery had stunned him with a world record of 9.78sec.
Until that point Chambers had been sweeping almost everyone aside, including
beating Montgomery twice, and following victory in the Golden League meeting in
Berlin a week earlier had expected to end 2002 ranked as the world No1. He had
left the track in Paris that day looking as if he had escaped from a car crash.
Chambers will be hoping that defeat has now been consigned to history and he
can resume a smooth path towards glory at the world championships in Paris in
August. Certainly the fact that he beat Montgomery in such emphatic fashion here
should give him a massive lift in confidence.
He reacted so well to the gun that Montgomery suspected he had got a false
start, although the electronic device measuring reaction times showed it was
legal. He sud denly looked like the Chambers of old, powering down the track and
leaving his rivals scrapping for second.
The clock stopped at 10.15. In world terms it barely registered but the deep
azure track does not have a reputation as being fast and a strong swirling wind
made things difficult throughout the afternoon.
Perhaps a better indication of the quality of Chambers' run was to be found
in the fact it took a hundredth of a second off the stadium record. That was set
four years ago by Maurice Greene, the world and Olympic champion and
Montgomery's predecessor as world record holder. Another guide to the run's
excellence was that Montgomery finished second, 0.11 behind, with Lewis-Francis
taking third in 10.28.
"I went into the race with doubts," Chambers admitted. "But I am just
feeling better with every race and on this form I should be good for the world
championships.
"With the problems I've had, I've had to accept this year was going to be
difficult. But I've been telling myself it will all come together in the end."
Chambers is proving himself capable of bouncing back from setbacks. In 2000
he overcame a series of crushing defeats to make it to the Sydney Olympics,
where he finished fourth, and last year he took the European title after being
written off following injury in the Commonwealth Games.
Lewis-Francis was upset after his run of five consecutive victories had been
ended. "I don't know what went wrong. I'm not happy with that," he said. "I
wasn't running; I was just lifting my knees. I think all the travelling is still
in my body."
Britain finished last in this three-team international behind the United
States and Russia but did have the outstanding individual performer in Chris
Rawlinson, whose winning performance of 48.44 in the 400m hurdles earned him the
athlete of the match award from Colin Jackson.
There was a special moment in the 1500m when Barnsley's John Mayock won in
3min 37.92sec, a stadium record. It was his first international victory over the
distance since 1994.
Dwain Chambers wins the 100m, beating Mark Lewis-Francis and Tim Montgomery
Michael Regan/Action Images
LOAD-DATE: June 30, 2003
9
Copyright 2003 Newspaper Publishing PLC
The Independent (London)
June 30, 2003, Monday
SECTION: COMMENT; Pg. 15
LENGTH: 101 words
HEADLINE: LETTER: STICK WITH LABOUR
BYLINE: R G BEECH
BODY:
Sir: The letter by Roddy Keenan (26 June) calling for trade unions to
disaffiliate from the Labour Party is the surest route to a Conservative
government. Under Labour unemployment has been minimal. Under the Tories three
to four million would be acceptable. We have seen the left undermining past
Labour governments and expecting activists to get the Tories out when their jobs
and conditions started to disappear. Going back to the rabble-rouser activists
would make Labour unelectable. The only way to change the policies of any party
is from within.
R G BEECH
Stanford le Hope,
Essex
LOAD-DATE: June 29, 2003
10
Copyright 2003 Newspaper Publishing PLC
Independent on Sunday (London)
June 29, 2003, Sunday
SECTION: COMMENT; Pg. 21
LENGTH: 214 words
HEADLINE: QUOTES OF THE WEEK
BODY:
The deeper the company plummets into debt, the bigger the bosses' bonuses
get'
Bob Crow, general secretary of the RMT union, on payouts for Network Rail
chiefs
I have a very personal reason to want to see these theatres last for another
100 years. That's my dream.'
Sir Cameron Mackintosh, who is spending pounds 35m refurbishing seven London
theatres
Permission is not an issue in our family. No one says to me, "You can't use
the darkest family secrets" '
Esther Freud, novelist and great-granddaughter of Sigmund Freud
The security was non-existent. If I had been a real terrorist, the entire
Royal Family would have been wiped out'
Aaron Barschak, the comedian who gatecrashed Prince William's 21st birthday
party
Cows can always fly, but we think that quite unlikely'
Sir Edward George, outgoing Governor of the Bank of England, on the chances
of a housing market crash
He is petulant and given to sulking and walking away from situations
whenever he considers himself thwarted'
Mr Justice Lightman,
on Chris Evans, who faces a pounds 20m bill after losing a case against
Virgin Radio
Who said this?
I couldn't do Fame Academy as it requires talent'
Was it:
a) Ulrika Jonsson
b) Esther Rantzen
c) Eddie Izzard
LOAD-DATE: June 29, 2003
14
Copyright 2003 MGN Ltd.
The People
June 29, 2003, Sunday
SECTION: NEWS; Pg. 22
LENGTH: 74 words
HEADLINE: 'TREAT FOREIGN WORKERS BETTER'
BODY:
UNION bosses have demanded an end to foreign building workers being housed
in 'third world factory camps'.
BATU wants an immediate Health and Safety Authority probe into the practice
of housing building workers on the sites.
Said Denis Farrell, BATU Deputy General Secretary: "Reports suggest that
these workers may be corralled off from any outside intervention, reminiscent of
multinational factory camps in third world countries."
LOAD-DATE: June 29, 2003
24
Copyright 2003 Regional Independent Media
Yorkshire Post
June 29, 2003
LENGTH: 206 words
HEADLINE: Rail union in action threat over job cuts
SOURCE: Yorkshire Post
BODY:
Network Rail will be warned that it faces industrial action when it
announces 2,000 job losses today as part of a plan to slash costs.
The infrastructure company, which took over from Railtrack last year, will
say that the jobs will go over the next four years from its 14,000-strong
workforce.
The not-for-profit company will also publish an efficiency plan which will
outline savings and reductions in spending over the next decade.
The job cuts will plunge the firm into fresh controversy following a row last
week over executive pay.
Unions and passenger groups reacted with anger when it was revealed that
directors received bonus payments totalling £1.8m last year even though
trains were still running late.
Bob Crow, general secretary of the Rail, Maritime and Transport Union,
described the job losses as obscene.
He added: It is huge bonuses for the directors and P45s for the rest. We will
resist any compulsory redundancies, with industrial action if necessary.
Network Rail said last night that it did not recognise figures in one
newspaper report claiming that it would need an extra £1bn on top of a
£10bn subsidy it had already called for to cover budget deficits until
2006.
LOAD-DATE: June 30, 2003
25
Copyright 2003 Regional Independent Media
Yorkshire Post
June 29, 2003
LENGTH: 275 words
HEADLINE: Unions' Labour links under fire
SOURCE: Yorkshire Post
BODY:
Labour's links with the unions should be subject to an official review,
outgoing workers' leader Sir Bill Morris said yesterday.
Tony Woodley, his successor as leader of the Transport and General Workers
Union, has threatened to cut financial support for the party.
Sir Bill said unions should continue to support the party even if they
disagreed with individual Government policies.
But he called on Ministers to abandon the ideological free zone of the third
way.
He also proposed on BBC1's Breakfast with Frost a commission to review
Labour's union links
There should be a joint commission of, say, the Labour Party and the trade
unions chaired by a neutral person to look at the relationship for the 21st
century, he said.
The move would allow them to take this relationship forward, giving the
opportunity for trade unions to contribute positively.
Sir Bill stressed: One thing is clear. We are not about money for policy.
The things we ask for we should get them as right. They are about social
justice and a fairer society.
And he continued: The fact of the matter is when business tried to buy policy
for money we say it is political corruption.
And if it is wrong for business then surely it must be wrong for trade
unions.
Ours is a relationship built on common values, shared tradition and shared
history and it is to enhance the opportunity for working people to have a better
life that is what we are in business for.
We are not in business to trade policy for money.
Sir Bill said he was not disappointed by Labour in power but called on the
Government to raise its game in a third term.
LOAD-DATE: June 30, 2003
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