Netflix boss 'interested' in deal with Prince Harry and Meghan Markle


Sophie Prideaux
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Now that Prince Harry and Meghan Markle have reached an agreement with the Queen that will see them step down as senior members of the royal family, they are free to earn a living however they please.

Given Meghan's background in television, many have speculated that the pair could appear on our screens very soon, and now Netlflix's chief content officer Ted Sarandos has added further fuel to the fire.

Speaking at an event in Los Angeles on Sunday, Sarandos declared he had his sights set on working with Harry and Meghan. “Who wouldn’t be interested? Yes, sure,” he said when questioned.

It wouldn't be the first time Netflix had made such a move, having struck a lucrative deal with Barack and Michelle Obama back in 2018 to produce film and television projects.

Ted Sarandos, Netflix's chief content officer. AP
Ted Sarandos, Netflix's chief content officer. AP

It has already been revealed the Meghan, who formerly starred in US legal drama Suits, has signed a voiceover deal with Disney, the fee for which will be donated to charity, while Prince Harry has joined forces with Oprah Winfrey for an Apple TV+ documentary on mental health.

The news comes just days after Buckingham Palace confirmed an agreement over Harry and Meghan’s future as members of the royal family had been reached.

The pair have given up their Royal Highness titles and will no longer receive funds for public duties.  The couple will also repay £2.4 million (Dh11.4m) in public funding that they were given to refurbish their cottage, as they plan to split their time between the UK and North America.

"Following many months of conversations and more recent discussions, I am pleased that together we have found a constructive and supportive way forward for my grandson and his family," the Queen said.

"I recognise the challenges they have experienced as a result of intense scrutiny over the last two years and support their wish for a more independent life."

Her comments referred to battles with the media that prompted Harry and Meghan to sue several newspapers over intrusions into their private lives. Queen Elizabeth said the couple and their son Archie would always be much loved members of her family.

Prince Harry on Sunday spoke of his sadness at stepping back from royal duties, but said there "really was no other option."

"I want you to hear the truth from me, as much as I can share not as a Prince, or a Duke, but as Harry, the same person that many of you have watched grow up over the last 35 years but with a clearer perspective," he said in a speech to the Sentebale charity. "The UK is my home and a place that I love. That will never change."

He added: "It brings me great sadness that it has come to this."

How the UAE gratuity payment is calculated now

Employees leaving an organisation are entitled to an end-of-service gratuity after completing at least one year of service.

The tenure is calculated on the number of days worked and does not include lengthy leave periods, such as a sabbatical. If you have worked for a company between one and five years, you are paid 21 days of pay based on your final basic salary. After five years, however, you are entitled to 30 days of pay. The total lump sum you receive is based on the duration of your employment.

1. For those who have worked between one and five years, on a basic salary of Dh10,000 (calculation based on 30 days):

a. Dh10,000 ÷ 30 = Dh333.33. Your daily wage is Dh333.33

b. Dh333.33 x 21 = Dh7,000. So 21 days salary equates to Dh7,000 in gratuity entitlement for each year of service. Multiply this figure for every year of service up to five years.

2. For those who have worked more than five years

c. 333.33 x 30 = Dh10,000. So 30 days’ salary is Dh10,000 in gratuity entitlement for each year of service.

Note: The maximum figure cannot exceed two years total salary figure.

How Tesla’s price correction has hit fund managers

Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.

It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.

The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.

Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.

Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.

He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.

AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”

A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.

Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.

Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.

Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.

By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.

Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.

In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”

Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.

She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.

Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.

Ordinary Virtues: Moral Order in a Divided World by Michael Ignatieff
Harvard University Press

Points tally

1. Australia 52; 2. New Zealand 44; 3. South Africa 36; 4. Sri Lanka 35; 5. UAE 27; 6. India 27; 7. England 26; 8. Singapore 8; 9. Malaysia 3

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UAE currency: the story behind the money in your pockets
Indoor Cricket World Cup Dubai 2017

Venue Insportz, Dubai; Admission Free

Fixtures - Open Men 2pm: India v New Zealand, Malaysia v UAE, Singapore v South Africa, Sri Lanka v England; 8pm: Australia v Singapore, India v Sri Lanka, England v Malaysia, New Zealand v South Africa

Fixtures - Open Women Noon: New Zealand v England, UAE v Australia; 6pm: England v South Africa, New Zealand v Australia