Saudi Arabia's air defences intercepted a ballistic missile over the southern province of Najran on Thursday – a day after a fire broke out at an oil terminal in southern Saudi Arabia after it was hit by a projectile.
There were no injuries reported in the attack on the petroleum products distribution station in Jazan, a ministry source said.
"A projectile attack on a petroleum products distribution terminal in Jazan resulted in a fire in one of the terminal's tanks," the ministry told the official Saudi Press Agency. A further two missiles landed in uninhabited border areas, authorities said.
Arab Coalition spokesman Brig Gen Turki Al Malki said Yemen's Iran-backed Houthi rebels were responsible for the "cowardly sabotage attack" that not only targeted the kingdom but also the "nerve centre of the global economy".
He said the missile launches were a signal that the group rejected "all political efforts to end the Yemeni crisis, especially after the announcement of the kingdom’s initiative to end the crisis and reach a comprehensive political solution" this week.
Gen Al Malki emphasised that the kingdom would take any measures necessary to ensure the stability and security of global oil shipments as well as domestic infrastructure and safety.
Yemen's Houthi rebels increasingly launch attacks on the kingdom's energy installations. On Friday the Houthi group said it had attacked several Saudi Aramco facilities and military sites in the kingdom.
The UAE's Ministry of Foreign Affairs and International Co-operation said the attacks were a grave escalation of tensions.
"The security of the United Arab Emirates and the Kingdom of Saudi Arabia is indivisible, and any threat facing the kingdom is considered a threat to the UAE's security and stability."
The Ministry urged the international community to take an immediate and decisive stance to stop the attacks, which target critical infrastructure and threaten the security and stability of the kingdom, as well as global energy supplies. Bahrain and Kuwait joined the UAE in condemning the attacks for breaking international law, praising coalition forces for being vigilant in intercepting the Houthi attacks.
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On Monday, the kingdom proposed a nationwide ceasefire in Yemen, the reopening of Sanaa airport to selected destinations, a resumption of talks between Yemen’s warring sides, allowing additional fuel and supplies to enter Hodeidah port, and supporting efforts to rebuild and provide aid in the country.
The proposal was welcomed by the international community, which urged all sides to work towards ending the six-year conflict.
But the Houthis seemed to reject the proposal almost immediately, saying they would not back talks until Saudi Arabia brought its military campaign to a complete halt.
Riyadh intervened after a request from the Yemeni government after it was driven from the capital Sanaa by the rebels in 2015.
Peace talks are based on UN Security Council Resolution 2216, which calls for the Houthis to withdraw from areas they have seized and hand heavy weapons back to the government.
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.
