Chile's trapped miners step out of the darkness and into the limelight



Having lived 700 metres underground for 69 days, the 33 men rescued from a Chilean copper mine are on something of a world tour. Following their "must-see-TV" rescue watched by an estimated one billion people, the miners received an avalanche of invitations to all-expenses-paid holidays, football matches in England and Spain, and requests for paid interviews on international news programmes.

They had hardly dusted themselves off before Edison Pena, the miner known as "the runner" for his daily routine of jogging in the San Esteban mine, was taking part in the New York City Marathon and impersonating Elvis on the Late Show with David Letterman. Others went to Shanghai to visit the crane company that lifted the men to the surface. Still others appeared on CNN's Heroes special.

In spite of all this attention, the miners have stayed relatively silent about details of the first 17 days during which they were trapped without contact with the outside world. They are holding out for a major book or movie deal. Brad Pitt's production company, Plan B, is said to be interested in the film rights.

According to reports, however, some of the miners are struggling with psychological issues. Others are worried about their futures if the big contract does not come through. Local media sources claim that the Chilean government offered the 33 men jobs with Codelco, the state-run mining company. The government is also said to be arranging legal advice to help the men get their fair share of earnings from any film and book deals or appearances.

One would be hard-pressed to find anyone who begrudges the miners their change of fortune. They did, after all, provide the world with the feel-good story of the year. Chile and its government certainly benefited from their time in the limelight. In the short term, the nation saw its brand image rise 19 places in a study of 110 countries by FutureBrand, a firm that has helped develop the national brands of countries such as Mexico, Australia and Qatar, and conducted surveys in 13 countries for the study, including the UAE.

"It was our biggest riser this year," said Victoria Berry, a strategist for FutureBrand based in New York. "We attributed that to the miner rescue… The way that Chile handled the crisis, that created huge amounts of goodwill for the President and the country." Indeed, President Sebastián Piñera, who was there to greet each man as he emerged, saw his popularity skyrocket. The mining minister Laurence Golborne, who was a constant presence during the ordeal, has also been touted as a candidate in the next presidential elections.

Yet it is hopeful that the lasting legacy of the rescue will be an improvement in conditions for miners. The government has pledged to review safety standards in the workplace and ratify International Labor Organisation Convention 176, which gives mineworkers a voice on safety issues.

This year has seen its share of mining accidents, after all. In November, 29 miners lost their lives in a New Zealand coal mine following a series of explosions. In October in China, days after the last of the 33 miners in Chile were rescued, at least 26 were killed in a mine explosion. The International Federation of Chemical, Energy, Mine and General Workers' Unions estimates 12,000 miners die on the job every year. In Chile, 31 miners had died as of August this year, according to a report released by Sernageomin, the government's mining oversight agency.

Late last month Christoph Halm, from the German production company Information & Unterhaltung, flew to Santiago to bring one of the 33 men, Mario Sepuvelda, to Cologne for a television appearance. He wouldn't say how much the family was offered, but Mr Sepuvelda appeared for sevenminutes on the company's end-of-year special. Halm said that Sepuvelda told him he would continue travelling for some time. "He's pretty busy right now," Halm said.

"It appears that [Sepuvelda] didn't really change," he added. "He wants to help the victims of this year's earthquake and repeats telling the people, that he is a miner, nothing less, nothing more."

Scotland's team:

15-Sean Maitland, 14-Darcy Graham, 13-Nick Grigg, 12-Sam Johnson, 11-Byron McGuigan, 10-Finn Russell, 9-Ali Price, 8-Magnus Bradbury, 7-Hamish Watson, 6-Sam Skinner, 5-Grant Gilchrist, 4-Ben Toolis, 3-Willem Nel, 2-Stuart McInally (captain), 1-Allan Dell

Replacements: 16-Fraser Brown, 17-Gordon Reid, 18-Simon Berghan, 19-Jonny Gray, 20-Josh Strauss, 21-Greig Laidlaw, 22-Adam Hastings, 23-Chris Harris

Have you been targeted?

Tuan Phan of SimplyFI.org lists five signs you have been mis-sold to:

1. Your pension fund has been placed inside an offshore insurance wrapper with a hefty upfront commission.

2. The money has been transferred into a structured note. These products have high upfront, recurring commission and should never be in a pension account.

3. You have also been sold investment funds with an upfront initial charge of around 5 per cent. ETFs, for example, have no upfront charges.

4. The adviser charges a 1 per cent charge for managing your assets. They are being paid for doing nothing. They have already claimed massive amounts in hidden upfront commission.

5. Total annual management cost for your pension account is 2 per cent or more, including platform, underlying fund and advice charges.

COMPANY PROFILE

Company name: Revibe
Started: 2022
Founders: Hamza Iraqui and Abdessamad Ben Zakour
Based: UAE
Industry: Refurbished electronics
Funds raised so far: $10m
Investors: Flat6Labs, Resonance and various others

Company profile

Company name: Fasset
Started: 2019
Founders: Mohammad Raafi Hossain, Daniel Ahmed
Based: Dubai
Sector: FinTech
Initial investment: $2.45 million
Current number of staff: 86
Investment stage: Pre-series B
Investors: Investcorp, Liberty City Ventures, Fatima Gobi Ventures, Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, local family offices

Company Profile

Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
Investment required: $500,000

ESSENTIALS

The flights

Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.

The hotels

Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.

The tours

A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.

Brief scoreline:

Wales 1

James 5'

Slovakia 0

Man of the Match: Dan James (Wales)

Ain Issa camp:
  • Established in 2016
  • Houses 13,309 people, 2,092 families, 62 per cent children
  • Of the adult population, 49 per cent men, 51 per cent women (not including foreigners annexe)
  • Most from Deir Ezzor and Raqqa
  • 950 foreigners linked to ISIS and their families
  • NGO Blumont runs camp management for the UN
  • One of the nine official (UN recognised) camps in the region
Married Malala

Malala Yousafzai is enjoying married life, her father said.

The 24-year-old married Pakistan cricket executive Asser Malik last year in a small ceremony in the UK.

Ziauddin Yousafzai told The National his daughter was ‘very happy’ with her husband.

How to donate

Text the following numbers:

2289 - Dh10

6025 - Dh 20

2252 - Dh 50

2208 - Dh 100

6020 - Dh 200

*numbers work for both Etisalat and du

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.

DEADPOOL & WOLVERINE

Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin

Director: Shawn Levy

Rating: 2.5/5

Company Profile

Name: Direct Debit System
Started: Sept 2017
Based: UAE with a subsidiary in the UK
Industry: FinTech
Funding: Undisclosed
Investors: Elaine Jones
Number of employees: 8

Our Time Has Come
Alyssa Ayres, Oxford University Press

Sarfira

Director: Sudha Kongara Prasad

Starring: Akshay Kumar, Radhika Madan, Paresh Rawal

Rating: 2/5