Thailand deals

Etihad Holidays' package to Bangkok includes three nights at the four-star Imperial Queen's Park Hotel with daily breakfast, round-trip flights and airport transfers.

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Special offer: Etihad Holidays' package to Bangkok includes three nights at the four-star Imperial Queen's Park Hotel with daily breakfast, round-trip flights and airport transfers. From Dh2,700 per person, including taxes. Etihad Holidays is also offering packages to Koh Samui and Phuket. Visit www.etihadholidays.com or call 800 23 24

The Classic Family Vacation: From Bt6,308 (Dh712) per night for a grand twin. Includes taxes, breakfast for all registered guests, 50 per cent off on a second room, 15 per cent discount on spa services, and in-room children's snacks. Valid until September 12. For more information and to book, visit bangkok.grand.hyatt.com

Special introductory offer: A deluxe beachfront pool or garden villa (maximum two persons per room) at Centara's X2 Hua Hin Kui Buri resort on Ao Noi beach starts at Bt5,200 (Dh587) per night inclusive of taxes, daily buffet breakfast for two and high speed internet access. Valid for stays until October 31. For more information and to book, visit www.centarahotelsresorts.com

Family Fun package: Stay a minimum of two nights and get 50 per cent off on a second room. Includes accommodation, round-trip airport transfer, breakfast, an extra bed, one set lunch or dinnerand access to Busy Bee Kids' Club. From Bt7,670 (Dh866) per night including taxes. Valid until October 21. To book, visit www.lagunaphuket.com

Stay 3 Pay 2 package: Spend a minimum of three nights and enjoy the third night free. Includes daily buffet breakfast for two people at Sala Mae Nam restaurant. Double rooms starts from Bt8,890 (Dh1,000) per night, including taxes. Children under 12 years sharing a room with parents stay for free and receive a 50 per cent discount on daily breakfast. Visit goldentriangle.anantara.com

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.

Electric scooters: some rules to remember
  • Riders must be 14-years-old or over
  • Wear a protective helmet
  • Park the electric scooter in designated parking lots (if any)
  • Do not leave electric scooter in locations that obstruct traffic or pedestrians
  • Solo riders only, no passengers allowed
  • Do not drive outside designated lanes
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Richard Flanagan
Chatto & Windus 

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Director: Punit Malhotra

Stars: Tiger Shroff, Tara Sutaria, Ananya Pandey, Aditya Seal 

1.5 stars

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Fixture: Ukraine v Portugal, Monday, 10.45pm (UAE)

TV: BeIN Sports

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