Insight and opinion from The National’s editorial leadership
March 18, 2022
When Tulip Siddiq, a UK Member of Parliament for Hampstead and Kilburn, tweeted on Tuesday that one of her constituents, Nazanin Zaghari-Ratcliffe, might be on the verge of returning home after six years of detention in Iran, she was nervous of the consequences of making the information public. She was urged to do so, however, by Ms Zaghari-Ratcliffe's husband, Richard Ratcliffe, who was confident that his relentless efforts to publicise every detail of his wife's case would be instrumental to her release. Despite the protests of the British government, which had, over the years, repeatedly asked Mr Ratcliffe to refrain from making a "song and dance", he may have been right.
For six years, Mr Ratcliffe's life has alternated between media interviews, silent vigils outside London's Iranian embassy, hunger strikes and long-distance phone calls to his wife. In that time, Ms Zaghari-Ratcliffe, a dual British-Iranian national, endured a series of trials, held in closed court rooms, on a carousel of increasingly confounding charges. She was accused first of being a spy, then a seditionist and then a propagandist. In truth, she was none of those things; Ms Zaghari-Ratcliffe, a charity worker employed in the UK, was arrested in 2016 while accompanying her young daughter on a family visit to Tehran.
On Wednesday, Ms Zaghari-Ratcliffe was released from Iranian custody and landed safely in Muscat on a Royal Oman Air Force jet, where she awaited her return to Britain. She was accompanied by another former detainee, Anoosheh Ashoori, a British-Iranian businessman. A third British-Iranian prisoner, Morad Tahbaz, was released on furlough, but remains barred from leaving Iranian soil. The proximate cause of their freedom was, in all likelihood, a deal made by British diplomats. A team of negotiators from the UK Foreign Office was in Tehran in the days before her release.
While the British government has declined to say publicly what exactly was being negotiated, the results are obvious enough. The day after Ms Zaghari-Ratcliffe's departure from Iran, British Foreign Secretary Liz Truss announced that the UK had agreed, "in parallel", to release nearly £400 million ($525m) of money it owed to Iran for a weapons deal it signed in the 1970s and subsequently reversed in the wake of the Iranian Revolution.
She was accused first of being a spy, then a seditionist and then a propagandist. In truth, she was none of those things
For decades, the British government had resisted paying the money, expressing fears that it could end up in the hands of Iran's notorious Islamic Revolutionary Guard Corps, and be used to further the regime's oppression at home and abroad. But the relentless pressure brought to bear by Mr Ratcliffe's campaign, as well as another by Mr Ashoori's family, has made that position increasingly untenable. In the time since Ms Zaghari-Ratcliffe was arrested, three British prime ministers have had to face awkward questions about her case. The current Prime Minister, Boris Johnson, has even been accused of being responsible for her prolonged detention. In a public committee hearing in 2017, when he was foreign secretary, he gaffed by casually stating that Ms Zaghari-Ratcliffe was in Iran to train journalists. That remark was used as evidence against her in one of her hearings.
When it became clear through leaks from Tehran that the £400m debt was likely linked to the fate of the detained British nationals, the UK government had few options but to pay for their release. Now, the Ratcliffe and Ashoori families' suffering has reached an end. While the wider diplomatic drama may appear to be winding down, there remains cause for concern. Mr Tahbaz, it bears repeating, remains trapped in Iran. And a fourth British-Iranian, Mehran Raouf, remains imprisoned on charges as spurious as those levelled at his compatriots.
If £400m was not enough to see all four prisoners returned home, then the UK, as well as other countries with nationals held in Iran, ought to brace for the idea that Iran’s hostage game is not over.
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
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
