Eddie Howe accepted responsibility for Newcastle United crashing out of Europe after a Europa League place slipped from their grasp as they tried to secure a Champions League berth.
A 2-1 defeat at home to AC Milan on Wednesday meant Newcastle finished bottom of Group F. More infuriating for the Premier League club was that they had one foot in the last 16 of the Champions League, then looked destined for the lesser Europa League only to end up empty-handed.
With the score level at 1-1 going into the final minutes after Christian Pulisic had cancelled out Joelinton's effort, the Magpies' place in the Europa League at least had looked assured with Paris Saint-Germain having secured second place behind group winners Borussia Dortmund after a 1-1 draw in Germany, but substitute Samuel Chukwueze’s late strike ensured it was the Serie A side who claimed it instead.
Asked if they might have played for a draw as time ran down, Howe said: “We wanted to qualify for the Champions League for sure. That was very much our intention before the game and in-game.
“I’m not sure in that moment you can take that will away from the players. If you look at the goals we’ve conceded, they’ve come from mistakes that can happen in any moment whether you are being proactive or reactive.
“Of course I take ownership of that, but I’d much rather have the intention to go and attack and to try to win rather than the other way round.”
Joelinton’s 33rd-minute piledriver had put Newcastle in the driving seat and their position improved further when Dortmund went ahead, but PSG levelled minutes later and crucially, so did the Italians through Pulisic.
Goalkeeper Mike Maignan managed to turn a goal-bound Bruno Guimaraes shot on to his crossbar as the Premier League side sought the victory which would have kept them in the competition, but Chukwueze’s late intervention amid a chaotic conclusion proved decisive.
Howe said: “We’re desperately disappointed. It’s tough to take at the moment. The lads played very well in that first half and I thought we were good value.
“I was hoping the goal would come earlier than it did. Second half, we wanted to try to consolidate that and look for the second goal.
“I was really disappointed with the first goal we conceded because I think that is the key moment. We didn’t deal with a second-phase set-play well enough – it was an uncharacteristic goal, really, for us to concede and then the game became very transitional.
“It was end-to-end from both teams, both teams looking to win, and we conceded on one of those transitions.”
For opposite number Stefano Pioli, who headed into the game at St James’ Park under pressure and with former striker Zlatan Ibrahimovic having been drafted in as a senior adviser, there were mixed feelings.
Pioli said: “We definitely wanted to continue our path in the Champions League and that is very difficult. It was a bittersweet evening.
“What we could do this evening we did. Of course we’re disappointed about the Champions League and we regret it. Clearly we’re disappointed, but we also have the conviction that we’re a team that can do well.”
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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