The most reliable trophy-machine in European football over the last 12 months roars into Paris on Tuesday. But you don’t need to listen too hard to hear the engine putting, some of the gear changes clanking awkwardly.
Bayern Munich’s smooth defence of the mass of trophies they collected from 2019-20 has hit some awkward bumps.
The most damaging, potentially, is the deficit they take into the second leg of their Champions League quarter-final with Paris Saint-Germain, who won 3-2 in a snowy Munich last week, a handsome halfway lead in the tie, given the three away goals. Bayern face a tricky equation: They must win 2-0, 3-1, 4-2 or better to affect a turnaround in 90 minutes. And they must achieve that margin of victory without two of their most efficient goalscorers.
Leading marksman Robert Lewandowski is out, still recovering from the knee injury he picked up while on international duty with Poland last month. Serge Gnabry is in self-isolation following a positive Covid-19 test.
Leon Goretzka, a regular supplier of goals from midfield, also has a muscle strain that puts his full participation in doubt, and Kingsley Coman, the winger and scorer of the goal that delivered Bayern the last European Cup final at PSG's expense, suffered a knock at the weekend. Coman's best understudy, Douglas Costa, was already on the injury list.
And then there's the background noise. At Bayern, a club of vast ambition, internal fault lines between the levels of management tend to be quickly amplified, not least when standards slip on the field, as they did last week in the Champions League and again in Saturday's 1-1 draw with Union Berlin.
Tensions between Hansi Flick – the coach promoted from his assistant's role in November 2019 to lead a run that delivered a Bundesliga title, a German Cup, a Champions League, domestic and European Super Cups and the Club World Cup – and Hasan Salihamidzic, the sporting director, have overshadowed the lead up to the Paris expedition.
Bayern 2 PSG 3: first-leg gallery
Both Flick and Salihamidzic are former Bayern players. They have held different positions on transfer priorities over the past three transfer windows.
“The squad we had last year was stronger,” said Flick, aware it would sound like a criticism of the club’s strategy, ahead of the trip to Paris. In fact, the personnel changes since Bayern beat PSG in last August’s final are relatively few – Thiago left for Liverpool, Philippe Coutinho and Ivan Perisic returned to their parent clubs after loans at Bayern – but Flick had pushed for the purchase of established but up-and-coming young players. He saw very few of his suggestions for refreshing the squad materialise.
For Bayern, it promises to be a challenging summer of comings and goings. The two senior centre-backs at the club, Jerome Boateng and David Alaba will leave when their contracts expire in June. Alaba is most likely to join Real Madrid, while Boateng weighs-up his options having learned only recently – Flick was angry about the timing of the announcement – that Bayern would not be renewing his deal.
Boateng and Alaba have been lining up in the Bayern defence together for a decade, have done so in two victorious European Cup finals and, if Boateng can overcome soreness in his knee, Flick will value their combined experience at the Parc des Princes.
Bayern’s defensive alignment was utterly awry for the opening half-hour of the first leg, when Kylian Mbappe scored on the break and a Neymar pass put Marquinhos clear to score PSG’s second goal.
Boateng then replaced Niklas Sule. The comeback Bayern launched from that point will be their touchstone tonight. Goals from Eric Choupo-Moting and Thomas Muller took a see-saw first leg back to 2-2, before Mbappe struck the third PSG away goal.
On that wild night, Muller lost count of the chances Bayern racked up in the Munich snow. He thought it was 20 by the final whistle. Statisticians counted 31 Bayern shots. “When you have 31 shots, you still have to add some coolness with the finishing,” said Muller yesterday [Monday]. “But we’ll be happy if we get that many opportunities again. We just have to make better decisions when they come.”
“It’s about keeping the balance,” added Muller of the task before Bayern. “We have to take some risks, and our basic philosophy is to attack. We will push for an early goal, but we don’t need to go out straight away trying to crowbar it in.”
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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UAE currency: the story behind the money in your pockets
Indoor Cricket World Cup Dubai 2017
Venue Insportz, Dubai; Admission Free
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
CHATGPT%20ENTERPRISE%20FEATURES
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FROM%20THE%20ASHES
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Engine: 3.8-litre twin-turbo V8
Power: 611bhp
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Transmission: seven-speed automatic
Price: upon application
On sale: now
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