Der Klassiker, as the clash of the Bundesliga’s modern heavyweights likes to call itself, is not what it was. Borussia Dortmund travel to Bayern Munich on Saturday with little thought they might soon be disrupting the hierarchy.
They quietly fear the worst. Five times in their last six meetings Dortmund have lost to Bayern, the league leaders and serial champions, and the run includes a 4-0 and a 5-0 defeat.
Even while Dortmund have been armed with football’s most coveted young centre-forward, they have ended up second best. From Erling Braut Haaland’s point of view, battles against Bayern, contests he was encouraged to relish when he signed for Dortmund 14 months ago, are no more than a tease.
The 20-year-old has lost all three Klassikers he has played in, scored in two of them but in every case finished with a familiar tantalising sensation.
Last season, the hint of a real title duel evaporated on matchday 28, when Bayern came to Dortmund and a 1-0 away win extended the gap to their second-placed rivals to seven points. In this season's Bundesliga and German Super Cup meetings, both see-saw matches ending 3-2, Bayern let Dortmund dream of coming back from behind while always keeping that dream just out of reach.
The circumstances ahead of Saturday are concerning for Dortmund. They are 13 points behind Bayern with 11 fixtures remaining. More urgently, they are outside the top four, three points shy of Eintracht Frankfurt, currently fourth, which is the lowest position that comes with Champions League entry.
Dortmund plan around being in the Champions League, year in, year out, and in a time of economic recession and spectator-free stadiums, the income guarantees of participating in club football’s most glamorous competition is vital.
Haaland certainly designed his ambitious career-plan around spending Tuesday and Wednesday nights under European Cup lights for as long as he stays at Dortmund.
The phenomenal Norwegian has a ravenous appetite for Champions League football he would be reluctant to put aside. In the first leg of this season's last-16 he scoured his 17th and 18th European Cup goals, against Sevilla. Nobody had reached that tally younger or in fewer matches – 13 – than Haaland.
Neither he, nor Jadon Sancho, 21, nor, most likely, the clutch of brilliant teenagers, Gio Reyna, 18, Jude Bellingham, 17, and Youssoufa Moukoko, 16, expect to be Dortmunders for the majority of their playing careers. But the club know it and plan around it. The challenge is how to stagger the departures, and maximise the profits.
The Dortmund chief-executive, Hans-Joachim Watzke addressed the issue this week in an interview with Handelsblatt. If the coronavirus pandemic means turnstiles at the 80,000 Westfalen stadium not being fully opened next season, then significant player sales would be necessary.
“We will not be going to the banks to ask for crazy loans just so we don’t have to sell players,” Watzke said. “Already we need at least five years to get back to the status quo as it was, to the debt-levels we had before the virus.”
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Gallery: Bayern 5 Cologne 1
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Dortmund’s finances 12 months ago, when the pandemic first imposed its restrictions, were healthy. This is a club whose shrewd trading has yielded, in the previous three years, some €240 million from the nurturing and sales of Ousmane Dembele – sold to Barcelona – Pierre-Emerick Aubameyang – Arsenal – and Christian Pulisic, to Chelsea.
A year ago, Watzke was confidently telling suitors for Sancho, the 20-year-old England international and assists-provider supreme, they should think only of bids in excess of €120m. But the market was more buoyant then, and although Sancho is widely admired, particularly in the Premier League, the number of clubs in any auction for a €50m-plus footballer has shrunk.
Sancho is understood to feel ready for his next step, and senses Dortmund are at a threshold. It may be an exciting one, in Europe, where they next week hope to maintain their first-leg advantage over Sevilla and reach the Champions League last eight. But it can feel like an unsettling threshold off the field.
On the management side, old allies have moved on. Lucien Favre, the manager appointed in 2018, was sacked in December, and his replacement, Edin Terzic was a matter of weeks into the job when it became clear he was merely a caretaker. Marco Rose, of Borussia Monchengladbach, will take over in the summer.
Dortmund beat Rose’s Gladbach 1-0 in the German Cup in midweek, Sancho finishing off a handsome counter-attack to decide the tie. He also picked up a muscle problem, and his fitness will need assessing ahead of the Klassiker, along with that of left-back Rafa Guerreiro. Bayern, who have scored nine goals in their last two games, are ominously close to full strength.
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
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More from Rashmee Roshan Lall
'Moonshot'
Director: Chris Winterbauer
Stars: Lana Condor and Cole Sprouse
Rating: 3/5
'Midnights'
%3Cp%3E%3Cstrong%3EArtist%3A%3C%2Fstrong%3E%20Taylor%20Swift%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ELabel%3A%3C%2Fstrong%3E%20Republic%20Records%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
The specs
Engine: 3.8-litre twin-turbo V8
Power: 611bhp
Torque: 620Nm
Transmission: seven-speed automatic
Price: upon application
On sale: now