Jimenez holds nerve in Paris play-off


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Miguel Angel Jimenez held his nerve to win the French Open yesterday after a three-way play-off with Spanish compatriot Alejandro Canizares and Francesco Molinari. After completing their fourth and final rounds at Le Golf National with an 11-under-par total of 277, the trio headed back to the tricky par-four 18th for the play-off. Jimenez struck his tee shot down the middle while Molinari, the Italian, found a bunker and Canizares sent his left into the water. After taking a drop, Canizares hit the water a second time, which effectively ended his challenge.

Molinari putted for a one-over-par bogey, leaving the 46-year-old Jimenez to sink his par putt from five metres. It was the Spainard's 17th European Tour win and 10th since he reached the age of 40. It was, though, a massive reprieve for Jimenez, as he had earlier blown a two-shot lead going into the last hole. He had been in stunning form after the turn, sinking five birdies to head for the 18th tee at 13-under with a two-stroke lead over Canizares and Molinari.

A double-bogey, however, set up the play-off. Canizares, who had repaired the damage of two double-bogeys at the end of his third round on Saturday with two birdies in the first three holes, then had a chance to snatch it, but his birdie putt died just short of the hole. Molinari gave himself a chance of winning with a round of 67, which included five birdies and an eagle at the par-four 10th. Overnight leader Martin Kaymer, the defending champion, was also in the mix until a double-bogey at the 15th. He followed that with another double bogey at the tricky 18th to finish seven-under.

Meanwhile, Lee Westwood flew home from Paris last night to have immediate treatment and probably a scan on the right leg injury that bothered him all week at the French Open. The world No 3 was hobbling again for most of a closing 70, which left him down the field on four under par. Westwood was in hospital on Wednesday after fears his problem could be a deep vein thrombosis, but although that did not prove to be the case his condition remains a real concern.

"It got worse as the week went on," he told Press Association Sport. "I had a three-iron at the third from a ball-below-feet lie and I think I just tweaked it. After that I could hardly put any weight on it. Two people think I should have an MRI scan and the sooner that's done the better." * Agencies

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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