Husband and wife team Stephane and Andrea Peterhansel have won the cars category at the Abu Dhabi Desert Challenge. Image courtesy of Abu Dhabi Desert Challenge
Husband and wife team Stephane and Andrea Peterhansel have won the cars category at the Abu Dhabi Desert Challenge. Image courtesy of Abu Dhabi Desert Challenge
Husband and wife team Stephane and Andrea Peterhansel have won the cars category at the Abu Dhabi Desert Challenge. Image courtesy of Abu Dhabi Desert Challenge
Husband and wife team Stephane and Andrea Peterhansel have won the cars category at the Abu Dhabi Desert Challenge. Image courtesy of Abu Dhabi Desert Challenge

Husband and wife team Stephane and Andrea Peterhansel victorious at Abu Dhabi Desert Challenge


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It was a family affair at the Abu Dhabi Desert Challenge cars category on Thursday as husband and wife team Stephane and Andrea Peterhansel triumphed.

Stephane had already won the event five times in the past, as well as once on a motorbike in 1996, but this was the first time he had been victorious with Andrea as his co-driver and navigator.

He prevailed by 9 minutes, 48 seconds in his Mini John Cooper Works Rally vehicle from Emirati driver Sheikh Khalid Al Qassimi to stand on the top step of the podium at Yas Marina Circuit with his wife in the event that is also part of the FIA World Cup for Cross Country Rallies.

The Frenchman said his mind was now already on trying to repeat the feat of success at the 2020 Dakar Rally.

"This is an incredible moment,” he said at the finish. “This win is unbelievably special to me and I'm overjoyed to share it with my wife. It was a very physical challenge inside the car, but we made it through and now my mind is on Dakar for us."

Andrea said she had enjoyed the task of training to be able to alongside her husband, and she said she now had fresh insight into what had made the 53 year old such a successful driver in the field of rally driving.

"It has been a pleasure to navigate for Stephane," she said. "I knew he was a talented driver, but now I know for certain.

"Months of training have led up this, one of the hardest rallies for both bikes and cars. For sure it was demanding. But, if it worked here, it can work anywhere for us.”

Meanwhile in the motorbikes category, Sam Sunderland completed his second triumph in three years as he came out on his KTM bike.

Starting the day with a small lead the Briton took control of the final stage with a fast start.

He took the title with a margin of 8 mins, 20 seconds over Argentine Luciano Benavides.

As well as the win it also boosted his championship prospects in the  FIM Cross Country Rallies World Championship.

He said: “I’m super happy with today and thankful for the team who have done a great job on the bike all week.

"It's great to start the world championship with this rally. Despite not having some of my teammates here, there is always someone fighting you for that top spot.

“It's a strategic race so you have to push when it counts and know when to take care on the sections where there is nothing to gain. On paper it can look easy but it doesn't always turn out that way.

"This year has been tricky with the wind on the earlier legs creating tough conditions and there were some difficult parts to navigate. It really made the rally the challenge it is supposed to be."

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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FROM%20THE%20ASHES
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'Moonshot'

Director: Chris Winterbauer

Stars: Lana Condor and Cole Sprouse 

Rating: 3/5

'Midnights'
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The specs

Engine: 3.8-litre twin-turbo V8

Power: 611bhp

Torque: 620Nm

Transmission: seven-speed automatic

Price: upon application

On sale: now

Director: Laxman Utekar

Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna

Rating: 1/5

Ant-Man%20and%20the%20Wasp%3A%20Quantumania
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