Fake Viagra pills and saffron prompt police warning



DUBAI // Dubai police yesterday warned of the trade in counterfeit medicines and food products after arresting two traders marketing fake sexual-enhancement pills and saffron.

An Arab suspect was arrested last month on charges of possessing and trading in the fake pills, said Brig Salem Khalifa al Rumaithi, of the Dubai Police CID.

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"We were informed in May that the man was selling under-the-table Viagra and Cialis sexual-performance enhancement pills to men," he said. "After we investigated, we discovered the man was selling counterfeit pills and we arrested him in a sting operation."

An undercover CID officer bought Viagra from the suspect, police said, and the seller was arrested.

"We set the sting in Deira and arrested him during the delivery. We found a large amount of pills inside his car, and when we went to check his house a larger amount of pills were discovered," Brig al Rumaithi said.

"Seventy thousand counterfeit pills were collected from the defendant, carrying famous logos like Viagra," he said.

The defendant confessed that he smuggled the pills into the country and was selling them as through they were real.

In a separate counterfeit goods case, police arrested a woman trading in counterfeit saffron, police said.

The Asian woman was arrested after Dubai Police received information that she was selling it for less than 1/1000th of its usual price, Brig al Rumaithi said.

"Sources claimed that a woman was selling saffron cheaper than the market price," he said. "An investigation led us to her place in Dubai where she was selling saffron for Dh80 per kg.

"Saffron is worth Dhs10,000 per kg in the market and her trade negatively affected the market and traders."

Dubai Police found 775kg of counterfeit saffron in her home.

The director of the Dubai Police Criminal Investigation Administration, Brig Khalil al Mansoori, urged the public to help police track down fake materials and warned of their use,

"Such products will affect your health because they are counterfeit materials and might kill you," he said. "People who trade with such materials will face justice and be arrested sooner or later, because this is a matter of public health and safety and we won't be easy with them."

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Blackpink World Tour [Born Pink] In Cinemas

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FIGHT CARD

Bantamweight Hamza Bougamza (MAR) v Jalal Al Daaja (JOR)

Catchweight 67kg Mohamed El Mesbahi (MAR) v Fouad Mesdari (ALG)

Lighweight Abdullah Mohammed Ali (UAE) v Abdelhak Amhidra (MAR)

Catchweight 73kg Mostafa Ibrahim Radi (PAL) v Yazid Chouchane (ALG)

Middleweight Yousri Belgaroui (TUN) v Badreddine Diani (MAR)

Catchweight 78kg Rashed Dawood (UAE) v Adnan Bushashy (ALG)

Middleweight Sallaheddine Dekhissi (MAR) v Abdel Emam (EGY)

Catchweight 65kg Rachid Hazoume (MAR) v Yanis Ghemmouri (ALG)

Lighweight Mohammed Yahya (UAE) v Azouz Anwar (EGY)

Catchweight 79kg Omar Hussein (PAL) v Souhil Tahiri (ALG)

Middleweight Tarek Suleiman (SYR) v Laid Zerhouni (ALG)

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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.

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Company Profile

Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million

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The Word for Woman is Wilderness
Abi Andrews, Serpent’s Tail

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Director: Eli Roth

Rating: 0/5

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Israel Palestine on Swedish TV 1958-1989

Director: Goran Hugo Olsson

Rating: 5/5

MATCH DETAILS

Barcelona 0

Slavia Prague 0

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How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

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