Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, and former US president Bill Clinton honoured American teacher Nancie Atwell, with the Varkey Foundation Global Teacher Prize of $1m. The award is considered the ‘Nobel Prize’ for teaching. Wam
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, and former US president Bill Clinton honoured American teacher Nancie Atwell, with the Varkey Foundation Global Teacher Prize of $1m. TheShow more

‘Nobel laureate’ of teachers



DUBAI // An American teacher who founded a small non-profit school with a mandate for innovation became a millionaire on Sunday when she won a global teaching prize.

Nancie Atwell, 63, an English teacher and founder of the Centre of Teaching and Learning in Maine, was presented with the US$1 million (Dh3.67mn) prize at the Global Education and Skills Forum in Dubai.

“It was a total surprise,” said Mrs Atwell, who founded the school in 1990.

“I will direct all of it to my school. It will support tuition assistance and it will enable us to buy the books that make our programme so special, because many, many teachers across the US look to our kids to recommend books for their children, so we’ll be able to stay current. We’ll be able to provide that guidance and advice to the rest of the young readers in the nation.”

The money will also be used to replace the school’s 25-year-old heating boiler and to keep the operation going for at least another decade, said Mrs Atwell.

The Centre of Teaching and Learning is a demonstration school that accepts no more than 80 pupils each year. Teachers from around the world are invited to spend a week at the school to study its methods.

“The mandate for teachers at our school is to innovate so people are continuously developing new methods; strong methods that change children’s lives,” said Mrs Atwell.

“We’ll continue to be a laboratory, a seedbed of innovation and good ideas for other teachers, who will continue to have an impact on lots and lots of children.”

Mrs Atwell received the Varkey Foundation Global Teacher Prize from Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai; former United States president Bill Clinton, honorary chairman of the Varkey Foundation; and Sunny Varkey, its founder.

Referred to as the Nobel Prize for teaching, it is the largest of its kind and was set up to recognise one exceptional teacher who has made an outstanding contribution to the profession.

The 10 finalists included nominees from the US and Cambodia. All showed determination to overcome obstacles and to improve education. After fleeing the Taliban in Afghanistan, Azizullah Royesh set up the Marefat School for Afghan Refugees in Pakistan.

He returned to Kabul in 2001 after the collapse of the Taliban regime and opened the Marefat High School.

“Despite the fall of the Taliban we still faced a lot of resistance from people, particularly because we have a mixed school for boys and girls,” said Mr Royesh.

When Charles Guy Etienne embarked on revolutionising science teaching in Haiti it was met with suspicion by his government. Officials were concerned his chemistry lessons would lead to explosions.

“They said I would be the one who would get the blame if there was an incident like that, but we pushed forward with the teaching,” said Mr Etienne, the headmaster at College Catts Pressoir in Port-au-Prince since 1982.

He emphasises a scientific approach to solving the problems of the wider community.

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TO A LAND UNKNOWN

Director: Mahdi Fleifel

Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa

Rating: 4.5/5

Sri Lanka-India Test series schedule
  • 1st Test India won by 304 runs at Galle
  • 2nd Test Thursday-Monday at Colombo
  • 3rd Test August 12-16 at Pallekele
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Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

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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