Lotta Klemming, a professional oyster diver, poses for photos after a dive at the quay near her family's company in Grebbestad in Vastra Gotaland county on Sweden's west coast. AFP
Lotta Klemming, a professional oyster diver, poses for photos after a dive at the quay near her family's company in Grebbestad in Vastra Gotaland county on Sweden's west coast. AFP
Lotta Klemming, a professional oyster diver, poses for photos after a dive at the quay near her family's company in Grebbestad in Vastra Gotaland county on Sweden's west coast. AFP
Lotta Klemming, a professional oyster diver, poses for photos after a dive at the quay near her family's company in Grebbestad in Vastra Gotaland county on Sweden's west coast. AFP

Sweden's only female oyster diver finds calm at sea


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On a small boat nosing its way through the frozen waters of the Grebbestad archipelago on Sweden's west coast, Lotta Klemming scans the mist-covered rocks for the perfect spot to find a local delicacy.

While France may spring to mind as a more obvious place to find oysters, the Swedish island group is home to wild Ostrea edulis – a variety distinct in size and flavour from those reared on farms.

The oysters, which can reach up to 11 centimetres  in size, have been long admired by connoisseurs in Sweden and in the 17th century the shellfish were collected from the region for the Swedish king's table.

Ms Klemming, 31, is one of a handful of divers in Sweden who plunge into the icy waters in full scuba gear to collect the shellfish year round.

Sitting in the boat, with a heavy fur hat pulled down over her long hair, the diver puts on thick woollen gloves over her drysuit to protect against the cold.

Wild oysters are seen in a bucket after Lotta Klemming, a professional oyster diver, collected them in the waters near her family’s company in Grebbestad in Vastra Gotaland county on Sweden’s west coast. AFP.
Wild oysters are seen in a bucket after Lotta Klemming, a professional oyster diver, collected them in the waters near her family’s company in Grebbestad in Vastra Gotaland county on Sweden’s west coast. AFP.

Ms Klemming and her father Peter, who is also a diver, moor the small boat in the shallow waters by a rocky outcrop, check their air tanks and jump into the water with a plastic basket.

"They have a very intense taste – it's not like a new, beginner's oyster," Ms Klemming says.

Lotta Klemming, a professional oyster diver, prepares for a dive on Sweden’s west coast. AFP
Lotta Klemming, a professional oyster diver, prepares for a dive on Sweden’s west coast. AFP

The oysters' distinctive metallic aftertaste is best paired with a Guinness or stout, Ms Klemming says.

After filling several baskets, the pair heave themselves into the boat, speeding back to their dive house in the village of Grebbestad.

Lotta Klemming wheels a barrow of oysters at the quay near her family’s company in Grebbestad in Vastra Gotaland county on Sweden’s west coast. AFP
Lotta Klemming wheels a barrow of oysters at the quay near her family’s company in Grebbestad in Vastra Gotaland county on Sweden’s west coast. AFP

Ms Klemming unloads the oysters and takes them in a wheelbarrow to a nearby beach to clean them with a knife and package them to be sold on to restaurants in Stockholm and Gothenburg, where they retail for about €7 ($8.32) apiece.

She grew up in the village on the coast near the Norwegian border, where her father and uncle work as divers, but she never planned to join the family business.

After leaving to pursue a career in fashion in Gothenburg, she missed the archipelago and six years ago decided to return and try diving.

Lotta Klemming collects oysters during a dive on Sweden’s west coast. AFP
Lotta Klemming collects oysters during a dive on Sweden’s west coast. AFP

The career change offered more than a livelihood, she says.

"As a young woman these days, you grow up in a very judgmental world and you constantly feel – or at least for myself – I constantly felt very judged by my looks," she says.

"This is really the opposite of that, no one judges me because of it."

Ms Klemming says she is the only woman diving for oysters in Sweden.

The Covid-19 pandemic was a blow to the business because restaurants that sell her oysters place fewer orders when customers stay at home.

Standing on the small pier in Grebbestad's fog-covered harbour, Ms Klemming says she has no plans to leave.

"One thing I will always do every single week – I want to dive. You can probably compare it with people doing yoga or meditation".

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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