A SubOrbital Express 3 rocket launching from the Esrange Space Centre in Jukkasjarvi, northern Sweden, in November 2022. AFP
A SubOrbital Express 3 rocket launching from the Esrange Space Centre in Jukkasjarvi, northern Sweden, in November 2022. AFP
A SubOrbital Express 3 rocket launching from the Esrange Space Centre in Jukkasjarvi, northern Sweden, in November 2022. AFP
A SubOrbital Express 3 rocket launching from the Esrange Space Centre in Jukkasjarvi, northern Sweden, in November 2022. AFP

Norway annoyed after Swedish missile crashes in its territory


Soraya Ebrahimi
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Norway has expressed displeasure at Nordic neighbour Sweden after a research rocket crashed on its territory.

The rocket, which was launched on Monday from the Esrange Space Centre in Kiruna, northern Sweden, plunged into a mountainside in the Malselv municipality in Norway's far north, about 10km from the closest inhabited area.

The fallout is a rare public diplomatic spat between two usually close allies, and there seems to be some disagreement about recovering the wreckage.

Retrieval work was not supposed to begin without Norwegian authorisation, which had not been granted, Norway's foreign ministry said on Tuesday.

But bosses at the Swedish Space Corporation (SSC) said on Monday they were already working on recovering the crashed rocket.

"The crash of a rocket like this is a very serious incident that can cause serious damage," the Norwegian foreign ministry said.

"When such a border violation occurs, it is crucial that those responsible immediately inform the relevant Norwegian authorities through the proper channels.”

No one was injured and no material damage was reported. The rocket was carrying out experiments in zero gravity at an altitude of 250km.

Norway's Civil Aviation Authority said it had learnt of the crash only when the Swedish Space Corporation issued a press release on Monday.

"Norwegian authorities take any unauthorised activity on the Norwegian side of the border very seriously," the Ministry of Foreign Affairs said. The ministry had not received a formal notification of the incident from the Swedish authorities.

Bosses at the SSC are working on retrieving the crashed rocket.

"It landed in the mountains at 1,000m altitude, and 10km from the closest settlement," said SSC head of communications Philip Ohlsson.

There are routines in place when things go wrong and we inform both Swedish and Norwegian governments, and other actors, he said.|

"The rocket took a slightly longer and more westerly trajectory than calculated and landed after a completed flight 15 kilometres into Norway," the SSC said. "Work on retrieving the payload is underway," it added.

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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  • Option 2: 50% across three years
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2019: Trump calls Khan a “stone cold loser” before first state visit

2019: Trump tweets about “Khan’s Londonistan”, calling him “a national disgrace”

2022:  Khan’s office attributes rise in Islamophobic abuse against the major to hostility stoked during Trump’s presidency

July 2025 During a golfing trip to Scotland, Trump calls Khan “a nasty person”

Sept 2025 Trump blames Khan for London’s “stabbings and the dirt and the filth”.

Dec 2025 Trump suggests migrants got Khan elected, calls him a “horrible, vicious, disgusting mayor”

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What the law says

Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.

“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.

“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”

If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.

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  • Financial well-being incentives 

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Profile

Company: Justmop.com

Date started: December 2015

Founders: Kerem Kuyucu and Cagatay Ozcan

Sector: Technology and home services

Based: Jumeirah Lake Towers, Dubai

Size: 55 employees and 100,000 cleaning requests a month

Funding:  The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups. 

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Updated: April 26, 2023, 9:22 AM