Bugatti, known for hand-building the $5.8 million Divo amid castle grounds in France, is getting a wake up call from its charmed existence to move in line with the rest of the Volkswagen empire.
The supercar maker, which presented the most expensive car ever at the Geneva car show this week, is working to streamline investments and improve profitability, brand president Stephan Winkelmann said. Parent Volkswagen is in the midst of an overhaul to become more agile and reduce costs as the car industry moves through unprecedented change.
“My main goal is being a profitable company through a full exploitation and development of our brand,” Mr Winkelmann said. “We are working to make our investments more efficient.”
VW's drive to loosen up a famously bureaucratic decision-making apparatus will extend well beyond the potential IPO of its truck unit - if the German manufacturer’s leadership has its way.
With a decision imminent on whether to sell a of a minority stake in Traton, chief einancial officer Frank Witter said moving ahead with it would be a good step and “an important sign” for VW.
“We do see the broader strategic dimension of such a move,” Mr Witter said. The manufacturer could delay a deal if market conditions prevent it from generating adequate proceeds, he said.
VW chief executive Herbert Diess, in the driver’s seat since April, has pledged to slash VW’s notoriously excessive engineering costs and allocate significantly more funds to software and electronics.
He’s also on course to create a new “super-luxury” car group comprising Porsche, Lamborghini, Bentley and Bugatti to better share development. In the past, former chairman Ferdinand Piech signed off on some of Bugatti’s outrageous development costs.
There was little sign of the new mantra at Geneva this week, where Bugatti presented La Voiture Noire. A one-off, its owner is speculated to be Mr Piech himself. Still, Mr Winkelmann was clear profits will form part of the brand’s identity in future to woo the world’s most elite buyers.
“I can’t make people dream without a strong company with good financial figures,” he said.
For its 110th anniversary, Bugatti created the jet black rocket that wouldn’t look out of place as Star Wars villain Darth Vader’s preferred mode of transport. “The windscreen seems to flow seamlessly into the windows at the sides like the visor on a helmet,” Bugatti said.
La Voiture Noire is priced at €11 million (Dh45.7m), which would buy about 300 Tesla Model 3s.
While there’s no mention of Mr Piech in Bugatti’s statement, describing the new owner only as an “enthusiast” for the brand, it was Mr Piech who signed off on some of Bugatti’s stellar development costs.
Bugatti’s ultra-wealthy customers appreciated the brand’s expertise in turning out cars to their exacting specifications, said Bugatti design director Achim Anscheidt.
“Our customers really appreciate this, as they know this from purchasing other luxury goods like a yacht,” he said.
The 16-cylinder engine has six tailpipes and La Voiture Noire’s extravagant specs highlight the balancing act VW is pulling off across its 12-brand empire.
The company says the car is “far more than a modern interpretation” of Jean Bugatti’s Type 57 SC Atlantic, an industry icon coveted by classic-car aficionados and the most famous work of the son of the company’s founder, Ettore Bugatti.
The car’s not-so-subtle tailpipes are a reference to the Atlantic model’s five exhausts, said Mr Anscheidt. “They clearly show this isn’t an electric car.”
Types of bank fraud
1) Phishing
Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
2) Smishing
The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
3) Vishing
The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
4) SIM swap
Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
5) Identity theft
Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
6) Prize scams
Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
UAE currency: the story behind the money in your pockets
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
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Gran Gala del Calcio 2019 winners
Best Player: Cristiano Ronaldo (Juventus)
Best Coach: Gian Piero Gasperini (Atalanta)
Best Referee: Gianluca Rocchi
Best Goal: Fabio Quagliarella (Sampdoria vs Napoli)
Best Team: Atalanta
Best XI: Samir Handanovic (Inter); Aleksandar Kolarov (Roma), Giorgio Chiellini (Juventus), Kalidou Koulibaly (Napoli), Joao Cancelo (Juventus*); Miralem Pjanic (Juventus), Josip Ilicic (Atalanta), Nicolo Barella (Cagliari*); Fabio Quagliarella (Sampdoria), Cristiano Ronaldo (Juventus), Duvan Zapata (Atalanta)
Serie B Best Young Player: Sandro Tonali (Brescia)
Best Women’s Goal: Thaisa (Milan vs Juventus)
Best Women’s Player: Manuela Giugliano (Milan)
Best Women’s XI: Laura Giuliani (Milan); Alia Guagni (Fiorentina), Sara Gama (Juventus), Cecilia Salvai (Juventus), Elisa Bartoli (Roma); Aurora Galli (Juventus), Manuela Giugliano (Roma), Valentina Cernoia (Juventus); Valentina Giacinti (Milan), Ilaria Mauro (Fiorentina), Barbara Bonansea (Juventus)
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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Fines for littering
In Dubai:
Dh200 for littering or spitting in the Dubai Metro
Dh500 for throwing cigarette butts or chewing gum on the floor, or littering from a vehicle.
Dh1,000 for littering on a beach, spitting in public places, throwing a cigarette butt from a vehicle
In Sharjah and other emirates
Dh500 for littering - including cigarette butts and chewing gum - in public places and beaches in Sharjah
Dh2,000 for littering in Sharjah deserts
Dh500 for littering from a vehicle in Ras Al Khaimah
Dh1,000 for littering from a car in Abu Dhabi
Dh1,000 to Dh100,000 for dumping waste in residential or public areas in Al Ain
Dh10,000 for littering at Ajman's beaches
UAE currency: the story behind the money in your pockets
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
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MATCH INFO
Fixture: Thailand v UAE, Tuesday, 4pm (UAE)
TV: Abu Dhabi Sports
Temple numbers
Expected completion: 2022
Height: 24 meters
Ground floor banquet hall: 370 square metres to accommodate about 750 people
Ground floor multipurpose hall: 92 square metres for up to 200 people
First floor main Prayer Hall: 465 square metres to hold 1,500 people at a time
First floor terrace areas: 2,30 square metres
Temple will be spread over 6,900 square metres
Structure includes two basements, ground and first floor
The Saga Continues
Wu-Tang Clan
(36 Chambers / Entertainment One)
Company Fact Box
Company name/date started: Abwaab Technologies / September 2019
Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO
Based: Amman, Jordan
Sector: Education Technology
Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed
Stage: early-stage startup
Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 247hp at 6,500rpm
Torque: 370Nm from 1,500-3,500rpm
Transmission: 10-speed auto
Fuel consumption: 7.8L/100km
Price: from Dh94,900
On sale: now
