The Arabian Gulf's Jonny MacDonald, left,  and Tonga's Peasipa Moimoi chase the ball during yesterday's game at The Sevens.
The Arabian Gulf's Jonny MacDonald, left, and Tonga's Peasipa Moimoi chase the ball during yesterday's game at The Sevens.

Jonny can't bridge Gulf



DUBAI // Jonny MacDonald, an Abu Dhabi-born English playmaker of a team made up of expatriates from across the region, left the opening day Sevens World Cup almost in tears yesterday after realising he had botched up a potential moment of glory. With the score still blank in an opening Group A confrontation with Tonga at The Sevens, MacDonald burst through a gap and appeared to have the momentum to cross the opposing line before throwing out the fanciest of passes which his bemused teammates failed to anticipate.

Instead of leading 5-0 with a possible conversion to follow, the Gulf's motley crew found themselves behind moments later to a breakaway try by Mateo Malupo, who then cruelly added another hammer blow. A third try midway through the second half by Vaea T Poteki ensured that there would be no fairy tale start at this level for the Gulf team coached by Mike Lunjevich, who this morning seeks to plot an unlikely way past his native New Zealanders before turning his attention to a concluding group fixture against Italy. The final score was 19-0 in favour of Tonga.

The first match of today's much busier programme featuring the redoubtable New Zealand who have appeared in the last two finals of this tournament - beating Australia in 2001 and losing to Fiji four years ago - will take place incongruously on Pitch Two. Pride of place in the main stadium at the 11am opening time goes to the women of Australia and China as they make history by appearing alongside the men for the first time.

That is one of eight fixtures today given prime billing ahead of men's clashes - a policy that is bound to irritate the traditional hardcore followers of these events but one which was defended by the organising committee. Mike Miller, the chief executive of the IRB Sevens, said that it will provide the paying supporters with something extra and expects his fellow male rugby enthusiasts to be "pleasantly surprised" by what they what they see over the next two days. Using two pitches simultaneously led to confusion over who claimed the distinction of scoring the first try of the competition.

The commentator in the principal arena announced that Abess Kerfani, of Tunisia, had plunged over for the opening try of the tournament. Initial touchdown had in fact come 10 minutes earlier at the hands of Welshman Aled Brew, who needed only 57 seconds on Pitch Two to set his team on the way to a resounding 31-5 victory over Zimbabwe. wjohnson@thenational.ae

The specs: 2018 Maxus T60

Price, base / as tested: Dh48,000

Engine: 2.4-litre four-cylinder

Power: 136hp @ 1,600rpm

Torque: 360Nm @ 1,600 rpm

Transmission: Five-speed manual

Fuel consumption, combined: 9.1L / 100km

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Mina Cup winners

Under 12 – Minerva Academy

Under 14 – Unam Pumas

Under 16 – Fursan Hispania

Under 18 – Madenat

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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.

'THE WORST THING YOU CAN EAT'

Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.

Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines: 

Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.

Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.

Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.

Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.

Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia