Hurricane Ian nears Cuba and on track to pummel Florida


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Hurricane Ian on Monday was growing stronger as it approached Cuba, and could be on track to hit the US state of Florida as a Category 4 hurricane midweek.

Portions of Cuba were expected to experience a “life-threatening storm surge and hurricane-force winds” beginning on Monday, a graphic from the National Hurricane Centre showed. The storm is expected to be at major hurricane strength when it reaches the island.

“Please treat this storm seriously. It’s the real deal. This is not a drill,” Hillsborough County Emergency Management Director Timothy Dudley said at a news conference.

As of 11am ET on Monday, Ian was moving north-west at 20 kilometres per hour about 385 kilometres south-east of the western tip of Cuba, with top winds increasing from 120 kph earlier in the day to 130 kph.

Ian is forecast to emerge over the south-eastern Gulf of Mexico on Tuesday, passing the western part of the Florida Keys late on Tuesday and then approaching Florida's west coast on Wednesday, the National Hurricane Centre said.

The centre urged residents living in the path of the storm to rapidly undertake safety precautions.

As of Monday, the cities of Tampa and St. Petersburg in Florida appeared to be likely targets of the hurricane.

As many as 300,000 residents could be evacuated in Hillsborough County alone, where Tampa is located, said county administrator Bonnie Wise. Some of those evacuations were already under way on Monday.

And President Joe Biden postponed his September 27 trip to the state because of the storm. Nasa also rolled back the Artemis 1 rocket from its launch pad at the Kennedy Space Centre in Cap Canaveral.

Tropical storm and hurricane warnings have been issued for parts of western Florida.

The centre said that, regardless of Ian's track and intensity, Florida should expect a life-threatening storm surge, hurricane-force winds and heavy rainfall during the middle of the week.

Florida Governor Ron DeSantis has declared a state of emergency throughout the state and urged residents to prepare for the storm.

“We’re going to keep monitoring the track of this storm. But it really is important to stress the degree of uncertainty that still exists,” Mr DeSantis said at a news conference on Sunday.

He added that even if residents are not in the path of the storm, there will be “pretty broad impacts throughout the state”.

Mr Biden has authorised emergency aid to Florida through the Federal Emergency Management Agency to assist in response efforts.

The Associated Press contributed to this report

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Company Profile

Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
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Pox that threatens the Middle East's native species

Camelpox

Caused by a virus related to the one that causes human smallpox, camelpox typically causes fever, swelling of lymph nodes and skin lesions in camels aged over three, but the animal usually recovers after a month or so. Younger animals may develop a more acute form that causes internal lesions and diarrhoea, and is often fatal, especially when secondary infections result. It is found across the Middle East as well as in parts of Asia, Africa, Russia and India.

Falconpox

Falconpox can cause a variety of types of lesions, which can affect, for example, the eyelids, feet and the areas above and below the beak. It is a problem among captive falcons and is one of many types of avian pox or avipox diseases that together affect dozens of bird species across the world. Among the other forms are pigeonpox, turkeypox, starlingpox and canarypox. Avipox viruses are spread by mosquitoes and direct bird-to-bird contact.

Houbarapox

Houbarapox is, like falconpox, one of the many forms of avipox diseases. It exists in various forms, with a type that causes skin lesions being least likely to result in death. Other forms cause more severe lesions, including internal lesions, and are more likely to kill the bird, often because secondary infections develop. This summer the CVRL reported an outbreak of pox in houbaras after rains in spring led to an increase in mosquito numbers.

UAE currency: the story behind the money in your pockets
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EU fishing vessels guaranteed access to UK waters for 12 years

Co-operation on security initiatives and procurement of defence products

Youth experience scheme to work, study or volunteer in UK and EU countries

Smoother border management with use of e-gates

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The Great Derangement: Climate Change and the Unthinkable
Amitav Ghosh, University of Chicago Press

Duterte Harry: Fire and Fury in the Philippines
Jonathan Miller, Scribe Publications

MATCH INFO

World Cup 2022 qualifier

UAE v Indonesia, Thursday, 8pm

Venue: Al Maktoum Stadium, Dubai

SQUAD

Ali Khaseif, Fahad Al Dhanhani, Adel Al Hosani, Mohammed Al Shamsi, Bandar Al Ahbabi, Mohammed Barghash, Salem Rashid, Khalifa Al Hammadi, Shaheen Abdulrahman, Hassan Al Mahrami, Walid Abbas, Mahmoud Khamis, Yousef Jaber, Saeed Ahmed, Majed Sorour, Majed Hassan, Ali Salmeen, Abdullah Ramadan, Khalil Al Hammadi, Fabio De Lima, Khalfan Mubarak, Tahnoun Al Zaabi, Ali Saleh, Caio Canedo, Muhammed Jumah, Ali Mabkhout, Sebastian Tagliabue, Zayed Al Ameri

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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Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

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Name: Kumulus Water
 
Started: 2021
 
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Based: Tunisia 
 
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Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

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Singapore

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Australia

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Saudi Arabia

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South Korea

Profile

Company: Libra Project

Based: Masdar City, ADGM, London and Delaware

Launch year: 2017

Size: A team of 12 with six employed full-time

Sector: Renewable energy

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UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
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Jazira:
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Crops that could be introduced to the UAE

1: Quinoa 

2. Bathua 

3. Amaranth 

4. Pearl and finger millet 

5. Sorghum

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Updated: September 26, 2022, 5:54 PM`