Margaret Spellings, the US secretary of education, speaks at the Men's college in Abu Dhabi.
Margaret Spellings, the US secretary of education, speaks at the Men's college in Abu Dhabi.

UAE and US can help each other learn, says Spellings



ABU DHABI // Margaret Spellings, the US secretary of education, said universities in the UAE should look to America for strategies to improve their academic standards. Visiting Abu Dhabi for the second time this year, Mrs Spellings said her own country could also learn much from the UAE's "entrepreneurial" approach, which has seen large numbers of institutions open here in recent years. Universities in the UAE, she said, were encouraged to "take risks and challenge assumptions".

Mrs Spellings was addressing dignitaries and students from New York Institute of Technology's Abu Dhabi campus and the Higher Colleges of Technology during a lecture at Abu Dhabi Men's College. "Lessons can be learnt both ways," she said. "Places like Abu Dhabi are freer from the strictures and bureaucracy that traditionally can be an impediment. "As we think about innovation and the progress that's been made in a short period of time, it's unlikely that would happen so fast in the US.

"The other side of this is that we have the awareness of high-quality programmes and high-quality faculty that have made the US education system the envy of the world. "We can show you something about diversity, quality of programmes and from you we can learn the spirit of entrepreneurship, creativity and paradigm shifts in higher education." Many UAE universities are already following the path Mrs Spellings advocates by modelling their structure on US universities and applying to American institutions for accreditation.

Thanks to the opening here of universities such as the NYIT, New York University and the Paris-Sorbonne, Mrs Spellings said students in the UAE had opportunities that were "truly unique in this world" in a society that "increasingly rewards effort and merit, and shuns discrimination and corruption". Abu Dhabi, she said, was attracting "historic levels of talent, knowledge and culture". "Centuries ago, this region was the birthplace of the first hospitals, the first calendars, the first form of writing and the first code of law. The wheel was invented here - so we don't have to do it again. So was the number zero." However, she said a third of the federal higher education budget was spent on courses needed to bring students up to the standard to begin their main course. The US faced a similar issue.

"Instead of duplicating efforts and wasting time and precious resources, we must harness the wisdom and insight of higher education to help improve primary and secondary schools," she said. "In doing so, we can not only prepare more students for college, but also help the colleges themselves to become more efficient and effective." Describing herself as "a cheerleader" for the US higher education system, Mrs Spellings said US universities could do more to promote themselves overseas by opening foreign branches.

She insisted that in the post September 11 world America was still keen to attract overseas students. "We've worked hard on visa processing so students are free to study. We want to take as many qualified students as we can get in the US,' she said. Mrs Spellings lamented that 800 million people worldwide were illiterate and that one in four children failed to complete five years at school. New technology that could reduce the cost of teaching should be utilised to make education more affordable, she said.

"Let us vow to make higher education the centrepiece of a new era of global change and co-operation." dbardsley@thenational.ae

The specs: 2017 Ford F-150 Raptor

Price, base / as tested Dh220,000 / Dh320,000

Engine 3.5L V6

Transmission 10-speed automatic

Power 421hp @ 6,000rpm

Torque 678Nm @ 3,750rpm

Fuel economy, combined 14.1L / 100km

Analysis

Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more

THE SPECS

Engine: 1.5-litre, four-cylinder turbo

Transmission: seven-speed dual clutch automatic

Power: 169bhp

Torque: 250Nm

Price: Dh54,500

On sale: now

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Quick pearls of wisdom

Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”

Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.” 

The Brutalist

Director: Brady Corbet

Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn

Rating: 3.5/5

Results

5pm: Maiden (PA) Dh 80,000 (Turf) 1,400m. Winner: Al Ajeeb W’Rsan, Pat Dobbs (jockey), Jaci Wickham (trainer).

5.30pm: Maiden (PA) Dh 80,000 (T) 1,400m racing. Winner: Mujeeb, Fabrice Veron, Eric Lemartinel.

6pm: Handicap (PA) Dh 90,000 (T) 2,200m. Winner: Onward, Connor Beasley, Abdallah Al Hammadi.

6.30pm: Sheikh Zayed bin Sultan Al Nahyan Jewel Crown Prep Rated Conditions (PA) Dh 125,000 (T) 2,200m. Winner: Somoud, Richard Mullen, Jean de Roualle.

7pm: Wathba Stallions Cup Handicap (PA) Dh 70,000 (T) 1,600m. Winner: AF Arrab, Tadhg O’Shea, Ernst Oertel.

7.30pm: Handicap (TB) Dh 90,000 (T) 1,400m. Winner: Irish Freedom, Richard Mullen, Satish Seemar.

LA LIGA FIXTURES

Friday Celta Vigo v Villarreal (midnight kick-off UAE)

Saturday Sevilla v Real Sociedad (4pm), Atletico Madrid v Athletic Bilbao (7.15pm), Granada v Barcelona (9.30pm), Osasuna v Real Madrid (midnight)

Sunday Levante v Eibar (4pm), Cadiz v Alaves (7.15pm), Elche v Getafe (9.30pm), Real Valladolid v Valencia (midnight)

Monday Huesca v Real Betis (midnight)

The specs

Engine: 1.5-litre 4-cyl turbo

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Transmission: 6-speed auto

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The specs: 2018 Opel Mokka X

Price, as tested: Dh84,000

Engine: 1.4L, four-cylinder turbo

Transmission: Six-speed auto

Power: 142hp at 4,900rpm

Torque: 200Nm at 1,850rpm

Fuel economy, combined: 6.5L / 100km

The specs

Engine: 2.0-litre four-cylinder turbo

Power: 178hp at 5,500rpm

Torque: 280Nm at 1,350-4,200rpm

Transmission: seven-speed dual-clutch auto

Price: from Dh209,000 

On sale: now

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%20specs
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THE LIGHT

Director: Tom Tykwer

Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger

Rating: 3/5

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CHINESE GRAND PRIX STARTING GRID

1st row
Sebastian Vettel (Ferrari)
Kimi Raikkonen (Ferrari)

2nd row
Valtteri Bottas (Mercedes-GP)
Lewis Hamilton (Mercedes-GP)

3rd row
Max Verstappen (Red Bull Racing)
Daniel Ricciardo (Red Bull Racing)

4th row
Nico Hulkenberg (Renault)
Sergio Perez (Force India)

5th row
Carlos Sainz Jr (Renault)
Romain Grosjean (Haas)

6th row
Kevin Magnussen (Haas)
Esteban Ocon (Force India)

7th row
Fernando Alonso (McLaren)
Stoffel Vandoorne (McLaren)

8th row
Brendon Hartley (Toro Rosso)
Sergey Sirotkin (Williams)

9th row
Pierre Gasly (Toro Rosso)
Lance Stroll (Williams)

10th row
Charles Leclerc (Sauber)
arcus Ericsson (Sauber)

Banned items
Dubai Police has also issued a list of banned items at the ground on Sunday. These include:
  • Drones
  • Animals
  • Fireworks/ flares
  • Radios or power banks
  • Laser pointers
  • Glass
  • Selfie sticks/ umbrellas
  • Sharp objects
  • Political flags or banners
  • Bikes, skateboards or scooters